Casino Credit Questions

The lighter side... playing for entertainment, less concerned about "the math."
FloridaPhil
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Casino Credit Questions

Post by FloridaPhil »

When we go to Hollywood we walk by the casino credit office on our way to the hotel. I've never been in this office. Gambling with borrowed money is not something we would consider, but we always wonder how this works. I assume you must fill out a credit application of some kind so they can check your credit score? I assume they give you a small line of credit and let you work your way up. What happens if you don't pay them back? Is it just like any other bad debt or do they require collateral? Who uses casino credit? Is it easy to get? Just curious.

seemoreroyals
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Post by seemoreroyals »

Casino credit beats carrying cash to the casino any day for us anyway. You fill out an application to prove you have proper assets to cover the line of credit you are applying for and I assume they probably check your credit rating as well.

You need discipline and lines of credit work well if you look at them the same way you would look at a credit card. I wish they offered us cash back like our credit card companies do but unfortunately they do not. On a typical trip we will go to the cashier and get an advance on our line of credit and go back to get more if necessary during our trip. At the end of the trip we always settle up by paying off the markers (cash advances) either with cash if we have had a winning trip or with a check for the difference if we have had a losing trip.

It's that simple. They do give you a period of time that probably varies from casino to casino but IMO you are better to pay in full after each trip.

Carcounter
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Post by Carcounter »

I understand they don't charge interest. May be a good deal if you are disciplined enough.

FloridaPhil
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Post by FloridaPhil »

Thanks for the information. Carrying around a stack of cash always makes me nervous. Not so bad on a day trip. When we play on our road trips we use the room safe if available. It's surprising how much cash we can go through playing $1.25 a hand. We have never been robbed, but it's possible.

I can see how using a casino credit line takes discipline. If you are having a bad day it would be tempting to increase your debt and chase your losses. I agree the best thing to do is to pay it off when you leave. I would hate to find myself owing $5-10K on a bad memory.

olds442jetaway
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Post by olds442jetaway »

I think mohegan sun requires a bank letter of credit. Beyond that, I’m not sure of the details. The process is called getting a marker. To pay it, they can take funds right out of your checking account or you can pay it. The time period to repay varies from 7 to 45 days. If you do not use all of the marker, it must be returned

billryan
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Post by billryan »

Casino credit, for us mortals who don't have six figure lines of credit are no different than you signing one of your checks. You sign a counter check and if not paid in full within seven days, they deposit it at your bank as if you signed one of your checks.

FloridaPhil
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Post by FloridaPhil »

That's comforting to know. I had visions of huge guys showing up with baseball bats. :lol:

Bobbi
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Post by Bobbi »

Great question. Always something I wanted to know and never asked. Does a line of credit at a casino increase your chances of getting comp'd rooms or other perks? I am switching my club loyalty and will probably have to pay for everything until I get on their radar.

FloridaPhil
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Post by FloridaPhil »

Bobbi wrote:
Sat Jun 08, 2019 4:22 am
Great question. Always something I wanted to know and never asked. Does a line of credit at a casino increase your chances of getting comp'd rooms or other perks?
Good question. We don't have a line of credit at any casino, so I can't comment on your question.

For those who may be interested, I can offer the following observations. We get comped room offers from casinos all over the country. Casinos have different marketing schemes depending upon the type of customer they wish to attract. Our first comped room was at the Beau Rivage in Biloxi about 10 years ago. This is an MGM casino. MLife allows my wife and I to play on the same card. Together we run at least $5,000 a day through their quarter video poker machines. In the beginning we played at the dollar level. We made 3-4 three day trips each year. Today we play max coin quarter VP. Some of our offers include free airfare. We play at MGM casinos all over the country and they always comp our room. Last year we stayed at the Borgata in AC and they comped our rooms. Comped rooms during the week are one of the easiest comps to get. Weekends are tough. If you are flexible and put your time in front of the machines, you will get offers. Once you get on the right lists, it's easy.

When we go to Vegas, we stay at the Red Rock. We paid our first trip. After that, our rooms were comped. The same thing happened in Black Hawk Colorado. If you stop by a casino for a few hands and move on, you won't get many offers. What they want is loyalty, consistency and as much coin in as possible. Playing single coin quarters is death on your comps. If comps matter to you, don't do it. If you have no choice, pull your card.

We use comped rooms as mini vacations. We take 4-6 of these each year. The best way to get comped rooms is to walk into the player's club and ask. Some casinos have awesome websites with all kinds of offers available. In Miami any decent hotel is going to cost you $200 a night plus $25 in parking. We stay free at the Hard Rock frequently when we visit our son. Comps add up. Our free play averages $25-$50 a week. If a room is worth $150, they are giving us back at least $2,000 a year of our own money. Our friends are spending money taking cruises and flying around the world on tours. We play video poker.

We aren't beating any casinos. What we are doing is having a great time at a huge discount. This works for us.

Bobbi
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Post by Bobbi »

I "left" MGM when they went non-smoking in their hotels. A nasty habit but, oh well, I don't have many nasty habits. I never paid for rooms, shows or food at their hotels. Haven't been back to Vegas since then. CET still has smoking rooms so I want to get on their radar - but I guess I will have to pay to play for the first visit. I only play VP (.25 multi-hand, .50 and $1.00 single hand) and have plenty of choices right here in Colorado. I do miss Vegas shows and food, and also played blackjack there.
In Colorado - there is a lot of competition - very easy to get comp'd rooms. - Monarch is building a brand new hotel that should be ready sometime this year - so the competition will be stronger. BUT be careful - I was up there at their 2nd to highest club level when they took away my benefits - took me a few weeks to realize I wasn't getting mail, gifts, or freeplay anymore - Host stopped looking for me while I played. I confronted them and after a bit of a runaround I was told that "I played too good" and no longer will get any "perks". My new card is a blank so they could see me but it wouldn't scan at the kiosk for anything. They do have a new program coming out in July - looking forward to seeing what it is all about and to see if I can start all over. Back to the original question - If I applied for a line of credit at a CET casino - would I get any offers?

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