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Genting says Nevada authorities have signed off settlement terms for Las Vegas complaint

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Genting says Nevada authorities have signed off settlement terms for Las Vegas complaint


KUALA LUMPUR (March 28): Genting Bhd (KL:GENTING) said on Friday the Nevada Gaming Commission has accepted the terms of a settlement in relation to a complaint against its Las Vegas resort.

The settlement’s agreement, signed with the Nevada Gaming Control Board last week and includes a fine of US$10.5 million (RM46.41 million), was approved by the Nevada Gaming Commission at a hearing on Thursday, according to Genting in a bourse filing on Friday.

“The board of directors of Genting wishes to announce that the stipulation for settlement and order has been approved by the Nevada Gaming Commission at its hearing on March 27,” the filing read.

Reports out of the US place the settlement as the second largest fine imposed in Nevada’s gaming history.

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Under the stipulation for settlement and order, Resort World Las Vegas will not admit or deny allegations in the complaint filed by the Nevada Gaming Control Board in August 2024.

Resort World Las Vegas will keep its gaming licence that now comes with conditions including having greater scrutiny on its anti-money laundering programme and practices.

Compliance with the programme would also have to be reviewed by an independent internal audit team two years after the approved settlement agreement. If results of the review are unsatisfactory, the regulator will direct an “outside independent person or entity” to conduct an additional review.

In the 2024 complaint, Resort World Las Vegas was accused of failing to prevent individuals with suspected ties to illegal gambling from engaging in gaming activities on its premises.

Prior to the settlement, Resort World Las Vegas worked with the Nevada Gaming Control Board to resolve the issue, and took steps to improve its compliance and governance, including leadership changes.

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This included appointing industry veteran Jim Murren as the chairman and an independent board member of Resort World Las Vegas, while Alex Dixon was named chief executive officer. Other appointed board members included former Nevada Gaming Control Board chairman AG Burnett.

At the noon break on Friday, shares of Genting settled seven sen or 2.11% lower at RM3.25, valuing the group at RM12.6 billion.



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IN RESPONSE: Cortez Masto lands bill would keep the proceeds in Nevada

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IN RESPONSE: Cortez Masto lands bill would keep the proceeds in Nevada


A recent Review-Journal letter to the editor mischaracterized Sen. Catherine Cortez Masto’s Southern Nevada Economic Development and Conservation Act, also known as the Clark County Lands bill. As the former executive director of the Nevada Conservation League, I wholeheartedly support this legislation, so I wanted to set the record straight.

Sen. Cortez Masto has been working on this bill for years in partnership with state and local governments, conservation groups like the NCL and local area tribes. It’s true that the Clark County lands bill would open 25,000 acres to help Las Vegas grow responsibly, while setting aside 2 million acres for conservation. It would also help create more affordable housing throughout the valley while ensuring our treasured public spaces can be preserved for generations to come.

What is not correct is that the money from these land sales would go to the federal government’s coffers. In fact, the opposite is true.

The 1998 Southern Nevada Public Lands Management Act is a landmark bill that identified specific public land for future sale and created a special account ensuring all land sale revenues would come back to Nevada. In accordance with that law 5 percent of revenue from land transfers goes to the state of Nevada for general education purposes, 10 percent goes to the Southern Nevada Water Authority for needed water infrastructure and 85 percent supports conservation and environmental mitigation projects in Southern Nevada. This legislation has provided billions to Clark County and will continue to benefit generations of Southern Nevadans. Sen. Cortez Masto’s lands bill builds upon the act’s success.

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So here’s the good news: All of the money generated from land made available for sale under Sen. Cortez Masto’s bill would be sent to the special account created by the 1998 law. Rather than going to an unaccountable federal government, the proceeds would continue to help kids in Vegas get a better education, bolster outdoor recreation and modernize Southern Nevada’s infrastructure.

I know how important it is that money generated from the sale of public land in Nevada stay in the hands of Nevadans, and so does the senator. That’s why she opposed a Republican effort last year to sell off 200,000 acres of land in Clark County and other areas of the country that would have sent those dollars directly to Washington.

Public land management in Nevada should benefit Nevadans. We should protect sacred cultural sites and beloved recreation spaces, responsibly transfer land for affordable housing when needed and ensure our state has the resources it needs to grow sustainably. I will continue working with Sen. Cortez Masto to advocate for legislation, such as the Clark County lands bill, that puts the needs of Nevadans first.

Paul Selberg writes from Las Vegas.

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Las Vegas High beats Coronado in 5A baseball — PHOTOS

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Las Vegas High beats Coronado in 5A baseball — PHOTOS