free ride wrote on December 28, 2008 06:00 AM: The Nevada business community is getting a sweet deal. The low-tax/no-tax mentality here is the monster created by anti-funding zealots.

JAKE wrote on December 27, 2008 06:09 PM: let face it the gameing industry in LV has it made as far as taxes go i live on the east coast and both foxwoods and mohigan sun pay the state of CT 25% of thier slot income and beleive me they are surviving. I have traveled to vegas at least twice a year for the past 15 years for 8 or 9 days each time and i have watched the payback percentage get lower and lower each year. the Mega resorts like wynn charge you 40.00 for a buffet and i bet that about 20% of the people that eat there eat 40.00 worth of food the major casino end of buying all the small independant casino's in Vegas where the locals would get some good deals and the payback was pretty good as soon as they purchase them the lower the payback and raise the prices of rooms and food. the state should restrict the number of casino any corparation can own and things would get better right now as we speak i can fly to vegas for les than 250.00 RT but why go when the pay back on the slots are so low and will get worst. at least at foxwoods and mohigan sun you can win maybe vegas should take a look at those casino's

pacman720 wrote on December 22, 2008 12:43 PM: casinocon
the reason the other states have higher tax rates and the places are ok with paying them is that they have a MONOPOLY ..they only allow a certain amount of liscenses or as in Ca. they only allow the Indians to open casinos. It's not like here in Nevada where if you have the $$$ and can pass the liscensing process you can open as many as you like. It's called a free market. Not a monopoly.

Mike wrote on December 22, 2008 01:22 AM: With the mounting interest payments that MGM/Mirage and Harrahs are paying, they will have to sell off more properties to raise funds. The debt that both companies have mounted over the last few years in order to build, repurchase stock and takeover will force these companies to sell properties and turn back the monoplies.

Greg wrote on December 21, 2008 07:15 PM: Source: Reuters, LA
Date: February 21, 2008

"Plans to ask NV Voters to raise taxes on casinos have alarmed the LV Gambling Industry, which is scrambling to block initiatives and come up with other ways to fund projects from education to new roads in the tax-averse, fast growing state."

Same article:

"It makes no sense to raise taxes on the primary revenue generator for this city...it could put some companies out of business."- Sheldon Adelson.


Same article:

"The spector of a tax hike is particularly unsettling given the industry's recent double down on luxury casino resorts. Analysts say about 30 billion in new development is under construstion on the LV Strip."

There is talk of "diversity" in American politics and industry, and it's benefits. I submit when Nevada gaming licensure ownership is diversified, with a greater diversity in ownership and operations, that will be a big plus for a Southern Nevada push towards a better, more equitable tax structure for all, including gaming, better quality of life, better healthcare outcomes, school ratings, a stronger UNLV, and resident feel for Southern Nevada as a good place, year in and out, to live, work and raise a family.

In many large American cities there is great diversity in industry and leadership on how best to take the city forward. Dallas-Ft Worth has not been a boom metroplex as Las Vegas, yet has added more people over the past ten years. For every Perot in Dallas, there is a Bass, a Harold Simmons, a Crow, a Thompson, a Herb Kelleher, all people deeply committed to DFW as a place to live first, beyond personal gain. They may differ on "how" to go about things, but at the end of the day they shake hands, committed to a better DFW for their grandchildren.

Greg wrote on December 21, 2008 06:53 PM: Jim Murren is correct to make these statements about Nevada tax structure and the shortage of funds for quality of life issues in Clark County such as healthcare, education and road and bridges. These were concerns that needed to be voiced by industry leaders years ago, before economic times where raising taxes to "catch up" is probably not the right thing, beyond comprehensive discussion and planning for when things do turn around. The statements would sound more sincere coming from someone like Kenny Guinn, a good man who has long advocated quality of life issues in Southern Nevada. Certainly, City Center will need additional funding for local infrastructure immediately around it. What gaming corporation had lobbyists yelling, cursing and threatening two middle aged ladies in the last regular NV legislature hallways, ladies charged with reviewing potentially over 300 million in tax abasements for green constuction for Strip construction, including City Center (?)

Mr. Murren,and previously Mr. Lanni, is correct to state all businesses must share the tax burden. Mr. Lanni recently left NV for California with a lot of money from the past five years.

Gaming can contribute more too, but importantly should not carry the load alone. The average gaming tax rate for 11 other states with gaming casinos is 20.2 percent. The gaming tax rate in Louisiana is 21 percent, and 24 percent in Mississippi. The rate in Nevada has been 6.75 a long time, with no state corporate or personal income tax.

Labor took a beating withi industry bundling (consolidation) at some corporations, and gaming industry leaders can no longer look to Wall Street for more money, or shareholders holding stock worth 10 percent of it's September 2007 value. So, it's high time for quality of life issues.

ex gambler wrote on December 21, 2008 02:55 PM: I heard that the Mirage has been sold to Penn Gaming and the deal will be announced on Monday. Looks like MGM is caught between a rock and a hard place, to let go two of their prime properties.

casinocon wrote on December 21, 2008 11:32 AM: Let MGM/Mirage go bankrupt. They enjoy the least amount of taxes here in Nevada and still complain. In other states gaming companies and the Indians pay four or five times as much and are happy to do so! I refuse to play in one of their casinos, they do absolutely nothing to court the locals, their player's card is a joke! I can't believe Mr. Kerkorkian could let the company go so far astray of sound business principles. Oh Well, bye bye MGM! Your only hope is to sell off as many properties as you can. Maybe then, someone smarter can revive them.

Two Cents wrote on December 21, 2008 10:57 AM: At least Detroit knew what happened with the auto industry (being such a large employer in Michigan) and restricted the amount of casino's one could buy so the eggs are not all in one basket with another industry. If one fails they still have two left. I can't believe our state has allowed such a monopoly with Harrah's and MGM. It used to be that they paid one property off before they built another. Now everything is so financed there is not room to breathe and taxes are being put on our tourists just making their trip more expensive. I just can't believe Nevada allowed this. Maybe someone smarter than me knows why?

Common Sense wrote on December 21, 2008 10:41 AM: Well, that's what happens when you buy up most of the strip, and try to be bigger then the other guy.. When things are good for you, they are very good, but when things go south, you start whinning..You put yourself here, now you will have to pay the consequences.
I don't feel sorry for them.. Maybe if they started recycling all the beer bottles and cans, they could pay there taxes. There is so much waste in Vegas...

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