Casino Credit --- Pros/Cons??

Discussion in 'Bankroll Management' started by idoc, Oct 11, 2011.


  1. idoc

    idoc Member

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    Recently I've been slightly paranoid about carrying large amounts of cash to the casino, especially if I'm flying to somewhere like Vegas. So, seems like obtaining casino credit and signing a marker would be a better than carrying. The only bad thing about it is-- that I can only gamble at the casino I have credit at (or can I play at a sister casino?). If I do apply for credit I plan on getting it at the casino where I play the most.

    How many of you guys use markers?

    What are the pros and cons?

    Any advice would be appreciated.
     
    #1
  2. $nakeEye$, Oct 11, 2011

    $nakeEye$

    $nakeEye$ Member

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    I don't play with markers - strictly cash -

    However -

    What, if anything, would prevent you from applying for a line of casino credit -

    At each and every casino -

    Be it in Vegas, AC, Reno or wherever -

    I would surmise it is like a credit card -

    Assume your line of credit is $10,000 -

    You drop $1,000 -

    Your line is now $9,000 -

    You win $2,500 -

    You put that back into the credit system -

    Your line is now $ 11,500 -

    Treat it like a savings / checking account - your 401G - account !
     
    #2
  3. eagledice, Oct 11, 2011

    eagledice

    eagledice Member

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    idoc

    My answer is not in relation to Casino Credit with a certain House. I also feel "troubled" with carrying large amount of cash especially now that TSA tends to get intrusive.

    This past May, I had two thoughts, one opening up an Account with Chase Bank, since there are branches in Vegas and also my hometown. I currently have a car loan with them, so a checking acct would be simple. The issues are arriving on a weekend and getting to the branch in Vegas if you are using taxi's. Going to the bank, taking out several thousands can be a problem just going from the bank back to our rooms. Decided Chase Bank is a good backup plan.

    What I ended up doing was going to AAA (member for several years ) and getting travelers checks for a good portion (70 % ) of the amount I was taking. I contacted Harrahs cash office to insure that I would have no problem ( I did not ) at the cash cage. In addition I went to my current bank and increased my daily ATM amount ( at 2 banks ) about a week before I left and decided that I would take the additional cash that I wanted by ATM if needed. I understand the whole $5 fee, yada yada yada, but for $5 or $10 fee to insure I am not carrying cash through TSA, parking garage, airport bathrooms, etc, its darn worth dropping $20 on possible 4 transactions.

    Now, obviously, we all use the room safes ( in not, then re-examine the casino you are staying ) and there is no reason why after getting settled in, you can't head down to the cash cage, take care of business, and return and set up your "Daily / Session #/ Cash Envelopes " for your craps play. I hope you are doing daily/session limit planning with several envelopes.

    I am sure a lot of members will disagree with my method ( if not then a lot of members are not reading my post ! ) but carrying a large amount of cash is a definite issue that we all need to be aware of, especially in tough economic times, and its not something to not do proper planning.

    My gut tells me that this method is better for me at this point, but it does not mean that Casino Credit may be in the future. This little thread is basically for the members like me who carry cash but are not big enough for the "markers".

    EagleDice
     
    #3
  4. basicstrategy777, Oct 12, 2011

    basicstrategy777

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    I think they are good to have. I can't think of why not to have them.

    Once you establish casino credit it is very easy to get subsequent credit at other casino's throughout the country.

    Your payback period will vary based upon how much you owe. I always settle up before I leave.

    777
     
    #4

  5. idoc

    idoc Member

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    I wouldnt want it to have a negative impact on my credit report, so I probably wouldnt apply to more than one or two casinos.

    If I did take out a marker it would never be for more than my actual bankroll amount. I dont wanna ever be in debt to the casinos... might get special treatment and I dont mean a RFB.
     
    #5
  6. Greatest 7 Shooter in the World, Oct 26, 2011

    Greatest 7 Shooter in the World

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    I have been offered markers on several occasions and I think I am going to start taking them due to tax reasons. when you cash in at the cage they dont care that you bought in for 4k and only won 6k they look at it like you won 10k and they want u to fill out a IRS form. One down side to this is once you open this marker your winning go back to the house and you are not allowed to grab 300 in chips and go have dinner. But I will use this as a upside for mixing in cash and credit transfusion to keep the IRS forms down to a minimum if I can. if not I am heading to the Bahamas from now on.
     
    #6
  7. eagledice, Oct 26, 2011

    eagledice

    eagledice Member

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    G 7,

    I am kind of suprised regarding the $10K cash in process. Is this at local Casinos, AC or Vegas ?

    EagleDice
     
    #7
  8. Greatest 7 Shooter in the World, Oct 27, 2011

    Greatest 7 Shooter in the World

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    Vegas, West VA, and AC that I know of personally. I cashed in 8k in WVA and hollywood and they held me up for about 35 minutes. I had to fill out the forms and everything. They also called over to the pitboss at the craps table to confirm this is where I actually won the money which was a first for me. I usually shoot craps from around 10pm to 5-6-7am when I play so I think I am going to start taking breaks every 2-3hrs and cashing in my winnings only keeping my buy in money in chips in my pocket and never cashing in over 4k at a time anymore. This tax season I have a IRS form from Borgata AC, Mandalay Bay LV, and Hollywood WVA and I am already in the highest tax bracket in the US so I am going to be shelling out some coin I have a feeling.
     
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  9. thecrazymr, Sep 9, 2012

    thecrazymr

    thecrazymr Member

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    You can request check cashing privlidges at the casino in advance to going on your trip. You fill out a form that tells them how much you want to be able to play, when you will be there and they do a check with your bank and your bank rates your accounts. If your rating is good enough, the casino will grant you the right to take markers for your play that you write a personal check to pay for and you avoid all needless credit accounts and the worry about taking cash with you.
     
    #9