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Caesar’s Palace fined for not preventing money laundering by high-rolling gamblers

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Posted at 12:58 PM, Sep 08, 2015
and last updated 2015-09-08 12:58:55-04

NEW YORK  — Caesar’s Palace is paying federal authorities millions for not doing enough to prevent money laundering by high-rolling gamblers from Asia.

The Las Vegas casino agreed to an $8 million fine by the federal agency responsible for combating money laundering.

“Caesars knew its customers well enough to entice them to cross the world to gamble and to cater to their every need,” said Jennifer Shasky Calvery, director of the Financial Crimes Enforcement Network. “But, when it came to watching out for illicit activity, it allowed a blind spot in its compliance program.”

The agency said the problems were in the private gaming salons at the casino where gamblers could wager millions of dollars in a single visit. The casino allowed them to gamble anonymously and allowed many transactions to go unreported, according to the agency.

Caesar’s said it has made “substantial improvements” to its anti-money laundering controls and continues to strengthen its procedures.

Caesar’s Palace is one of 44 casinos and resorts owned by Caesars Entertainment. The part of the company that owns Caesar’s Palace, Caesars Entertainment Operating Co., filed for bankruptcy protection in January. The agreement with regulators still needs approval of the bankruptcy court.