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Money-laundering investigation ends Caesars bid in Boston
Caesars Entertainment Corp. has withdrawn its application to build a billion-dollar casino in Boston, acknowledging that it is involved in a federal money-laundering investigation.
The AP reported that the commission was concerned about Caesars’ past business deals with a subsidiary of New York-based Gansevoort Hotel Group, where an investor has been under scrutiny for alleged ties to Russian organized crime.
The investigation also is looking into the head of Casars’ online gaming business, which is supposed to debut next month.
Mitchell Garber previously headed two online gambling companies that paid "substantial sums" to avoid prosecution by federal authorities.
Caesars has denied any wrongdoing and said it will cooperate fully in the investigation, which began two weeks ago.
News of the federal probe pushed Caesars’ stock price down almost 5% this week.
Caesars said that despite the probe it is moving ahead with plans to spend $400 million on its Horseshoe Casino project in Baltimore.
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