Nevada regulators and casino executives have cast the anti-money laundering scandal in Las Vegas as a morality play about the seriousness of compliance. But the affair may be better understood as an exercise in crisis management.
Like many communities reliant on tourism for their economic well-being, Las Vegas is sensitive to anything that could harm its reputation, especially when it comes to gaming, an industry already saddled with historic mob ties and moral concerns.
The federal prosecution of a prominent casino president was tailor-made to send Las Vegas into a defensive crouch.
Scott Sibella’s case deserves special attention here because it was the first domino to fall.
