Galaxy to Open Temporary Casino
in Macau - MACAU, CHINA - The Galaxy Casino Company,
which obtained one of the three new casino licenses in
Macau, is poised for the operation of a temporary casino
in the Macao Special Administration Region (SAR) at the
end of this year.
The
Galaxy, part-owned by American entertainment corporation
Venetian and Hong Kong property magnate Lui Chi-woo, has
been given a 20-year commission on casino operation and
plans to investas much as 8.8 billion patacas (US$1.1
billion) in Macau in the coming 10 years.
What
the Galaxy wants to build in Macau before 2006 is a theme
casino building featuring Renaissance-style opulence,
with gondolas slowly floating down a canal inside the
complex.
Connecticut Casinos
Tax All Big Winners -
PROVIDENCE, RI - A new law passed by Connecticuts
Gov. John G. Rowland, will require that non-Connecticut
residents file a 1099 form to pay tax on gambling income
earned in the state. Taxable gambling income includes
lottery, bingo, slots, keno and other gambling winnings.
The law was passed July 1 and is retroactive to Jan. 1.
Sarah Kaufman, director of communications for the Connecticut
Department of Revenue Services, explained that taxing
out-of-state residents is part of an initiative to reduce
state deficit. "This is another measure we hope will
help reduce the current state debt," says Kaufman.
"It's also aimed at making the tax structure more
equitable for nonresidents and residents." Michael
Benevides, an accountant from Benevides & Turano in
Westerly, said the tax is unfair to everyone, not just
those living out of state. The new law amounts to people
paying tax on income "that doesn't even exist,"
says Benevides. Even if you lose $2,000 and win $500,
you have to pay tax on the amount you won.