Latest news with #NGCB
Yahoo
24-05-2025
- Business
- Yahoo
Wynn Las Vegas, gaming regulators agree to $5.5 million fine, anti-money laundering steps
LAS VEGAS (KLAS) — Nevada gaming regulators and Wynn Las Vegas have agreed to a proposed $5.5 million fine related to money laundering violations that were revealed during a 2024 investigation. A news release on Thursday from the Nevada Gaming Control Board (NGCB) indicates that the settlement could be approved at the May 22 meeting of the Nevada Gaming Commission. The proposed settlement dictates specific conditions to be put on Wynn's gaming license, as well as remedial measures, training and employee awareness of anti-money laundering requirements. Wynn Las Vegas forfeited $130 million to federal authorities and admitted to allowing unlicensed money transfers to gamblers at the Las Vegas Strip resort in 2024. A non-prosecution agreement between Wynn Las Vegas and the U.S. Attorney's Office for the Southern District of California contained information cited in the NGCB complaint against Wynn Las Vegas, LLC. Those included: Unsuitable methods of operation arising from activities related to unregistered money transmitting businesses Facilitating international monetary transactions Allowing proxy betting and other prohibited monetary transactions Former employees allowed international customers to gamble money obtained through these transactions. In some instances, wagers were placed for other customers in violation of Wynn's Anti-Money Laundering (AML) Compliance Program, according to the NGCB news release. That constitutes a violation of Wynn's gaming license. 'Upon resolution of the federal case, NGCB Enforcement Agents completed a separate regulatory investigation and received full cooperation from Wynn LV througout the investigation,' according to the NGCB. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
16-05-2025
- Business
- Yahoo
Wynn Las Vegas, gaming regulators agree to $5.5 million fine, anti-money laundering steps
LAS VEGAS (KLAS) — Nevada gaming regulators and Wynn Las Vegas have agreed to a proposed $5.5 million fine related to money laundering violations that were revealed during a 2024 investigation. A news release on Thursday from the Nevada Gaming Control Board (NGCB) indicates that the settlement could be approved at the May 22 meeting of the Nevada Gaming Commission. The proposed settlement dictates specific conditions to be put on Wynn's gaming license, as well as remedial measures, training and employee awareness of anti-money laundering requirements. Wynn Las Vegas forfeited $130 million to federal authorities and admitted to allowing unlicensed money transfers to gamblers at the Las Vegas Strip resort in 2024. A non-prosecution agreement between Wynn Las Vegas and the U.S. Attorney's Office for the Southern District of California contained information cited in the NGCB complaint against Wynn Las Vegas, LLC. Those included: Unsuitable methods of operation arising from activities related to unregistered money transmitting businesses Facilitating international monetary transactions Allowing proxy betting and other prohibited monetary transactions Former employees allowed international customers to gamble money obtained through these transactions. In some instances, wagers were placed for other customers in violation of Wynn's Anti-Money Laundering (AML) Compliance Program, according to the NGCB news release. That constitutes a violation of Wynn's gaming license. 'Upon resolution of the federal case, NGCB Enforcement Agents completed a separate regulatory investigation and received full cooperation from Wynn LV througout the investigation,' according to the NGCB. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Time Business News
29-04-2025
- Business
- Time Business News
A beginner's guide to choosing the right bookkeeping service in Las Vegas
Running a business in Vegas is like playing blackjack—you need to know the rules, keep an eye on the numbers, and avoid costly mistakes. But what if your accountant doesn't know the house rules? Whether you're a seasoned casino operator, a bustling nightclub owner on the Strip, or a family-run restaurant on Fremont Street, financial missteps can be costly. If your accountant doesn't understand the ins and outs of Las Vegas business compliance, you could be facing fines, tax penalties, or worse—a business shutdown. That's why choosing the right Las Vegas bookkeeping and accounting service is critical—and here's how to do it right. Before choosing the right bookkeeping service, it's essential to understand the city's business landscape and regulatory requirements—ensuring you find a provider equipped to handle your specific needs. Las Vegas businesses, especially in hospitality, gaming, and nightlife, deal with a significant amount of cash transactions. While cash flow can be lucrative, it also creates complexities in bookkeeping, such as: Tracking cash transactions accurately to prevent financial discrepancies. Preventing fraud and theft through proper internal controls. Staying compliant with IRS cash reporting requirements, especially regarding large transactions (Form 8300 for reporting over $10,000 in cash). Having a bookkeeper well-versed in these regulations helps businesses avoid theft, fraud, heavy penalties, and audit risks. Las Vegas is home to businesses in highly regulated industries with strict compliance requirements. For example, the gaming industry must adhere to Nevada Gaming Control Board (NGCB) regulations, requiring meticulous financial tracking. Similarly, cannabis businesses must navigate the complexities of IRS Section 280E, which restricts standard business deductions. Whether it's managing cash-heavy transactions, tracking gaming revenues, or handling the unique tax obligations of the cannabis industry, your accounting provider should act as a financial safeguard, ensuring your business operates smoothly within legal boundaries. Las Vegas experiences seasonal shifts in tourism, meaning businesses in hospitality, entertainment, and retail must plan for fluctuations in revenue. While peak seasons (holidays, conventions, major sports events) bring surges in cash flow, off-peak months require strategic budgeting to cover operational expenses. Bookkeeping services in Las Vegas must understand these business cycles to help create financial strategies that manage both busy and slow seasons effectively. Nevada is attractive to business owners because it has no state income tax . However, businesses still need to stay compliant with local taxes, including: Modified Business Tax (MBT) : Applies to businesses with payroll expenses exceeding $50,000 per quarter. : Applies to businesses with payroll expenses exceeding $50,000 per quarter. Sales and Use Tax : Businesses must charge the correct rate (currently 8.375% in Clark County) and file sales tax returns accurately. : Businesses must charge the correct rate (currently 8.375% in Clark County) and file sales tax returns accurately. Live Entertainment Tax (LET): Affects venues hosting ticketed events and performances. Incorrect tax filings can trigger audits, penalties, and even business license revocations. An expert bookkeeper ensures timely and accurate tax filings to keep your business running smoothly. Understanding Las Vegas' unique business regulations is crucial and compliance isn't something you can entrust anyone with. So, how do you find a provider that truly understands the complexities of bookkeeping in Las Vegas? Here's what to look for: A bookkeeping service that understands Las Vegas-specific regulations is a necessity. The city's unique business environment presents challenges that a generic bookkeeping service might overlook. From managing high cash volumes and staying compliant with strict industry regulations to navigating Nevada's tax landscape, an experienced bookkeeper ensures your business remains financially stable and legally compliant. A bookkeeper with industry-specific expertise understands the nuances, compliance requirements, and operational complexities of your particular field. For businesses operating in cash-heavy environments like gaming, hospitality, and retail, managing transactions accurately and ensuring compliance is critical. Regulated industries like casinos and restaurants have strict financial reporting requirements. A bookkeeper with experience in your field understands how to navigate these regulations, ensuring your business meets all tax and licensing obligations without costly errors. Additionally, industry-specific knowledge allows a bookkeeper to recommend the right accounting tools and systems. Whether it's POS-integrated bookkeeping for restaurants, casino management software for gaming businesses, or inventory tracking solutions for retail, they should have experience working with financial systems tailored to your industry. In Sin City, businesses often operate 24/7, requiring instant financial oversight and quick decision-making. That's why bookkeeping services in Las Vegas must utilize cloud-based tools like QuickBooks Online, Xero, or NetSuite that allow business owners to access their financial data anytime, anywhere. Another key benefit of using cloud-based tools is security. These platforms offer bank-level security with encryption and multi-factor authentication, protecting sensitive financial data from breaches, theft, or loss. Finally, cloud-based bookkeeping fosters better collaboration between business owners, accountants, and financial advisors. Instead of waiting for end-of-month reports, stakeholders can access up-to-date financial statements in real time, leading to proactive financial planning rather than reactive problem-solving. One of the most critical factors when choosing a bookkeeping service is understanding their pricing model. A transparent fee structure ensures that you're not hit with unexpected costs or hidden charges that can disrupt your business finances. A reliable bookkeeping service should provide: Clear pricing tiers based on the scope of services (e.g., monthly reconciliation, payroll, tax preparation). Upfront disclosures about any additional costs for extra services. Transparent pricing options, such as fixed monthly fees or customized packages tailored to your business needs. Your bookkeeping service should have the right credentials and experience to handle the complexities of Las Vegas business finances. Always check: Client testimonials and reviews from businesses in your industry. Case studies showing how they've helped businesses stay compliant and financially sound. Referrals from other business owners who can vouch for their reliability. A Las Vegas bookkeeping service with strong credentials and positive client feedback, such as CoCountant, is a sign that they are trustworthy, knowledgeable, and capable of handling your business's financial complexities. Your Las Vegas bookkeeping service must understand the city's unique financial landscape, which includes complex tax regulations, industry-specific compliance requirements, and a cash-heavy business environment. A generic approach won't cut it. Working with a specialized firm ensures your business stays compliant with industry-specific regulations, tracks cash flow to prevent shortages, and optimizes budgeting during high and low revenue seasons. TIME BUSINESS NEWS
