The Nevada Gaming Commission unanimously approved Brian Sandoval and AG Burnett to join the board of Resorts World Las Vegas this Thursday. The combination of the two former governors and former chairmen of the Gaming Control Board is tasked with reversing the financial and compliance situation of this $4.3 billion resort. In plain terms, it means bringing in the most knowledgeable people about Nevada's gaming rules to clean up the mess after the AML scandal, while also trying to make the books look a bit better. Last year, Resorts World was fined $10.5 million for anti-money laundering violations, setting a record in Nevada, and establishing a property-level board of directors was one of the penalties. Want to know how the world's top casinos deal with regulatory crises and market headwinds? Follow the ongoing governance case studies on the PASA official website.
First, Financial Distress: $4.3 billion investment hard to recoup, Genting calls it "temporary fluctuations"
Since its opening in June 2021, Resorts World has been fraught with difficulties. As the most expensive casino project in Las Vegas history, its $4.3 billion investment has not yet recouped costs. In its latest financial report, parent company Genting Group attributed its poor market performance to "declining customer traffic and macroeconomic uncertainties," emphasizing that there will be "intensive conferences and city-wide event schedules" in the future.
At the financial report meeting, Genting CEO Kok Thay Lim described the weakness in Las Vegas as a "temporary fluctuation" on the road to success. He revealed that Genting has been funding the losses of Resorts World and emphasized: "We always support this project and always consider Nevada as a core asset. The experience gained can be easily replicated to other projects, and now our other properties are stronger than ever in governance and compliance."
Second, Compliance Rebuilding: From a $10.5 million fine to board formation
Last year, Resorts World received the largest fine in Nevada history—$10.5 million—for anti-money laundering violations. The penalty specifically required the establishment of a property-level board of directors, and the addition of Sandoval and Burnett was the implementation of this clause. Both received widespread trust at the hearing, with Nevada Gaming Commission member Brian Crowley recalling thousands of hours working with Sandoval, praising him for "never wavering in maintaining Nevada's interests."
Burnett shared a key experience from 2016: then-Attorney General Adam Laxalt pressured him to submit an amicus brief supporting Las Vegas Sands, which he repeatedly refused and secretly recorded, eventually leading to Sands paying a $2 million fine. Burnett stated that the support of then-Governor Sandoval allowed him to "do the right thing," and this history became the basis of their trust.
Third, Long-term Planning: Sandoval balances UNR, Burnett battles prediction markets
The new directors' schedules are not easy. Sandoval is currently the president of the University of Nevada, Reno, and is also pushing a $1 billion sports arena cooperation project with Sierra Resort, which will mainly be used for UNR men's basketball games. Burnett, as a partner at McDonald Carano law firm, represents the Nevada Casino Association in suing Kalshi and Crypto.com in the Ninth Circuit Court of Appeals, defending the state's gaming industry from the encroachment of prediction markets. In his latest filing, he emphasized: "These bets are no different from state-licensed sports betting and cannot be used as 'swaps' to evade regulation."
From financial turnaround to compliance rebuilding, to facing external challenges, the new board of directors faces a task list more complex than Las Vegas's neon lights. But as Crowley said, this pair has proven over the past decades their ability to "never deviate from the right direction."
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