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American Gaming Association Applauds Congressional Efforts to Modernize Outdated Reporting Process

George Miller

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American Gaming Association Applauds Congressional Efforts to Modernize Outdated Reporting Process
Photo Source: wikipedia.org
Reading Time: 2 minutes

 

The American Gaming Association released the following statement commending Reps. Dina Titus (NV-01) and Darin LaHood (IL-18) for asking the U.S. Treasury Department to raise the threshold for reporting slot tax winnings from $1,200 to $5,000.

According to federal regulation, when a casino patron wins a slot machine jackpot of $1,200 or more, the machine is temporarily taken out of production while the patron is required to complete a W-2G tax reporting form. While slot jackpots have steadily increased with inflation over the past several decades, the $1,200 threshold that triggers the issuance of tax forms has remained static since it was established in 1977. A $1,200 jackpot in 1977 would be equivalent to more than $5,000 today if adjusted for inflation.

Because the threshold hasn’t tracked with inflation, there has been a significant increase in the number of reportable jackpots, causing more operational inefficiencies and adding to the sea of W-2G forms currently flooding an underbudgeted and understaffed IRS each year.

“Casinos are the only businesses that must take their assets out of production to comply with their tax information reporting obligations. The current federal regulations on reporting slot machine winnings have been outdated for decades, creating inefficiencies, paperwork and unnecessary hurdles,” said Bill Miller, president and chief executive officer of the American Gaming Association. “The gaming industry strongly supports the efforts of Reps. Titus and LaHood to update the antiquated threshold for reporting slot machine winnings while relieving associated burdens for casinos, their patrons and the IRS alike.”

In a February 6, 2019 letter to Congress, Miller listed raising the current slot tax reporting threshold to $5,000 as one of AGA’s top priorities for the 116th Congress.

 

About AGA:
The American Gaming Association is the premier national trade group representing the $261 billion U.S. casino industry, which supports 1.8 million jobs nationwide. AGA members include commercial and tribal casino operators, gaming suppliers and other entities affiliated with the gaming industry. It is the mission of the AGA to achieve sound policies and regulations consistent with casino gaming’s modern appeal and vast economic contributions.

George Miller started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Gambling in the USA

GLI University’s Mid-Year Regional Gaming Regulators’ Seminar to Co-Locate with NCLGS Summer Meeting, in Minneapolis

Niji Narayan

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GLI University's Mid-Year Regional Gaming Regulators' Seminar to Co-Locate with NCLGS Summer Meeting, in Minneapolis
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The Mid-Year Regional Gaming Regulators’ Seminar of GLI University will be held in conjunction with the Summer Meeting of the National Council of Legislators from Gaming States. The venue will be the Radisson Blu Downtown in Minneapolis. Regulators participating GLI Mid-Year Seminar are invited to join dozens of state legislators and hundreds of industry professionals at the NCLGS Summer Meeting.

“As the number of states considering and adopting sports betting laws continue to increase at a pace much faster than anticipated, the GLI Regulators Seminar and NCLGS offer the ideal forum for the discussion of policy choices facing legislators and regulators. GLI’s partnership with NCLGS has resulted in record attendance at both gatherings by attracting the leading policy makers and regulators in the country. It is truly a unique opportunity to meet with those shaping gaming policy and the regulatory environment in the U.S,” Kevin Mullally, GLI Vice President of Government Relations and General Counsel said.

NCLGS is the only organization of state lawmakers that meets on a regular basis to discuss issues relating to gaming. Members of NCLGS serve as chairpersons or members of state legislative committees responsible for the regulation of gaming in their state legislative houses.

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Gambling in the USA

Guest from Missouri Wins Grand Prize of $1 Million in Slot Tournament at M Resort

Niji Narayan

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Guest from Missouri Wins Grand Prize of $1 Million in Slot Tournament at M Resort
Photo Source: booking.com
Reading Time: 1 minute

 

John E, a lucky guest from Hollywood Casino – St. Louis in Missouri, has won the grand prize of $1 million during the 2019 mychoice Millionaire Slot Tournament at M Resort. After three rounds of the tournament play, John E ended up with the highest cumulative score to become the winner of $1 million.

“Out of over 300 players that participated in the 2019 mychoice Millionaire Slot Tournament, we are beyond thrilled that John E. won the grand prize of $1 million. M Resort is a fantastic place to stay and play, especially as our all-new mychoice program ramps up this summer with some really great promotions,” Patrick Durkin, VP of Marketing at M Resort Spa Casino.

During the tournament weekend, guests enjoyed not only exciting gaming action, but also took advantage of M Resort’s unparalleled selection of food and beverage offerings and entertainment. $10,000 in Free SlotPlay and comps were also awarded to lucky mychoice Millionaire attendees throughout the tournament.

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Gambling in the USA

Republican Senator Says Anti-Loot Box Bill Mainly Focus on Children

Niji Narayan

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Republican Senator Says Anti-Loot Box Bill Mainly Focus on Children
Photo Source: politico.com
Reading Time: 1 minute

 

Josh Hawley, the Republican senator, has made waves with his proposal “Protecting Children from Abusive Games Act.” The bill would ban loot boxes and microtransactions in games “designed for children.” According to Hawley, children are the main focus of the bill.

Hawley revealed that the idea for the bill came from “being a parent of two little boys,” as well as “talking to a lot of parents.” He also mentioned that he has heard from “lots of gamers” about their worries about the increasing volume of microtransactions in all kinds of games. Hawley also said that his children do not currently play games at all.

According to Hawley, children may not “know the nature of these microtransactions.” Comparing them to casinos, which of course minors aren’t legally able to enter, he noted that this bill falls in line with other efforts to “regulate what our children are exposed to.”

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