Dumb high-limit game questions
 

Heading up to AC in a few weeks, and was planning on playing the $80-$160 game up at the Borg. Just a couple of general questions about games like that. Obviously in a game like that, it's feasible that you could win/lose an amount approaching five figures.

Say someone buys in for $5K and happens to go on a massive rush and cashes out for $15K. I assume you just go up to the window and get a big wad of $100's? Can you request a check instead? I'm kind of apprehensive about walking around that place with that much cash. Do they make you fill out tax forms for games that big? I can't imagine they do, since some people play them every day, right? Does the $80-$160 game run every day? How is the game?

And just out of curiosity, what about the games that are bigger than that out in Vegas ($300-$600 or something)? Do those guys really walk around with $40K or whatever in cash on them?

Re: Dumb high-limit game questions
 

The 40-80 runs everyday, the 80-160 runs on weekends and SOME weekdays (from what I understand). Cash transactions over $10,000 in one gaming day are subject to IRS reporting. One transaction over $10,000 will automatically result in a CTR (cash transaction report) being filed. Common practice is to just go up to the table and buy a rack or two from someone sitting there. People keep chips in the game for just that purpose. People also sell chips to new players for the same reason (as well as when they leave or if others need them).

In terms of security, I don't know about getting a check...I'm sure it could be arranged for 5-figure cashouts. Other options: rent a safe deposit box (great option for a regular, nearly impossible for a tourist); wire money to Borgata and set up a "front money" account which you can draw from and deposit profits into it; take the 100's and go. If you are a regular, setting up one of these options is a good idea. Many people make arrangements and the casino can help you out.

Jeff

Re: Dumb high-limit game questions
 

If you're cashing out, say $12K, can you just go to two different windows, or do they frown upon that? Is it better to sell some back to the table and take $8K or whatever back to the window?

Also, I assume they use the yellow chips in that game?

Thanks for the good response.

Re: Dumb high-limit game questions
 

[ QUOTE ]
If you're cashing out, say $12K, can you just go to two different windows, or do they frown upon that?

[/ QUOTE ]

This is structuring, which is a felony. Don't do this. Also, blues and yellows can only be cashed downstairs.

Jeff

Re: Dumb high-limit game questions
 

Whoa, had no idea.

Thanks again for your help. (And for keeping me out of the slammer!)

Re: Dumb high-limit game questions
 

[ QUOTE ]
If you're cashing out, say $12K, can you just go to two different windows, or do they frown upon that?


[/ QUOTE ]

[ QUOTE ]
This is structuring, which is a felony. Don't do this. Also, blues and yellows can only be cashed downstairs.


[/ QUOTE ]

The only thing the casino can do if you cash out more than 10k in a 24 hour period is fill out a CTR, or if you refuse to show I.D., gaming prohibit you until you show I.D.

Re: Dumb high-limit game questions
 

[ QUOTE ]
[ QUOTE ]
If you're cashing out, say $12K, can you just go to two different windows, or do they frown upon that?

[/ QUOTE ]

This is structuring, which is a felony. Don't do this. Also, blues and yellows can only be cashed downstairs.


[/ QUOTE ]

Here's the law on structuring btw: http://www.washingtonwatchdog.org/do...I/sec5324.html

Technically, you shouldn't really be selling racks of chips to other players either. That's still tax evasion, if you don't report the winnings.

Re: Dumb high-limit game questions
 

[ QUOTE ]
[ QUOTE ]
If you're cashing out, say $12K, can you just go to two different windows, or do they frown upon that?


[/ QUOTE ]

[ QUOTE ]
This is structuring, which is a felony. Don't do this. Also, blues and yellows can only be cashed downstairs.


[/ QUOTE ]

The only thing the casino can do if you cash out more than 10k in a 24 hour period is fill out a CTR, or if you refuse to show I.D., gaming prohibit you until you show I.D.

[/ QUOTE ]

Cashing out more than 10k at one time isn't the problem. The problem is cashing out less than the filing requirement at seperate locations, but more than the filing requirement in a single day. That would trigger a red flag somewhere along the line up to the IRS.