U.S. IN FOCUS
GOP Leader Meets with Las Vegas CEOs, Pledges Deduction Reversal
Tucked inside the enormity of U.S. President Donald Trump’s One, Big Beautiful Bill was a provision that set a cap on gambling tax deductions at 90 percent of losses, meaning that bettors who itemized their wins and losses would have to pay taxes despite breaking even. The provision has dominated gambling media, and has since triggered promises to undo the controversial change.
One such promise came directly from House Ways and Means Committee Chairman Jason Smith, a Republican from Missouri. Smith and several other committee members went to Las Vegas late last week to hold a “field hearing” about the bill and discuss its pros and cons.
While Smith was in town, he met with the CEOs of MGM Resorts, Wynn Resorts and Caesars Entertainment, per the Nevada Independent.
He then committed to re-establishing the 100 percent loss deduction as soon as possible. Multiple bills have already been introduced to do just that, most notably the FAIR BET Act from Nevada Rep. Dina Titus.
“I was very glad to hear the chairman say he will work with us to undo that reduction in deductions from gaming losses,” Titus said at the field hearing, per the Independent. “The Senate did put it in there, but it came back to the House, which wouldn’t accept any amendments, and [Republicans] voted for it. So let’s be sure we know who’s responsible, and let’s work together to fix it.”
Fertitta Nixes LV Strip Plans in Favor of Wynn Stake
Billionaire Tilman Feritta, who is currently serving as the U.S. ambassador to Italy, has announced through his company Fertitta Entertainment that he is shelving plans to develop a casino resort on the Las Vegas Strip, in favor of his growing investment in Wynn Resorts. Fertitta has become the company’s largest individual shareholder in recent months, with his stake currently valued at approximately $1.4 billion.
Steven Scheinthal, executive vice president and general counsel for Fertitta Entertainment, told the Las Vegas Review-Journal July 30 that Fertitta “has no plans to continue with the project so long as he maintains his Wynn ownership.”
In 2022, Fertitta purchased a 6-acre plot on the Strip for $270 million, with the idea of developing a casino resort. However, he also invested heavily in Wynn around the same time, and has been increasing his stake ever since.
That investment now appears to be more favorable for the time being, as there were serious questions as to whether Wynn would be adversely affected by a rival resort.
Three Dead After Shooting at Reno’s GSR
At around 7:30 a.m. local time in Reno July 28, a gunman opened fire outside of the Grand Sierra Resort. Three people were killed, two of whom died at the scene while the other later passed from injuries. Two more shooting victims were hospitalized as well as the gunman, who was shot by police responding to the scene.
Thus far, police have not identified the shooter or any potential motives, and authorities said they knew of no connection between the shooter and victims.
“I want to start with my deepest condolences to the victims and their families, as well as to our entire community,” Reno Police Chief Kathryn Nance said at a press conference, per the Reno Gazette Journal. “Tragedies like this are horrific for any community to endure.”
Internet Issues Cause Temporary Outage at Venetian
On July 26, internet-related issues caused a number of systems at the Venetian Resort on the Strip to go down temporarily, affecting slots, check-in systems and more. All systems have since been restored, although videos from social media showing down machines and long lines circulated last weekend.
“We were experiencing an issue with our internet that affected some of our systems at the resort,” a spokesperson for Venetian Resort told the Las Vegas Review-Journal the following day. “Our IT team has restored our systems, and the resort is working toward normal operations.”
Clark County Enacts New Alcohol Ordinance for Hotels, Arenas
Clark County, which includes the Las Vegas Strip, has enacted a new ordinance aimed at preventing underage alcohol consumption, per the Las Vegas Review-Journal. Moving forward, adult guests who travel with minors to any venue that provides open alcohol, such as a minibar in a hotel room or a private suite at an arena, must sign off in writing that they are responsible for the alcohol and will work to prevent minors from consuming it.
If a guest does not sign off, the venue is mandated to remove any open alcohol from the area. The ordinance applies to venues with “individual access” liquor licenses, which corresponds to hotels with more than 100 rooms, theaters with at least 400 seats and arenas with capacity of 8,000 or more.
Strat Unveils New Casino Floor, Promotions
The STRAT Hotel and Casino in Las Vegas has opened its remodeled casino floor, which now features over 10,000 square feet of gaming space with 750 slots and 44 tables, per KSNV. Included in the renovations is a new high-limit room with blackjack, roulette, baccarat and slots.
A number of new promotions were also announced, including kiosk games with prizes for new rewards members and a “Where’s Skyler” giveaway where patrons can win cash and other prizes for recognizing the casino’s general manager doing side jobs during the day.
