Caesars No Longer Pursuing Boston CasinoState Regulators Had Concerns Stemming From Federal Investigation |
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Caesars Entertainment Corp. is no longer pursuing a casino in the Boston area.
The casino firm had plans with Boston’s Suffolk Downs racetrack.
Caesars, based out of Nevada, was competing with Wynn Resorts for the sole license in the area.
In 2011, Massachusetts authorized three Las Vegas-style casinos in the state.
The reason why Caesars has exited the $1 billion Boston project is because one of its subsidiaries — the operator of Caesars Palace in Las Vegas — is under federal scrutiny with regards to its anti-money laundering obligations, according to Reuters.
Caesars denies any wrongdoing.
Massachusetts gaming regulators reportedly had concerns about the federal investigation and Caesars’ suitability. Thus, the firm withdrew before there was any formal regulatory decision.
Reuters reported that Caesars “strongly disagrees” with the state’s findings.
“It’s going to be very difficult for sophisticated, multi-jurisdictional operators to tolerate the environment this commission has created,” Caesars CEO Gary Loveman told state gaming regulators, according to The Boston Globe.
Additionally, according to the Las Vegas Review-Journal, Caesars has cut ties with the Gansevoort Hotel Group, which it was working with in the massive million redevelopment of Bill’s Gamblin’ Hall on the Strip. Massachusetts gaming regulators reportedly also had concern with an investor in the New York-based Gansevoort.
Caesars is the owner of the World Series of Poker and its online poker site.
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