[Raiderman]

Originally Posted by BBMW

A $300K cash transaction would be reported identically.

Even my piddly $7K win was reported. They didn't take taxes out on the spot, however, as it was technically 2 separate bets, neither winning more than $5K, which is the number at which 28% comes off the top. But I did get 2 tax forms.

[BBMW]

This is true, but this might be two separate types of reporting. If you hit a $7K jackpot on a slot machine, they'll give you a 1099G for it, since they know exactly how much you bet. This goes to the IRS, and they will be looking for you to report the income on your tax return.

If you play blackjack, and win, say, $15K, and walk to the window with your chips and cash out, they know what your cash out is, but not what you bought in for, so they don't know what your profit is. So they don't give you a 1099G. But since your transaction is more than $10K, it falls under the anti-money laundering rules, and they have to issue a currency transaction report to the Treasury Department. This is theoretically not a tax form, but AFAIK, the IRS does have access to them, and getting one for a casino, and not reporting anything, may trigger an audit. If you play poker in LV casinos, you will notice that there is far amount of cash playing on the tables (as opposed to chips.) This is a way of getting around this.

Originally Posted by Raiderman

Even my piddly $7K win was reported. They didn't take taxes out on the spot, however, as it was technically 2 separate bets, neither winning more than $5K, which is the number at which 28% comes off the top. But I did get 2 tax forms.

[Sheriff1]

I don't think the Cosmo even has a poker room. Chances are the money was on deposit so the player could draw on it at his convenience, either in the form of table game markers or cage withdrawls.

[Raiderman]

Originally Posted by BBMW

This is true, but this might be two separate types of reporting. If you hit a $7K jackpot on a slot machine, they'll give you a 1099G for it, since they know exactly how much you bet. This goes to the IRS, and they will be looking for you to report the income on your tax return.

If you play blackjack, and win, say, $15K, and walk to the window with your chips and cash out, they know what your cash out is, but not what you bought in for, so they don't know what your profit is. So they don't give you a 1099G. But since your transaction is more than $10K, it falls under the anti-money laundering rules, and they have to issue a currency transaction report to the Treasury Department. This is theoretically not a tax form, but AFAIK, the IRS does have access to them, and getting one for a casino, and not reporting anything, may trigger an audit. If you play poker in LV casinos, you will notice that there is far amount of cash playing on the tables (as opposed to chips.) This is a way of getting around this.

I am only familiar with Connecticut's gambling revenue rules which was a 1099 for any jackpot win that is 300x your bet or more. In Blackjack, there is no "jackpot" so there wouldn't be a 1099. There was no set dollar amount as long as it wasn't $10K.

We would often have people launder money through the tables, buying in with $9000 in cash and then walking directly to the cage and getting clean money. No reporting, as it's under the $10K rule.

[BBMW]

That's correct, but even if he pulls >$10K in cash out of his cage account, he's going to get a currency transaction reports. That is by law.

Originally Posted by Sheriff1

I don't think the Cosmo even has a poker room. Chances are the money was on deposit so the player could draw on it at his convenience, either in the form of table game markers or cage withdrawls.

[BBMW]

Treasury has thought of that. It's called structuring. The rules call for anyone who needs to report cash transactions to look for that, and if they suspect that, report it with what is known as a Suspicious Transaction Report. Currency Transaction Reports (of which there can be millions a year( basically get filed in the computer, and are only analyzed later if someone feels the need. Suspicious Transaction Reports get investigated.

Originally Posted by Raiderman

We would often have people launder money through the tables, buying in with $9000 in cash and then walking directly to the cage and getting clean money. No reporting, as it's under the $10K rule.

[Raiderman]

Originally Posted by BBMW

Treasury has thought of that. It's called structuring. The rules call for anyone who needs to report cash transactions to look for that, and if they suspect that, report it with what is known as a Suspicious Transaction Report. Currency Transaction Reports (of which there can be millions a year( basically get filed in the computer, and are only analyzed later if someone feels the need. Suspicious Transaction Reports get investigated.

The reason it worked better in CT is because it was a very large casino, not like the ones out here that have one or two cages. With 7 casinos, 485 tables, and 10 cages (maybe more, I can't remember exactly) under one roof, it was much easier to go undetected. Here one would need to go to multiple casinos to accomplish the same thing. There, they could literally launder $100,000 in a matter of minutes by going to the various cages in the same building. We used to get alot of Chinese mafia from NYC who would do this. Not much that could be done. We had 12,000 employees and 3,000 dealers, so the chances of anyone reporting anything suspicious was pretty slim. We knew it was happening, though.

[Sheriff1]

Glad to see this story has a happy ending: Gambler rewards man who returned $300K left in cab - Las Vegas MyNews3 - KSNV

[mojavedxer]

Originally Posted by Raiderman

The reason it worked better in CT is because it was a very large casino, not like the ones out here that have one or two cages. With 7 casinos, 485 tables, and 10 cages (maybe more, I can't remember exactly) under one roof, it was much easier to go undetected. Here one would need to go to multiple casinos to accomplish the same thing. There, they could literally launder $100,000 in a matter of minutes by going to the various cages in the same building. We used to get alot of Chinese mafia from NYC who would do this. Not much that could be done. We had 12,000 employees and 3,000 dealers, so the chances of anyone reporting anything suspicious was pretty slim. We knew it was happening, though.

Title 31 and SARC is universal nation wide. Running a large casino operation does not make it more easy to circumvent structuring.

[Sheriff1]

Here: Casinos brace for life after Reg. 6A :: GamingToday.com