Table-game winnings are not reported to the IRS, no matter how large the winnings might be. If Larry Flynt wins a million dollars at the blackjack table over a weekend, no IRS paperwork is filed. Don't ask us why that million isn't reported, whereas any winnings of more than $1,199 on a slot or video poker machine are. It doesn't make any sense to us either.
(The Golden Nugget has a $5 Hundred Play video poker machine that, loaded up, takes $2,500 per hand. When the player hits a pair of jacks, a push, it generates a W-2G. When anyone plays this machine, a casino employee has to sit with the player the whole time, to keep track of the IRS paperwork).
If a table-game player wants his winnings in cash, however, Treasury Dept. paperwork is generated. As with all financial institutions (and others that deal in big-ticket items, such as car dealerships), for any amount of cash more than $10,001, the issuing business has to submit a cash-transaction report (CTR). With casinos, a CTR is issued if the casino pays out more than $10,000 in cash to a single player.
