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Line of credit at the casino?

Discussion in 'Casino Gaming' started by WolfpackRobNC, Oct 29, 2019.

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  1. bobby jones

    bobby jones VIP Whale

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    under the category of "just curious", are business accounts considered? So lets say my personal account has only an average balance of $100 but, my business account has an average balance of $100,000, can I do a marker on the business account? Would it matter if it was unincorporated or incorporated?
     
  2. Golfer

    Golfer Well-Known Member

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    You'll need to show them you are a signer. So for example, I ran into issues on my S-Corp as there are three shareholders, so I used an LLC I have for purposes of holding property. It's a sole prop. S-Corp, and I had to send the Sec of State's information, and also the articles of incorporation to show I was the only owner.
     
  3. 44inarow

    44inarow VIP Whale

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    I'm not a tax lawyer, but I would urge caution against using a business account for gambling purposes, as you could find yourself running into secondary issues on that if things go sideways.
     
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  4. Leonard_Bets

    Leonard_Bets Tourist

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    Ok so let me see if I have this right because I have always thought about doing this. Let's say the main bank you want to use for LOC has a checking account with an average of 5k and a linked savings account backing it up with a healthy 45k average (same bank). If the player wanted a 15k line of credit seems like it should be approved, but sounds like the player would need to transfer the money to checking like 6 months prior to applying and let it lay stagnant there to drive up the average. Is that correct?? There is no sense in having huge balances in many checking accounts as they don't really help you any (unless you need LOC apparently). Was always taught just keep what you need monthly in checking for bills etc and some extra for back up and keep rest in something earning interest.
     
  5. Patman

    Patman VIP Whale

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    Unless someone else has first hand experience otherwise, this is basically correct. Although you should be fine with an avg of $15k or so if the account goes up to $20k or $25k every now and then. Also I would have it at $20k at the time of application. When I first applied for a marker limit, I asked them about the part about a second account. The comment that I got was that if there was not quite enough in the main account, they would count the second account as a backup account. I believe it also had to be a checking account, but I never did use that part so I'm not sure.

    Also remember that the marker they give you will be partly based on your gambling history with them. They expect you to use the marker exclusively for gambling . If you traditionally play with a bankroll of $5k and show losses of $3k as your max, they won't give you a $15k marker limit.
     
  6. Scottndindy

    Scottndindy High-Roller

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    They want the money in a checking account, not a savings account. I have a personal account that I keep a smaller amount in with most my money in savings. I used my business account as a secondary account and by doing so was able to use it to get a higher credit limit than what was in my personal checking. I didnt have to provide any paperwork about that account like another poster had mentioned he had to do previously. When I opened my account initially they told me to keep it in good standing for 6 months and after that they can increase it very easily.
     
  7. bardolator

    bardolator Lifelong Low Roller

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    I used to have a line at a casino that had rather generous rules about such things. When it was assimilated into the Borg, aka the Ha$$ah organization, the rules got tighter and the boothlings meaner. They were not happy about the amount of play that was recorded on my card (I didn't show a card at table games), and thought I was taking advantage of them. The boothling hassled me so much that I dropped the line when I got home, and quit playing there.

    Since that time, we have returned to what had been our favorite casino only if it has a show we want to see.
     
  8. mesquito

    mesquito Tourist

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    Nobody else has mentioned this but with CET policy of charging for check cashing it is easier and cheaper to take a marker (I'm cheap). I have lines of credit a many of CET properties but I do not use them all every month. It depends on the hotel i'm staying at. I had a problem getting additional lines on a permanent basis ( they would approve me for each visit) To solve the problem I had to add a second checking account to the application. I presently have LOC at 5 of the CET properties but very seldom have markers at more than 2 at one time. I visit 2 or 3 times per month and do not carry cash Having a LOC at several casino along the strip eliminates cashing several check during each trip.
     
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  9. Chuck2009x

    Chuck2009x VIP Whale

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    That's basically right, but there's a hitch in that a lot of casinos now require you to re-up every 6 or 12 months. You don't have to fill out the paperwork again, but they will run at least part of their verification routine again.

    So if you haven't used your line in 6 - 12 months, you have to call them a few weeks before you go and tell them to do it, or else show up, try to take a marker, and have them tell you they need to do it.

    I've run into this at MGM, Cosmo and V/P, but not CET.
     
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  10. finsfanscott

    finsfanscott Low-Roller

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    Had this issue with Cosmo, took them two days to re-open the line.

    One other point to consider:

    For table game players, ratings (time played at least) is more accurate when you take a marker at the table because the pit boss actually has to come over to do the paperwork. May not be such a good plan for the “hit and run” types.
     
  11. mbely1000

    mbely1000 Low-Roller

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    There is no interest charged by the casino. And wiring money costs money. And It takes time to get there and it takes time to get your money back. Line of credits are immediate and there is no waiting to get your money back.

    I like a line of credit because it means never having to have cash in hand or at the cage.
     
  12. NeoDough

    NeoDough Low-Roller

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    Here's a data point for what it's worth: the primary checking account I provided for my initial line (at an MGM property) is a ZBA for exactly the reason you state (it's silly to keep much money in a non-interest-bearing account). The ZBA is fed by multiple "master" accounts that pull funds as needed to cover drafts. So the average historical balance in that account is very close to zero. I had no problem getting the marker approved. I am positive I did not provide them with all of the "master" account numbers, but perhaps when they contacted the financial institution, they provided them with the average balance of all connected accounts rather than just that one. Also, opening additional markers at other properties in the intervening years has been no problem.

    Edit: It is probably worth noting that for a year or so before I applied for the marker, I had been wiring substantial front money in. Finally decided it wasn't worth the hassle and applied for a marker.
     
  13. BYLee291

    BYLee291 Tourist

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    A casino line of credit is useful if you worry about carrying around a lot of cash. I used to carry my bankroll in an envelope and worried all the time about something happening through airport security, etc. I have credit at two CET hotels: I walk up to the window, show ID and my Rewards card, they issue a marker for me to sign, then give me cash. When I first got the line, I started by cashing checks against the line, which CET does with no fee. It's like taking out a marker and paying with a check right away. The amount of the check, however, goes against your credit line and gets deposited right away.

    I started taking markers because one trip, I had some fairly significant winnings to go home with. Now, I had cashed checks and had even more cash to carry around. So now I take markers to play with, if I lose, I pay them off with a check before I leave, if I win, I buy back the markers off with cash or chips before I leave. If you pay with a check, CET will mail you back the actual signed marker in a month or so after the check clears. If you buy back the marker with cash or chips, they give you the actual signed marker right at the window. There may be a minimum of $500 if you sign a marker or take chips at a table.

    CET casinos will monitor your play at the casino you took the market out at. No taking a marker at Caesars, then playing at Flamingo or Harrah's. They want significant play at the casino where you took the marker out. Otherwise, you'll get warned next time you go to the cashier at the hotel where you took the marker out that you could lose the credit line. The reasoning is if you want to play another hotel, take a credit line out there.
     
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  14. jsadlak

    jsadlak Low-Roller

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    I have a LOC at Caesars and Flamingo (you have to get one at each casino, just because they are both Caesars properties doesn't matter. I used to go to Vegas with just a little pocket money because Caesars properties would cash a check for me for free (I'm Diamond) but in the last few years they changed that and they now charge like 2.5% to cash a check, $1000 would be a $25 charge. Which I have complained about so many times, they even charge Seven Stars!! Can you believe that. So now I take about $1,000 with me from home, I have my ATM card that I can use for free at any of the CVS or Walgreens ATMs (my home bank uses the AllPoint ATM system) at $500 a day. If I need more than that its always nice to know I can go over to Caesars or Flamingo to get cash off my line of credit. I usually use it as a last resort, I've only had to do it a few times but its nice knowing its there. Anyone who has run out of money earlier than they expected knows that feeling of not having access to their cash (without a major fee) its kinda scary.
     
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  15. Hard6n8

    Hard6n8 MIA

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    I can understand credit if you would be bringing more than $5000, but taking out a marker for $500 seems like too much work, versus pulling $500 from your pocket.
     
  16. nostresshere

    nostresshere Mr. Anti Debit Card

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    My thoughts exactly. I usually have $1k in my pocket and maybe another in a travel bag. And, for maybe $10 I can get another $1k from the nearest ATM. Or get $1k from another account that will even rebate the ATM fee.

    Line of credit, markers, playing enough... what a pain.
     
  17. oghuman

    oghuman VIP Whale

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    I have lines of credit at CET in Las Vegas at CP, Atlantic City at Caesars and New Orleans at Harrah’s. I did it because I didn’t want to carry too much cash on me especially through airport security. I have a metal hip and it sounds an alarm on every trip through security in the airport. Concerned about carrying cash through security I put extra cash in an envelope and hold it while being searched. Usually I travel alone to the airport and go through security alone and meet companions after security. I had an incident last year I was being searched by TSA after telling them I’m going to cause and alarm I was holding my envelope over my head. The TSA guard asked me what I was holding and I said cash. He pulls the envelope out of my hand and rips open the envelope while people are looking. Anyone who was waiting for someone to go through security and those already through could possibly see that I had a wad of cash. Though it was only $2K in hundreds it was very annoying. This was the first time security asked me what was in my envelope. I really felt an urge to clock him but my good sense took hold.
    I usually take out a marker for the day’s budget. If I lose my predetermined amount I quit playing for that day. I take an additional amount the next day or if I decided I’m done for the day I play with the budget for the day and leave the remainder in the safe. Many trips I carried a blank check to pay back any amount that I owed the casino. I’ve decided to just let them withdraw it from my account. This actually gives me time to ensure that I have sufficient funds in my checking account because most of my bills are auto-pay form that account. Normally it’s over a week to 10 days for them to debit my account.
     
    Last edited: Feb 26, 2020
  18. nostresshere

    nostresshere Mr. Anti Debit Card

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    As to the issue of cash and TSA. My cash is buried deep in my bag. TSA in the screening area will not open your bag unless you are present. So, other than someone stupid enough to steal your bag, leaving cash in your bag is perfectly fine.
     
  19. Hard6n8

    Hard6n8 MIA

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    I've went through TSA with 8 grand in my hand. Never an issue.
     
  20. makikiboy

    makikiboy VIP Whale

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    I'm like oghuman. I don't like to carry amounts of money, even if it's only 1k. I have a $2k LOC at the Boyd casinos downtown. When I go to vegas I only carry a few hundred in cash and I take out markers every or every other day (depending how much I lose or spend). I've been doing it for over 15 years and I feel more comfortable than taking up a wad of cash with me. My vegas gambling budget is about $2k so this is just the right amount for me.

    I don't know, maybe it was because I know 2 people who got robbed in vegas. My dad got mugged and my coworker had her purse stolen while she was in a bathroom stall so I try not to carry a lot of money on me. For me I feel more comfortable just taking out $300 markers every day for my monetary needs.

    Guess it depends on one's comfort level, some people don't have a problem carrying around $10k in their pocket while others don't feel comfortable carrying $1k.
     
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