I have been following and sometime contributing to the last year's
discussion on video poker and taxes.
Last year was my first year of serious high roller play and I
happened to end the year profitably. About August 2006 I hired an
accountant and together we read everything we could including this
blog and Jean Scott's book on the subject and compared noites. This
month my accountant concluded that in the future inj order to
miniomize risk of audit and State taxes (Deductions for losses not
allowed in Michigan) I should form an "S" Corporation. Since I had
an upcoming trip to Vegas and Wynn on February 22 he advised me to
file the papers for the Corporation, get an EIN Tax number and open a
bank account for this corporation before my trip. So in a mad rush
we accomplished all thi and on the 22nd I showed up at the high limit
slot room at Wynn and asked for an accrual but using my Corporate
name and EIN number instead of my name and SS number which I had
done 5 times the previous year.
The man at the desk appear completely bewildered as I gave him all
the legal paperwork. He immediately got on the telephone to figure
out what to do. To make a long story short, I was not allowed to
play as a Corporation with an EIN number. Over my 6 evening stay I
just played $5.00 single play JorB to minimize W2G's to staight or
royal flushes. My accountant talked to their people but he was never
told by the Casino WHY. I had previously dealt with Director of
Marketing Pete Landy who was very helpful to me previously on 2006
tax info and questions. After several discussions of "We are looking
into it", which I happen to believe, I finally concluded that it was
a Casino policy and procedure that prevented them from letting me
play and not a Federal, state or gambling commission law. They told
me I was the first person to ever ask them this question. With all
the discussion on this blog that seemed impossible to me unless I am
one of only a few high rolling VP players that come fronm a state
where gambling losses are not deductable.
What do you folks out there say about this. I like Wynn, I have been
happy with Wynn and I'd like to stay there. I have been led to
believe I would have the same problem at any Casino in Vegas. Can
anyone or any casino refute this? If I can play somewhere else I
would consider it given similar comps. If everyone does it the same
way I will just stop gambling as I have plenty of other hobbies to
keep me busy. I am hoping in a few months Wynn will alter their
policy and let me play. Pete Landy and I jokingly agreed that I
should write the next book on Video Poker and gambling.
Denny