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Casino operators have been taking advantage of their tax situation in Nevada for a long time. Now, they are concerned that they may have to actually pay similar gambling taxes that are in place in other states.
Nevada gambling tax rates have always been below the national average. Way below the national average. that, in part, has to do with the fact that there is plenty of competition in Las Vegas between casinos.
Currently, several groups are looking to have proposals put on the ballot for voters to decide whether or not to raise gambling taxes. This would help the state financially, according to these groups.
The most outrageous of these plans has already been dismissed by a judge. The plan called for almost tripling the current rate of 6.75.One plan that is gaining support is the one proposed by the teachers union. That plan would raise taxes from their current rate, to a slightly higher rate. With the new rate, $250 million would be raised a year for salaries of teachers in the state.
Casino operators are trying to find alternative solutions for getting the state more money. They feel they should not be singled out.
“There should be a broad based tax..The last time I looked, bankers, auto dealers, and everyone else have children who go to school,” said Chief Executive of Casino Operations for MGM Mirage, Terry Lanni.
Others, however, feel that the gambling community should be singled out since their current rate is much lower than the national average. “We have the lowest gaming taxes in the country. Going to 9.75 percent is not even the average,” said Lynn Warne, president of the NSEA.
Either way, if a proposal does make its way to voters, chances are good that the tax rate will be raised. “If it gets on the ballot, voters will pass it,” said an analyst at Deutsche Bank, Bill Lerner.