Casino Credit

So... My worst nightmare has happened... I arrived in vegas and somehow during my packing/purse-change prosses I managed to leave ALL of my debit cards and credit cards at home .. Yes I know! Feel my pain! Typically my money management process is to do daily ATM withdrawls and if i spend it, i'm done for the day, and if I'm up, it goes in the safe it the room.
My bank won't send me a card at the hotel (what year is this, people?!) So I'm contemplating casino credit at the wynn... I've never done this before and need my VMB'rs to coach me. This could be a very smart move, or a very poor one.
What has your experience been with casino credit?

 

I say...do as your name!

 

Earlier today I would have gotten a friend to OVERNIGHT some cards to me.

 

Oh, of course, that is In progress!

 

Your bank doesn't have a branch in Vegas? (Wells/Bofa/Chase/etc)

 

No, its a brokerage account with a checking feature.. No branches.

 

I like a LOC. Plus, I'm travelling cross border and I don't want to have to declare that I have more than 10k. Setting up a line is easy. There are very few questions on the app. I'm not sure how fast a line could be set up.

 

My experience with casino credit has been good. Easy to set up with only an application and phone call from the casino to verify the monthly average balance, opening date, signature card at the casino cage, etc. As long as you have some self control and don't gamble with this month's rent money, you should be okay. Hope your luck gets better on the rest of the trip.

 

Beware, casino credit at the Wynn has a $5,000 minimum. I have a line there and at the $5,000 level they deposit the checks within 10 days.

 

Ahha, I'm wayyyy too impoverished to have one of those.

 

i dont think you can set up a line that quick.......please let us know i have some at differnt casinos . i think the requirement is that you have to do it outside of nevada????

 

There is no requirement that you have to do it outside of Nevada. The process is pretty straight forward. If you have good credit and keep a balance it should be no problem getting setup.

 

The guy at the cage was very friendly and helpful, and they could do it same day except for the fact that they have to verify bank info and it was after normal banking hours. They said they would tell me by 10am today, so yes, it does seem pretty quick and easy.
Just curious about others experiences, like :
- I know a lot of people use credit in their home casino, is there any benefit to that in terms of players club? Do hosts consider this at all when reviewing your account?
- it seems they are willing to give you more than you need (for obvious reasons), does this change how you play, i.e. willing to play more aggressicely or conservatively?

 

I don't really think it's a factor with hosts. You could have a huge credit line, but if you never put it in play, your host won't care.
There is no benefit with a players club.
I don't think I play any differently with a LOC. For me, it's a convenience.

 

Same thing happened to me, but the difference was my bank wired me the money to the casino. Took less than an hour, but a $5 fee I think it was. lol.

 

doesn't your bank let you go online and initiate a wire?

you could have done a wire to the casino before 1pm yesterday and it would have posted that afternoon.

money problems solved.

 

"Credit" is really a misnomer. What you are actually applying for is check casing privileges.

The marker you sign is actually a negotiable check and, after some period of time, the casino can present it to your bank for payment if you don't redeem it with either cash or a counterbalancing check before you leave.
When you apply for "credit," the casino will contact your bank concerning your checking account balances and activity. They will not run a credit check on you or check your credit score. They are only concerned with your checking account.

It is my understanding that, years ago, the markers were actual credit instruments and that you would incur a debt with the casino when you signed one at the tables. However, in a number of cases where customers refused to pay, Nevada courts have consistently held that gambling debts are uncollectable, thus the switch to the cash instruments that you use today. Rather than incur a debt with the casino, you are signing what amounts to a counter check.

You know what they say: "In times of trouble, Cash is King."

 

Agree with shifter. Just wire transfer some funds to the cage. You can do that with a brokerage account and it will be faster. Or, if you are waiting for the cards to arrive overnight, just do things at your hotel and charge it all to the room. The only thing you can't do is gamble and you can simply wait until the overnighted cards arrive to do that

 

Would you be able to room charge without providing a credit card at check in???

 

I'm pretty sure the casinos will expedite things if you apply in person, have the account info, and can authorize your bank to release the info. Only reason I can think of for restricting it to outside of NV is to "help" problem gamblers or to protect themselves from a claim that they "forced" a guest to open a line. In the old casino days, I bet people got markers authorized on solely on the basis of reputation or throwing the keys to the Caddy on the felt.