Refund Management Services (www.RefundManagement.com), the number one choice for Canada’s biggest winners for U.S. gaming and casino tax refunds, is weighing in on plans being drafted in the state of Nevada to introduce skill-based slot machines.
The Nevada state gaming regulators are working on proposing a draft of new rules governing development and use of slot machines that include a skill-based element. Whereas traditional slot machines are based on chance, skill-based slot machines or arcade-style video games would pay based on a gambler’s skill at driving a virtual race car or shooting a gun. The better a player is at certain skills, the better their chances of winning will be. It is expected that the new skill-based gaming rules will be drafted and ready for approval as early as October. (Source: Stutz, H., “Nevada gaming regulators start work on skill-based slot machine rules,” CasinoCityTimes.com, June 25, 2015; http://www.casinocitytimes.com/article/nevada-gaming-regulators-start-work-on-skill-based-slot-machine-rules-64494.)
“Skill-based gaming could revolutionize the gaming industry in the United States and introduce a new style of gambling and excitement to a generation of people who grew up playing PlayStation, Xbox, and mobile games,” says Brooke Sacks, Vice President of Marketing and Business Development at Refund Management Services. “The adoption of skill-based games in Las Vegas would have a direct influence on other major gambling hubs like Atlantic City, tribal casinos, and other gambling spots around the U.S.”
The U.S. casino industry has experienced a significant revenue shift over the last 25 years. For example, in the early 1990s, gaming revenue accounted for close to 60% of all total casino revenues. That trend has changed; today, non-gaming revenue (shows, attractions, food, etc.) accounts for more than 60% of a casino’s net revenues. (Source: “Skill-Based Slot Machines To Provide A Win-Win Situation For Casinos & Gaming Industry,” Trefis.com, May 26, 2015; http://www.trefis.com/stock/atvi/articles/297895/skill-based-slot-machines-to-provide-a-win-win-situation-for-casinos-gaming-industry/2015-05-26.)
The decline is attributed to lack of interest from young people playing slots, with skill-based video machines being expected to attract the much-needed next generation of gamers. According to a Las Vegas Convention And Visitors Authority survey, 63% of Millennials—those born after 1980—gambled while visiting Las Vegas in 2014. This is a sharp drop compared to the 87% of visitors aged 70 to 90 years of age, 78% of baby boomers (ages 51-69), and 68% of those ages 35 to 50 (Generation X). (Source: “Las Vegas Visitor Profile Calendar Year 2014 Generational Version,” Las Vegas Convention And Visitors Authority web site, December 31, 2014; http://www.lvcva.com/includes/content/images/media/docs/2014-LV-VPS-Generational_Final.pdf.)
“For now, Canadian Millennials visiting Nevada or any other casino south of the border need to remember that significant winnings, typically over $1,200, are subject to a 30% withholding tax by the IRS,” Sacks concludes. “The slot and gaming tax recovery experts at Refund Management Services can help eligible gamers get a portion or all of their withheld winnings back. After submitting a claim, it can take a minimum of one year for the IRS to review the claim and for us to receive the refund. And as the number one casino and gaming tax recovery service in the industry, RMS has never been refused an eligible refund.”
Founded and owned by a Canadian Chartered Accountant, Refund Management Services is the most reputable casino and gaming tax recovery service in the industry. As registered agents of the IRS, Refund Management Services (RMS) helps Canadians and other non-U.S. residents recover all or a portion of their taxes up to three years after their winnings have been withheld. With the expertise in gaming-related tax laws, RMS understands all the IRS requirements to ensure that any entitled refund is successfully recovered. RMS only gets paid for successful gambling tax refunds and is a member of the Better Business Bureau and the Las Vegas Chamber of Commerce. To find out how Refund Management Services can help with U.S. gambling tax recovery, visit www.RefundManagement.com. Contact Refund Management Services toll-free from the United States and Canada at 1-888-272-5559 or e-mail RMS at [email protected]
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