Yes, and I read it. And it is indeed true.
It's also important to remember when crossing the border what amount of money can be carried in. I had a friend that went to the Windsor casino and won big. Their money was confiscated coming back into the US.
She had to open a bank account in Canada to put the money in before leaving, on future trips. She then transfers it electronically to her US account.
I think it was 11,000.00 dollars they took.