Purpose of tracking player profits in Vegas?

CHAx · #1 03-23-2007, 05:27 PM

First time playing 10/20nl game in vegas last weekend I left the table with 7K. At the Wynn the cage asked me for my ID and wrote down my name and address. When I asked why he needed that info, all he said is that its for "their records" as if that somehow answers my question. Is this purely internal or are they opening their books to say, the IRS? One reason I ask is the guy sure didn't consider what I bought in with. Next night at belagio I sat with 7k and left with 7k and they didnt say anything at all.

Yes, I report my taxes but I still want to know what they are doing with that information.

NL__Fool · #2 03-23-2007, 05:47 PM

It's an anti fraud measure used to help detect money laundering.

Same thing happenes to me a year ago and I asked why, thats what they told me.

Twistofsin · #3 03-23-2007, 05:50 PM

If they didn't take your SSN it wasn't for tax purposes, I'd guess either promotional use or attempts to track money laundered through the casino.

bav · #4 03-23-2007, 05:52 PM

CTR's I suspect. Any business who does at least $10K/day of cash transactions with a customer is required to report it to the Feds. You don't have to sign anything or even be aware they're doing it, but they have to have the info so they can do it. So if you cash out $2K, they'll typically leave you alone since you'd have to do 5 such transactions in a day to hit $10K. If you cash out $7K, they have to worry that you might later in the same day cash out $3K. They are required to track this.

That's my theory, anyway. They just need to keep track in case you go over $10,000 in a day.

Forbin · #5 03-23-2007, 07:21 PM

It is for the 10k/day reporting requirement and the 5k "suspicious" regulation. Cash out a smaller amount and they won't ask, usually around 3k+ is where I get asked.

If you plan to come back to play relatively soon, you can also take 2-3k in cash and have them color up the rest to 1k or 5k chips. They only care about actual cash going out.

AngusThermopyle · #6 03-23-2007, 08:43 PM

I think if they tell you why, they are afraid that you will do a 7X$1600 trick and get both of you in trouble.

Some cashiers have gotten into trouble for suggesting ways around the rule. The term is 'structuring' and the local clubs take your name at $2K.

Even over $10K, the report goes to the Treasury Dept, not IRS. And they do not say you 'won' $10K, just that you recieved cash of that amount. You can have very well bought in for $9900 for all they know or care (pit games know and care, they just don't tell Uncle Sam).

lowpockets · #7 03-23-2007, 09:32 PM

Would a casino ever care enough to call you out on cashing 3k or 4k a few times in a day at different tellers?

Bremen · #8 03-23-2007, 10:50 PM

[ QUOTE ]
Would a casino ever care enough to call you out on cashing 3k or 4k a few times in a day at different tellers?

[/ QUOTE ]
Very definitely. They can get into a load of legal trouble if they let you (and you get caught). Also do you really want to risk a federal felony (I could be wrong on structuring being a felony...).

cardcounter0 · #9 03-23-2007, 11:04 PM

[ QUOTE ]
Would a casino ever care enough to call you out on cashing 3k or 4k a few times in a day at different tellers?

[/ QUOTE ]
Yes, because they get hit with a 25k fine when they don't

bav · #10 03-23-2007, 11:44 PM

Note these are cash transaction reports. Not W2G's. They aren't the same thing and don't have the same impact. With a W2G, you BETTER have a corresponding value on your income tax 1040 matching it. With a CTR, all you need is a paper record in your log showing you gambled that day and had a win/loss of $xxxx. And then only if you get audited.

Do your taxes legally and don't sweat the paperwork.