Caesars Agrees To Pay $20M To Settle Alleged Anti-Money Laundering Lapses: ReportCompany To Enter Deferred Prosecution Agreement |
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Caesars Entertainment Corp., which owns and operates dozens of casinos across the Unite States, will pay $20 million to settle allegations that it wasn’t strong enough in trying to prevent money laundering activities at least one of its properties, according to Reuters.
The company will enter a deferred prosecution agreement with the Department of Justice. There were both criminal and civil components to the allegations against Caesars.
Caesars Palace, the company’s flagship property, was accused of not policing its sports book well enough. The anti-money laundering settlement is not connected to a case involving high-stakes poker player Paul Phua, who was charged last year with running an illegal gambling operation out of a villa at Caesars Palace. Phua recently had his case dismissed.
The Nevada Gaming Control Board is also a party in the settlement, Reuters reported.
Caesars’ operating unit, Caesars Entertainment Operating Co., is currently in the midst of a complicated bankruptcy process. The operating unit has overall debt of $18 billion.
Last month, Caesars brought on a new CEO.
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