The operators of the Bicycle Hotel & Casino in Bell Gardens will pay $500,000 to settle violations of the Bank Secrecy Act, the U.S. Department of Justice announced Friday.
The casino accepted responsibility for failing to properly file reports for a Chinese national who conducted millions of dollars in cash transactions back in 2016, which violates a number of federal anti-money laundering rules, according to federal prosecutors. Bicycle Casino also agreed to strengthen its anti-money laundering practices.
The investigation into the Bicycle Casino concerned a “high roller” Chinese national who gambled there about 100 times over an eight-month period in 2016. The high roller, whom prosecutors did not identify, played high-limit baccarat in a VIP room with huge sums of cash that he occasionally carried to and from the casino in duffel bags. On one of those occasions, he withdrew $2 million from his player account at 2:45 p.m. and played in a VIP room until 1:20 a.m. the next morning, federal officials said.