(10-09-2017 04:06 PM)Kronke Wrote:  

(10-09-2017 03:24 PM)SuperFlyBCat Wrote:  

(10-09-2017 02:47 PM)Kronke Wrote:  

(10-09-2017 02:42 PM)SuperFlyBCat Wrote:  

(10-09-2017 02:33 PM)Kronke Wrote:  What I'm saying super is that if the casinos reported $5 million in jackpots, that doesn't make him a winning player because there's no way to actually know what amount (of dirty money?) he put through the machines to end up at that amount. Gamblers are responsible for their wins and losses when it comes to taxes, IRS recommends a ledger and documenting before and after each session.

Will rephrase, including losses he made near 5 Million gambling in profit. That is how I understand what was reported. MGM is publicly traded so don't see the washing money angle. If you want to wash money buying apartment buildings makes more sense.

Okay, and what I'm telling you is that there is no way to know if that's true other than it's what Paddock said was true, and is what he put on his 1099.

Buying apartments doesn't accomplish anything, because the red flag of where the money is coming from is still there. He would do it at the casinos because he has plausible deniability -- "I got lucky" or "I'm just a winning player".

Traditional lender doesn't care where the money is coming from, if you are borrowing some money. One does not sign personally on the loan, it is an LLC. One can also pay cash. Money laundering is super easy and very appealing due to lack of any oversight. Especially appealing are income producing properties.

Compared to other methods, money laundering through real estate – both residential and commercial – can be relatively uncomplicated, requiring little planning or expertise. Large sums of illicit funds can be concealed and integrated into the legitimate economy through real estate.
http://www.corporatecomplianceinsights.c...al-estate/

It doesn't matter if the lenders care, it's the IRS that cares. If all of a sudden you have $5 million to buy a plethora of real estate, with no explanation of where the money came from, that is going to be a red flag.

Like I and No Bull have pointed out, when he gambles, he can just ignore his losses, claim the jackpot winnings that are being reported, pay the taxes on those winnings, and just claim that he's running above expectation. It's impossible to prove otherwise, other than statistical analysis and even then, it's not impossible, just highly unlikely.

They are notified of nothing when you buy real estate. I am really confused on gambling as a way to launder illicit money? You could lose it all. If you buy an office or apartment building you won't lose it all.