web analytics
News

There Shouldn’t Be Any Tax On Uncollected Gaming Debt: MGM Grand Detroit

There Shouldn’t Be Any Tax On Uncollected Gaming Debt: MGM Grand Detroit
There Shouldn’t Be Any Tax On Uncollected Gaming Debt: MGM Grand Detroit

Taking the matter to the court, MGM Grand Detroit is asking to make uncollected gaming debt tax free. The casino officials have said in their filing with the court that losses incurred due to uncollected debt should not be taxed.

According to Crain’s Detroit Business and as reported by Casino.org, “the cases stem from one player being issued a $3 million credit line who lost $677,500 playing at MGM Grand Detroit tables. In the second instance, an individual was issued a $2 million line of credit, and lost nearly it all ($1.945 million).”

The casino issued a 10 percent credit to the players and now it is arguing that the Michigan Department of Treasury refund the taxes it paid on the forgiven debts, which totals $55,000.

The Michigan Gaming Control and Revenue Act does have a provision in that regards. It allows casinos to deduct uncollectible losses against their gross gaming revenue (GGR) wins.

The law states, “‘Gross receipts’ means the total of all sums including valid or invalid checks, currency, tokens, coupons, vouchers, or instruments of monetary value whether collected or uncollected, received by a casino licensee from gaming, including all entry fees assessed for tournaments or other contests, less a deduction for uncollectible gaming receivables.”

However, the deduction can only be made after the casino notifies the treasury department that certain winnings were uncollected due to indebted players.

Please wait...
Bitcoin Casino

About the author

Harry Matthew

Harry Matthew

Harry serves as a resident reporter for Casino Buzz. He has been responsible for building the content base and forms the core reporting strategies for the website. Along with reporting, Harry is an amazing baseball player with good record at university level. He can be reached at hm@casino.buzz

Add Comment

Click here to post a comment

Official Partners

Bitcoin Casino

Sloto Cash Casino
⭐Weekly Free Spins Bonus Codes⭐👉Subscribe To Our Newsletter!✅

Get free spins bonus codes✅

Get new & exciting slots to play every week✅