With all of the money coming and going from some of the biggest casinos in the world, it would be expected that their money management would be second to none – but it seems even the biggest have monetary lapses in judgment, and that happened with a California based casino back in 2016 with details only now emerging of what had happened, resulting in a fine totalling $500,000.
This happened back in 2016, so not a recent story, but details are only just emerging of what actually happened as the fine comes following the casino not correctly reporting on cash transactions over $10,000 over an 8-month period, and reportedly happening on multiple occasions too – the story as it goes is that a VIP Chinese national had come to the casino to play high-stakes baccarat with some duffel bags filled with money, and whilst the casino did report on each of the transactions, apparently it was not done in a satisfactory way for the IRS.
It is likely that this fine is barely more of an inconvenience as if the money wagered by the player is as suggested then the casino would have earned much more on those play sessions than the fines, given the suggested figure bet had been over $100,000,000 across those eight months, the margins would’ve certainly been much higher. If anything, it does show the high level of scrutineering aimed at casinos both online and offline, and other caveats to the payment were known to be additional review and reporting requirements in order to ensure this doesn’t happen in the future. The kicker will be the regular reporting and auditing by a third-party too, meaning everything over the next few years will have to be above board and squeaky clean to avoid any other issues in the future.
It may also mean many other casinos, particularly around the US, are taking a closer look at their own internal reporting to ensure they’re not going to be subject to any unexpected fines, given this did happen back in 2016 it would be expected that anything like that would’ve been revealed by now, but something could pop up. I wouldn’t be surprising to see some increased scrutineer following the re-opening of most casinos after the global health crisis too following a period of longer-term temporary closures and the big wave of players returning, with some of those returning players also looking to be similar high-rollers looking to wager large amounts in a short period of time.