Broader U.S. Casino Revenue Up as Economy Strengthens
It’s a tale of two totally different worlds for gambling aficionados. Macau, the world’s biggest gaming centre, has seen its revenues shrink considerably over the last half-year. However, the United States, the world’s second-biggest destination, has seen its gambling revenue strengthen as a result of an improving economy. And further, the outlook for the U.S. gaming industry looks strong.
Gambling revenue from Macau’s 35 casinos tumbled 20% year-over-year to $3.04 billion in November, marking the fifth consecutive monthly decline. Macau, the only place in China where casino gambling is legal, generated $45.0 billion in gambling revenue in 2013, but is on pace to report its first annual fall since 2004.
Government restrictions have resulted in gamblers cutting back on spending. Pro-democracy protests in Hong Kong may also have had a negative impact on tourists visiting Macau, which is just a short ferry ride away.
U.S. gambling revenue, on the other hand, is on an upswing. According to the most recent comprehensive data, revenue at U.S. casinos increased more than six percent in 2012 to $94.47 billion; U.S. casino revenue fell six percent in 2009 and was up less than one percent in 2010 and 2011.
This represents the first major increase in three years as economic growth and the addition of new casinos from coast-to-coast helped drive growth. The lion’s share of gambling revenue came from casinos and card rooms at $40.38 billion. Lotteries ($23.41 billion) and racing and sports gambling ($2.55 billion) were also increasingly popular in 2012.
2015 Looks Bright for U.S. Casinos
And the future continues to look bright for American casinos. Projections call for U.S. casinos to grow to $73.3 billion in 2015. Casino gaming in Nevada alone is expected to reach $12.96 billion next year; comprising 20% of the entire U.S. gaming market.
The United States is the number-one travel destination for Canadians and the second most popular tourist stop on the planet. And gaming, in every form, is a popular pastime. If you’re a Canadian or other non-U.S. resident and planning on spending some time in the U.S., it’s important to know that your winnings may be subject to a 30% withholding tax.
Anything you win from gaming in Canada might be tax-free, but in the U.S., the government wants their share, whether it’s gambling, horse racing, poker, or bingo. That means a $2,000 win at the slots turns into a $1,400 payout.
Fortunately, there is a way to recover the 30% tax for non-U.S. resident gambling winners. Doing so on your own, however, means having to deal with the IRS. And navigating the U.S. tax system is anything but easy.
RMS Has Never Been Refused an Eligible Refund!
Refund Management Services (RMS) offers the best gaming tax refund service for Canadians and other non-U.S. residents. In fact, Refund Management Services has been helping Canadian and non-U.S. residents obtain casino winning refunds since 1998 and has NEVER BEEN REFUSED AN ELIGIBLE REFUND.
The U.S. gambling tax recovery experts at Refund Management Services have CA designation and are registered Certified acceptance agents. RMS has a comprehensive understanding of the U.S. tax system and gambling- and gaming-related tax laws.
To find out how you can get some or all of your taxed casino winnings back, call Refund Management Services toll-free from the United States or Canada at 1-888-272-5559 or e-mail us at [email protected] and one of our knowledgeable representatives will walk you through the simple application process. RMS only gets paid for successful gambling tax refunds.
Sources:
O’Keeffe, K., “Macau Gambling Revenue Slides,” The Wall Street Journal, December 1, 2014; http://online.wsj.com/articles/macau-gambling-revenue-slides-1417434139.
Singer, S., “Report: U.S. casino revenue up as economy strengthens,” Las Vegas Sun, November 6, 2014; www.lasvegassun.com/news/2014/nov/06/report-us-casino-revenue-economy-strengthens/.
West, K., “American Casino Gaming Industry Outlook To 2015,” National Business Research Institute web site; www.nbrii.com/blog/gaming-outlook-infographic/.