Steve Wynn has been around casino gambling for his entire adult life. He owns the top gaming company in the US, Wynn Resorts, and has properties in several different states around the country.
His clout is a reason why some Massachusetts lawmakers are listening carefully to Wynn’s assertion that a certain gaming law in the state could be bad for business. Wynn is worried that the $600 limit on which gamblers have to pay state taxes on winnings could be a deterrent to keep the gamblers away from the casinos.
Massachusetts is new to the casino game, with lawmakers only approving casino gambling earlier this year. One of the laws created has gamblers being taxed, in the casino, when their winnings total more than $600.
Wynn has taken exception to the $600 figure, which is the lowest for any state in the US. Only 15 states even have a state tax on winnings, and of those states, Iowa is the only state close to Massachusetts, with an $1,100 limit on taxable winnings.