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Feds investigating money-laundering allegations at Caesars Palace

Discussion in 'Misc. Vegas Chat' started by win4me, Oct 21, 2013.

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  1. win4me

    win4me Low-Roller

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  2. IWannaBeInVegas

    IWannaBeInVegas VIP Whale

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    It happens at every casino. Although I am sure the money going into the Vegas casinos is cleaner than in most local casinos, quite a bit of the money is dirty.
     
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  3. nostresshere

    nostresshere Mr. Anti Debit Card

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    Sadly, the news article says nothing about what is going on.

    Caesars, customers, etc. Nothing.

    By the way, they pretty clean my pockets everytime I go in there.
     
  4. win4me

    win4me Low-Roller

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    That was my thought also. Lazy or poor journalism? :poke:
     
  5. dean_1492

    dean_1492 High-Roller

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    They call it 'Shock' journalism. No offense to SHOCK the board teck guy.
     
  6. Kickin

    Kickin Flea

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    This isn't shock journalism, they are just reporting what Caesars disclosed in its latest SEC filing. They sought details from the GCB cooperating with the investigation and reported his comment that he couldn't reveal anything.

    The title of that article is a simple statement of fact. Shock journalism would tweak it to sound worse and would throw in their own assumptions and speculation. Good journalism doesn't do that even if the material is thin.
     
  7. donovanrs28

    donovanrs28 Low-Roller

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    Caesars Palace investigated over allegations of money laundering

    vegasinc.com:

    Caesars Palace is under federal investigation over allegations of money laundering, parent company Caesars Entertainment reported in a Securities and Exchange Commission filing today.

    The company reported receiving a letter from the Financial Crimes Enforcement Network of the U.S. Department of the Treasury on Oct. 11 stating Desert Palace Inc., the subsidiary that operates Caesars Palace, was under investigation for alleged violations of the Bank Secrecy Act and “whether it is appropriate to assess a civil penalty and/or take additional enforcement action against Caesars Palace.”

    A representative of the company had no further comment. Caesars stock was down 4.8 percent to $17.81 at the end of trading today on the New York Stock Exchange.

    Caesars’ SEC filing said a separate grand jury investigation on the matter is ongoing and that the company intends to cooperate with both.

    “Based on proceedings to date, the registrant (Caesars) is currently unable to determine the probability of the outcome of these matters or the range of reasonably possible loss, if any,” the SEC filing said.

    The filing noted that in recent years, government authorities have placed greater emphasis on anti-money laundering policies and procedures with particular focus on the gaming industry.

    The money-laundering allegation was reported in the same SEC filing disclosing that Caesars had withdrawn from a bid to develop a casino as a minority partner in the Suffolk Downs racecourse near Boston.

    Caesars received a report from the Massachusetts Gaming Commission questioning the company’s suitability as a qualifier in the state’s fledgling gaming industry because of its partnership with the Gansevoort Hotel group, which had been partnering with Caesars to develop a boutique hotel at what formerly was Bill’s Gamblin’ Hall on the Strip.

    Caesars has since severed its ties with Gansevoort, which authorities have accused of having ties with Russian mobsters, and it has withdrawn from the Massachusetts casino bid.
     
  8. Terry Benedict

    Terry Benedict VIP Whale

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    "In addition, Caesars said it is severing a deal with the Gansevoort Hotel Group in the $185 million redevelopment of Bill’s Gamblin’ Hall."

    "ending the Gansevoort relationship would “have no impact on the transformation of Bill’s” into a luxury boutique hotel-casino"

    Yeah, they wouldn't want it on the same level as the St Regis and Fountainbleau. Hopefully they will give the place a better name than Gansevoort.
     
  9. win4me

    win4me Low-Roller

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  10. 44inarow

    44inarow VIP Whale

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    What's interesting to me is that the FinCEN investigation is limited to just the subsidiary that operates Caesars Palace. It's not surprising that a casino company could potentially have money laundering issues, given the sheer amount of cash that gets handled on a daily basis. But it's not the CET corporate entity that's at issue here, it's just the one sub.
     
  11. dmr

    dmr Registered Abuser

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    We just had a big local brouhaha where a high-ranking military officer was caught using counterfeit chips at a local casino. It's not only Las Vegas, and it's not only the typical criminal type people!
     
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