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 record tourism in Las Vegas and record sports betting performance. Refund Management Services also reminds non-U.S. residents visiting Nevada that their gaming winnings are subject to a 30% withholding tax.
“According to the Nevada Gaming Control Board, the state generated a $944.3 million in gaming revenue in November 2015, a 7.8% improvement over the $876.24 million reported in November 2014,” says Brooke Sacks, vice president of marketing & business development, at Refund Management Services. “The growth comes on the heels of record high sports betting and strong increase in slots revenue.” (Source: “Win Revenue Summary – November 2015,” Nevada Gaming Control Board data set, December 30, 2015; http://gaming.nv.gov/modules/showdocument.aspx?documentid=10716.)
Licensed sportsbooks generated $557 million, plus 7.7% of wagers (almost $42.8 million) were held for a win. A total of $29.1 million came from football wagers, while basketball revenue jumped more than 155% year over year to rest at $8.2 million. Slot machine revenue was up by 13.3% in November topping $596 million.
Nevada is also one of the most popular U.S. travel destinations for tourists from around the world. In the first 11 months of 2015, nearly 42 million people visited Las Vegas. In all of 2014, Las Vegas welcomed 41.1 million people. (Source: Velotta, R. N., “Las Vegas Smashes Tourism Record,” Las Vegas Journal-Review web site, December 30, 2015; http://www.reviewjournal.com/business/tourism/las-vegas-smashes-tourism-record.)
“Those who plan on gambling when they visit Las Vegas need to be aware that casino winnings in the United States are considered income by the IRS and are subject to a 30% withholding tax,” Sacks explains. “However, those who live in a country like Canada, which has signed a U.S. tax treaty, may be eligible for a refund.”
Some of the countries that do not have a U.S. tax treaty, but may still be eligible for a refund, include: Australia, Bahrain, Barbados, Brazil, China, India, Indonesia, Israel, Kuwait, Mexico, Malaysia, Monaco, New Zealand, Norway, Saudi Arabia, Singapore, South Korea, Switzerland, Taiwan, Thailand, and the U.A.E. However, based on a recent court case, winners from these countries may qualify for a refund if they meet certain criteria.
“The Chartered Accountants at RMS have been helping Canadians and other non-U.S. residents recoup some or all of their gambling winnings withheld by the IRS for almost 20 years,” Sacks explains. “We have successfully completed the most U.S. gaming tax refunds for Canadians and other non-U.S. residents and have never been refused an eligible refund.”
Founded and owned by a Canadian Chartered Accountant, Refund Management Services (RMS) is the most reputable casino and gaming tax recovery service in the industry. As registered agents of the IRS, 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. RMS is a member of the Better Business Bureau and the Las Vegas Chamber of Commerce. More information can be found at www.RefundManagement.com.