1. Welcome to VegasMessageBoard
    It appears you are visiting our community as a guest.
    In order to view full-size images, participate in discussions, vote in polls, etc, you will need to Log in or Register.

Line of credit at the casino?

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

  1. bobby jones

    bobby jones VIP Whale

    Joined:
    Oct 5, 2014
    Messages:
    1,241
    Location:
    Great white North
    Trips to Las Vegas:
    12
    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 Low-Roller

    Joined:
    Jun 19, 2016
    Messages:
    336
    Trips to Las Vegas:
    30
    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

    Joined:
    Sep 8, 2012
    Messages:
    2,187
    Location:
    Las Vegas, NV
    Trips to Las Vegas:
    35
    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.
     
    • Informative Informative x 1
  4. Leonard_Bets

    Leonard_Bets Tourist

    Joined:
    Oct 27, 2014
    Messages:
    28
    Trips to Las Vegas:
    8
    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 High-Roller

    Joined:
    Apr 24, 2016
    Messages:
    996
    Location:
    BC Canada
    Trips to Las Vegas:
    23
    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

    Joined:
    Oct 1, 2011
    Messages:
    709
    Location:
    Indianapolis, IN
    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

    Joined:
    Mar 30, 2005
    Messages:
    2,081
    Location:
    Gig Harbor, WA
    Trips to Las Vegas:
    999
    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

    Joined:
    Apr 21, 2015
    Messages:
    33
    Trips to Las Vegas:
    75
    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.
     
    • Agree Agree x 1
  9. Chuck2009x

    Chuck2009x VIP Whale

    Joined:
    Apr 5, 2009
    Messages:
    8,803
    Location:
    Boston
    Trips to Las Vegas:
    23
    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.
     
    • Agree Agree x 1
  10. finsfanscott

    finsfanscott Low-Roller

    Joined:
    Nov 21, 2009
    Messages:
    105
    Trips to Las Vegas:
    50
    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

    Joined:
    Dec 19, 2012
    Messages:
    122
    Location:
    TX
    Trips to Las Vegas:
    50
    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.