Is a “racino” considered a gaming institution subject to the BSA?
Answer 3: The term “racino” has not been separately defined nor included specifically in the definition of casino for purposes of the BSA. In general, the term refers to horse racetracks that may be authorized under state law to engage in or offer a variety of collateral gaming operations, including slot machines, video lottery terminals, video poker or card clubs. FinCEN relies on the state, territory or tribal characterization of “racino” gaming in determining whether an entity or operation should be treated as a casino for purposes of the BSA. If state law defines or characterizes slot machine or video lottery operation at a racetrack as a “casino, gambling casino, or gaming establishment,” and the gross annual gaming revenues of that operation exceed the $1 million threshold, then the operation would be deemed to be a “casino” for purposes of the BSA and subject to all applicable requirements.
Answer 3: The term “racino” has not been separately defined nor included specifically in the definition of casino for purposes of the BSA. In general, the term refers to horse racetracks that may be authorized under state law to engage in or offer a variety of collateral gaming operations, including slot machines, video lottery terminals, video poker or card clubs. FinCEN relies on the state, territory or tribal characterization of “racino” gaming in determining whether an entity or operation should be treated as a casino for purposes of the BSA.
