two good stories

[ko king]

while on my recent AC trip, heard a couple of stories you might enjoy. both stories came from regulars and one was taped, so i trust the validity.
 
first, one couple talked about a friend of theirs who had won a car in a casino drawing. must have been a nice car because the cash offering was $35k. he took the the cash. by the time time he left the casino, he had lost it all. do not know if he had at least had the taxes withheld. ouch!
 
other story and i heard this directly from the victim. three weeks ago, this 53 single male makes one of his regular trips to AC, he goes a lot. when he gets to the casino (i forgot to ask which one, but sure it was a CET) he goes to the bar. he is a very friendly guy and starts up a conversation with someone. soon, a couple of good looking gals come by and ask if he wants to buy them a drink. of course, he says. you know what is coming. while one has her arm around him, the other empties his front pocket and the $3k he brought with him.  
 
by the time he notices, they had left to go to the bathroom, really they escaped. he notifies security, they find it on tape. they banned the girl who distracted him, have not found the thief yet.

                                                                                                                                                      
 
Yeah we've got s guy in town who used to go to the casinos with his wife at least twice a week. Now hje wasn't much of a playrt buy kis wife played $5 & $10 denomination slots all the time. He used to vbag about all the money they were winning, he eas proud to show off all the pictures of $10k-$50 jackpots. I ask him how much they took to the casino and he said they each took $500 each, if that they lost it they woul come home, ge also added that rarely happend. H eused to rave about all the money they were making, I knew beter, I din't doubt they may have finisged out a few years agead but he claimed they win big money every year. When they cut back on slot machine payback percentages, the truth finally came out after a  couple years. He started telling the real truth that they did indeed carry more than $500 each and that the jackpots they hit were almost always fed back onto the machines. They finaaly quit after his wife had hit for $60K as soon as they got there, he watched her play a little more and told her he tired and ready to go to the room but she said she wanted to play longer. Ge said he woke up at 5 A.M. and she wasn't in the room yet so he got dressed and found her playing away still, turbs out she had lost all of the $60K jackpot. Since she handled all their finances it took him a while to figure out she had set up a considerable credit line and had actuuly lost aaa biggest part of their retirement.

[alpax]

Very interesting read. Thanks for sharing the stories with all of us.

For the first story of the guy who won the car, it will be under the 1099 taxes and not the W2G. I know this because there is a local casino to me that gives away a luxury car every week. The person cannot write off the losses as it counts as pure income, and the loss will act like the person spent that money on their own will.

For the second story, the first impression I would get is that the ladies would be hookers more so than pick pocket. I'll use my head instead and not buy into their act. I always carry my bankroll in my back pant pocket and buttoned up (not in the wallet) so that if I am sitting down I would have to stand up and get it out.

[notes1]

For the first story of the guy who won the car, it will be under the 1099 taxes and not the W2G. I know this because there is a local casino to me that gives away a luxury car every week. The person cannot write off the losses as it counts as pure income, and the loss will act like the person spent that money on their own will.


 that is really interesting info. so i understand, if the person had won a jackpot of $35k and then lost it, then it would basically be a wash out on taxes? but, as a cash alternative to car, the loss from gambling, could only be deducted from other casino wins?

[FloridaPhil]

[quote=notes1]by the time time he left the casino, he had lost it all[/quote]That's ridiculous...  It would have took me a year to lose $35K! 

[olds442jetaway]

And it took me a year last year to lose 50. And it comes out almost perfectly with the math. 2,000,000 or so wagered x the no Royal penalty of 1.8% or so equals 36k. Add the other play at less than 99% games, some mistakes here and there, and some foolish play at 5 or 10 bucks a hand with nothing hitting, the usual one percent loss you would have had anyway, and you have the other 14k which adds up to the 50 give or take a few bucks.

[DaBurglar]

I feel just awful for the poor fellows who suffered such injustice!    I really think they deserve our help, so I am setting up a "go fund me" website devoted to helping these two gentlemen who were victims of misfortune, as well as devoting a facebook page to them!I think the poor fella who was victimized by the two hookers was a kind, friendly, trusting soul who had every right to expect his money would remain inside his front pants pockets when he interacted with the 2 hookers!   It's just awful And the poor guy who lost 35 K obviously was let down by the Casino he was in, who are SUPPOSED to be looking out for players like him who have trouble making and setting limits!   Clearly the guy has a self control problem but that is NOT entirely his fault and it is up to the casino to have his well being at heart.....afterall, is it not Gary Loveman himself who states so emphatically and sincerely that they want us to "have a good time" but if you have difficulty setting or keeping limits, you need to ask for help and call the number at the bottom of your TV screen......but what if you cannot remember the number, as this guy who lost 35K obviously could not remember???  It is the CASINOS job to help him, by first, NOT taking his action and cutting him off after he has lost a large portion of the 35K (but not the ENTIRE, WHOLE portion or amount!!)   That's just BS and wrong, and the casino that TOOK his money should be punished.....I hope the commissioner of the league Roger G...oode.....er, I mean CASINO CONTROL COMMISION really NAILS them, I mean really whallops them where it hurts!And as far as punishing the two girls, I think they should be hunted down and prosecuted.....interagency task force, with FBI, Local PD, State PD and Department of Health and Human Services (to hand out free condoms and in case the girls have the clap or cooties, etc etc)  should all be called in, and when they find these two girls (and they WILL FIND THEM), they should both be punished and rehabbed so as to avoid and chance of this ever happening to anyone, anywhere again!  Make this a referendum on ALL HOOKER/Innocent victim crime in every casino, EVERYWHERE!    After the two girls pay the man back, they should be placed under house arrest, and forced to sit and listen to the moralizing of our very own PASSIONATELY Dispassionate resident paragon of moral outrage, and dispenser of COLD, Hard Reality with NO compassion, no leniency and NO sympathy whatsoever....our very own Tedlark!!Who's with me?!!

[notes1]

on one post, you declare your disdain for government intrusion into your money/finance, and on another post you fault the casino for not regulating the actions of a player, who lost his OWN money. you can't have it both ways, either one is for personal resonsibility and less regulation into your life or you want 'big brother', in one form or another protecting you. i could see a court case where a player looses money, is told they can no longer play and sues, because the casino denied them to opportunity to win it back.

[alpax]

[QUOTE=alpax]
For the first story of the guy who won the car, it will be under the 1099 taxes and not the W2G. I know this because there is a local casino to me that gives away a luxury car every week. The person cannot write off the losses as it counts as pure income, and the loss will act like the person spent that money on their own will.


 that is really interesting info. so i understand, if the person had won a jackpot of $35k and then lost it, then it would basically be a wash out on taxes? but, as a cash alternative to car, the loss from gambling, could only be deducted from other casino wins?[/QUOTE]

The main difference between W2G and 1099 taxes, one counts as a wager based and the other counts as income based on a contest where no-wager was placed, there is a special section on the 1099 that has more details about it contestants in game shows like Jeopardy and Wheel of Fortune are handed these taxes. The gaming one played indirectly generates entries for the drawing.

There are regulars (who play every week) at a local casino who have been drawn to win the luxury car at one point in the past 4 years. They talked about the full details of it, some have already lost the entire value of the car. If the winner were to accept the car, they would have to pay the tax of the car. Most people cannot easily pay that tax so the casino gets away with offering less as a cash prize.

They did say to set aside some of those winnings to settle the taxes as the person will be on the hook no matter what.

If the person paid for a raffle ticket directly it would be W2G. These non-profit charities get away with the taxes with raffles by using the 1099 since the person is putting down money for a charitable cause in exchange for a raffle ticket.

[DaBurglar]

on one post, you declare your disdain for government intrusion into your money/finance, and on another post you fault the casino for not regulating the actions of a player, who lost his OWN money. you can't have it both ways, either one is for personal resonsibility and less regulation into your life or you want 'big brother', in one form or another protecting you. i could see a court case where a player looses money, is told they can no longer play and sues, because the casino denied them to opportunity to win it back.Ahhhh  eee-yeah.......You do realize my previous, long winded post was essentially SATIRE and intentional Hyperbole, right?    RIGHT!?!??! I was merely overdoing it with my absurd "Sympathy" for the two "victims" you originally talked about, mainly because I was seeing the usual TOTAL LACK of any empathy/sympathy from the usual suspects on this forum!     You know the ones here who apparently live in a world where NO ONE is ever the victim of something he or she DID NOT ASK FOR or bring upon themselves, where only "bad" things happen to "bad" people, and a world where all a person has to do is pull themselves up by the bootstraps and everything will work out fine for them (and no one needs help....ever.)

[notes1]

alpax. thanks for tax info.