Gaming; taxes; regulatory interest; IRS
Gaming and Casino Operations Management | Gaming Law
Original Research Article
The gaming industry is facing increased regulatory interest. Congress has authorized a commission to investigate gaming in the United States. The Internal Revenue Service continues to interpret ambiguous areas of the tax code in an attempt to raise gaming tax revenues. Regulatory changes in currency transaction reporting have also resulted in some significant changes for the industry. The purpose of this paper is to provide an update on tax and regulatory issues currently facing the gaming industry. Specifically, the paper will address tax and regulatory developments in: (a) tip compliance, (b) cash transaction reporting, (c) complimentaries, (d) employee cafeterias, (e) outstanding chips and tokens, (e) marker discounts, and (f) high-denomination slot win reporting.