Chinese resident spent $100 million on gambling, casino fined $500K
Gambling industry news, events, facts
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November 8, 2021
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Over eight months in 2016 a Chinese national visited Bicycle Hotel&Casino more than 100 times and spent about $100 million there. It later turned out that employees of that casino violated US financial regulation rules when the VIP player and his assistant exchanged millions of dollars for chips.
Gambling companies are required to file a report with the Department of the Treasury every time their players buy chips for more than $10,000 in cash.
Law enforcement found that in this case casino staff filed the report in the name of the VIP player’s assistant, which is a violation of the law. Because of this misconduct the management of Bicycle Hotel&Casino was fined $500,000.
Recall that recently London casino Les Ambassadeurs asked the court to freeze the assets of a Chinese billionaire who in April 2018 lost about $26 million there. Some time later the businessman agreed with the casino management to reduce the debt by three million dollars, but paid only $10 million. After that he disappeared and representatives of Les Ambassadeurs went to court.