During the August meeting of the Ohio Casino Control Commission, members voted to accept a settlement agreement with ROC Finance LLC, a subsidiary of Rock Ohio Caesars, regarding the company’s non-disclosure of pertinent information related to one of its credit facilities. The settlement agreement includes a $200,000 fine.
“The Casino Control Law requires specific disclosures for financial transactions by casino operators and holding companies,” said Jo Ann Davidson, Chair of the Casino Control Commission. “ROC Finance LLC had an obligation to disclose important information to the Commission and failed to do so. The Commission considers that non-disclosure to be a serious matter, and warrants the sanctions issued today.”
Rock Ohio Caesars is a joint venture between Rock Ohio Ventures and a subsidiary of Caesars Entertainment Operating Company, and it is also a holding company for the operators of the Horseshoe Casinos in Cincinnati and Cleveland. ROC Finance LLC submitted a refinancing proposal to the Commission for approval earlier this year. However, during the Commission’s review of the materials submitted, information was discovered that a previously-approved loan modification failed to close in the manner approved by the Commission and without proper notification. This conduct is a violation of both Ohio law and the conditions previously set forth by the Commission.
In addition to the fine, ROC Finance LLC is required to develop and implement remedial measures to its internal procedures related to proposed debt transactions. It will also ensure that all employees involved in such requests are properly trained.