The debt-burdened US casino industry now stands to benefit from substantial tax concessions on debt buyback that have been included in President Obama’s economic stimulus bill. The $787bn recovery plan, the largest in US history, is due to be signed into law today.
Companies looking to buy back their debt will receive tax relief in the economic stimulus plan that was approved by both Congress and the Senate on Friday.
The American Gaming Association, alongside other business groups, pushed hard to include a debt-buyback provision in the stimulus bill that would grant a substantial tax break on gains from debt repurchase for companies like MGM and Wynn which are looking to buy back their outstanding bonds.
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