Rio ordered to return $471,000 in gambling losses

The administrator of a bankrupt Illinois company won a $471,250 judgment Thursday against a Las Vegas casino after complaining officials at the firm used company funds to pay gambling debts while it was insolvent.

The judgment was entered against Caesars Entertainment Corp.’s Rio hotel-casino in favor of William Brandt Jr., liquidating administrator of Equipment Acquisition Resources Inc. of Palatine, Ill.

Equipment Acquisition Resources (EAR) collapsed in October 2009 after it “engaged in a massive fraud by which it sold equipment at inflated prices and leased the equipment back from various lenders,” Brandt said in court papers.

Read More: