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WinStar World Casino and Resort COVID-19 UPDATES Out of an abundance of caution and to mitigate the spread of the coronavirus, or COVID-19, certain Chickasaw Nation events, classes, facilities, etc., will be postponed, canceled or closed. WinStar World Casino and Resort, Thackerville, OK. 448,338 likes 2,491 talking about this 1,191,676 were here. Oklahoma's Biggest Casino! I have recieved the W2g form with payouts or wins from a casino and if I had any taxes taken out. I use them when I fill out my taxes. The win/loss statement is gathered when you used your players card and shows an overall win or loss for the year.
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Do you like to gamble? If so, then you should know that the taxman beats the odds every time you do. The Internal Revenue Service and many states consider any money you win in the casino as taxable income. This applies to all types of casual gambling – from roulette and poker tournaments to slots, bingo and even fantasy football. In some cases, the casino will withhold a percentage of your winnings for taxes before it pays you at the rate of 24 percent.
Casino Winnings Are Not Tax-Free
Casino winnings count as gambling income and gambling income is always taxed at the federal level. That includes cash from slot machines, poker tournaments, baccarat, roulette, keno, bingo, raffles, lotteries and horse racing. If you win a non-cash prize like a car or a vacation, you pay taxes on the fair market value of the item you win.
By law, you must report all your winnings on your federal income tax return – and all means all. Whether you win five bucks on the slots or five million on the poker tables, you are technically required to report it. Job income plus gambling income plus other income equals the total income on your tax return. Subtract the deductions, and you'll pay taxes on the resulting figure at your standard income tax rate.
How Much You Win Matters
While you're required to report every last dollar of winnings, the casino will only get involved when your winnings hit certain thresholds for income reporting:
- $5,000 (reduced by the wager or buy-in) from a poker tournament, sweepstakes, jai alai, lotteries and wagering pools.
- $1,500 (reduced by the wager) in keno winnings.
- $1,200 (not reduced by the wager) from slot machines or bingo
- $600 (reduced by the wager at the casino's discretion) for all other types of winnings but only if the payout is at least 300 times your wager.
Win at or above these amounts, and the casino will send you IRS Form W2-G to report the full amount won and the amount of tax withholding if any. You will need this form to prepare your tax return.
Understand that you must report all gambling winnings to the IRS, not just those listed above. It just means that you don't have to fill out Form W2-G for other winnings. Income from table games, such as craps, roulette, blackjack and baccarat, do not require a WG-2, for example, regardless of the amount won. It's not clear why the IRS has differentiated it this way, but those are the rules. However, you still have to report the income from these games.
What is the Federal Gambling Tax Rate?
Standard federal tax withholding applies to winnings of $5,000 or more from:
- Wagering pools (this does not include poker tournaments).
- Lotteries.
- Sweepstakes.
- Other gambling transactions where the winnings are at least 300 times the amount wagered.
If you win above the threshold from these types of games, the casino automatically withholds 24 percent of your winnings for the IRS before it pays you. If you cannot provide a Social Security number, the casino will make a 'backup withholding.' A backup withholding is also applied at the rate of 24 percent, only now it includes all your gambling winnings from slot machines, keno, bingo, poker tournaments and more. This money gets passed directly to the IRS and credited against your final tax bill. Before December 31, 2017, the standard withholding rate was 25 percent and the backup rate was 28 percent.
The $5,000 threshold applies to net winnings, meaning you deduct the amount of your wager or buy-in. For example, if you won $5,500 on the poker tables but had to buy in to the game for $1,000, then you would not be subject to the minimum withholding threshold.
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It's important to understand that withholding is an entirely separate requirement from reporting the winning on Form WG-2. Just because your gambling winning is reported on Form WG-2 does not automatically require a withholding for federal income taxes.
Can You Deduct Gambling Losses?
If you itemize your deductions on Schedule A, then you can also deduct gambling losses but only up to the amount of the winnings shown on your tax return. So, if you won $5,000 on the blackjack table, you could only deduct $5,000 worth of losing bets, not the $6,000 you actually lost on gambling wagers during the tax year. And you cannot carry your losses from year to year.
The IRS recommends that you keep a gambling log or spreadsheet showing all your wins and losses. The log should contain the date of the gambling activity, type of activity, name and address of the casino, amount of winnings and losses, and the names of other people there with you as part of the wagering pool. Be sure to keep all tickets, receipts and statements if you're going to claim gambling losses as the IRS may call for evidence in support of your claim.
What About State Withholding Tax on Gambling Winnings?
There are good states for gamblers and bad states for gamblers. If you're going to 'lose the shirt off your back,' you might as well do it in a 'good' gambling state like Nevada, which has no state tax on gambling winnings. The 'bad' states tax your gambling winnings either as a flat percentage of the amount won or by ramping up the percentage owed depending on how much you won.
Each state has different rules. In Maryland, for example, you must report winnings between $500 and $5,000 within 60 days and pay state income taxes within that time frame; you report winnings under $500 on your annual state tax return and winnings over $5,000 are subject to withholding by the casino due to state taxes. Personal tax rates begin at 2 percent and increase to a maximum of 5.75 percent in 2018. In Iowa, there's an automatic 5 percent withholding for state income tax purposes whenever federal taxes are withheld.
State taxes are due in the state you won the income and different rules may apply to players from out of state. The casino should be clued in on the state's withholding laws. Speak to them if you're not clear why the payout is less than you expect.
How to Report Taxes on Casino Winnings
You should receive all of your W2-Gs by January 31 and you'll need these forms to complete your federal and state tax returns. Boxes 1, 4 and 15 are the most important as these show your taxable gambling winnings, federal income taxes withheld and state income taxes withheld, respectively.
You must report the amount specified in Box 1, as well as other gambling income not reported on a W2-G, on the 'other income' line of your IRS Form 1040. This form is being replaced with a simpler form for the 2019 tax season but the reporting requirement remains the same. If your winnings are subject to withholding, you should report the amount in the 'payment' section of your return.
- Choctaw Casino Durant
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WinStar World Casino and Resort COVID-19 UPDATES Out of an abundance of caution and to mitigate the spread of the coronavirus, or COVID-19, certain Chickasaw Nation events, classes, facilities, etc., will be postponed, canceled or closed. WinStar World Casino and Resort, Thackerville, OK. 448,338 likes 2,491 talking about this 1,191,676 were here. Oklahoma's Biggest Casino! I have recieved the W2g form with payouts or wins from a casino and if I had any taxes taken out. I use them when I fill out my taxes. The win/loss statement is gathered when you used your players card and shows an overall win or loss for the year.
More Articles
Do you like to gamble? If so, then you should know that the taxman beats the odds every time you do. The Internal Revenue Service and many states consider any money you win in the casino as taxable income. This applies to all types of casual gambling – from roulette and poker tournaments to slots, bingo and even fantasy football. In some cases, the casino will withhold a percentage of your winnings for taxes before it pays you at the rate of 24 percent.
Casino Winnings Are Not Tax-Free
Casino winnings count as gambling income and gambling income is always taxed at the federal level. That includes cash from slot machines, poker tournaments, baccarat, roulette, keno, bingo, raffles, lotteries and horse racing. If you win a non-cash prize like a car or a vacation, you pay taxes on the fair market value of the item you win.
By law, you must report all your winnings on your federal income tax return – and all means all. Whether you win five bucks on the slots or five million on the poker tables, you are technically required to report it. Job income plus gambling income plus other income equals the total income on your tax return. Subtract the deductions, and you'll pay taxes on the resulting figure at your standard income tax rate.
How Much You Win Matters
While you're required to report every last dollar of winnings, the casino will only get involved when your winnings hit certain thresholds for income reporting:
- $5,000 (reduced by the wager or buy-in) from a poker tournament, sweepstakes, jai alai, lotteries and wagering pools.
- $1,500 (reduced by the wager) in keno winnings.
- $1,200 (not reduced by the wager) from slot machines or bingo
- $600 (reduced by the wager at the casino's discretion) for all other types of winnings but only if the payout is at least 300 times your wager.
Win at or above these amounts, and the casino will send you IRS Form W2-G to report the full amount won and the amount of tax withholding if any. You will need this form to prepare your tax return.
Understand that you must report all gambling winnings to the IRS, not just those listed above. It just means that you don't have to fill out Form W2-G for other winnings. Income from table games, such as craps, roulette, blackjack and baccarat, do not require a WG-2, for example, regardless of the amount won. It's not clear why the IRS has differentiated it this way, but those are the rules. However, you still have to report the income from these games.
What is the Federal Gambling Tax Rate?
Standard federal tax withholding applies to winnings of $5,000 or more from:
- Wagering pools (this does not include poker tournaments).
- Lotteries.
- Sweepstakes.
- Other gambling transactions where the winnings are at least 300 times the amount wagered.
If you win above the threshold from these types of games, the casino automatically withholds 24 percent of your winnings for the IRS before it pays you. If you cannot provide a Social Security number, the casino will make a 'backup withholding.' A backup withholding is also applied at the rate of 24 percent, only now it includes all your gambling winnings from slot machines, keno, bingo, poker tournaments and more. This money gets passed directly to the IRS and credited against your final tax bill. Before December 31, 2017, the standard withholding rate was 25 percent and the backup rate was 28 percent.
The $5,000 threshold applies to net winnings, meaning you deduct the amount of your wager or buy-in. For example, if you won $5,500 on the poker tables but had to buy in to the game for $1,000, then you would not be subject to the minimum withholding threshold.
Choctaw Casino Durant
It's important to understand that withholding is an entirely separate requirement from reporting the winning on Form WG-2. Just because your gambling winning is reported on Form WG-2 does not automatically require a withholding for federal income taxes.
Can You Deduct Gambling Losses?
If you itemize your deductions on Schedule A, then you can also deduct gambling losses but only up to the amount of the winnings shown on your tax return. So, if you won $5,000 on the blackjack table, you could only deduct $5,000 worth of losing bets, not the $6,000 you actually lost on gambling wagers during the tax year. And you cannot carry your losses from year to year.
The IRS recommends that you keep a gambling log or spreadsheet showing all your wins and losses. The log should contain the date of the gambling activity, type of activity, name and address of the casino, amount of winnings and losses, and the names of other people there with you as part of the wagering pool. Be sure to keep all tickets, receipts and statements if you're going to claim gambling losses as the IRS may call for evidence in support of your claim.
What About State Withholding Tax on Gambling Winnings?
There are good states for gamblers and bad states for gamblers. If you're going to 'lose the shirt off your back,' you might as well do it in a 'good' gambling state like Nevada, which has no state tax on gambling winnings. The 'bad' states tax your gambling winnings either as a flat percentage of the amount won or by ramping up the percentage owed depending on how much you won.
Each state has different rules. In Maryland, for example, you must report winnings between $500 and $5,000 within 60 days and pay state income taxes within that time frame; you report winnings under $500 on your annual state tax return and winnings over $5,000 are subject to withholding by the casino due to state taxes. Personal tax rates begin at 2 percent and increase to a maximum of 5.75 percent in 2018. In Iowa, there's an automatic 5 percent withholding for state income tax purposes whenever federal taxes are withheld.
State taxes are due in the state you won the income and different rules may apply to players from out of state. The casino should be clued in on the state's withholding laws. Speak to them if you're not clear why the payout is less than you expect.
How to Report Taxes on Casino Winnings
You should receive all of your W2-Gs by January 31 and you'll need these forms to complete your federal and state tax returns. Boxes 1, 4 and 15 are the most important as these show your taxable gambling winnings, federal income taxes withheld and state income taxes withheld, respectively.
You must report the amount specified in Box 1, as well as other gambling income not reported on a W2-G, on the 'other income' line of your IRS Form 1040. This form is being replaced with a simpler form for the 2019 tax season but the reporting requirement remains the same. If your winnings are subject to withholding, you should report the amount in the 'payment' section of your return.
Different rules apply to professional gamblers who gamble full time to earn a livelihood. As a pro gambler, your winnings will be subject to self-employment tax after offsetting gambling losses and after other allowable expenses.
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| WinStar World Casino and Resort | |
|---|---|
| Address | 777 Casino Avenue, Thackerville, OK 73459 |
| Opening date | 2003 |
| Theme | Native American |
| No. of rooms | 1395 on main casino complex (395 in Resort Tower, 500 in Pool Tower North, 500 in Pool Tower South) 100 rooms in The Inn at Winstar (offsite property) Total: 1495 |
| Total gaming space | 370,000 sq ft (34,000 m2) |
| Notable restaurants | Panda Express, Toby Keith's I Love This Bar & Grill, 'Vinos' Italian Eatery', Palladium Sports Lounge,Gran Via Buffet, Kirby's Steakhouse & Mickey Mantle's, Red River Grill, El Fenix, NYC Burgers & Dogs, IHOP Express, Matador's Pizzeria,Khan's Fire Mongolian Grill, Chips 'N Ales, Terrace View Cafe, Capisce Ristorante Italiano, Le Paris Bakery and Cafe, 'Dairy Queen', 'Orange Julius'.[1] |
| Casino type | Land-based |
| Owner | The Chickasaw Nation |
| Previous names | WinStar World Casino and Resort |
| Renovated in | 2009–current |
| Coordinates | 33°45′28.74″N97°7′55.22″W / 33.7579833°N 97.1320056°WCoordinates: 33°45′28.74″N97°7′55.22″W / 33.7579833°N 97.1320056°W |
| Website | www.winstar.com |
WinStar World Casino and Resort is an American tribal casino and hotel located in Thackerville, Oklahoma, near the Oklahoma–Texas state line. It is owned and operated by the Chickasaw Nation. The casino opened as the WinStar Casinos in 2004, and was expanded (with a 395-room hotel tower) and renamed WinStar World Casino in 2009; its 370,000 square feet (34,000 m2) of casino floor made it the world's largest casino.[2] In August 2013, WinStar Resorts completed a major expansion project, which added a new 1000-room second hotel tower that was divided into two phases; this also added a new casino that is attached to the tower. As a result of the completion of this expansion, the casino overtook Foxwoods Resort Casino to become the largest casino in the United States and one of the largest in the world based on gaming floor space. WinStar has 8,500 electronic games, a 55-table poker room, 100 total table games, Racer's off-track betting,[3] high limit room, keno, and bingo.[4]
Location and history[edit]
WinStar World Casino and Resort is located about 120 miles south from the Oklahoma City metropolitan area and one hour north of the Dallas-Fort Worth metroplex and attracts many people from the North Texas region as well as Oklahoma residents. The casino's 3,500 seat Global Event Center has been home to some popular entertainment attractions including Jay Leno, Vince Gill, Adam Lambert, Weezer, Lil Wayne, ZZ Top, Maroon 5, Kid Rock, Tony Bennett, and Davy Jones, who gave his final concert at WinStar on February 19, 2012.[5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21]
The casino closed temporarily between March 16 to March 31, 2020 due to the 2019–20 coronavirus pandemic as announced by Chickasaw Nation Governor Bill Anoatubby.[22] The casino was closed throughout the remainder of April 2020.[23] The casino reopened on in May 2020, with restrictive guidelines.[24]
Design[edit]
WinStar was conceived by noted designer Larry E. Seitz whose work includes Sands Casinos, Trump Taj Mahal, Grand Casinos in Mississippi, Barona Casino, Buffalo Run, Chisholm Trail, Grand Princess, SS Norway, Casino Panama, Costa Rica Casino, Stellaris Casino Aruba, and the Paradise Island Casino among others. Additionally Hotels created for the brands Hilton, Hyatt, Sheraton, Marriott, Crown Plaza, Melina, Loews, Holiday, Ramada, InterContinental, and independents worldwide. Restaurants and Clubs have been produced internationally.Special effects, commissioned art, and sculptures were constructed and implemented by Dallas-based ValueWorks and produced by their suppliers in the U.S. and around the world.The exterior of the building was detailed by Lyndon Stromberg, who also worked on The Venetian and the MGM Grand in Las Vegas as well as the Atlantis Paradise Island Resort in the Bahamas and Planet Hollywood in New York City. The long façade exterior of WinStar World Casino features replicas of London's Parliament Building, Rome's Coliseum and the Arc de Triomphe from Paris.[25]
Hotel information[edit]
WinStar World Casino and Resort is home to the 12-story, 395-room WinStar World Casino Hotel that is adjacent to the gaming floor. On August 6, 2009, the 395-room hotel tower held a grand opening celebration that featured performances by American Idol winner Kelly Clarkson and American rock band Lynyrd Skynyrd. Meeting rooms that have varied capacities of 10-200 people, a resort-style pool with a custom-built waterfall grotto, the Spa Habitat, and the Cloverleaf Boutique gift shop also opened on this date. WinStar World Casino and Resort also offers a variety of restaurants, many of which are open until late night hours, including Toby Keith's I Love This Bar & Grill.[26] The second hotel tower, the Pool Tower North, opened in August 2013, while the third hotel tower, the Pool Tower South, opened in early 2014. Both towers have a capacity of 500 rooms each and are adjacent to each other. The Inn at WinStar has 101 rooms, and is accessed from the casino and the RV park by a 24-hour shuttle service. There are around 100 table games at the WinStar World Casino. Table games include blackjack, Mississippi stud, midi baccarat, poker, ultimate Texas hold'em etc. The 19000 sq ft poker room has 55 poker tables. There is a restaurant Red River Grill inside the poker room.[27]
Offsite areas[edit]
Winstar World Casino And Resort
WinStar Golf Club[edit]
The WinStar Golf Club features two 18-hole golf courses designed by former PGA Tour Pro, D.A. Weibring which holds golf tournaments each year. In addition, the WinStar Golf Academy, a 4,850-square-foot (451 m2) facility, offers private golf lessons.[28]
WinStar RV Park[edit]
Winstar World Casino W2g Players Club
WinStar RV park is a 200-space RV Park that is available to people visiting the casino. A shuttle service to the casino is available to guests in the RV Park.
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Bull riding[edit]
Winstar World Casino W2g Buffet
In 2011, the Professional Bull Riders brought their Built Ford Tough Seriesbull riding tour to the WinStar World Casino with an event at an outdoor arena constructed near the casino itself. The event was sponsored by WinStar World Casino and was held annually from 2011 to 2017 under the name 'WinStar World Casino Invitational'. The 2011 event was the first outdoor event on the BFTS since 2005.
References[edit]
- ^[1]Archived August 16, 2011, at the Wayback Machine
- ^Lassek, P.J., 'What were the odds?', Oklahoma Curiosities: Quirky Characters, Roadside Oddities & Other Offbeat Stuff, p 30
- ^'Casino City: WinStar World Casino'. Oklahoma.casinocity.com.
- ^'Eyes on Texas and Oklahoma: WinStar World Casino'. Durangotexas.com.
- ^'Davy Jones gives final interview to a Texoma radio personality'. Kxii.com. 2012-03-02. Retrieved 2013-11-23.
- ^'WinStar World Casino Global Event Center in Thackerville, OK Convention / Conference Center 73459 - Dallas Morning News'. Listings.dallasnews.com. Retrieved 2013-11-23.
- ^'The Official Site of the Chickasaw Nation | WinStar World Casino and Resort opens new hotel tower, other expansion projects'. Chickasaw.net. Retrieved 2013-11-23.
- ^'WinStar Global Event Center Oklahoma'. ChickasawCountry.com. Retrieved 2013-11-23.
- ^'Rainmaker Implements GuestREV Revenue Management System at Chickasaw Nation Properties in Oklahoma'. Letitrain.com. 2013-11-04. Retrieved 2013-11-23.
- ^'WinStar World Casino and Resort Opens new Hotel Tower, Other Expansion Projects - WFLA News Channel 8'. Wfla.com. Retrieved 2013-11-23.
- ^GENE TRIPLETT (2011-10-07). 'Weezer will play casino date in Thackerville'. News OK. Retrieved 2013-11-23.
- ^'Bellator MMA & WinStar World Casino Announce 2013 Event Partnership - Bellator MMA'. Bellator.com. Retrieved 2013-11-23.
- ^@MMAjunkie (2012-12-18). 'Bellator plans three events for Oklahoma's WinStar World Casino in 2013'. MMAjunkie. Retrieved 2013-11-23.
- ^'Area Attractions | Fort Worth Chamber | Chamber of Commerce'. Fort Worth Chamber. 2000-04-22. Retrieved 2013-11-23.
- ^'Oklahoma: Casino resorts prove good gamble'. Smallmarketmeetings.com. Retrieved 2013-11-23.
- ^'Casino resorts are on an expansion roll throughout the South'. Meetingsfocus.com. Retrieved 2013-11-23.
- ^'Academy of Country Music :: Nominees'. Acmcountry.com. Retrieved 2013-11-23.
- ^'World's Fifth Largest Casino, WinStar World, Opens New Hotel'. Prweb.com. 2009-08-06. Retrieved 2013-11-23.
- ^'WinStar World Casino and Resort : Entertainment'. Winstarworldcasino.com. Retrieved 2013-11-23.
- ^'WinStar Casino opens new hotel'. 500nations.com. 2009-08-06. Retrieved 2013-11-23.
- ^'Winstar World Opens New Hotel, and Remodels Gaming Plaza'. Prweb.com. 2009-09-03. Retrieved 2013-11-23.
- ^'WinStar, Choctaw Close Casinos to Prevent Spread of Coronavirus'. KXAS-TV. March 16, 2020.
- ^Butcher, K. (April 10, 2020). 'Chickasaw Nation casinos, offices to remain closed due to COVID-19 pandemic'. KFOR-TV.
- ^https://www.winstar.com/reopening/
- ^'Stromberg Architectural Project Profile: WinStar World Casino'. Strombergarchitectural.com.
- ^'TripAdvisor:WinStar World Casino Hotel, Thackerville'. Tripadvisor.com.
- ^'Some of the Biggest Casinos in America - Refund Management Services'. Refundmanagement.com. 1 March 2018. Retrieved 4 August 2018.
- ^'Facilities - Winstar Golf Club'. Winstar.rexacademies.com. Retrieved 2013-11-23.
External links[edit]
