Caesars Entertainment is facing a $7.8 million fine from the Nevada Gaming Control Board (NGCB) relating to alleged activities undertaken by convicted illegal bookmaker Mathew Bowyer.
Caesars and the NGCB have entered into a proposed stipulation for settlement regarding a complaint for disciplinary action filed contemporaneously with the Stipulation by the NGCB yesterday.
The complaint alleges unsuitable methods of operation arising from the activities at Caesars Palace by Bowyer.
The stipulation includes a fine of $7.8 million payable to Nevada’s General Fund, and dictates specific conditions be placed on Caesars’ gaming approvals.
The proposed settlement also details numerous remedial measures implemented by Caesars.
The majority of the conditions and remediations focus on enhancements to Caesars anti-money laundering (AML) program, as well as additional training and employee awareness of AML requirements.
The Nevada Gaming Commission (NGC) is scheduled to consider approval of the stipulation at its monthly meeting on 20 November in Las Vegas.
At that time, counsel for Caesars and the Nevada Attorney General’s Office will explain the terms of the proposed Stipulation and request NGC approval of the negotiated settlement.
Earlier this year, Genting-owned Resorts World Las Vegas agreed a $10.5 million settlement with the NGCB over AML failings involving Bowyer and another illegal bookmaker, Damien LeForbes.
Shares in Caesars Entertainment Inc (NASDAQ:CZR) closed marginally lower at $19.75 per share in New York Thursday.