Line of Credit

I've never used markers before, but a friend encouraged me to to set one up for our trip next week. They approved my line at the mlife casino at which we are staying. Anything I should know about using them? My understanding is that you present your card and sign for chips. If I win, I can buy my marker back at the table. If I end up a loser for the week (a very likely scenario), they will draft the amount from my bank account. Anything else that I need to consider?

Matt

 

I have had markers at MGM, Bellagio and Caesars. At 56 years old,I no longer do it It is a slippery slope. It is a loan based on your credit score. You are using your money to bet on very low advantage. You do not have anything to show for the loan but debt. I think it is a 30 day loan.

 

Isn't it basically a no interest loan to be payed back within 30 days. Hypothetically, if I was going to bring a fair amount of money, but didn't want to carry cash, wouldn't it just be a convenience? I can see how it could get out of control though. It seems too easy to sign your name and receive chips.

 

Most people write a check at the end of their stay to settle up if they owe but not required. Your host can increase your amount of credit if you run out by issuing a "tto". (This trip only). Your line is only good at the casino you applied for. Now that you have a line setup other mlife casinos will generally setup a line for you also. This usually only takes about 30 minutes to an hour. Be careful as this essentially doubles your credit. At the end of each playing session you may request to buy back your markers at the table. It is frowned upon to take a marker and not play with it. They understand a small amount for petty cash but significant amounts aren't appreciated.

 

Do they frown on you choosing not to use your markers? Plan on bringing some money and only using the markers if I deplete what's in my pocket.

 

No. But if you don't use your line for an extended period of time, it may be deactivated

 

My understanding/experience with markers (I have marker privileges throughout LV, at mLife and CET casinos, V/P and Wynn, and several casinos downtown)

1) With mLife, wherever you take your marker out, you're expected to play that cash there. CET doesn't care, as long as you use it in a CET casino.
Corrected: 2)You CAN buy your marker back at the table.I have corrected this.
3)The amount of days they wait varies from casino to casino. mLife typically (everytime I've taken out a marker) sends you a courtesy notice about 15 days after your trip ends
4)If you don't show play equal to the amount of the marker, they MAY (and are completely entitled to do so), deposit your markers shortly afterwards (1-2 days)

 

Matt, One Casino Host me some useful advice a few years ago. I believe that he was being upfront with me, as I've stayed at their Casino for 20+ years annually. He advised that those who take Casino Credit are going to lose. The House Advantage and negative expectation gaming can only mean losses for the player in the longer term, but of course we all know this. He suggested that I only play with the money I bring to the holiday/convention. The facts that the cashpoint (ATM) withdrawals are limited for your cards also puts protection on your own money. I'm sure all of us have been there...tapped out...card maxed out for the 24 hour period, and you're in limbo. You can't do anything and you feel helpless. It simply means that you've done your money. If you had Casino Credit set up, and other casinos within the MLIFE properties extended it, then you are extending potential losses well beyond what you brought to Vegas.

Again, our intentions may be that we will be in total control of our credit line. Well, if that were the case, then you would have left the table before you lose your entire bankroll on it. That's the point....control is everything at the table. Credit Lines may seem convenient, but they are not. Transferring money in advance to the Hotel Casino cage (like I do) is convenient. I can also draw on that cash in MGM casinos on the strip. But...its MY cash. I brought it. So, what I know is my cut off limit of losses (and that includes factoring in the possibility of drawing down cash on an ATM every 24 hours). A Casino credit line can burn below that because it's available.

Now, it may be that you come to Vegas with nothing, and you expect to only use your credit line to play with. I know some players that do this because they simply don't want to touch their accounts and carry money around, and want a free loan. Well.....hmmm.....It's like that free beer at the craps table. The fact that you are risking $$$ per roll should qualify the 'freebies' on offer. The 'free room' isn't actually free either. You have to create your Theo to achieve comps. You have to risk money...lots of it. It's not free.

It's the old adage....play with what you bring with you. Lose only that which you have budgeted to lose, and have an unlimited winning expectation. For convenience, you can deposit money in advance to the casino cage which your host can help you with. This also helps when sending money back to your account when you win on your trip. Unless you like carry wads of hard currency.

Good luck in your next trip !!! Bring your cash and take a load back !!!

 

Thank you for the thoughtful reply. Reading through these replies makes me just want to bring cash and not use the line. I also will have my wife with me. She keeps me in check.

 

fyi: you can deposit cash at the cage as front money and draw off it with a marker at a table if need be. i do it
every trip.

 

I have marker lines, and I like them. I think, but don't know for sure, my table game play is tracked more accurately due to this. I either pay them off before I leave, or call them a day or two after I get home, find out what I owe, and mail them a check.

As a general rule, they don't want this money used at a sports book. I don't think poker room either, but not sure about that as I don't play poker. It's not really intended for walking around money either, but I don't bring cash with me, and I use my marker lines this way all the time. I think they know this, but I have a history of paying them back, I don't take advantage of the casino, and have never had an issue. Various casinos share marker history with a central reporting bureau in LV.

Wynn pulls credit. Most don't. It has to do with your checking account history, and average monthly balances over a period of time. Essentially when you sign a marker, you're signing a check that can be presented to your bank. So very, very little to do with your credit score. It isn't really a loan, it is more like check cashing pre approval, or postdating a check. You're not getting a marker line of $10K, with a high credit score, if your average monthly checking account balance is $5K.

After you develop a history of paying marker lines back, and a relationship wit the casino providing it, unless you take advantage of a casino's marker line, you'll never have an issue, and probably never need to bring cash or use an ATM card in LV again.

Atlantic CIty is slightly different as they do ask about your assets and net worth.

 

Use it wisely & it can be your friend. The one thing that I did was set up the absolute lowest minimum credit line they allowed (they offered higher, I did not want it for some of the reasons mentioned above). I think that is $2000 at Paris and $2500 at Flamingo (set up different years - I think they increased the minimum). I limit MYSELF to $2000 total & it is money I have in my account for my vacation already. If my mother travels with me she transfers her money into my account before we go & I use the other line for her.

I am just not comfortable carrying a significant amount of cash. I work in a financial environment & too many stolen wallets/purses/credit cards etc over the years. I become paranoid when I travel & split my cards between purse & carry-on/tote as well as having a second form of ID in the other bag. I am diabetic & one thing I can't ever risk is being stranded somewhere with no money to buy food etc.

With CET I just let them run any markers automatically. Paris I sometimes have to call after about the 5th week & beg them to run them. Flamingo puts them in right on time (4 weeks).

 

Transferring money up front and having a credit line are the exact same thing. It's just a matter if whether you write the check at the beginning of the trip or the end. I prefer the end.

 

Regarding your point 2, I've bought back markers at the craps tables all the time, even when it went to the cage, they brought it back to the table and gave it back to me. This all happens at Bally's, maybe it's different at the other casinos

 

AS A NEW PLAYER UR PROBALY SET UP FOR 7 DAYS AND CAN CHANGE THAT FOR 30 DAY PAYBACK OR ONCE U ESTABLISH UR SELF U CAN ASK TO EXTEND CREDIT TOO 30 DAYS


YOU CAN ABSOLUTLY BUY UR MARKERS BACK AT THE TABLES I DO IT ALL THE TIMES AT MULTIPLE PROPERTIES

.PS THEY DONT REALLY LIKE U TAKING MARKERS FOR SMALL AMOUNTS SAY 100 0R 200 . USUALY 1000$ AND UP , BUT PEOPLE WILL DO IT FOR 500$ ITS JUST ALOT OFF PAPER WORK FOR THE PIT CRITTERS.

CET STILL PERFERS U SPEND IT AT THE PROPERTY U TAKE IT OUT BUT ISNT AS ANAL AS MLIFE

 

Best description of a casino Marker!

 

Bellagio is the worst of all casinos concerning markers. If you have no or limited play there, you can only take out 20% of your credit line until that money is lost at Bellagio.

Just a week ago I lost $5k at Aria, walked over to Bellagio and wanted to play a $100 slot and they absolutely would not give me a marker for more than $1k at a time. The supervisor came over and said she didn't care about my history at any other property and told me I had to take $1k at a time regardless.

Also there are some CET properties that transfer your table marker to the cage immediately and they will not let you pay it back at the table.

Finally, a marker is legally the same as a check, and if you don't pay it back, and it bounces when they deposit it, you've committed check fraud and every casino in Vegas prosecutes for this.

 

Thank you to all who had for corrected me on the "buying back markers at the table".

I am primarily a slot player and had never heard of buying back a marker at the table, probably because I take very few markers from the tables.

"You learn something new every day . . . "