Share Prices & Company Research

Market News

02 Apr 2020 | 11:45

Caesars Entertainment fined ?13m over systemic failings

(Sharecast News) - Casino company Caesars Entertainment was fined ?13m by the Gambling Commission for systemic failings. The Gambling Commission's investigation found that Caesars Entertainment had inadequate interactions with customers who were known to have shown problems with gambling and lost large sums of money as a result.

It also found that the company had money laundering failings which included not carrying out adequate source of funds checks on customers.

The Gambling Commission has announced that Caesars Entertainment UK Limited is to pay ?13m and must implement a series of improvements following a catalogue of social responsibility, money laundering and customer interaction failures including those involving 'VIP' customers.

Neil McArthur, Chief Executive of the Gambling Commission, said: "We have published this case at this time because it's vitally important that the lessons are factored into the work the industry is currently doing to address poor practices of VIP management in which we must see rapid progress made.

"The failings in this case are extremely serious. A culture of putting customer safety at the heart of business decisions should be set from the very top of every company and Caesars failed to do this. We will now continue to investigate the individual licence holders involved with the decisions taken in this case."

All ?13m from this case will be directed towards delivering the National Strategy to Reduce Gambling Harms and three of its senior managers have been fired as a result.
Get in touch today
Join Redmayne Bentley
Talk to us now about opening a new account or transferring your account from another provider
0113 243 6941
Get in touch today
Contact your local office
Contact your local office to find out more
The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.
Continuing our Personal Service: View our Latest COVID-19 Update: 1st June 2020
We use cookies on this site to improve your experience and help us provide you with a better website. An explanation of the cookies we use and their purpose can be found within our Cookie Policy. Your continued use of this site means you consent to the use of cookies.