The Trump Casino Money Laundering Scandal

With a Bang, It Began
Donald J. Trump rose to fame in the casino industry in his native Atlantic City, New Jersey, in the early 1980s. Trump’s Atlantic City casinos left a lasting impact on the gaming sector, accounting for almost one-third of the total gaming income generated in the city.

As if that weren’t enough, he directly employed approximately 8,000 residents of Atlantic City through his casino and real estate holdings. Upon its construction in 1990, the Trump Taj Mahal was the largest and most extravagant casino globally. The Trump Taj Mahal, with its 42 stories, was not only the highest structure indibet login in New Jersey but also the biggest casino globally.

The “eighth wonder of the world,” known for its breathtaking opulence, was home to more than 3,000 slot machines, a number of opulent restaurants, top-notch gourmet chefs, and chandeliers made of crystal that alone were worth $15 million. The employees were also made to don turbans adorned with actual ostrich feathers, as if that weren’t subtly enough.

With a Whimper, it was over.
Even with this extreme extravagance, Trump and the Federal Authorities would eventually realize that not everything that seems shiny is gold. The Trump Taj Mahal casino would eventually result 10cric login in extensive government probes, record-breaking fines, and numerous bankruptcies as it accumulated ever-larger mountains and mountains of debt.

The New York Times had estimated that the casino would need to earn $1.3 million every day in order to pay off all of its debts. It didn’t take long for the Financial Crimes Enforcement Network (FinCEN), with its financial handlings in total disarray, to turn a blind eye to the situation and bring the entire house of cards tumbling down.

Following the ultimate bankruptcy of the Trump casino, the Taj Mahal’s holdings would only fetch a small portion of their original purchase price. Desperate to pay off debts, the opulent lamps, gaming tables, and even the great Austrian crystal chandeliers would all wind up on the auction board.

The World’s Late Wonder
After Trump eventually left Atlantic City in 2009 due to mounting opposition, billionaire Carl Icahn took over the Trump Taj Mahal Casino’s keys and made an effort to keep it from collapsing. Even bc game login for a millionaire, though, it would prove to be too much of a burden, and the casino closed its doors in February 2017.

After that, Hard Rock International paid $300 million to buy the structure, which it reopened in 2018 as the Hard Rock Hotel & Casino Atlantic City. It could be a lot to process, and you might be wondering how a surge so rapid could result in such a disastrous fall.

Icahn admitted in an interview that he had lost millions of dollars on this doomed business venture. So what specifically went wrong in the Trump Taj Majal Casino? What did it not do to keep debt collectors and the federal government out of its doors?

In the sections that follow, we will explain how this whole casino project was doomed from the start and how carelessness and a total disdain for the law would combine to attract fraud and money laundering, which would ultimately lead to the casino’s unavoidable closure.

Doomed from the Outset
The Trump Taj Mahal was required by law, like all casinos, to guard against money laundering. Numerous unsettling details regarding the casino’s operations were unearthed by the authorities during multiple federal investigations.

At every point, the Trump Taj Mahal “failed to maintain effective anti-money laundering measures” and was a hub for questionable activities, from issues with slot machine accounting to “willful and repeated” violations of the Bank Secrecy Act. To further compound the general lack of transparency, staff members neglected to maintain proper records of the resort’s currency transactions.

Uncle Sam believed that the way the biggest and boldest casino in the world was run was practically an incentive to commit fraud. How then do we know that there was money laundering?

The Home Never Loses
If you ever find yourself in charge of a casino, keep in mind that any transaction exceeding $10,000 must be documented with the player’s identity, address, and time in case the authorities require access to this data. You can contribute to the reduction of crime and money laundering (cleaning up illicit funds) by maintaining open books.

For example, if a casino has poor bookkeeping practices, there is nothing stopping someone with illicit funds from purchasing $10,000 worth of chips, keeping them unseen, and then cashing them in to obtain “clean” funds from the casino by claiming they were winnings. Authorities discovered that within the first two years of operation, the Trump Taj Mahal casino broke bookkeeping regulations 106 times.

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