[vpFREE] Bob Dancer's LV Advisor Column - 24 SEP 2013

 

Bob Dancer's LV Advisor Column - 24 SEP 2013

Confirmed One More Time

http://www.lasvegasadvisor.com/bob_dancer/2013/0924.cfm

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[vpFREE] Re: Horseshoe Hammond Downgrades

 

<<Although I don't know which ones are included, I know that Indiana is not the only state with a gross income tax that does not allow losses to be deducted from winnings; those states are all "net losing" video poker states, and for that matter, this is true for almost any game where winning and losing sessions occur and you can't / don't win enough to cover not only the losses but also to cover the taxes.  I'm not an expert, but I think if you qualify as a professional gambler, this MAY improve the situation.>>  I
 
I cover all these questions in my book Tax Help for Gamblers.  The state tax chapter includes a state-by-state list.
 
------------------------------------------
Jean $¢ott, Frugal Gambler
http://queenofcomps.com/
You can read my blog at
http://jscott.lvablog.com/
 
 
 
 

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Re: [vpFREE] Re: Horseshoe Hammond Downgrades

 

Sorry again. I finally realized what this was about.
Some games at the Horseshoe in Hammond require $25 to earn a point worth 1c. I was comparing that to the $100 per 1c point on some games at the Majestic Star.
One other note below. A 25c Joker 2 pair natural royal would trigger a W2G since the 99.92% version is 5000 credits ($1,250) for a royal.
 
Howard W. Stern

From: Howard Stern <pyiddy@att.net>
To: "vpFREE@yahoogroups.com" <vpFREE@yahoogroups.com>
Sent: Wednesday, September 25, 2013 4:49 PM
Subject: Re: [vpFREE] Re: Horseshoe Hammond Downgrades
 
Sorry for the confusion. At the time I was noting that the Majestic Star which is a nearby competitor still had playable video poker. Sadly much of that was decimated last week. 

From: Barry Glazer <b.glazer@att.net>
To: "vpFREE@yahoogroups.com" <vpFREE@yahoogroups.com>
Sent: Wednesday, September 25, 2013 8:51 AM
Subject: [vpFREE] Re: Horseshoe Hammond Downgrades
 
Thanks for the update -- unfortunately, with the subject line being "Horseshoe Hammond" but the body of the post seeming to relate to Majestic Star, I'm not 100% clear as to which casino the information relates to when reporting what "they" have.  I think it's about MS, but not absolutely sure.
 
Can you please clarify?
 
Thanks!
 
By the way, (1) only the $0.50 and up royals will get the IN tax withheld on the spot ($0.25 royals are $1,000 unless progressive and therefore usually fall below the W2G threshold), (2) the return on ALL video poker, even positive EV (if there is any, I don't think there is), is (I'm pretty sure) changed to negative by Indiana state taxes (if you pay them), which do not allow offsetting wins with losses, and (3) if you go by the book and report ALL wins and losses on your taxes (not just those wins generating a W2G), then video poker is pretty much a guaranteed net losing game after those Indiana state gross income taxes, in every form available.  If you DON'T "go by the book" you are, of course, risking serious trouble if caught, although a first offense might get off with back taxes, interest and penalties.
 
A friend of mine who worked for the IRS always advised that if you're "caught" not reporting income in this (or any other) way, the best response is "Really?  I didn't know that.  What do I have to do to make it right?" and hope they buy your story.
 
Although I don't know which ones are included, I know that Indiana is not the only state with a gross income tax that does not allow losses to be deducted from winnings; those states are all "net losing" video poker states, and for that matter, this is true for almost any game where winning and losing sessions occur and you can't / don't win enough to cover not only the losses but also to cover the taxes.  I'm not an expert, but I think if you qualify as a professional gambler, this MAY improve the situation.
 
--BG
==================
 
1a. Re: Horseshoe Hammond Downgrades        Date: Tue Sep 24, 2013 6:20 am ((PDT)) I am the monitor at the Majestic Star down the road in Gary IN from the Horseshoe Hammond IN. They have a group of 16 machines (ten - 25c, six - 25c/50c/$1) that are $100 per point (Points are worth 1c for the two top tier cards and 1/2c for the bottom card.) These games contain 20/10/6/5 Joker 2 Pair, 16/10 NSUD, 9/7 TDB, 9/6 Jacks and other 99%+ games. Sure seems like overkill since playing Joker 2-pair perfect with a 0.1% rebate would not even be positive since all natural royals are subject to the IN 3.4% tax.  

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Re: [vpFREE] Re: Horseshoe Hammond Downgrades

 

Sorry for the confusion. At the time I was noting that the Majestic Star which is a nearby competitor still had playable video poker. Sadly much of that was decimated last week. 

From: Barry Glazer <b.glazer@att.net>
To: "vpFREE@yahoogroups.com" <vpFREE@yahoogroups.com>
Sent: Wednesday, September 25, 2013 8:51 AM
Subject: [vpFREE] Re: Horseshoe Hammond Downgrades
 
Thanks for the update -- unfortunately, with the subject line being "Horseshoe Hammond" but the body of the post seeming to relate to Majestic Star, I'm not 100% clear as to which casino the information relates to when reporting what "they" have.  I think it's about MS, but not absolutely sure.
 
Can you please clarify?
 
Thanks!
 
By the way, (1) only the $0.50 and up royals will get the IN tax withheld on the spot ($0.25 royals are $1,000 unless progressive and therefore usually fall below the W2G threshold), (2) the return on ALL video poker, even positive EV (if there is any, I don't think there is), is (I'm pretty sure) changed to negative by Indiana state taxes (if you pay them), which do not allow offsetting wins with losses, and (3) if you go by the book and report ALL wins and losses on your taxes (not just those wins generating a W2G), then video poker is pretty much a guaranteed net losing game after those Indiana state gross income taxes, in every form available.  If you DON'T "go by the book" you are, of course, risking serious trouble if caught, although a first offense might get off with back taxes, interest and penalties.
 
A friend of mine who worked for the IRS always advised that if you're "caught" not reporting income in this (or any other) way, the best response is "Really?  I didn't know that.  What do I have to do to make it right?" and hope they buy your story.
 
Although I don't know which ones are included, I know that Indiana is not the only state with a gross income tax that does not allow losses to be deducted from winnings; those states are all "net losing" video poker states, and for that matter, this is true for almost any game where winning and losing sessions occur and you can't / don't win enough to cover not only the losses but also to cover the taxes.  I'm not an expert, but I think if you qualify as a professional gambler, this MAY improve the situation.
 
--BG
==================
 
1a. Re: Horseshoe Hammond Downgrades       Date: Tue Sep 24, 2013 6:20 am ((PDT))I am the monitor at the Majestic Star down the road in Gary IN from theHorseshoe Hammond IN.They have a group of 16 machines (ten - 25c, six - 25c/50c/$1) that are $100per point (Points are worth 1c for the two top tier cards and 1/2c for thebottom card.)These games contain 20/10/6/5 Joker 2 Pair, 16/10 NSUD, 9/7 TDB, 9/6 Jacksand other 99%+ games.Sure seems like overkill since playing Joker 2-pair perfect with a 0.1%rebate would not even be positive since all natural royals are subject tothe IN 3.4% tax. 

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[vpFREE] LVRJ: Ben Franklin gets new look with revamped $100 bill

 

LVRJ: Ben Franklin gets new look with revamped $100 bill

http://www.reviewjournal.com/business/upgraded-ben-franklin-gets-new-look-revamped-100-bill

or

http://tinyurl.com/p73w4po

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RE: [vpFREE] Suncoast Purges More VP Players

 

Back on 10/10/10 I was told not to play on 10x point days there. There were several more 10x point days over the next few months but I stayed away.

About a year ago, I started to play $2 9/6 BPD on Thursday's (7x point days). The casino is nowhere close to where I live but is relatively close to the radio station. When I put my card in the kiosk at that time I was told the card wasn't working. I didn't go to the booth because I didn't wish to have a clear "stay away" message given to me. But Shirley's card worked fine and I could cash out the points as if they were my own.  Besides, I only would get W2Gs on royals and they don't happen very often.

Over the next several months, I hit three $2 royals on Shirley's card --- with probably $30K of coin-in over that time period. Clearly very lucky. On the third one, two shift managers paid me and told me to never play at Suncoast again --- on anybody's card. Nothing in writing. No trespass. But a clear message given and received.

The next month, I stopped receiving Coast mailers. (Shirley still got them, but since the divorce I stopped playing on it and so now that has gone to zero because of dis-use.) I previously played a lot at Gold Coast and a little at Sam's Town. I was told that to get reinstated I needed to clear things up with the head of security at Suncoast. So far I haven't bothered. Perhaps a classic example of "sour grapes," I decided that Gold Coast was too smoky anyway and so I didn't want to fight to get back in there.

Bob

 

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Re: [vpFREE] Suncoast Purges More VP Players

 

der145@aol.com wrote:

>If you are 86'd from Suncoast does that mean your 86'd at all Boyd
>properties?

They'll tell you if they mean that. When the Holiday, Nob Hill, and
Denny's were under the same ownership, I was specifically told at the
Holiday that I was 86ed from all 3.

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Re: [vpFREE] RE: Suncoast Purges More VP Players

 

On Wed, Sep 25, 2013 at 4:54 AM, <melbedewy1226@hotmail.com> wrote:
> Wait a minute. There's a BIG difference between being "no mailed" which is
> perfectly acceptable and being physically thrown out of the place which
> really disgusting.

I completely agree.

> What does the OP mean by "86'd"?

The OP said "legally trespass." In the October 10th 2010 10x points
fiasco, some players were indeed trespassed and had NRS 207.200 read
to them. I don't have info on the more recent barrings but I would
guess the details are similar.

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[vpFREE] Re: Horseshoe Hammond Downgrades

 

Thanks for the update -- unfortunately, with the subject line being "Horseshoe Hammond" but the body of the post seeming to relate to Majestic Star, I'm not 100% clear as to which casino the information relates to when reporting what "they" have.  I think it's about MS, but not absolutely sure.
 
Can you please clarify?
 
Thanks!
 
By the way, (1) only the $0.50 and up royals will get the IN tax withheld on the spot ($0.25 royals are $1,000 unless progressive and therefore usually fall below the W2G threshold), (2) the return on ALL video poker, even positive EV (if there is any, I don't think there is), is (I'm pretty sure) changed to negative by Indiana state taxes (if you pay them), which do not allow offsetting wins with losses, and (3) if you go by the book and report ALL wins and losses on your taxes (not just those wins generating a W2G), then video poker is pretty much a guaranteed net losing game after those Indiana state gross income taxes, in every form available.  If you DON'T "go by the book" you are, of course, risking serious trouble if caught, although a first offense might get off with back taxes, interest and penalties.
 
A friend of mine who worked for the IRS always advised that if you're "caught" not reporting income in this (or any other) way, the best response is "Really?  I didn't know that.  What do I have to do to make it right?" and hope they buy your story.
 
Although I don't know which ones are included, I know that Indiana is not the only state with a gross income tax that does not allow losses to be deducted from winnings; those states are all "net losing" video poker states, and for that matter, this is true for almost any game where winning and losing sessions occur and you can't / don't win enough to cover not only the losses but also to cover the taxes.  I'm not an expert, but I think if you qualify as a professional gambler, this MAY improve the situation.
 
--BG
==================
 


1a. Re: Horseshoe Hammond Downgrades
       Date: Tue Sep 24, 2013 6:20 am ((PDT))

I am the monitor at the Majestic Star down the road in Gary IN from the
Horseshoe Hammond IN.

They have a group of 16 machines (ten - 25c, six - 25c/50c/$1) that are $100
per point (Points are worth 1c for the two top tier cards and 1/2c for the
bottom card.)

These games contain 20/10/6/5 Joker 2 Pair, 16/10 NSUD, 9/7 TDB, 9/6 Jacks
and other 99%+ games.

Sure seems like overkill since playing Joker 2-pair perfect with a 0.1%
rebate would not even be positive since all natural royals are subject to
the IN 3.4% tax.

 

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[vpFREE] RE: Suncoast Purges More VP Players

 

Wait a minute.  There's a BIG difference between being "no mailed" which is perfectly acceptable and being physically thrown out of the place which really disgusting. You would think these joints could do simple math, add up the EV of the base games plus the EV of the multiplier and if they don't want to offer that high a return don't offer the multiplier on those machines. Real simple.

What does the OP mean by "86'd"?



---In vpfree@yahoogroups.com, <midnight1626@...> wrote:

On Tue, Sep 24, 2013 at 5:03 PM, <der145@...> wrote:
> If you are 86'd from Suncoast does that mean your 86'd at all Boyd properties?

Not in the cases I know of, but it's all at their whim and depending
on the circumstances who knows?

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