Resorts World CFO says ‘compliance over commerce’ as board hears progress report and governance changes

Carlos Castro, chief financial officer of Resorts World, told the Nevada Gaming Control Board the company has focused its first year of work on rebuilding a culture of compliance and strengthening AML controls.

“Compliance over commerce,” Castro told the board, summarizing the property’s approach to the remedial task the board set following earlier regulatory concerns. He described structural changes — including giving compliance autonomy, reorganizing marketing and surveillance to break down silos, and hiring new senior leadership — and said Jennifer Roberts was a ‘‘huge addition’’ who now has final decision authority on compliance matters.

Castro described a risk-based review that elevated AML and KYC processes, strengthened enhanced due diligence (ED), and imposed property bans where due diligence warranted it. He also said compliance and internal audit regularly exchange information and he meets with the compliance chief almost daily to review disclosures and board reporting.

Board members of the Nevada Gaming Control Board pressed Castro on the functional reporting relationships, the independence of compliance, and how frequently the company and its board meet. Castro said compliance reports directly to the board and that he has “dot-line” communications to the function and receives daily briefings.

Members praised the firm’s progress but emphasized continued vigilance. The board repeatedly noted the importance of prompt self-disclosure and the need for compliance and operations to collaborate. Castro also outlined business-oriented updates: a stronger first quarter, convention demand, and potential long-term campus development plans on Resorts World’s 46-acre site, including an arena and convention center as demand drivers.

The board did not take a formal vote on the report; the item served as a suitability presentation and operational update. Members thanked Castro for the detailed presentation and said they will monitor ongoing implementation of the compliance program.