Trump Taj Mahal casino probed for money laundering activities

Trump Taj Mahal casino in Atlantic City has always been in news for some or the other reason. Though the property has been closed down permanently in October 2016 when it’s than owner New York businessman Carl Icahn failed to negotiate terms on new employment contracts with workers at the property. But now Trump Taj Mahal is in news for some other not so good reasons and it has been found that it have violated anti- money laundering regulations more than 100 times during the first and a half year of being its launch in April 1990 as reported by CN

Considered to be the eight wonder in the world this magnificent gambling resort property opened its gates in early 1990s when current US President Donald Trump was its controller. Recently it has been found in the federal records that between April 1990 and December 1991 the casino failed to report 106 separate instances of its players cashing out $10,000 or more within a course of a single day.

CNN obtained and got access to 417 pages of Treasury Department papers in connection to the ongoing probes of President Trump’s reported Russian ties and only than the information about Trump Taj Mahal alleged anti-money laundering policy came in picture. As per the documents from the Internal Revenue Service (IRS), the Treasury Department’s tax collection bureau, Trump Taj Mahal was fined $477,000 for failing to report players could have used this casino property to mask illicit activities. As per the rules a casino must report any patron that cashes out $10,000 o more within a single day with filling a form mentioning their name, address, birth date and Social Security number. Once it is done at the gambling venue than the casino needs to report it within 15 days to refer this form to the IRS.

It is evident from the papers that there was possible money laundering with players using slot machine tickets. There were also players who cashed out smaller amount of money in order to avoid any suspicion. However President Trump left Atlantic City by the time 2010-2012 money laundering instance took place. He even sold the majority of its stake to the Trump Taj Mahal’s parent company in 2009. He gradually disposed off even the limited shares he maintained of this great casino property.

Now the property is owned by Mr. Icahn who even announced in February that he would sell this shuttered casino to a party who is ready to invest in the stagnant gambling maker. Hard Rock International did show great eagerness to enter Atlantic City’s gambling market and now the Taj Mahal will be renovated to match the style of all other Hard Rock casino properties. It is expected to reopen as Hard Rock Hotel & Casino Atlantic City in the summer of 2018.