{"id":14363,"date":"2025-07-17T11:31:09","date_gmt":"2025-07-17T11:31:09","guid":{"rendered":"https:\/\/www.legitgambling.com\/news\/?p=14363"},"modified":"2025-07-17T11:31:09","modified_gmt":"2025-07-17T11:31:09","slug":"tax-change-will-drive-gamblers-offshore-warns-vegas-casino-owner","status":"publish","type":"post","link":"https:\/\/www.legitgambling.com\/news\/tax-change-will-drive-gamblers-offshore-warns-vegas-casino-owner\/","title":{"rendered":"Tax Change Will Drive Gamblers Offshore, Warns Vegas Casino Owner"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2025\/07\/president-donald-trump-signs-the-one-big-beautiful-bill-act.jpg\" alt=\"President Donald Trump signs the &#039;One Big Beautiful Bill&#039; Act\" width=\"300\" title=\"Tax Change Will Drive Gamblers Offshore, Warns Vegas Casino Owner\" class=\"alignleft size-full wp-image-14364\" \/><strong>Summary:<\/strong><\/p>\n<ul>\n<li>Circa owner Derek Stevens believes the new 90% cap on gambling loss deductions in the Big, Beautiful Bill will put jobs and tourism in danger.<\/li>\n<li>High-stakes gamblers are already considering going offshore to avoid U.S. taxes.<\/li>\n<li>Nevada lawmakers in both parties are trying to reverse the change.<\/li>\n<\/ul>\n<p>A quiet tax rule change slipped into the Republican-backed <a href=\"https:\/\/www.congress.gov\/bill\/119th-congress\/house-bill\/1\/text\">One Big Beautiful Bill Act<\/a> (\u201cBig, Beautiful Bill\u201d) passed by Congress under the leadership of <strong>President Donald Trump<\/strong> who passed &#8220;<a href=\"https:\/\/www.legitgambling.com\/news\/senate-unites-to-pass-no-tax-on-tips-bill-in-surprise-move\/\">No Tax on Tips<\/a>&#8221; Bill earlier in the year has now sparked serious concern among Las Vegas Strip casino owners. <\/p>\n<p><strong>Derek Stevens<\/strong> is just one of the voices that have echoed warnings regarding the potentially devastating effects of the bill, with their biggest customers going offshore at the top of the list.<\/p>\n<h2>\u201cThis Affects Everyone in Las Vegas\u201d<\/h2>\n<p>Stevens, who owns The D, Golden Gate, Circa, and Circa Sports, said in an <a href=\"https:\/\/www.youtube.com\/watch?v=44dcH1cnkBw\">interview with KTNV<\/a> that the <strong>new limit on gambling loss deductions, now capped at 90% instead of 100%<\/strong>, could ripple through the city\u2019s economy.<\/p>\n<blockquote><p>This affects everyone in Las Vegas, because this, like I said, will impact jobs. This impacts visitation, tourism. It&#8217;s an important thing that just needs to be corrected.<\/p><\/blockquote>\n<p>He said he\u2019s already hearing from high-stakes players who are thinking about moving their play offshore, beyond the reach of U.S. tax law, if the rule stays in place.<\/p>\n<p>Although the bill passed with support from President Donald Trump and a mostly Republican vote in Congress, Stevens doesn\u2019t believe the change was intentional. He called it an oversight that slipped through because of how quickly the massive legislation was passed.<\/p>\n<blockquote><p>So, yeah, I don&#8217;t think anyone \u2014 Democrat or Republican \u2014 had any intent on hurting Las Vegas or, for that matter, hurting the gaming industry in any sense. It&#8217;s just that the way this developed, it will really hurt Vegas. It will really hurt the gaming industry. And that&#8217;s why this has to get fixed, because no one wants this to happen.<\/p><\/blockquote>\n<h2>Lawmakers Working on a Solution<\/h2>\n<p>Nevada lawmakers are already pushing to undo the rule. <strong>Rep. Dina Titus<\/strong>, D-Nev., introduced a bill to restore the full deduction, and every member of the state\u2019s congressional delegation, including Republican <strong>Rep. Mark Amodei<\/strong>, has signed on.<\/p>\n<p>In the Senate, <strong>Sen. Catherine Cortez Masto<\/strong> tried to fast-track a similar measure, but it was blocked by <strong>Sen. Todd Young<\/strong>, R-Ind., who also supports repealing the rule but wanted to attach an unrelated amendment.<\/p>\n<p>Even at the World Series of Poker, Stevens said, players have been talking about how the tax change could hurt them when it<br \/>\ncomes time to file.<\/p>\n<blockquote><p>It should be a very simple fix, but I know everything gets a little more complicated sometimes than it ought to be<\/p><\/blockquote>\n<p>. Stevens added that the reversal would benefit all <a href=\"https:\/\/www.legitgambling.com\/us\/states\">states<\/a> and both recreational players and pro gamblers. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Summary: Circa owner Derek Stevens believes the new 90% cap on gambling loss deductions in the Big, Beautiful Bill will put jobs and tourism in danger. High-stakes gamblers are already considering going offshore to avoid U.S. taxes. Nevada lawmakers in both parties are trying to reverse the change. A quiet tax rule change slipped into [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-14363","post","type-post","status-publish","format-standard","hentry","category-usa"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Tax Change Will Drive Gamblers Offshore, Warns Vegas Casino Owner<\/title>\n<meta name=\"description\" content=\"The gambling loss deduction cap change buried in President Donald Trump\u2019s \u201cBig, Beautiful Bill\u201d could send big gamblers offshore, warns a reputable casino owner in Vegas.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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