Venetian/Palazzo - tax refund check = free play!

[Eduardo]

Here is the fine print.
 
Must present coupon at Casino Cage when cashing personal IRS Federal tax refund check
Must be a registered hotel guest
Registration must be coded to this offer
Personal IRS Federal tax refund check must be payable to Club Grazie account holder
 
Non-negotiable. No cash value. Non-transferable. Must be 21 or older. Must be a registered hotel guest. Your reservation must be coded to this offer in order to redeem the non-suite components. The Venetian and The Palazzo must have the original code located on the attached coupons in order for you to redeem. The Venetian and the Palazzo management cannot supply an extra copy. To redeem, you must present your valid photo I.D., this coupon, and your personal IRS Federal tax refund check at The Venetian or The Palazzo Cage. Personal IRS Federal tax refund check must be payable to and signed by the Club Grazie account holder addressed in this offer only. Offer is not valid for direct deposit transactions or corporate refund checks. The Venetian orThe Palazzo Casino Cage will provide a coucher for you to take to Club Grazie to redeem Slot Credits or Table Match Play. The hours of operation for Club Grazie are Sunday through Thursday 8am to 1am. Friday and Saturday 8am to 2am. Maximum of $2,500 in Slot Credits or Table Match Play per person. If personal IRS Federal tax refund check is payable to two guests, both guests must be present when cashing and present valid ID. The Venetian and The Palazzo management reserve all rights.

[Eduardo]

That took a lot of typing. Okay, my only other question is would this be taxable on the spot (are these considered "cash value?"), immediately taxable if I cash out at the end for more than the low limit, or only taxed immediately only if I hit a single winner over a certain amount as during normal play?

[shadowman]

Lot's of different opinions on the tax consequences of freeplay. Most people I've talked to consider it as non-taxable. Something like a coupon or rebate from any other business.
While playing the credits it's like any other bet. Anything over $1200 on a single bet is taxable.

[Tedlark]

Eduardo thats a good question. If you immediately get issued any amount over $1,200.00 in slot credits do they also issue you a W2-G for that amount? I'm confused a bit as to the offer, does it give you a percentage of your federal tax refund in slot or table match play credits? I am also confused as to WHY you would have to sign the federal tax refund check? Are they actually cashing the check for you AND giving you the slot credits or table match play? Thanks, Ted.

[Eduardo]

Yes, they are cashing the check as well.
 
The amount of Slot Credits is based on the size of the check.
 
There is a chart, ranging from $25 in slot play for a refund check of less than $100 all the way up to $2500 for a large refund check. There are 10 tiers altogether. Anyone with a refund over $1,000 would get at least $400 in Slot Credits with this offer.
 
I try not to get a large refund check in general but this year my finances got out of whack. I guess it could turn out well for me... I never would have made this much on interest with the rates out there right now.

[Tedlark]

Eduardo if you are concerned with carrying that amount of cash around plus the slot credits can I make a suggestion to you? My dad was a fiend for the craps table and he would routinely win several thousand dollars at a time. If he won $5,000.00 then he would keep $2,000.00 in cash and get a casino check for the rest. He would then immediately mail himself the remaining $3,000.00 back in the check form to the house. When he got back from Las Vegas he would have several nice pieces of mail coming to him postmarked from Las Vegas. Just a thought, Ted.

[Eduardo]

I don't think they will give me a casino check when "cashing" another check. But I could be wrong.

[Tedlark]

  Then maybe think about keeping the cash in a "casino account" and have a line of credit. That way you are not walking around with alot of cash but it would be available for you in the casino. That way you can have the "High Roller" treatment baby, just like Tanya Roberts advertises on the radio.

[vidopoker]

Eduardo...

got the same offer for the refund. incidently, i am going to Vegas this Friday and using the FREE Venetian/Palazzo offer. I'm giving it to my aunt and uncle for 3 nights but I am keepin the $250 slot play and I'm using my free room at the Orleans (cheapos... only giving me $50 in slot play). Incidently, the offer I am using this weekend came separate (weeks prior) to the tax refund offer. The offer I am using offered $250 in slot play and up to 4 nights with dining credit and opposed to the tax offer that offered only $200 in slot credits.
 I haven't filed my return yet either but my offer for the tax credits expires on April 30, not at the end of May like yours, so I will not be using the offer. But hope you take advantage of it!
 
Ps, in terms of getting your refund... I believe if you e-file it has to be direct deposited within a certain time period (i think it's like 10 days... it's a pretty quick turn-around)
 
TED...
the free slot play credits at the Wynn are like you mentioned. You have to put your own money in to get the slot credits. Once the slot credits are gone, you can withdrawal the original amount you put in or you are playing on your dime. Had never seen that before (for free credits) until I used the Wynn credits on my last visit. Played $ slots, cashed out my winnings, and got the hell out of there! (of the $200 they gave me, i cashed out with roughly $120. not bad!)

[Tedlark]

I did the same thing as you last week at the Blue Chip Casino in Michigan City, IN. I had some free play and I played and used it all up, cashed out with a tidy little profit from the machine and left. Four Winds Casino in New Buffalo MI makes you put you own money in first before you are allowede to play the casino credits. Once you play out the hand the cost of the hand is refunded back to your machine credits and you play down the slot credit. At first it was kinda wierd watching the credit meter run back up even if I didn't win anything on the play.