Professional Services for the Gaming Industry
Our team of knowledgeable advisors offer our gaming clients a variety of professional services to help them stay compliant and grow their operation. Whether you’re running a commercial or tribal casino, you’ll benefit from our extensive gaming expertise and specialty services tailored for your operation.
Casino Internal Audit Outsourcing
The right professional guidance can lead to more than just basic compliance in the gaming industry—it saves you time and gives you peace of mind. Among the many regulations required to be a gaming entity is the need (and requirement) for an internal audit.
This means you must have an internal auditor who is independent of the department being audited oversee a review of your internal controls. This person can be tricky to find. Not only is their independence essential, but so is their education and the credentials needed.
While this process can be performed by an internal employee, there is great benefit in outsourcing your internal audit requirements to a properly licensed CPA firm. Outsourcing your internal audit provides a cost-effective way to ensure you're in compliance, all while being aided by professionals who understand the requirements, have the education necessary and maintain their independence from your casino and its daily functions.
With an Eide Bailly professional, you can have confidence your gaming entity is in compliance. But more than that, you can tap into the wealth of casino-related knowledge and insight our professionals provide.
Tax Planning & Return Preparation for the Gaming Industry
Strategic tax planning for your gaming operation can help lessen your burden, as well as create more overall savings. Your individual and business net incomes are directly impacted by how you properly manage and plan for tax savings. As your business grows across state or international borders, reporting issues demand more of your attention.
Some questions we commonly help answer for our clients:
- How can I best manage the complexity of my individual and/or business tax situation?
- What is the appropriate entity type for my business?
- How can I pay less in taxes?
- Am I in tax compliance?
- Am I taking advantage of available credits and deductions?
Understanding the tax implications of entity selection and organization structure, strategies for deferring income or accelerating deductions for tax reporting purposes, and the management of nexus and state reporting requirements can help save you time and money.
We provide you with timely and accurate planning and return preparation of federal and state tax returns. More importantly, we provide strategies and opportunities to minimize your federal and state tax burdens. Our goal is to help you minimize your tax liability. Our professional advisors are active in the development and review of tax legislation and work with you through industry groups to advocate for your needs.
Title 31 Anti-Money Laundering
Running a casino also means keeping up with compliance on a lot of regulations, including Title 31 – Anti-Money Laundering. Developed by the Bank Secrecy Act, Title 31 requires all casinos with gross annual gaming revenue of $1 million or more draft and implement a written program and procedures to ensure compliance with the regulation. It’s imperative that you put the right measures in place to remain compliant with Title 31.
To ensure that your casino is protected from fraudulent activities like money laundering and illegal financial transactions, your program must include:
- Daily financial reporting and recordkeeping
- An internal control system
- Continuous employee training
- Reporting of suspicious currency transactions
- An annual independent audit of your compliance procedures
Title 31 is more than just a requirement, it's also protection for your gaming organization. At Eide Bailly, our gaming professionals can help ensure you have peace of mind with Title 31. From performing your independent audit to ensuring your program complies with regulations, we have you covered and better protected from money laundering and illegal financial transactions. That way, you can focus on growing your gaming operation.
The gaming industry tends to be very fast-paced and highly competitive. In addition, your tribal casino certainly faces ongoing pressures every day that are unique. To operate effectively, your focus should remain on doing what matters most: serving your patrons and supporting your tribe.
The stress from tribal gaming operations can be substantial, but can be lessened by having the right team of advisors on your side. Having up-to-date financials from your casino will lead to making better informed business decisions which will positively affect your casino, as well as your tribe.
You will be able to better stay on top of ever-changing industry trends with the guidance of a trusted professional advisor. You will also benefit from our fraud and forensics advisory support, which remains a constant threat to tribal gaming operations.
Our professionals bring in-depth knowledge and experience in the gaming industry. Your success is our success—we strive to help your tribal casino succeed through sound financial and business data.
We Can Help
Let’s start a conversation to see how our knowledgeable and experienced gaming industry advisors can help you remain compliant and continue to grow your gaming operation.