Derek Stevens, Las Vegas On line casino Leaders Rally Round FAIR Guess

• Derek Stevens and different Las Vegas leaders need the IRS playing tax deduction restored
• The One Massive Stunning Invoice will trim the deduction from 100% to 90% subsequent yr except an modification is handed
• Nevada’s congressional delegation is main the push to revive the playing deduction

Derek Stevens, one of many extra admired on line casino homeowners in America whose reputation transcends political celebration strains, is looking on Congress to repair a tax implication of the One Massive Stunning Invoice (OBBB) that trims deductions on playing losses starting subsequent yr.

Derek Stevens, proprietor of Circa, The D, Golden Gate, and the Downtown Las Vegas Occasions Middle, is looking on Congress to revive the playing deduction to 100%. A provision throughout the One Massive Stunning Invoice reduces the deduction to 90% starting in 2026. (Picture: X)

Stevens, whose Circa has reworked downtown Las Vegas, posted on X that he and MGM Resorts CEO Invoice Hornbuckle, Caesars Leisure CEO Tom Reeg, Wynn Resorts CEO Craig Billings, and American Gaming Affiliation (AGA) President Invoice Miller met just lately with US Rep. Jason Smith (R-MO), the chair of the Home Methods and Means Committee, to debate the 90% deductibility of playing losses mandated within the Republicans’ invoice. Whereas a gambler below the present tax code can deduct as much as 100% of their losses towards their winnings, the IRS will solely permit an itemized filer to deduct 90% beginning in 2026.

This was an inadvertent component of the One Massive Stunning Invoice. Authorities has loads of tough issues to take care of, however this shouldn’t be one among them,” Stevens mentioned.

Stevens pleaded along with his X followers to name on their congresspeople to assist the bipartisan payments filed by Rep. Dina Titus (D-NV) and Sens. Catherine Cortez Masto (D-NV) and Ted Cruz (R-TX) that may restore the playing deduction allowance to 100%.

‘Crucial’ Motion

Stevens mentioned forcing gamblers to pay taxes on phantom earnings would tremendously impression the hospitality and tourism industries and people sectors’ staff. It could additionally threaten “most of America who’s made a guess within the final yr.”

Smith has been accused of stopping Titus’ FAIR Guess Act from being put up for a committee vote and shifting to the Home ground. Stevens says the congressman informed the on line casino group to induce their constituents to name their US senator and Home consultant, asking them to assist the FAIR Guess Act and Cortez Masto and Cruz’s FULL Home Act, each of which might restore the playing deduction to 100%.

Titus, on Thursday, referred to as on Smith to expedite a listening to for her FAIR Guess Act, which is cosponsored by 21 Home representatives, together with 13 Democrats and eight Republicans.

Whereas the change might seem minor, it should have vital and dangerous penalties. It unfairly burdens skilled gamblers and informal gamers alike and can inevitably drive gamers towards offshore and unregulated markets the place shopper protections are nonexistent, thereby undermining accountable gaming efforts nationwide,” Titus wrote Smith.

Together with the almost two-dozen US representatives, FAIR Guess is supported by the AGA, MGM, DraftKings, FanDuel, Caesars, Wynn, the Nevada Resort Affiliation, and the Nationwide Thoroughbred Racing Affiliation. 

Tax Restoration May Be Retroactive 

With the vacations and the tip of the yr approaching, the chances of the playing deduction being restored to 100% earlier than 2026 lengthen. Nevertheless, if Congress passes FAIR Guess or Full Home subsequent yr, the regulation may very well be amended to make the deduction retroactive to Jan. 1, 2026, to keep up the total wagering deduction.