Caesars Entertainment faces money laundering probe
Executives at Caesars know a few things about when to hold em and when to fold em. But they may have gone all-in at the wrong time.
October 22, 2013 at 09:28 AM
2 minute read
The original version of this story was published on Law.com
Executives at Caesars Entertainment Corp. know a few things about when to hold 'em and when to fold 'em. But when those gambles lead to a federal investigation into possible money laundering, as well as state-led investigations in both Massachusetts and Nevada, it seems that Caesars went all-in at the wrong time.
Caesars disclosed on Oct. 21 that tis being investigated by U.S. government for potential money laundering. A letter from the Treasury Department's Financial Crimes Enforcement Network, dated Oct. 11, told Caesars Palace owner Desert Palace Inc. that the government was investigating possible Bank Secrecy Act violations and weighing whether to take civil action.
As a result, Massachusetts investigators suggested denying a permit for a Caesars project in Boston. The company also ended a hotel licensing deal in Las Vegas ahead of any potential enforcement action. These legal problems have sent Caesars' bottom line tumbling —Caesars Entertainment Corp. stock is down 33 percent from its record close on Sept. 17.
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Trending Stories
- 1The Law Firm Disrupted: For Big Law Names, Shorter is Sweeter
- 2Wine, Dine and Grind (Through the Weekend): Summer Associates Thirst For Experience in 'Real Matters'
- 3'That's Disappointing': Only 11% of MDL Appointments Went to Attorneys of Color in 2023
- 4What We Know About the Kentucky Judge Killed in His Chambers
- 5'I'm Staying Everything': Texas Bankruptcy Judge Halts Talc Trials Against J&J
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250