Home / Business and Economy / Caesars Palace Fined $7.8M for Money Laundering Failures
Caesars Palace Fined $7.8M for Money Laundering Failures
23 Nov
Summary
- Caesars Palace fined $7.8 million for anti-money laundering violations.
- The violations involved failing to verify a suspected bookmaker's funds.
- This fine follows similar penalties for other casinos linked to the bookmaker.
Nevada gaming regulators have levied a $7.8 million fine against Caesars Palace for significant breaches of anti-money laundering (AML) protocols. The casino failed to adequately scrutinize the source of funds for Mathew Bowyer, a suspected illegal bookmaker, despite internal suspicions and external tips. Bowyer was subsequently convicted of federal charges related to his illegal gambling business and money laundering activities.
This substantial penalty underscores regulatory scrutiny of financial compliance within the gaming industry. Caesars Entertainment's CEO, Tom Reeg, admitted that the casino's systems failed to identify Bowyer's suspicious activity, stating, "We didn't catch Bowyer and we should have." The settlement requires Caesars to enhance its AML compliance measures and staff training.
The fine is one of several recent penalties targeting casinos implicated in Bowyer's activities. Earlier this year, Resorts World received a $10.5 million fine, and MGM Resorts International was penalized $8.5 million, highlighting a pattern of regulatory action. These cases are partly linked to the Mathew Bowyer investigation, which also involved Ippei Mizuhara, former interpreter for baseball star Shohei Ohtani.
