Freeman\u2019s letter came in response to a Treasury request for information about regulations that got in the way of business. In addition to seeking clarity about casino reporting requirements, Freeman suggested the Treasury consider updating regulations requiring casinos to report all transactions greater than $10,000, an amount set in 1972.<\/p>\n
\u201cThe gaming industry continues to shoulder a heavy burden in preparing and submitting [Currency Transaction Reports] for all currency transactions that exceed $10,000, when aggregated, over a 24-hour \u2018gaming day,\u2019\u201d he wrote.<\/p><\/blockquote>\n
Freeman suggested regulatory burdens could be relieved if the amount requiring casinos to report accounted for 45 years of inflation, which would increase the amount from $10,000 to $60,000.<\/p>\n
For now, however, reporting requirements for the casino industry will remain a headache, for which maybe the AGA could smoke some Nevada-grown marijuana to make it go away.<\/p>\n","protected":false},"excerpt":{"rendered":"
With marijuana now flying off the shelves at Nevada dispensaries, the American Gaming Association is seeking clarity from federal authorities on how casinos should handle a new influx of cannabis-derived cash. AGA president and CEO Geoff Freeman sent a letter last week to Secretary of the Treasury Steven Mnuchin asking for guidance on how the […]<\/p>\n","protected":false},"author":42,"featured_media":55891,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,60,18,61],"tags":[],"acf":[],"yoast_head":"\n
AGA Seeks Clarity from Feds on Handling Marijuana Money in Casinos<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n