Caesars executives with PML permits could be subject to regulatory action: UKGC warns
The UK Gambling Commission (UKGC) has warned that more than half a dozen Caesars Entertainment executives with Personal Management License (PML) permits could be subject to regulatory action. In April 2020, the UKGC slapped Caesars Entertainment with a record fine of £13 million (US$18 million) for regulatory shortcomings. It was the largest regulatory fine but the British gaming watchdog was not done. The ongoing investigation resulted in fresh warnings to seven executives with PML permits.
According to a statement issued by the UKGC, seven Caesars executives with PML permits received license warnings, two received conduct letters, while three PML licensees were asked to surrender their gaming operation rights. One licensee forfeited his license, and another’s PML was revoked after he failed to pay annual fees.
Thus far, one and a half dozen executives with PML permits have received conduct letters from the UKGC on how to improve their business conduct.
Speaking on the topic, UKGC Executive Director Richard Watson said, “All personal license holders should be aware that they will be held accountable, where appropriate, for the regulatory failings within the operators they manage.”
The investigation was launched after a preliminary report into the conduct of the gambling & entertainment giant indicated that the operator had turned a blind eye to “systemic failures.” The watchdog concluded that the operator must implement a number of improvements to fix the watchdog’s concerns in the field of money laundering, customer interaction failures, and social responsibility.
The UKGC found that the operator allowed a gambler to gamble £820,000 and lose £240,000 without any probe about his source of the funds. Another gambler gambled away £795,000, without any question or interference by the operator. The commission also found that a female gambler, who worked as a waitress, gambled away £87,000 without the operator asking her about the source of her funds.
The operator was also found in breach of money laundering protocols. It reportedly allowed a VIP gambler to transfer £3.5 million through its casinos to some other entities without being asked any question about the source of the funds.
Caesars Entertainment operates a total of seven casinos in England, with the London Leicester Square-based Empire Casino being the biggest of them. The 20,400 sq. ft. gaming space offers 130 slot machines and more than four dozen table games.