Refund Management Services (www.RefundManagement.com), the number one choice for Canada’s biggest winners for U.S. gaming and casino tax refunds, weighs in on a report showing Nevada casinos topped $1 billion in gaming revenue in May; the biggest May performance since the recession. Refund Management Services is also explaining how it can help Canadians who have visited Las Vegas and had 30% of their winnings withheld.
According to the Nevada Gaming Control Board, gaming revenue statewide topped $1.0 billion in May, the state’s first billion-dollar month since December 2013. It was also the biggest May performance since before the recession in 2006 and 2007. Statewide, casinos collected $1.003 billion from gamblers, a 3.3% increase over May 2014. On the Strip, which accounts for more than half the state total, casinos collected almost $601.2 million, a 1.4% year-over-year increase. (Source: Morris, J.D., “Nevada gaming revenue passes the $1 billion mark in May,” VEGAS INC web site, June 26, 2015; http://vegasinc.com/business/gaming/2015/jun/26/nevada-gaming-revenue-passes-1-billion-mark-may/.)
In May, slot revenue increased 11.93% to $272.5 million and sports pool revenue rose 92.2% to $9.7 million. Table games, excluding baccarat, saw revenue grow 22.9% to $191.1 million. “The record gambling receipts were helped in part by the record number of tourists that visited Las Vegas in May.
“The U.S. welcomes more tourists from Canada than any other country; specifically, more than 1.70 million Canadians visit Nevada annually,” says Brooke Sacks, Vice President of Marketing and Business Development, at Refund Management Services. “Canadians visiting Nevada and Las Vegas need to be aware that gambling takes of over $1,200 are considered taxable income and subject to a 30% withholding tax by the IRS. What that means is that if someone who wins $2,000 playing the slots will only walk out with $1,400.”
According to the Las Vegas Convention and Visitors Authority, approximately 3.75 million tourists visited Las Vegas in May, 4.8% more than a year ago. The previous single-month record was 3.68 million in March 2014. For the first five months of 2015, more than 17.4 million tourists visited Las Vegas, an increase of 1.3% over the same period in 2014. (Source: Stutz, H., “Las Vegas sets tourist visitor record in May,” Las Vegas Review-Journal web site, June 26, 2015; http://www.reviewjournal.com/business/tourism/las-vegas-sets-tourist-visitor-record-may.)
“For those who have visited Nevada and had 30% of their winnings withheld by the IRS, Refund Management Services can help reclaim a portion or all of taxable winnings,” Brooke concludes. “RMS was established in 1998 and 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. RMS has a long standing relationship with the IRS for efficient processing and helps Canadians and other non-U.S. residents recover all or a portion of their taxes. Once complete documentation is provided, RMS will process the claim and will submit it to the IRS. It can take a minimum of one year for the IRS to review the claim and for RMS to receive the refund. Once received, RMS will mail it out right away. 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 or contact RMS toll-free from the United States and Canada at 1-888-272-5559 or by e-email at [email protected]
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