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#1
10-25-2007, 07:37 PM
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Re: Question: Cashing Grey Chips at Borgata
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$10K of cash going in or coming out *MUST* be reported to the Feds [/ QUOTE ] actually, at the borgata the magic number is $10,001 (they even have a sign up on the wall by the cage stating this). they'll give 10k cash no questions asked. so why not just cash the 2 greys yourself and then lend it to your friend? 
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#2
10-25-2007, 07:47 PM
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Re: Question: Cashing Grey Chips at Borgata
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actually, at the borgata the magic number is $3000 [/ QUOTE ] As of last week you wont be able to cash anything over 3k without presenting your player card. It wont be reported to IRS but "will be kept for accounting records" (thats how they explained it to me).
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#4
10-25-2007, 08:31 PM
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Re: Question: Cashing Grey Chips at Borgata
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does the cage let you color up to big chips now? they wouldn't do it 2 weeks ago [/ QUOTE ] Don't really know anything about that but getting greys from the cage was always a problem unless you get them at the pit.
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#6
10-25-2007, 10:26 PM
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Re: Question: Cashing Grey Chips at Borgata
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I don't understand. Couldn't one just cash out $2,500...Walk away, come back in a bit, cash out another $2,500, and repeat and repeat? [/ QUOTE ] Not if you only have grey chips. [img]/images/graemlins/wink.gif[/img]
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#7
10-26-2007, 09:11 AM
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Re: Question: Cashing Grey Chips at Borgata
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I don't understand. Couldn't one just cash out $2,500...Walk away, come back in a bit, cash out another $2,500, and repeat and repeat? [/ QUOTE ] Doing this intentionally to avoid financial reporting I've been told is illegal. And the casino is supposed to have procedures in place to prevent this and is actually required to file a different report if they think someone is doing it--there's a separate suspicious activity report they can file regardless of the transaction size. The $3000 limit they use for requiring ID is there just for this purpose so they can better catch people doing multiple cashouts. But regardless of size, they are supposed to try to find and report anyone doing >$10,000 of cash transactions in a day. Dare ya to cash $2500 in chips, turn around and walk to the back of the line, and repeat this 3 more times. [img]/images/graemlins/smile.gif[/img]
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#8
10-26-2007, 11:41 AM
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Re: Question: Cashing Grey Chips at Borgata
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Dare ya to cash $2500 in chips, turn around and walk to the back of the line, and repeat this 3 more times. [img]/images/graemlins/smile.gif[/img] [/ QUOTE ] OK, you're on. Umm...you got 10K in chips I can borrow? [img]/images/graemlins/smile.gif[/img]
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#9
10-26-2007, 01:16 PM
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Re: Question: Cashing Grey Chips at Borgata
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[ QUOTE ] I don't understand. Couldn't one just cash out $2,500...Walk away, come back in a bit, cash out another $2,500, and repeat and repeat? [/ QUOTE ] Doing this intentionally to avoid financial reporting I've been told is illegal. [/ QUOTE ] It is a federal crime referred to as 'structuring', up to five years and/or fine. Title 31, Section 5324.
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