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The player, who wished to remain anonymous, was on the Wheel of Fortune wild red sevens when the symbols lined up to activate the progressive jackpot for $1,578,584.
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The Review Journal is owned by the family of Dr. Miriam Adelson, the majority shareholder of Las Vegas Sands Corporation. Las Vegas Sands operates The Venetian.
1 Bettor turns nearly $7 parlay into $1M, $250K 2 City of Las Vegas for $1.25M slot jackpot 3 Cartoon hits: This is what Trump is making 4 Cartoons of Trump: Biden now has 2024 for 2024 I have 100% chance of winning. Ruggs Controversy Timeline of Exercise Video
Three Las Vegas companies — Las Vegas Sands, Wynn Resorts and MGM International — are in the running to renew gaming concessions in the Chinese region.
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Several months into operations at the Palms, general manager Cynthia Kaiser Murphy sits down with the Review Journal to discuss the storied off-strip property.
Anthony Cabot, a world-renowned gaming attorney, has found artistic joy in his new hobby as a sculptor working with casino themes.
Wayne identified a partnership site with land developer Related Companies on a casino resort along the Hudson River near the Javits Center convention facility.
Ojos Locos Sports Cantina will partner with Hotel Casino in North Las Vegas for what will be the first Latino-focused casino hotel in the country.
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The newest rooms in the Studio Tower (formerly known as the West Wing) at MGM Grand are expected to be completed by the end of the year.
Wynn is partnering with quarterback Tom Brady’s health and wellness company TB12 to provide body coaching to Las Vegas visitors and Southern Nevada residents.
A Caesars-branded 18-wheeler will travel to sporting events across the country, including two Raider games, before the final stop at Super Bowl LVII.
With millions of Instagram posts of Las Vegas casinos, including the most-posted Bellagio fountains, the city’s resorts are getting a boost with little financial outlay. Federal legislation introduced today by leaders of the Congressional Gaming Caucus would greatly increase the amount needed. Wins on slot machine spins to trigger IRS report.
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A slot machine suspends operation after a lucky gambler hits a $15,000 jackpot. Attendants respond to such wins to ensure the terminal is functioning properly and to manage the proper completion of IRS tax documents. (Photo: Shutterstock)
Creatively named the SLOT Act — or “Shifting Limits on Thresholds Act” — the bipartisan legislation comes from U.S. Reps. Deanna Titus (D-Nevada) and Guy Reschenthaler (R-Pennsylvania). Both lawmakers chair the Congressional Gaming Caucus.
The SLOT Act, if approved and signed into law by President Joe Biden, would raise the jackpot tax reporting threshold from $1,200 to $5,000. That’s an increase of over 300%.
Titus and Reschenthaler argue that the current IRS slot threshold, which has not been touched since 1977, is long out of date and due for a major adjustment. He says that ongoing inflation has necessitated further change.
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Due to inflation, the number of jackpots that reach this limit leads to machine shutdowns and excessive paperwork for patrons,” Titus said. “This is an unnecessary burden on the gaming industry. generates loads, an economic driver for southern Nevada and across the country where slot machines are located.” Industry support
US tax laws require that slot machine operation be suspended whenever a play wins $1,200 or more during a single spin. When this happens, employees are tasked with completing the W-2G form. The IRS tax document is for taxpayers to report their annual gambling winnings as income.
The American Gaming Industry (AGA) naturally provided its support for the SLOT Act. The trade group says increasing the mandatory W-2G threshold will help reduce “unnecessary administrative burdens on operators.” The AGA concluded that the bill would modernize IRS regulations on slot machine jackpots.
Based on the U.S. Labor Department’s Consumer Price Index, $1,200 in 1977 is equivalent to $5,567 today.
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Reschenthaler, whose state is now one of the largest gaming markets in the United States, says the $1,200 slot jackpot is expensive for IRS activator s.
“Because the limit has not kept up with inflation, it has resulted in a sharp increase in reportable jackpots, triggering a tax burden for winners and a compliance burden for s. Increasing the limit would make this difficult will eliminate red tape, ensure the gaming industry can continue to support good-paying jobs and spur economic growth in Pennsylvania and across the country.
Fewer mandatory W-2G forms may result in fewer slot winners being reported to the IRS.
Gamblers are required by law to report all their gambling winnings as “other income” on the 1040 tax form. But recreational gamblers often fail to do so. The IRS W-2G form is one way the federal government makes sure it gets its share of the big wins.
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In late 2020, the U.S. Treasury Department was ordered by Congress to conduct a study on how increasing the slot tax form threshold could affect overall gaming taxes. Reports