Russia Changes Tax Laws for Casino Winnings, Caesars Sells Rio Casino

Russia has implemented changes to its tax laws affecting casino winnings. Previously, players had to pay 13% tax on their total winnings, but now buy-ins will be subtracted from the winnings before taxation. This change benefits players who participate in cash games, tournaments, and slot machines within Russian gambling zones.

All transactions related to chip purchases and exchanges in casinos will be reported to the Federal Tax Service (FNS), which will then send notifications to Russian players and ensure timely tax payments. The tax period is one year, with players required to pay income tax for the previous period by December 1. It is advisable for players to keep all casino receipts as proof of their buy-in expenses.

In other news, Caesars Entertainment has sold the Rio casino to the development company Imperial for $516 million. The sale allows Caesars to focus on recently renovated properties on the Strip, aiming to increase profits. Despite the sale, Caesars will continue to operate the WSOP at the Rio for at least the next two years, with preliminary agreements for a third year.