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Line of credit at the casino?

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

  1. DJP

    DJP Low-Roller

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    This is a very informative thread, thanks to all who have contributed, but I have a few questions.

    1. Does this only work if you have maintained a substantial balance in a checking account? I prefer to keep funds in an interest-bearing account. I keep a cushion plus paychecks in and bills out, but the average balance is probably in the $3-4k range, maybe. Is that sufficient, or would you have to maintain a larger balance? Seems a waste to keep so much in a checking account.
    2. For CET in particular, anyone have an idea of what the minimum requirements are, what's the minimum line they will extend?

    Thanks!
     
    First of the year trip
  2. Elf70

    Elf70 High-Roller

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    My experience has been that it must be a checking account. They have to have the ability to cash the marker (like a check).
     
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  3. skylines

    skylines Tourist

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    I have the same problem. Sounds like you will only get around 25% of the average balance over the year.
     
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  4. 44inarow

    44inarow VIP Whale

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    It needs to have check-writing privileges, as they need to be able to deposit the marker just like they could a check.
     
  5. skylines

    skylines Tourist

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    I mean the account has a bank account number and routing number. Wealthfront would never issue me checks for it, but I don't know if a marker could be deposited on it still. Guess that is my question. Can you deposit a marker that is based on a savings account? Not really sure why you couldn't.
     
  6. Patman

    Patman High-Roller

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    AFAIK It must be a checking account. When you sign the marker you are basically signing a check. Even a line of credit that you can write a check against won't work.

    I don't believe the 25% of the avg balance is universal. I have several markers in different casinos in Vegas on the same checking account balance (I don't draw them all out at the same time nor do I draw more than the total in the account) and my markers are 50-90% of my average balance.
     
    • Informative Informative x 1
  7. Fafa2e

    Fafa2e Low-Roller

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    Is there a reason why credit lines are property specific vs Company specific? Why doesn't MGM, CET, Stations, etc. have a single credit line account for all of their properties? Is it just that the properties want to try and keep their players at that one property?
     
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  8. Bigolcamel

    Bigolcamel Low-Roller

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    When I said that my marker was 1/5 my average balance, I was only using it as a reference for what I was approved for. I asked for for a $5k credit line and it was approved. I'm suspect that they would have approved $10-15K had I wanted.
     
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  9. Chuck2009x

    Chuck2009x VIP Whale

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    Every credit application I ever filled out had space for additional accounts besides checking. But they mainly want to be able to hit your checking account if they have to. You could probably satisfy their requirements with liquid assets in another account, but you'd probably have to go through a more lengthy process.

    CET minimum line varies by property, it's $2,500 for the higher tier in Vegas currently. The minimum is displayed on the online application form when you select a casino.

    Each casino is a separate corporate entity.
     
    Last edited: Oct 31, 2019
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  10. mikel123

    mikel123 Not A Lawyer

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    So for those that play VP/Slots how do the logistics of a line of credit work? Do you go physically get cash from the cage, download what you need to a machine, etc.?
     
  11. 44inarow

    44inarow VIP Whale

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    Each property is a separate legal entity. For example, Caesars Palace is technically "Desert Palace LLC".

    There are lines that blur between savings, checking, and money market -- you'd have to ask your bank specifically. But if you can't write a check against the account, you can't have a marker on it. In addition, remember that accounts designated as "savings" having specific restrictions about how you can transact on it, which are based on federal law.
     
    Last edited: Oct 31, 2019
  12. Patman

    Patman High-Roller

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    I don't believe this is entirely correct. There is more than one legal entity in the CET group and the MGM group on casinos in Vegas, but I don't believe that each casino is under a separate entity. If this were the case, in order to trespass someone from CET, you would have to issue them a trespass notice from each legal entity at the time they were at each property.
     
  13. 44inarow

    44inarow VIP Whale

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    I can assure you that this is correct, at least when it comes to financial services.
     
  14. DJP

    DJP Low-Roller

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    I looked around on the website, without actually applying, and confirmed the minimum lines do indeed vary by location. For example, Harrahs LV is $2,000, Linq and Flamingo are $1,000 each, Caesars Palace is $2,500. Looked at a few Midwestern locations as well, Horseshoe Southern Indiana is at $5,000 while Horseshoe Hammond is at $1,000. Go figure.

    The language does indicate you consent to a credit check (ie, hard pull).

    "I, the undersigned, hereby authorize and instruct Harrah's Las Vegas and its agent NRT Technologies, Inc. and VisuaLimits, LLC. ("NRT") and its affiliates to obtain consumer reports, to contact financial institutions, and to check my consumer credit, employment, bank and gaming history in order to evaluate my credit application as well as to update and/or review my account to provide services requested by me, as necessary or as required by law."
     
    First of the year trip
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  15. mikel123

    mikel123 Not A Lawyer

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    Not to get too far off topic here, but ban letters almost always lay out every property that you are banned from. Here's an example of one that was recently sent to comedian Doug Stanhope (he posted this on Twitter - so nobody freak out about his address being on it).
     

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  16. mjames1229

    mjames1229 # of visits includes only trips w/ hotel stays

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    At the California you just go to the cashier and ask for a marker for an amount... "I'd like a $500 marker, please". A few tap-taps on the computer and a bank draft from a supervisor and they're counting out five bills.

    As stated earlier, the expectation is that you use the money to gamble in their casino, but I've used the Cal on three separate trips (gambling mostly at MSS, but one day was a specific Downtown coupon run) and they've never said a word, possibly because I don't take too much at one time.
     
    MJ's going to the Super Bowl (in Vegas)
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  17. jgates8

    jgates8 VIP Whale

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    At the time I took mine out, Paris & Flamingo were both a minimum $2500. At one point in doing this (although it's been a few years now), they indicated that my average balance (think 6 mos?) had to be 2x the amount of the line requested. Flamingo normally comes out around 15 -20 days, while Paris withdraws around 28-32 days.

    They have become a bit more focused on making sure you are playing. I didn't notice it much last time, but I was playing 80% of my play at Paris so no questions asked. The previous trip the gal was looking at the screen when I requested a draw and then made a comment about 'oh, ok, I see you were playing at Harrahs'. I commented & she indicated they needed to make sure you were actually drawing the money for play. I usually take some starting cash with me so I have been running something through their machines before drawing on my line.
     
  18. Chuck2009x

    Chuck2009x VIP Whale

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    Go to the cage, tell them you want to take a marker and buy a TITO. Some places they'll direct you to do it at the high limit slots cage.
     
  19. Bigolcamel

    Bigolcamel Low-Roller

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    Does any one know how quickly CET can move a line of credit from one casino to another? Is that even possible or do I need to set up an additional line? Great planning on my part since I land in 5.5 hours.
     
  20. 44inarow

    44inarow VIP Whale

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    You can't really "move" a line, you have to open a new one. However, if you already have one line it's much less complicated to open a second one; once you're established, your history moves to Central Credit, which is basically a casino-specific credit bureau run by Everi.
     
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