A Canadian mining company is taking legal action against Wynn Resorts after one of its borrowers, former Philippines decathlete David Bunevacz, allegedly gambled away millions of dollars at the Wynn Las Vegas casino without proper scrutiny from the establishment. James Bay Resources Ltd claims that Bunevacz lost approximately $3.8 million at the casino, with some of the funds belonging to the company.
The company’s president, Stephen Shefsky, had loaned $1.1 million to Bunevacz, who was already on probation at the time for selling securities without the necessary qualifications. Additionally, the mining firm provided a total of $3.5 million to two companies under the control of Bunevacz and his daughter.
The lawsuit filed against Wynn in the Ontario Court of Justice alleges negligence on the part of the casino company, as well as unjust enrichment. It is claimed that Wynn failed to conduct a proper background check on Bunevacz, which would have revealed his criminal history and various legal issues, raising doubts about the legitimacy of the money he used for gambling. Furthermore, the complaint questions why Wynn did not intervene when Bunevacz displayed clear signs of gambling addiction.
Bunevacz has a history of fraudulent activities, including raising over $39 million for a fake vape pen business and gambling away $8 million of that amount. In 2022, he received a lengthy prison sentence of 17-and-a-half years for his crimes. Despite his criminal past, Bunevacz had previously achieved sporting success, winning a silver medal at the Southeast Asian Games in 1997, which was later upgraded to a gold medal due to a doping scandal involving the original winner.
This is not the first time Bunevacz has defrauded investors, as he previously sold 17,000 Vancouver Winter Olympics 2010 tickets to a company for over $10 million without delivering the promised allocation. After a three-year legal battle, the case was eventually settled.
The lawsuit against Wynn Resorts highlights the need for casinos to conduct thorough background checks on high-stakes gamblers to prevent situations where ill-gotten funds are used for gambling purposes. The case also sheds light on the importance of responsible gambling practices and the duty of casinos to intervene when customers display signs of addiction. It serves as a cautionary tale for both individuals and businesses involved in high-risk financial transactions and gambling activities.