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Wynn Las Vegas to lose $130 million under NPA
Wynn Las Vegas will lose $130 million under the non-prosecution agreement.
Wynn Las Vegas has reached a significant resolution with the US Department of Justice (DOJ) with a non-prosecution agreement (NPA), including its loss of $130 million. This agreement resolves a legal dispute that refers to unlicensed and illegal money transfers at Wynn Las Vegas, a famous entertainment place wholly owned by Wynn Resorts.
Under the terms of the NPA, Wynn Las Vegas will officially admit that it allowed unlicensed financial transactions, which are regulatory violations. The mentioned amount of $130 million is not a penalty or fine; it is the same amount that is involved in the case.
To keep its reputation, Wynn Las Vegas will make significant improvements in its compliance program. With new improvements, the company will avoid future violations and will keep following regulatory requirements.
FAQs
What does Wynn Resorts do?
Wynn Resorts is a luxury hotel and casino company founded by Steve Wynn.
What does the NPA stand for?
NPA stands for Non-Prosecution Agreement, which is a legal arrangement between a company or individual and a prosecutor or government agency. Under NPA, the prosecutor agrees not to pursue criminal charges or prosecution in exchange for the company or individual agreeing to meet certain conditions.
How much will Wynn Las Vegas lose under the NPA?
Wynn Las Vegas will lose $130 million as part of the NPA. This amount reflects the funds involved in the illegal transactions, not a penalty or fine.
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