Caesar’s Palace Says It Is Subject Of Money Laundering Investigations
October 22, 2013 by UPI - United Press International, Inc.
LAS VEGAS (UPI) — Caesars Palace said in a filing with U.S. regulators that it was cooperating with two investigations into possible money laundering allegations.
In a filling with the Securities and Exchange Commission, the resort company said Tuesday the Financial Crimes Enforcement Network of the U.S. Department of the Treasury had notified the company by letter that it was looking into possible violations of the Bank Secrecy Act by Desert Palace Inc., the subsidiary that operates the resort.
The FCEN was assessing “whether it is appropriate to assess a civil penalty and/or take additional enforcement action against Caesar’s Palace,” the filing said.
The filing also said a separate grand jury investigation was proceeding, as well, the Las Vegas Sun reported.
On a separate issue, the company also said it was backing away from a proposal to become a minority partner of the Suffolk Downs racecourse in Massachusetts.
Caesars said the Massachusetts Gaming Commission had challenged the appropriateness of the company’s involvement in the racecourse, given its previous partnership with Gansevoort Hotel group, which is accused of being connected to Russian crime figures.