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Posted on December 20, 2013 by Tom Jones
Steve Wynn has been gambling in a casino all his adult life. He owns the top gaming company in the US, Wynn Resorts, and owns real estate in several different states across the country.
Its influence is why some Massachusetts lawmakers listen carefully to Wynn's assertion that a certain gambling law in the state can be harmful to business. Wynn is concerned that the $ 600 limit from which players must pay state taxes on winnings may discourage players from keeping them away from casinos.
Massachusetts is new to casino games, and lawmakers only approved casino gambling earlier this year. One of the laws created puts players taxing at the casino when their winnings exceed $ 600.
Wynn has made an exception to the $ 600 amount which is the lowest of all states in the US. Only 15 states even have a state tax on winnings, and of those states, Iowa is the only state close to Massachusetts with a $ 1 100 taxable limit on winnings.
Wynn says the law will persuade players to stop betting when they get close to the $ 600 limit, thereby causing the casino to lose possible income from players' potential future bets in such a scenario. Wynn also said the law hurts players who bet on several different horse racing tickets.
For example, if a player places three bets on different tickets and one wins, the player cannot keep the remaining two losing tickets against the winnings. This creates a situation where players pay taxes, even if they only win a few hundred dollars in one trip.
Previously, legislators avoided making changes to the law, but recently many have changed their minds. It is not yet known whether there will be pressure to change the law in the new legislative session after the new year, but Wynn has warned that in the worst case, under the current law, players will travel to neighboring states to play at casinos that do not have such restrictive tax laws.