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There is always a problem with taxation and gambling companies it seems. The bottom line is that casino companies are working hard to keep all of the money that they can. Gambling is a billion dollar business and that means that companies are looking to maximize their revenue year-round. One of the biggest expenses they have is managing taxation in different parts of the country. It’s no secret that some countries are more lenient on gambling companies and others. For example Gibraltar for a long time was known as one of the most casino friendly countries in the entire world thanks to their lenient laws for taxation. Once gambling became more popular suddenly companies had to get wiser. They realized they had to look at the large drains for their budgets and plug them up to make the most of their revenue streams. One way was to work with countries and states that cater to gambling based companies. Nevada has never been a state that has been easy on gambling companies despite what an outsider might think. Of course the state built almost its entire economy on gambling to think they would be more lenient. This is proving to not be the case though. Recently Caesar’s Entertainment was trying to fight for tax refund of over $8 million. The Nevada Taxing Commission ended up winning out in the company is going to have to pay the hefty taxes.
This is a sign of how hard companies are fighting right now for their tax dollars and hoping to minimize them and bring in more money for their own businesses. Casino operators realized that right now gambling is one of the biggest draws in biggest money makers in the market. This means that many other entities are trying to move in on the profits. State legislators and taxation commissions are both coming together to put hefty streams on gambling companies. Of course the companies are trying to fight back but the likelihood of them being able to stave off taxation is not high. Many appeals are going to be filed in coming months but most likely only a few of them will actually make it into the courtroom. And even fewer are going to be there with any success.
Part two coming next.