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Wynn Concerned Massachusetts Law Could Deter Gamblers

Steve Wynn has been around casino gambling for his entire adult life. He owns the top gaming company in the US, Wynn Resorts, and has properties in several different states around the country.

His clout is a reason why some Massachusetts lawmakers are listening carefully to Wynn's assertion that a certain gaming law in the state could be bad for business. Wynn is worried that the $600 limit on which gamblers have to pay state taxes on winnings could be a deterrent to keep the gamblers away from the casinos.

Massachusetts is new to the casino game, with lawmakers only approving casino gambling earlier this year. One of the laws created has gamblers being taxed, in the casino, when their winnings total more than $600.

Wynn has taken exception to the $600 figure, which is the lowest for any state 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 an $1,100 limit on taxable winnings.

Wynn claims that the law will persuade gamblers to stop wagering when they near the $600 limit, thus causing the casino to lose the possible revenue from the gamblers' potential future bets in such a scenario. Wynn also stated that the law hurts gamblers who place bets on several different horse racing tickets.

For instance, if a gambler places three bets on different betting tickets, and one wins, the gambler cannot hold the other two losing tickets against the winnings. This creates a situation where gamblers are paying taxes, even when only winning a couple of hundred dollars in an outing.

Lawmakers had previously shied away from making changes to the law, but recently many have had a change of heart. It is not yet known whether a push will be made in the new legislative session after the new year to change the laws, but Wynn has warned that in a worst case scenario under the current law, gamblers would travel to neighboring states to gamble in casinos that do not have such stringent tax laws.

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