Casinos as Massive Money Laundering Centers

zengrifter

zengrifter

Banned
Here's some of what I know is going on at a huge scale.
THIS means YOU, Mr. Trump! zg

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Casinos as Money Laundering Centers

The future will see virtual casinos and, logically, virtual money laundering. For example, Las Vegas- based Alliance Gaming Corporation, which recently acquired Bally Gaming International, wants to establish a dominant role in Internet gaming. It clearly has all the right ingredients. First is Internet expertise. Alliance Gaming's Vice Chairman, Craig Fields, was formerly the Director of the Defense Advanced Research Projects Agency (DARPA), which created the Internet. Second is gambling expertise. Bally, and by reflection Alliance, is a household name to the average gambler. Third, well . . . According to some Nevada law enforcement officials I've spoken to, Alliance Gaming currently launders money for the CIA. That should give Alliance the experience it needs to expand the concept to cyberspace.
-- J. Orlin Grabbe (2001)
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Tough-guy casino owner and Likud backer, Steve Wynn started in Las Vegas in 1967, with a small interest in the Frontier Hotel casino, then controlled by the Detroit mob. He later took control of the Golden Nugget. In 1980, with financial backing from Drexel Burnham Lambert, Wynn built the Golden Nugget casino in Atlantic City, where Meyer Lansky's Resorts International had opened the first casino in 1978. Wynn sold the Atlantic City casino and took more from Milken's Drexel to build the massive Mirage in Las Vegas, which opened in 1989. Drexel also funded other casinos, pumping billions of hot dollars into Vegas as part of Dope, Inc.'s transformation of its money laundering center from a city run by the old-style Mob, into a resort center with the organized crime activities hidden behind slick corporate fronts.
-- Dope Inc. (1993 revised)

MORE- http://www.zenzoneforum.com/threads/4570-Casinos-as-Money-Laundering-Centers​
 
aslan

aslan

Well-Known Member
zengrifter said:
Here's some of what I know is going on at a huge scale.
THIS means YOU, Mr. Trump! zg

-------------
Casinos as Money Laundering Centers

The future will see virtual casinos and, logically, virtual money laundering. For example, Las Vegas- based Alliance Gaming Corporation, which recently acquired Bally Gaming International, wants to establish a dominant role in Internet gaming. It clearly has all the right ingredients. First is Internet expertise. Alliance Gaming's Vice Chairman, Craig Fields, was formerly the Director of the Defense Advanced Research Projects Agency (DARPA), which created the Internet. Second is gambling expertise. Bally, and by reflection Alliance, is a household name to the average gambler. Third, well . . . According to some Nevada law enforcement officials I've spoken to, Alliance Gaming currently launders money for the CIA. That should give Alliance the experience it needs to expand the concept to cyberspace.
-- J. Orlin Grabbe (2001)
----------------------
Tough-guy casino owner and Likud backer, Steve Wynn started in Las Vegas in 1967, with a small interest in the Frontier Hotel casino, then controlled by the Detroit mob. He later took control of the Golden Nugget. In 1980, with financial backing from Drexel Burnham Lambert, Wynn built the Golden Nugget casino in Atlantic City, where Meyer Lansky's Resorts International had opened the first casino in 1978. Wynn sold the Atlantic City casino and took more from Milken's Drexel to build the massive Mirage in Las Vegas, which opened in 1989. Drexel also funded other casinos, pumping billions of hot dollars into Vegas as part of Dope, Inc.'s transformation of its money laundering center from a city run by the old-style Mob, into a resort center with the organized crime activities hidden behind slick corporate fronts.
-- Dope Inc. (1993 revised)

MORE- http://www.zenzoneforum.com/threads/4570-Casinos-as-Money-Laundering-Centers​
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So, in simple words, how does the money laundering work and how are they able to do so without SEC, Treasury, or other Federal agency able to detect and prosecute?
 
Dyepaintball12

Dyepaintball12

Well-Known Member
aslan said:
So, in simple words, how does the money laundering work and how are they able to do so without SEC, Treasury, or other Federal agency able to detect and prosecute?
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Deposit money into the site, withdrawal different money.
 
aslan

aslan

Well-Known Member
Dyepaintball12 said:
Deposit money into the site, withdrawal different money.
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haha I need it a bit more complex than that. As a money laundering apparatus, it constitutes an illegal activity. It should not be all that difficult for government auditors to see through transactions to the substance of what is going on, if in fact, crime money is being funneled into these corporations. I'm wondering why they can write articles on it, yet the government seems oblivious to it. If the government is complicit in it, then the laundering is not needed in the first place-- just put it in the bank. I figured zg might know the nitty gritty.
 
zengrifter

zengrifter

Banned
aslan said:
So, in simple words, how does the money laundering work and how are they able to do so without SEC, Treasury, or other Federal agency able to detect and prosecute?
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Best kept secret of the legal casino industry - dirty money fed INTO the counting rooms becomes laundered revenues. zg
 
S

shadroch

Well-Known Member
zengrifter said:
Best kept secret of the legal casino industry - dirty money fed INTO the counting rooms becomes laundered revenues. zg
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Here is the real dirty secret- casinos used to offer better games because they didn't give a fig about the floor results. They were laundering so much cash that it wasn't an issue. Now that the well has dried up, money has to come from the games and entertainment.
 
A

alwayssplitaces

Well-Known Member
It's easy to launder money through a casino. Buy in for a lot, play a low house edge game like blackjack or craps, then cash out. If asked about the source of the money, you won it gambling.
 
aslan

aslan

Well-Known Member
zengrifter said:
Best kept secret of the legal casino industry - dirty money fed INTO the counting rooms becomes laundered revenues. zg
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Now that is a very effective way to launder money, and nearly impossible to catch. Only a trusted few are permitted in the counting room, and it does not take the entire room to introduce the "dirty" money, and of course, no money is laundered while auditors are present. Yes, that's a ticket that is near impossible to detect. Two things an auditor might look for are: (1) does the casino show profits higher than other casinos in the same area and of the same ilk, without any ostensible reason-- better access, nicer atmosphere, appeal to high rollers, etc., and (2) is the casino largely owned by corporations in turn owned by, or likely owned by, organized crime, and also by individuals with mob ties. If the money cannot be funneled back to the mobs' waiting hands, it does little good to launder it in this manner.

Your answer is plausible. Of course, it would not be wise to repeat this if you have insider information, so I assume there are already published stories on the subject.
 
S

shadroch

Well-Known Member
aslan said:
Now that is a very effective way to launder money, and nearly impossible to catch. Only a trusted few are permitted in the counting room, and it does not take the entire room to introduce the "dirty" money, and of course, no money is laundered while auditors are present. Yes, that's a ticket that is near impossible to detect. Two things an auditor might look for are: (1) does the casino show profits higher than other casinos in the same area and of the same ilk, without any ostensible reason-- better access, nicer atmosphere, appeal to high rollers, etc., and (2) is the casino largely owned by corporations in turn owned by, or likely owned by, organized crime, and also by individuals with mob ties. If the money cannot be funneled back to the mobs' waiting hands, it does little good to launder it in this manner.

Your answer is plausible. Of course, it would not be wise to repeat this if you have insider information, so I assume there are already published stories on the subject.
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Have you been out to lunch the last fifty years?
 
aslan

aslan

Well-Known Member
shadroch said:
Have you been out to lunch the last fifty years?
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Please explain. It is not a subject area that I have read much about. If you can enlighten me, I would appreciate it. I do understand some of what was going on before the mobs relinquished direct control of casinos, but I know little of the details about what has happened since then, other than that my friends in Vegas tell me that organized is ever present, but unseen. What they are doing and how they are doing it is a mystery to me, so I guess I have "been out to lunch," as you say, for at least the past 20 or so years. I think others would find what you have to say interesting as well, especially the younger generation.
 
zengrifter

zengrifter

Banned
shadroch said:
Here is the real dirty secret- casinos used to offer better games because they didn't give a fig about the floor results. They were laundering so much cash that it wasn't an issue. Now that the well has dried up, money has to come from the games and entertainment.
Click to expand...
Explains how Trump can be one of the biggest money launderers (in partnership with Chinese OC) in North America and yet his casinos show no profit.

Going back to 'Green Felt Jungle' publication 1962, the informed public became increasingly aware of the 'skim', but the deeper secret of legal casinos has been the money laundering. zg
 
T

tthree

Banned
aslan said:
Please explain. It is not a subject area that I have read much about. If you can enlighten me, I would appreciate it. I do understand some of what was going on before the mobs relinquished direct control of casinos, but I know little of the details about what has happened since then, other than that my friends in Vegas tell me that organized is ever present, but unseen. What they are doing and how they are doing it is a mystery to me, so I guess I have "been out to lunch," as you say, for at least the past 20 or so years. I think others would find what you have to say interesting as well, especially the younger generation.
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Don't worry Aslan. Those seeking to make an honest buck are usually clueless. Those that don't make money in this manner have inside information on how these things are done. I for one would also like to hear the nuts and bolts of this supposed money laundering.
 
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