Photo: Flickr / seandreilinger
In a sign people are flocking back to casinos — and thus presumably in possession of more disposable cash — the rate of suspicious activity reports at casinos is on pace to grow 19%, according to data released Thursday by the Financial Crimes Enforcement Network. In the first six months of 2011, there were 8,327 suspicious activity reports by casinos and card clubs, or SAR-Cs. That is already more than half of 2010’s totals, and reports were “on track to continue the pattern of yearly increases,” the report said.
To put this in perspective, between 2005 and 2006, filing reports increased 19.7%; between 2006 and 2007, 36.8%; but between 2007 and 2008 fell to 12.2%.
The dollar amount of suspicious activity reported also is set to surge 50% if current rates continue.
Here’s a chart showing growth in reports filed. (The percentages are for the proportion of reports in a given year compared with the 7.5 year period surveyed.)
Photo: Financial Crimes Enforcement Network
The two most common types of suspicious activity reported were:
- Attempts to reduce the dollar amount received from chip redemptions
- Cashing out chips when the casino had no record of the individual having bought or played with chips
It was not clear when the Network plans to release full 2011 data.
This seemingly and counter-intuitively optimistic report should be tempered by our break down of the Nevada Gaming Commission’s January gambling stats, which found a unique factor that casts doubt on the strong numbers released.