Abandoned Park Slot. There are hundreds of different horror themed slot machines in online casinos, with secondary themes ranging from deadly vampires and beastly werewolves, to creepy midnight tours through graveyards. With horror being subjective, not every kind of online slot is right for every gambler.
For a casino, unclaimed property compliance must be addressed just like any other business. A casino must account for items eligible for escheatment such as uncashed payroll checks, vendor checks, and general ledger items. If publicly held, there could be additional liabilities due to inactive shareholders and uncashed checks. For those casinos that have merged with another casino, there could also be successor liability. However, unlike other businesses, casinos must also account for properties unique to the gaming industry. For example, uncashed gaming vouchers from slot machines.
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In Nevada, uncashed gaming vouchers (i.e. tickets), are considered a form of unclaimed property and a portion of their value must be reported to the State Treasurer if they are not redeemed after a set period of time. Specifically, casinos must maintain and submit quarterly records of uncashed gaming vouchers to the Nevada Gaming Commission.
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A voucher is considered uncashed and must be reported if either the printed expiration date on the voucher has passed, or if it has been greater than 180 days since the wager was placed. Along with the report to the Gaming Commission, a remittance equal to 75% of the value of the uncashed vouchers must be included. The Gaming Commission will pay those monies to the State Treasurer, where it will be deposited into the State General Fund – similar to other forms of unclaimed property for casinos and other businesses alike.
Intricacies such as these are one reason why Keane will be hosting the Nevada Unclaimed Property Holders Seminar in Las Vegas on November 15th. We have invited representatives from the state to participate as well. This free educational event will provide valuable information on unclaimed property reporting responsibilities, suggested best practices, and will provide detail on the unique requirements for companies incorporated in or that need to report unclaimed property to Nevada. Michael Wood (former CIO, Showboat Casinos) is one of our featured speakers and Michael will provide a unique overview of unclaimed property compliance from a systems and operational perspective. Seating is limited, so register early.
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Nevada isn’t the only state to implement policies and procedures for unclaimed property held by casinos. In Pennsylvania, casinos are required to establish procedures to pay the value of unredeemed gaming vouchers exceeding $25 to patrons that can be identified, as well as track and report uncashed gaming vouchers to the Treasury Department. In New Jersey, gambling casino funds in the amount of unredeemed gaming chips and tokens, which have been held for more than one year, are considered “abandoned intangible property” subject to custodial escheat.
Escheatment obligations in the casino industry is a topic that will likely continue to be discussed as more states are looking to the gaming industry to boost state revenue in the current economic environment. Keane will continue to stay abreast of any new regulations and include them here on our blog or in Keanotes, our unclaimed property newsletter.
Compliance, Public Corporations