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Can you summarize LAAC Title 42, Part III, Chapter 27, Section 2729?
Accounting Regulations > Internal Controls; Cage, Vault and Credit
Short Summary
This document outlines the internal control requirements for licensees and casino operators in the gaming industry, specifically related to cage, vault, and credit operations. It mandates the establishment of a main bank for financial consolidation of gaming transactions and requires individuals accessing the main bank or casino cages to sign a log with relevant information. All transactions flowing through the main bank or casino cages must be summarized on a cage accountability form, and any variances of $50 or greater must be investigated and documented. Proper documentation and authorization are required for increases and decreases in cage inventory. Regular counting and recording of inventory in cage windows, the main bank, and the vault are also mandated. The document further addresses the issuance of credit for gaming purposes, including requirements for determining credit availability, establishing credit limits, and verifying the creditworthiness of patrons. It also outlines procedures for handling markers, personal checks, cashier’s checks, and traveler’s checks. The document emphasizes the importance of maintaining records, safeguarding marker forms, and investigating any loss or discrepancy. Additionally, it covers the reconciliation of casino accounts receivable, compliance monitoring, and reporting requirements. Penalties for non-compliance are not specified in the document.
Whom does it apply to?
Licensees and casino operators in the gaming industry
What does it govern?
Internal controls related to cage, vault, and credit in the gaming industry
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Penalties for non-compliance are not specified in the document.
Jurisdiction
Louisiana