(a) Receipt of currency by certain casinos having gross annual gaming
revenue in excess of $1,000,000. In general. If a casino receives
currency in excess of $10,000 and is required to report the receipt
of such currency directly to the Treasury Department under section
1010.306, section 1021.311, or section 1021.313 and is subject to
the recordkeeping requirements of section 1021.410, then the casino
is not required to make a report with respect to the receipt of such
currency under 31 U.S.C. 5331 and this section.
(b) Casinos exempt under section 1010.
970(c). Pursuant to section 1010.970, the Secretary may exempt
from the reporting and recordkeeping requirements under section 1010.306,
section 1021.311, section 1021.313 or section 1021.410 casinos in
any state whose regulatory system substantially meets the reporting
and recordkeeping requirements of this chapter. Such casinos shall
not be required to report receipt of currency under 31 U.S.C. 5331
and this section.
(c) Reporting of currency received in a non-gaming business. Non-gaming
businesses (such as shops, restaurants, entertainment, and hotels)
at casino hotels and resorts are separate trades or businesses in
which the receipt of currency in excess of $10,000 is reportable under
section 5331 and these regulations. Thus, a casino exempt under paragraph
(a) or (b) of this section must report with respect to currency in
excess of $10,000 received in its non-gaming businesses.
(d) Example. The following
example illustrates the application of the rules in paragraphs (a)
and (c) of this section:
Example. A and
B are casinos having gross annual gaming revenue in excess of $1,000,000.
C is a casino with gross annual gaming revenue of less than $1,000,000.
Casino A receives $15,000 in currency from a customer with respect
to a gaming transaction which the casino reports to the Treasury Department
under sections 1010.306, 1021.311, and 1021.313. Casino B receives
$15,000 in currency from a customer in payment for accommodations
provided to that customer at Casino B’s hotel. Casino C receives $15,000
in currency from a customer with respect to a gaming transaction.
Casino A is not required to report the transaction under 31 U.S.C.
5331 or this section because the exception for certain casinos provided
in paragraph (a) of this section (“the casino exception”) applies.
Casino B is required to report under 31 U.S.C. 5331 and this section
because the casino exception does not apply to the receipt of currency
from a nongaming activity. Casino C is required to report under 31
U.S.C. 5331 and this section because the casino exception does not
apply to casinos having gross annual gaming revenue of $1,000,000
or less which do not have to report to the Treasury Department under
sections 1010.306, 1021.311, and 1021.313.
