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Bruno Mars Allegedly Has $50 Million Gambling Debt With MGM Casino

Cpvr

Cpvr

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Bruno Mars has apparently ran up a huge debt at Mgm casinos for the amount of $50 million. Most of these debts have happened at the poker table. Bruno mars also has a deal with Mgm casinos where he makes $90 million a year, but then again, he’s not making that much if he’s running up he’s debt like this at the tables. He also makes $1.5 million per night after taxes are taking out.

Source: complex magazine

What do you guys think about Bruno Mars’ huge gambling debt? Do you think he has a gambling problem?
 
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How does one become in debt to the casino. Does that mean the Casino loaned him money because he's a singer?
 
Bawse said:
How does one become in debt to the casino. Does that mean the Casino loaned him money because he's a singer?
Click to expand...
It’s possible that they loaned him for some type of publicity since he always went there. Some companies like to do that. Especially in hopes that he could bring in more people to their casino.
 
To me, it first sounded like he had a gambling problem and couldn't control himself. Then, you add this portion to the story...
Cpvr said:
Bruno mars also has a deal with Mgm casinos where he makes $90 million a year, but then again
Click to expand...
And then it might tell a whole different story when you understand how this could work from a tax standpoint.

Bruno gets paid $90, loses $50, and counts it as a business expense.

Casino pays $90, gains $50, and writes $40 off as a business expense, only truly paying out $10. Perhaps, they wine-and-dine a high-roller, which isn't all too uncommon, $10 so they're net 0 on an entertainment deal.

Neither gained or lost any real cash, but on paper, it looks like Bruno can only be taxed on $40 million and carry forward the losses forever. The Casino can write off $50 million against any real losses they have, keeping $50 million in extra profit, and write the $90 million off as a business expense. So, they walk with $50 million in profit while paying Bruno $90 million.

The house always wins. Even against the IRS.
 
This is not true because MGM already made a statement that Bruno doesn't have a debt with MGM whatsoever.
 
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