LA Casino Fined $500,000 for Money Laundering Failures
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Bicycle Hotel & Casino in Los Angeles has received a $500,000 fine for money laundering failures. The fine relates to a high roller who used millions of dollars in cash to play baccarat at the casino. He visited the property more than 100 times in 2016.
The unnamed VIP cashed in and out about $100m during his eight-month gambling spree. Bicyle Casino has to file a suspicious activity report and currency transaction report with the Department of the Treasury when a gambler purchases more than $10,000 worth of chips with cash in a 24-hour period. The casino often submitted form filings under the assistant's name, in violation of law.
In 2017, authorities raided the Bicycle Casino due to an investigation into possible money laundering. The IRS and DEA took control of the casino in 1990. Normandie Casino has served as one of Bicycle's main competitors and California's oldest game room. In 2016, the venue had its gaming license revoked and its owners had to sell the property as a result of a money-laundering investigation. Larry Flynt bought the Norm and changed the name to Lucky Lady Casino.
