Tens of millions of visitors travel to Las Vegas each year for vacation and tourism activities.
In 2021 they saw over 32 million tourists to the region.
Altogether the gaming industry in Las Vegas is contributing billions to the Nevada economy and brings in tens of thousands of jobs too. It is one of the most popular tourist destinations in the world.
On the strip last year in Nevada they saw over $13 billion in gambling activity
Adjusting for inflation, politicians might soon increase the threshold on reporting for casinos in the region.
There is a bill pending currently that would make these changes, each time someone hits a jackpot of a certain amount there is a form that gets issued and the increase would bring it to around $5k instead of $1,200 which has been set in the past.
“This creates an unnecessary burden on the gaming industry, (which is a significant) economic driver for (the state),” - the democratic rep behind the bill changes.
It seems the pressing matter for politicians in this circumstance is that the threshold isn't keeping up with current inflation.
The bill was introduced by both a democrat and republican, and the move is seeking to bring more benefit to casinos by reducing that time they spend reporting etc, which traditionally can place slot machines out of service while that information is collected after each win.
There is also the room for changes in the future based on inflation as well.
Pics:
pic1 & 2
This is not financial advice
Sources:
https://www.forbes.com/sites/willyakowicz/2021/10/27/the-las-vegas-strip-reports-21-billion-in-gambling-revenue-highest-quarterly-win-in-history/?sh=fc7cc0b65f4f
https://www.forbes.com/sites/willyakowicz/2022/01/27/nevada-hits-all-time-record-of-134-billion-in-gambling-revenue-in-2021/?sh=24684f74168b
https://www.msn.com/en-us/money/markets/las-vegas-casinos-gamblers-get-huge-irs-news-jackpot/ar-AAVs3pB
https://www.reviewjournal.com/news/politics-and-government/nevada/bill-would-raise-tax-reporting-limit-for-casino-jackpots-2538856/
Interesting post. Gambling is my hobby and I am interested in everything related to this topic. I have already found a selection of casinos for myself here so that it would not be boring in the evenings. Although I certainly prefer online casinos, trying my luck in Las Vegas is my dream. I think that real gambling fans will understand me.
Word! I’ll take an increase in unreported winnings! When I first clicked the article I thought it was going to be a decrease to like $600 or some garbage. Good for Vegas! Lol!
That is 45 years and I could see where some would think those changes are overdue. Add inflation to the mix and yeah! It may well be time. Thanks for sharing.
It is in view of this kind of consequence that I prefer to play gambling at online casinos originating from Portugal like the ones you can see at https://gamblingorb-pt.com/metodos-de-pagamento/mbway-casinos/ . There, there is no winning limit. You can win as much money as you want as long as you are motivated to play. And it's totally legal.
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