U.S. IN FOCUS
Titus Holds Town Hall for FAIR BET Act
The gambling world has been thrown into a frenzy ever since the July passage of President Donald Trump’s Big Beautiful Bill, which included a controversial tax provision that only allows bettors to deduct 90 percent of their losses against 100 percent of winnings. Under such a provision, bettors who broke even or lost could have to pay taxes on income they didn’t earn.
In response, multiple bills have been filed to repeal the provision and restore the full loss deduction, most notably Nevada Rep. Dina Titus’ FAIR BET Act. Titus held a town hall in Las Vegas August 11 to hear feedback on the provision and her bill.
“It’s a very simple change, but has a great deal of impact,” Titus said regarding her bill, per KSNV. The provision, if unchanged, would affect professional bettors the most, as they are the ones who deal most intimately with taxes on gambling winnings.
“You could win $100,000, lose $100,000, and because of this provision, looks like you made $100 on your tax return, and you’re gonna get taxed on that,” said Adam Robinson, representing American Bettors’ Voice, per KSNV. “We don’t think it’s fair the American betting community is going to be taxed on what they don’t win.”
Fight Between Peoria, East Peoria Over Boyd Riverboat Continues
In Illinois, the ongoing feud between the cities of Peoria and East Peoria over Boyd Gaming’s Par-A-Dice riverboat is still ongoing, with the Peoria Journal Star reporting last week that Peoria Mayor Rita Ali sent a letter to state regulators imploring them to force the company to sell its license if it does not commit to building a land-based facility in her city.
The feud stems from a previous arrangement between the two cities that stipulated any future land-based facilities would be built in Peoria. However, East Peoria has been lobbying the company to eschew the agreement and build its new facility there instead, as it receives more of the tax revenue.
“If Boyd is not prepared to develop land-based gaming and related facilities in Peoria, we ask that the IGB require Boyd to sell the Par-A-Dice gaming license to another casino operator that is prepared to develop a land-based gaming facility in Peoria,” Ali wrote in the letter, which was sent in February.
Boyd CEO Keith Smith said on the company’s second-quarter earnings call that his team is close to finalizing plans to “replace our existing riverboat casino at Par-A-Dice.”
Hollywood Casino Joliet Hosts Grand Opening
Penn Entertainment hosted the grand opening of its new Hollywood Casino Joliet venue in Illinois August 11, with the property now officially welcoming customers. The opening event took place with various local dignitaries and famous faces in attendance. Open around the clock, the venue covers an area spanning 189,000 square feet.
On-site features include approximately 1,000 slots and 43 live table games, a baccarat room and an ESPN BET sportsbook. Visitors can also enjoy several bars and restaurants and an event center and make use of about 1,330 parking spaces. The $185 million casino replaces the former riverboat property that operated near the Des Plaines River since 1992. Penn closed that venue in July.
Hollywood Casino Joliet opened six months ahead of schedule. It had not been due to welcome guests until early next year, but Penn confirmed the earlier opening in May. Todd George, executive vice president of operations at Penn, welcomed the support of the community in opening the venue.
“This opening marks an exciting new era of entertainment in Joliet,” he said. “We’re grateful for the support from the city of Joliet, the Illinois Gaming Board, and our business and community partners who contributed to the successful development of this new property.”
