Category Archives: Casinos

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Greenberg Traurig Advises on Hard Rock Cafe Purchase of Trump Taj Mahal Casino

With Greenberg’s help, Hard Rock International and two partners closed on the joint-venture deal on March 31—a venture that local officials are hoping will lead to an economic rebirth in the region and give other investors a reason to return to Atlantic City. “This is the first significant investment in Atlantic City by a new … Continue Reading

The Building Blocks of an Effective AML Compliance Program

A Q&A with Mark Clayton and Carl A. Fornaris, gaming attorneys, Greenberg Traurig LLP GGB: What are the basics of an effective AML compliance program? Fornaris: It consists of four key “pillars:” internal controls, such as policies and procedures; a compliance officer; employee training; and an annual independent audit that tests the effectiveness of the AML … Continue Reading

Greenberg Traurig’s Ryo Takizawa Quoted in Inside Asian Gaming

“Optimism blossomed when Liberal Democratic Party Prime Minister Shinzo Abe, a casino supporter, returned to power in December 2012. He did so with a lower house majority but a coalition Japan’s Prime Minister Shinzo Abe partner, Komeito, that strongly opposes casinos. Integrated resort development was subsequently proposed as a perfect complement to the 2020 Tokyo … Continue Reading

FinCEN Issues Guidance to Casinos Confirming that Suspicious Activity Reports May Be Shared with U.S. Parents and Affiliates

On Jan. 4, 2017, the Financial Crimes Enforcement Network of the U.S. Department of the Treasury (FinCEN) issued guidance to casinos to confirm that, subject to certain limitations, a casino may, in accordance with the Bank Secrecy Act (BSA) and its implementing regulations, share a Suspicious Activity Report (SAR) that it has filed, or any … Continue Reading

IRS Does Not Reduce Winning Thresholds for Casino Information Reporting & Will Not Track Electronic Player Cards for Tax Purposes

In a major win for the gaming industry today, the Treasury Department published regulations that do not reduce winning thresholds for a casino’s tax information reporting obligations, and will not track electronic player cards for tax information purposes. Under current rules, a casino must file information returns on winnings of $1,200 or more on a … Continue Reading

10 TRENDS: Getting Better All the Time

When Jennifer Shasky-Calvery, at the time the director of the Financial Crimes Enforcement Network (FinCEN), addressed attendees at G2E 2013, she brought a stern message to the industry. She called for a complete culture change in the industry with a dedication to rooting out financial crimes… or else. Since then, Bank Secrecy Act (BSA) and anti-money … Continue Reading
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