Las Vegas casino heavyweights implore Congress to restore gambling loss tax deduction
Las Vegas casino executives are lobbying Congress to reinstate the full deduction for gambling losses after a recent bill reduced it to 90%.Summary
Leading figures from Las Vegas casinos, including Circa's Derek Stevens, MGM Resorts' Bill Hornbuckle, and Caesars Entertainment's Tom Reeg, alongside the American Gaming Association, have appealed to Congressman Jason Smith to restore the 100% deduction for gambling losses. This deduction was reduced to 90% under the One Big Beautiful Bill Act and is set to take effect in 2026. Industry officials argue this change unfairly impacts professional gamblers and high-stakes players, potentially driving them to unregulated markets. Representative Dina Titus has introduced the FAIR BET Act to reverse the change, gaining bipartisan support. Despite efforts from Nevada Senators Cortez Masto and Rosen, along with Senator Cruz, legislative attempts to restore the deduction have been unsuccessful. The change appears to have been unintentional, and casino executives fear it will negatively affect tourism and even casual players hitting jackpots.
(Source：Las-vegas Review Journal)