The Nevada Gaming Commission rejected a proposed $3.1 million tax refund for a casino owner due to disagreements over interest calculations, with the final amount still subject to change as negotiations continue.
Gaming Commission Rejects $3.1M Casino Tax Refund Deal Over Interest Dispute
According to the Las Vegas Review-Journal, the owner of 41 casinos, including Dotty’s and Bourbon Street Sports, wants to get back over $3 million in taxes they paid too much over 32 months, starting in August 2021. The Nevada Gaming Commission recently rejected a proposed deal because they disagreed on whether interest should be included and how much it should be. The deal had suggested paying back $3,120,197.28 plus $222,744.12 in interest, with extra daily interest until the refund is made.
The Gaming Control Board usually pays interest on refunds based on a set formula, but the commissioners worried that the proposed amount might be too high since the issue was noticed back in 2021. They thought the delay in asking for the refund could have led to a bigger payout. The commissioners are thinking about negotiating a new deal to make sure the state’s interests are protected.
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$3.3 Million Tax Refund Dispute: Nevada Gaming Commission Rejects Settlement Over Interest Calculation (PHOTO: CDC Gaming Reports)
Ongoing Interest Could Increase $3.1M Casino Tax Refund: Final Decision Expected in September
Interest is still adding up on the refund amount, which could go higher until a final decision is made. The issue might be looked at again in September if the settlement is changed. This case shows how tricky it can be to handle large tax refunds and make sure everything is fair.
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