Information on Nevada’s very low gaming taxes “gettin’ around”
Las Vegas (and international) gaming mogul/billionaire Steve Wynn is quoted in a Las Vegas newspaper today that he’s investing in new casinos in Pennsylvania where he’ll pay up to a 55% tax rate on slot machine revenues and 16% for table games. Wynn told reporters that “even at 55%, there’s still lots of money to be made in Pennsylvania.” Nevada’s top tax is just 6.75%, as many of our readers have endured NewsCarsonCity.com saying for a long, long time.
Reports say that while Wynn and other gaming giants like Sheldon Adelson have long maintained that Nevada’s low tax rates are necessary to maintain the expensive “Las Vegas Mystique,” others are complaining that Nevada was jilted long ago as these giants ran around the the country (and the world) spreading gaming at the expense of Las Vegas and Nevada in general…a major reason why the state is broke.
Meanwhile major Nevada gaming and mining interests are reportedly agreeing to minor fee increases to help fill the state budget hole that looks like the Grand Canyon. Critics say they must pay more, especially mining, which has been enjoying mammoth profits as the price of gold has soared during the recession.