Station Casinos fined $2.2 million
By CBS MarketWatch
Last Update: 4:03 PM ET Sept. 25, 2004

SAN FRANCISCO (CBS.MW) -- Station Casinos has been fined $2.2 million for failing to follow the Nevada Gaming Commission's regulations aimed at preventing money laundering, the Las Vegas Review-Journal reported Saturday.

The paper said it was the ruling Friday levied the second largest gambling fine in state history. Regulators proved that Station (STN: news, chart, profile) had failed to follow federal rules in 1,725 instances where paperwork was required to be filed to the U.S. Treasury Department to document transactions of at least $3,000 under certain circumstances.

Chief Financial Officer Glenn Christenson told the Las Vegas newspaper that Station has spent $3.9 million to comply with Nevada regulations and set up a compliance system.

In the state's largest such penalty, MGM Mirage (MGG: news, chart, profile) was fined $5 million in 2003 for failing to file 15,000 of the money-tracking reports, the Review-Journal reported.

Shares of Station Casinos rose 25 cents Friday to $49.