Caesars Reveals Money-Laundering Probe

Land-based gaming operator Caesars Entertainment is the subject of a federal money-laundering investigation and probes in two US states, it has emerged.

According to Bloomberg, Caesars pulled out of a project in Boston and ended a hotel-licensing deal in Las Vegas after Massachusetts investigators recommended denying a permit.

The Massachusetts officials cited matters related to Caesars Interactive chief executive officer Mitch Garber, the former CEO of PartyGaming, as a reason for its decision.

PartyGaming took US bets prior to the passing of the 2006 Unlawful Internet Gambling Enforcement Act (UIGEA).

The report by Massachusetts gaming investigators noted Garber’s work at public companies in the gaming industry prior to his employment by Caesars.

The company, which has seen its stock slide by about one-third since a September 17 record close, has disclosed the money-laundering probe.

Caesars has offered shareholders the change to acquire shares in Caesars Acquisition in a transaction that is expected to close on November 18. The new company will have a stake in online operator Caesars Interactive.

“Governmental authorities have been increasingly focused on anti-money laundering policies and procedures, with a particular focus on the gaming industry,” the company said.

A.G. Burnett, chairman of the Nevada Gaming Control Board, said, “If federal laws have been violated, that could very well lead to disciplinary action based upon Nevada gaming laws.”

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