Lt. Ray Steiber said Thursday that Anthony M. Carleo was arrested late Wednesday on the casino floor at the Bellagio resort on the Las Vegas Strip.
Carleo's father, Las Vegas Municipal Court Judge George Assad, says he's heartbroken about the arrest.
But Assad says people who break the law need to be held accountable.
Police say Carleo was the helmet-wearing bandit who waved a gun, grabbed high-value casino chips and escaped by motorcycle early Dec. 14.
Steiber says police can account for about $1.2 million of the chips that were stolen.