Headlines from Las Vegas: Current Events and Local Stories in Sin City

Headlines from Las Vegas: Current Events and Local Stories in Sin City

In the vibrant city of Las Vegas, changes are afoot. The gambling landscape is being reshaped, not just by new constructions and redevelopments, but also by significant alterations to the taxation of gambling winnings.

Recently, the House GOP summit discussed the issue of gambling tax deductions, and as a result, the "One Big Beautiful Bill Act" (OBBBA) was signed into law on July 4, 2025. This act restructures the deduction process, limiting gamblers to deduct only 90% of their documented losses, with the smaller of those reduced losses or the amount of gambling winnings being the maximum deduction.

This change, effective from January 1, 2026, means that gamblers may now owe taxes even if their losses equal or slightly exceed their winnings. This shift from full deductibility to a 10% "haircut" on deductible losses could potentially result in taxable income for many.

The new rules will affect both American players and international visitors. Foreign visitors, who often already navigate complex tax rules and withholding, will now share the limitation on loss deductions, potentially increasing their taxable gambling income.

The recent changes have sparked dissatisfaction among gambling stakeholders and representatives from the gaming industry. In response, bipartisan bills have been introduced in Nevada, seeking to restore the 100% deduction. These bills reflect the ongoing efforts to reverse the new taxation rules.

Meanwhile, the construction of the Harlem Nights Casino has been voted against by the Las Vegas Council.

Elsewhere in the gaming world, Michael Mizrachi has made history by winning the 2025 World Series of Poker (WSOP) Main Event and the Poker Players Championship (PPC). His victories earned him a total prize of $11.33 million and secured his induction into the Poker Hall of Fame.

In the realm of hospitality, Sahara Las Vegas and Resorts World Las Vegas have taken steps to attract visitors by waiving resort fees for the summer. Sahara Las Vegas offers various deals such as BOGO drinks, spa deals, and Magic Mike ticket discounts, while Resorts World has waived all resort fees through September 11, 2025, making it the only major Strip casino hotel without these charges.

Despite these changes, the city of Las Vegas continues to grapple with a tourism plunge that mirrors major US cities amid trade war fallout. Visitor numbers dropped 6.5% in May, and gaming revenue declined by 3.9% in May compared to the previous year. The downturn has resulted in nosediving visitor numbers, canceled hotel room books, mass layoffs, and emptier casino floors.

As the city navigates these challenges, the future of gambling taxation and the city's tourism industry remains uncertain, with active political efforts potentially influencing changes to come.

| Aspect | Previous Rule | New Rule (Starting 2026) | |-------------------------------|--------------------------------|----------------------------------------| | Gambling loss deduction | 100% deductible against winnings | Only 90% deductible, losses capped at winnings | | Timing of change | N/A | Effective January 1, 2026 | | Political reaction | N/A | Bipartisan bills introduced to restore 100% deduction in Nevada | | Impact on gamblers | Losses could fully offset winnings | Gamblers may owe tax even when breaking even |

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1. The casinos of Las Vegas are witnessing alterations, not just physical, but also taxation-related, particularly concerning gambling winnings.
2. The OBBBA act, signed on July 4, 2025, has restructured the process for deducting gambling losses, limiting it to 90%.
3. This change will take effect from January 1, 2026, potentially causing taxable income for many as losses may now equal or exceed winnings.
4. Americans and international visitors are both subject to the new taxation rules, with foreign visitors facing additional complexities.
5. The gaming industry and its representatives are displeased with the changes, prompting bipartisan bills to revert the 100% deduction in Nevada.
6. The planned Harlem Nights Casino has been rejected by the Las Vegas Council.
7. Meanwhile, poker player Michael Mizrachi has made history, winning both the 2025 World Series of Poker (WSOP) Main Event and the Poker Players Championship (PPC), earning a total prize of $11.33 million.
8. In the hospitality sector, Sahara Las Vegas and Resorts World Las Vegas are waiving resort fees as part of their summer promotions.
9. Despite the recent changes, Las Vegas and major US cities are experiencing a tourism plunge due to trade war fallout, causing a decrease in visitor numbers, revenue, and increased unemployment.
10. The future of gambling taxation and Las Vegas' tourism industry are uncertain, with ongoing political efforts potentially shaping future changes.
11. The new rules limit gambling loss deductions to 90%, with a cap on reduced losses or amount of winnings.
12. The downturn in visitor numbers in Las Vegas has led to canceled bookings, mass layoffs, and less crowded casino floors.
13. Besides poker, changes in policy and legislation are also affecting other forms of gambling, such as sports betting, casino games, and lotteries.
14. Ongoing efforts in personal-growth, mindfulness, and responsible-gambling are essential for individuals to manage the potential impacts of Big-Wins and gambling-trends.
15. Educational initiatives focusing on goal-setting, lifelong-learning, and skills-training can help individuals adapt to the ever-changing casino-culture and career-development opportunities.
16. As Las Vegas navigates through changes, the general-news, crime-and-justice, accidents, fires, politics, and online-education sectors are closely monitoring and reporting on the city's transformation.

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