If you theoretically won $10,000 at Blackjack, how is it paid out?

This question isn't about tax liability and whether you have to give ID at the cage when you go to cash out -- I'm well aware of all the legal rules here.

I've won $2,000, $3,000, even $4,000 at a casino before but I've never got up from a table with over $10,000 in chips. So my question to you guys is, at a major Las Vegas casino like The Mirage, Bellagio, or Caesar's, how is it usually handled if I get off of the High Limit table with let's say $12,000 in chips and had to the cashier -- obviously that's a ton of cash, and I've taken as much as $3,500 in $100 bills from the cashier but never anywhere near that much. Can you ask for a check? lol.

Obviously I know once you hit that much money you have to report it and pay taxes so obviously they're going to ask for ID so they can send a 1099 -- that's not my question. I'm just wondering how much cash you can actually get from the cage, just to be prepared in the extremely unlikely chance that I win a lot of money on my next trip. ;)

I'm not aware of any casino in the US that would send you a 1099 for a table game win.

The cage won't blink at handing you 10k+ in cash. They will likely check your ID and players card to verify that you won those chips that day though.

Interesting -- I thought you would definitely get a 1099 for over $10,000 even if it was on a table game. That's actually really good info, thanks.

I know they'll pay you cash without a sweat, but I guess my question was how annoying/complicated it would be to get a wire or check instead, or if you can request to be paid in another room so that people can't see the money. Like if I won $12,000 off of a $2,000 buy-in or so -- I would love to get like $3-4k in cash and either get a check or the rest deposited.

$10,000 isn't a lot to a casino but it is to some people -- I've had nosey people standing behind me in line comment to me after getting just $2,000 out of the cashier. Personally, I don't want to stand in front of the cage while the cashier counts out $10,000 in $100 bills, and then I have to walk that money back to my room and trust the in-room safe, especially with some of the crimes we've been hearing about at Cosmopolitan, Wynn/Encore, and Resorts World recently.

You get a 1099 for a qualifying Firebet win at craps.

Quote: jsausley

Interesting -- I thought you would definitely get a 1099 for over $10,000 even if it was on a table game. That's actually really good info, thanks.

They'll take your info so they can file a CTR with FinCen, but that has to do with money laundering, not taxes. That may be where your confusion lies.

Quote: AlanMendelson

You get a 1099 for a qualifying Firebet win at craps.

Do you get a 1099 or a W2G? I thought 1099s were for things like promotional prizes.

About 15 years ago at Foxwoods, my wife hit a straight flush on Let It Ride. Total win was about $13K.

The chips for the payout were on the table for almost half an hour while the cards and surveillance tapes were examined.

She got a 1099 (W2G?) on the side bet payout because it was over 600:1. Nothing for the main bet.

Finally paid, we took the chips to the cage and asked for a check for $10K and the rest in cash. They escorted us to a small waiting next to the cage where we could sit while they took care of it. Note that this room was just big enough for two chairs, with a low counter and regular cage bars above the counter. But it gave us privacy.

It took about 20 minutes, but most of that was finding someone with authority - it was about 1am at the time.

They did NOT try to pressure us at all into taking more in cash than we asked for.

Also, until they gave us the check and cash, the chips were on their side of the counter, but never out of our sight or reach.

All in all it was a very comfortable situation. In fact, more comfortable than the wait at the LIR table before they finally pushed the chips our way.

Depending on the casino, they have a minimum amount that they'll cut a check for, whether it be $5K or $10K or higher. If I buy-in for $1K and win to $11.5K at a $25 blackjack table, they'll discount my $1K buy-in and give me that back in cash and they could cut a check for $10,500 and I can take that to the bank as a win with no CTR & no tax form. I could use the bank deposit as proof that I won something if I keep a gambling diary. I don't know if the casino will allow me to cash that same check for front money on another day if I don't get to the bank.

If checks don't expire for 6 months, I could collect a couple dozen of them and deposit them at the bank all at one time and still be <$10K under the FDIC limit (or over).

10k is not that much cash, easily fits in a pocket.

Quote: Deucekies

Do you get a 1099 or a W2G? I thought 1099s were for things like promotional prizes.

It's a 1099.

Quote: DJTeddyBear

About 15 years ago at Foxwoods, my wife hit a straight flush on Let It Ride.

Edit: I originally said Three Card Poker.

Not really the point -- I don't want to get mugged on the way back to the room by someone desperate, or have it disappear from the safe the next night.

/news/woman-jailed-after-82k-in-luxury-watches-stolen-from-men-on-las-vegas-strip/

ml

/crime/robberies/trio-accused-of-six-figure-theft-from-las-vegas-hotel-room-2378571/

Not really the point -- I don't want to get mugged on the way back to the room by someone desperate, or have it disappear from the safe the next night.

*EDIT* Accidentally double posted because I was trying to fix my links. Sorry.

Leave the chips at the safe at the cage.

Quote: jsausley

Not really the point -- I don't want to get mugged on the way back to the room by someone desperate, or have it disappear from the safe the next night.

*EDIT* Accidentally double posted because I was trying to fix my links. Sorry.

Security will no questions asked, escort you anywhere in the casino, to the hotel or to your vehicle. Ask for that at the cage, it is routine.

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Quote: Marcusclark66

Security will no questions asked, escort you anywhere in the casino, to the hotel or to your vehicle. Ask for that at the cage, it is routine.

Yes, this is the best advice. A security officer will escort you anywhere on their property. To your hotel room, car, taxi line, etc.

I have done this on a few occassions after a jackpot that other patrons witnessed. Most casinos will give you a check if you ask.

Historically I have been robbed of more money in my own home than at any Casino :)

Quote: darkoz

Historically I have been robbed of more money in my own home than at any Casino :)

Me too, just from the wife and kids.