Question: Cashing Grey Chips at Borgata

[bav]

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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?

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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]

[MasterShakeJr]

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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]

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OK, you're on. Umm...you got 10K in chips I can borrow? [img]/images/graemlins/smile.gif[/img]

[davidlong14]

This is almost certain to generate a "Suspicious Activity Report."

[AngusThermopyle]

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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?

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Doing this intentionally to avoid financial reporting I've been told is illegal.

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It is a federal crime referred to as 'structuring', up to five years and/or fine. Title 31, Section 5324.

[Taso]

lol, obviously it's illegal. I just don't see anyone getting caught. Either do this, or cash out once, give some chips to a friend, and have him cash them out, give chips to another friend, have him cash them out...no taxes, hollerific?

[Central Limit]

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lol, obviously it's illegal. I just don't see anyone getting caught. Either do this, or cash out once, give some chips to a friend, and have him cash them out, give chips to another friend, have him cash them out...no taxes, hollerific?

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This is what people currently do. But, If you're trying to cash out 20 or 30 thousand in chips, you need 10 people to help you. It's a huge pain in the ass.

[Matt Williams]

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lol, obviously it's illegal. I just don't see anyone getting caught. Either do this, or cash out once, give some chips to a friend, and have him cash them out, give chips to another friend, have him cash them out...no taxes, hollerific?

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This is what people currently do. But, If you're trying to cash out 20 or 30 thousand in chips, you need 10 people to help you. It's a huge pain in the ass.

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Yea but it's better than paying taxes on it.

[Ray Zee]

give your friend smaller denomination chips as casinos are notorious for locking up chips if they suspect anything fishy even if its okay and you a regular player.