00:00We haven't done a news of the industry in a while, and there was an interesting tie-in
00:06last week that I skipped over.
00:08Going back to our Matthew Boyer conversation and our Shohei Otani conversation, we got
00:13some interesting news of the industry.
00:21All right, news of the industry, and this comes from Vegas, where the Nevada Gaming
00:26Commission approved a $7.2 million fine, it's a settlement, but it's a fine, against the
00:36Venetian.
00:37They voted 3-0 in favor of it.
00:40The settlement stems over the casino's decision to allow Matthew Boyer to gamble heavily without
00:46properly verifying his sources of funds.
00:50There were two abstentions.
00:52Boyer is the bookmaker who handled $325 million in illegal sports wagers from Otani's interpreter.
01:00We had Matthew Boyer on the program on to talk about it.
01:04This is the fifth major casino in Vegas to be hit for allowing Matthew Boyer to bet at their
01:11property.
01:12Caesars got a $7.8 million fine.
01:15MGM Grand got an $8.5 million fine.
01:18Resorts World got the big one of $10.5 million, win with $5.5 million, and now the Venetian comes
01:24in at $7.5 million from a fine for taking the bets for Matthew Boyer, which when he joined
01:30us on the show, you heard from him talking about, okay, I know what I did was wrong.
01:37I know I was using money to lay it off or go bet, but these casinos did not ask where
01:43the
01:43money was coming from.
01:44They just took the money.
01:46And thus, by taking the money, the know your customer went out the window when it came
01:52to how much money Matthew Boyer was putting into the cage.
01:56So he was like, you know, I don't feel bad for these books.
02:00I don't feel bad for these people.
02:01It stinks that people lost their job, but the books were making a lot of money.
02:05The casino properties were making a lot of money for a very long time and thus taking
02:09the fine, so be it, they'll handle it and they'll deal with it and they'll move on.
02:14But I mean, this is an interesting story that simply won't go away.
02:21The Venetian must also implement a comprehensive anti-money laundering training program, name
02:29a person to oversee it, and then undergo a review by the Nevada Gaming Commission board that they
02:37have properly implemented this comprehensive anti-money laundering program into their system.
02:43Yeah.
