Upfront money questions?

I was reading another thread about playing with cash vs a loc. it got me thinking about how I manage my Vegas bankroll. I usually take 7-8 k cash for a 3 day trip. Can I give the cage some of my money say maybe 5k and then take markers out for whatever I want when I want to play. I'm staying at MGM so would you be able to take get your money at Monte Carlo for example? Is this even something they do. Don't really want to set up a line of credit would rather just give them money upfront and cash out whatever I have left or am up. Maybe 5 k would be a laughable amount to the casinos to do this.

Let me know if anyone has done this or if there is anything I should know before making myself look like a moron for asking.

 

Within mlife properties they allow transfer of front money deposits.
I deposited front cash at Mirage, Went to bellagio asked them to transfer a portion.
That time it took them 45min, they have fax your paperwork from Mirage to bellagio.
It may take anywhere from 10mins-1hr depending on if they are busy.
It's a pain.
Doesn't matter if you a low or High Roller same process.
Just that the high rollers typically would wire money into every casino they plan to play at ahead of time.

 

I use combo of casino credit and "cash" (in the form of a wire in advance). I also deposit any chips at the cage after a session. Therefore, I always pull a marker at the table when I sit down even when I am playing with my own money and not accessing the credit line. So yes, you can just deposit the money at the cage when you get there and pull it at the tables.

BUT, only at MGM. You will not have access to it at other MGM properties.

EDIT:

Haute_Shot's reply showed up after I posted mine. I didn't know it was even possible - but it sounds like a pain.

 

I don't think I would want to wait 45 min for my own money so only being able to play at mgm is something I will have to consider. I was just thinking that. Could carry a couple grand with me for slots and then take out a marker for 500-1000 at the table when I wanted to play. Also my wonderful significant other will be with me this trip and she doesn't have to know exactly how much money I have with me exactly. Because if she did she would want to add to her already extensive and expensive purse collection. But that's for a whole other thread.

 

I think you had a very good question. It's like putting your money in an account for safe keeping so you don't have to lug it around worrying about being pick-pocketed. Even an LOC requires you to apply to each casino, and you have to pay it back to each of the casinos you have an LOC. I have an LOC at Caesars, Paris, and PH. And I don't think 5k is an insignificant amount for them. Many people start off with a 5k LOC. But it probably is the minimum. I don't really know.

 

Each hotel in a chain has its own corporate entity, that's why you have to set up separate lines of credit at each.

You can only take a marker against a line of credit.

I don't know if an MGM property would take a cash deposit of a relatively small amount (for them) of $5,000 for you to use while you were staying there. My guess is yes, because they will take $5,000 wires (although with a wire, they know exactly where the money came from). But you still couldn't take markers against it. I think you would have to go to a cage and get chips and sign a receipt each time, and you couldn't draw on it at any other property.

 

This is incorrect.

I wire front money all the time, then take markers at the table. I do not know if there is a minimum, but you can deposit cash at the cage as front money.

 

If you use front money at the table can you pay it back at the table or deposit winnings at the table after a winning session thus increasing your front money account or does this need to be done at the cage?

 

They generally keep the markers in the pit for several hours. So long as they still have your marker in the pit, you can pay it off right there and then. You cannot deposit money above and beyond paying off the marker at the table - you have to go to the cage for that.

 

If you are using front money to play, then why would you have to pay off the markers. Are you not playing with your own money and then when it's gone it's gone and you can't take out any more?

 

Thanks for the responses, I was thinking if I pay back the front money marker after a win the $ would be there for later use decreasing the chance having the account go empty. Yes I'm playing with my own money just looking to make it last longer.

 

it takes 45 mins to 1 hour to transfer and verify the funds Just got to the cage first. and have them transfer it and then you should be set to get a marker at the table.

it usually takes that long the first time. It is for your protection so they can verify it is you and your money.

i deposit at Aria and can access it at any MGM property.


If you deposited at Caesar's or any other CET you can access it at another CET. just need to go to the Cage first so they can verify you and your signature.

 

Always a good idea to pay back markers that are still in the pit if you have a winning session. You are exactly correct that it goes back in your "account". I know it is confusing to some, but "marker" is the correct term to use regardless of whether you are pulling from a line of credit or from front money.

 

deleted duplicate post.

 

I think the poster was asking about adding on to their front money or keeping their front money current to what they had available. You are correct about not paying back front money as it is yours.

But becareful, I have read in a few threads that they only take out a portion or certain percentage of it. With LOC, you can take the whole balance out if you would like (besides Cosmo apparently).

 

That's great info to me JD as I only use LOC's and cash brought with me. Didn't know I could deposit extra winnings with the cage so I would always take cash or check.

How does depositing extra chips work instead of cashing out? Do they give you a slip like when paying off a marker? If so, what happens if you lose the deposit slip? Can they verify the deposit with your player card number?

 

Cosmo only let's you use part of your front money?-sounds like a bad business practice.

 

That is what some posters said. I believe UK had a problem with his LOC and PPhold had a problem with front money his last trip.

They only let you use part until you need to get another marker.

 

This is a good question - thanks for posting it and thanks to the folks on the thread for the good replies. Haute_Shot's reply in particular was very informative.

I just wanted to add that you should not necessarily dismiss setting up a line of credit. It's easy to do, and I love the convenience of having that available at the casino where you are staying. My budget is typically very similar to yours i.e. $5-8k per trip. The application form may list the minimum (typically $2,500?), but I usually set it up for $5,000. MGM properties use an online form, and it will literally take you less tha10 minutes to fill it out and hit submit. You will need to show up at the cage when you arrive to sign a couple of forms to activate it. It will be just as easy (possibly easier?) than depositing your front money. I personally think the LoC is the way to go.

Regardless of the front money or LoC, the absolute minimum marker I would consider taking out at the tables is $500.

 

I've never done LOC just front money.

When applying for line of credit, What's the ratio of liquidity that want to see in your account?

If I requested 10k in LOC , how much do they want to see in my account, 20k?

2to1 ratio?