MGM Resorts International CEO Bill Hornbuckle says that he and other land-based casino company chief executives met with politicians in a bid to get the One Big Beautiful Bill Act’s (OBBBA) change to how much gamblers can deduct on their taxes “corrected.”
On MGM’s Q2 earnings call on Wednesday, Hornbuckle was asked for his thoughts on the OBBBA provision, which stipulates that taxpayers will soon only be able to deduct 90% of their documented gambling losses that do not exceed their winnings.
Wynn, Caesars and MGM met with pols
Hornbuckle stressed that he and other casino leaders “don’t think that’s a fair deal.” He, Caesars Entertainment CEO Tom Reeg and Wynn Resorts CEO Craig Billings all met with the House committee chair last week to specifically discuss the tax change and its impact on the industry.
That meeting happened before the House Committee on Ways and Means held a field hearing in Las Vegas last Friday in which the GOP committee chair, Rep. Jason Smith, indicated that the House is making a bipartisan effort to address the change.
Several lawmakers, including Nevada Democrat and Congressional Gaming Caucus Co-Chair Rep. Dina Titus and Kentucky Republican and Congressional Horse Caucus Chair Rep. Andy Barr, have filed legislation that would undo the cut to the deductions.
“He subsequently had a hearing here to go over the Big Beautiful Bill with the community,” Hornbuckle added on Wednesday’s call. “He brought that up as something that he’s going to help us work on as well with Congresswoman Dina Titus to get that corrected, because we don’t think that’s a fair deal, the way you could win $1,000, lose $1,000 and still end up paying tax on 10% of those losses. We’re very focused on that as a starting point.”
Hornbuckle pleased with slot win tax change
Hornbuckle and the casino CEOs join an assortment of stakeholders who have voiced opposition to the change, alongside the likes of the American Gaming Association (AGA), the Nevada Resorts Association, numerous tribal gaming entities, a flurry of pro gamblers and politicians from both sides of the aisle.
Like the AGA, though, Hornbuckle isn’t put off by every gambling-related aspect of the OBBBA.
“I think some of the other things, like raising the slot win from $1,200 to $2,000 is helpful,” he ventured. “So, some of it was productive.”
