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Casino Credit

Discussion in 'Casino Gaming' started by bronx12, Aug 22, 2014.

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  1. bronx12

    bronx12 Low-Roller

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    I have some questions about taking out a marker. I haven't done it before and I have been to Vegas probably 20+ times and figured this would be a safer way to have access to cash. I am looking to open a marker for 5k (I know not a crazy high amount, but enough for me). Instead of taking out a marker at a table for $500 or $1000, can I go to the casino cage and take out $1000 at a time?

    If I take out $1000 at the table, and finish up with $1500, do I have to pay off the marker at the table or can I pay it off later? I would like to gamble at a number of spots, but just have the marker out at Flamingo, and play at Ballys, Paris, etc...

    Thanks for any advice.
     
  2. Chuck2009x

    Chuck2009x VIP Whale

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    At most places, you will be able to sign a marker at the cage and get chips or a slot voucher (but not cash). Of course, you can convert the chips to cash later.

    If you cash in chips, you don't have to pay off the marker. It's generally considered better to pay off your markers before you leave town, but that's not usually even necessary either. After a certain amount of time (length depending on the casino), they will either submit a draft to your bank or mail you an invoice.

    If you take a marker at a table and you have a profit when you color up, if the marker is still at the table, the box may ask you if you want to pay it off. Your choice.
     
  3. Sydney10

    Sydney10 Tourist

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    You can go to the cage and get cash against your line.
    If I take a marker and can pay it off before I leave, I like to do so. I've also been told by my host that the casino doesn't like for a player to hold chips without paying off markers. I also know that CET views each property individually for credit. You can't have a $15k line at Paris but access the funds at Bally's and PH.

    Other threads have talked about taking markers and playing at other casinos. I personally don't think that a casino would let that continue for very long. They can see that you have taken $5k in marker, but only played $1k of it. You generally have 30 days to clear your markers, so in reality, if you aren't playing in the casino where you took the marker......it is basically free riding.
     
  4. mrem3200

    mrem3200 High-Roller

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    Not sure if this thread helps or not but lots of posts in it on the subject.

    http://www.vegasmessageboard.com/forums/showthread.php?110451-Playing-with-cash-vs-line-of-credit-markers
     
  5. mrem3200

    mrem3200 High-Roller

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    There is also a thread in the misc Vegas chat section on the topic. It died down a while ago so it is probably a few pages back but that may help too.
     
  6. CosmoGold

    CosmoGold Low-Roller

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  7. bronx12

    bronx12 Low-Roller

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    Thanks to everyone for the quick replies. I think I will try it out this trip.
     
  8. mrem3200

    mrem3200 High-Roller

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    Oh fuck me. I didn't realize you were a Yankees fan when I responded (Sox fan here). Never mind what I said in my posts, there is no information on here about the subject, nothing, nada, zip, zero. Nothing to see here just move along. :evillaugh. Seriously though, good luck. I opened my first line on my last trip a few weeks ago, although I didn't end up using it.
     
  9. bronx12

    bronx12 Low-Roller

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    Oh come on. Both teams aren't going to the playoffs this year. When you guys get Lester back next year you'll be in good shape.
     
  10. PayTriple

    PayTriple The Cucumber King

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    It's just as easy to apply for credit at Bally's and Paris as it is the Flamingo. You may get scrutiny if you are applying to more than 3 properties in one trip.
    I always try to pay off the marker ASAP, so if I am up very quickly, I will pay off my marker right at the table.
    It is great fun to pay off the marker, and to keep on playing with the winnings, and if I am lucky enough to win an amount that matched my original marker, to then give these chips to the dealer and say "I want to pay off my marker." They will look at me and say "But you already paid off your marker." To which I will feign shock and surprise and say "Oh, that's right, I did, didn't I?" with a shit-eating grin on my face.
    Of course, in this case, I could then cash out the winnings and just use cash the rest of the trip.

    The problem with using cash is that there are Federal reporting rules that the casino (and also banks) need to follow.
    1) Any cash transaction greater than $10,000 needs to be reported to the IRS. This includes TOTAL cash for the day, so if you buy-in for $5,000, and then get chips, and turns these back in to cash, and later buy in again for $5,000 that same day, they will likely ask you for your social security number.
    2) Any cash transaction greater than $3,000 needs to be reported to Homeland Security (or something similar), in order to track large cash transactions possibly going to terrorist activities (hey, I didn't make up these rules).
    So if you cash in $3,000 or less in chips, you should not be asked for ID, but if it is more than that, they MAY ask for ID, and certainly if more than $10,000 in chips, per any single transaction.

    But you can transact as much as you want in chips and markers, without triggering these mandatory reporting rules, as long as no cash is involved.

    For example, you take out a $100,000 marker and then later you pay that marker off in chips, then there is no reporting needed.
    However, if you pay it off with $90,000 in chips and $10,000 in cash, they may report this.
     
  11. PayTriple

    PayTriple The Cucumber King

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    My host at the Aria is a HUGE Yankees fan. Oh well, nobody's perfect.
    Boston Red Sox, REIGNING World Series Champion!
     
  12. Kickin

    Kickin Flea

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    Your first part is right but the second part about cash transactions greater than $3k isn't. In order to comply with reporting $10k of cash transactions within a day its up to casinos to maintain a Multiple Transactions Log (MTL) and the threshold of what size cash transaction they list in that log is up to them. Most of the bigger casinos apparently use $3,000 (which is also the amount suggested by FinCEN). But that's an internal log and only needed as a reference to check if you've transacted more than $10k for the day. Those transactions are not filed with FinCEN unless you hit the $10k threshold.

    The other thing is a Suspicious Activity Report (SAR) and "suspicious activity" comes down to the casino/cashier/pit boss/etc to decide and the threshold for that is at least $5,000 AND something suspicious which they have to describe in the filing. Here's the relevant law: http://www.law.cornell.edu/cfr/text/31/1021.320

    You are also not supposed to know if they are filing an SAR on you, they are not supposed to tell you.

    FinCEN has a whole section of their website devoted to casinos and their reporting requirements, forms, updates, FAQs, etc. http://www.fincen.gov/financial_institutions/casinos/
     
  13. RiddickBull

    RiddickBull VIP Whale

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    I cashed in for more than 10k many times in vegas while gambling. What happened? CTR baby. SS when the pit boss walks up to me with a notepad to write my SS. I always tell them I'm illegal and don't have one. We laugh then I give it to them.

    What happens when you cash out 10k+? SS and ID then they verify.

    Don't worry. I think people are more worried. I know some people who cash in and out lots more. They carry LV bags full of cash; I'm no where on their level. Don't be discouraged to use cash.
     
  14. Dr Nostron

    Dr Nostron Low-Roller

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    I have a friend who would know who says there are warehouses full of ctr's that nobody is looking at - if you aren't doing anything wrong use cash and don't worry about it
     
  15. spicole

    spicole Low-Roller

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    I have yet to see anyone logically explain why any of the reporting rules are actually a problem. People act like a CTR is something to be avoided like the plague because they mistakenly think it will have some impact on their taxes.
     
  16. makikiboy

    makikiboy VIP Whale

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    I think it all depends on the company (Mlife, CET, Boyd, etc.) and where you take out your marker. If you take out $5k but only play $1k at that casino it is possible that they may not raise your credit limit if you ask for a raise but at least you have the $5k LOC limit. Not sure if they could take away your LOC but many casinos do run checks annually or every 2 years (to make sure that your credit is good) so it is possible that your limit might be lowered or cancelled. I don't know any players whose LOC limits were reduced unless that person had financial problems. You can only take out the marker at the casino you got the LOC from, you would need to apply for a marker if you want one from another casino, even if they belong to the same corporation.

    I have 3 different LOC's at the 3 downtown boyd properties. I take out cash (not chips) at the cage when I ask for a marker. And usually I take out for most of my expenses (gambling, eating, etc.) while in Vegas. Never had a problem not gambling the amount of my markers at the casino I took my maker out from.
     
  17. bronx12

    bronx12 Low-Roller

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    How long did it take for you to get approved for casino credit? Going on a week now with no response.
     
  18. PayTriple

    PayTriple The Cucumber King

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    Casino credit approval should only takes a couple of days.
    I would call the casino credit department to find out what is going on.
     
  19. mrem3200

    mrem3200 High-Roller

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    I applied a few months ago on line. After a few days I didn't hear back, someone here gave me the e-mail address to use to contact Paris to check the status. I emailed them that night and was approved the next day.
     
  20. Jordan

    Jordan Caveman

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    Is the approval process for Canadian's, any different?
     
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