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Casino Credit:
Part Two
This is Part Two of a
three-part update on casino credit.
In
Part I
we discussed the new Cash Transaction Reporting requirements, and what it means
for you and your winnings. How to get credit, how to use it, and how to pay it
back, were covered, along with some useful tips.
Now I’d
like to tell you about some of the benefits of establishing a Line of Credit
with a casino.
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You
don't have to carry around a lot of cash. Most gaming jurisdictions have a
higher incidence of muggings. Why take the added risk?
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If you
are not going to establish a Line-of-Credit; then you pretty much have to use
Travelers Checks or carry large amounts of cash. Carrying tons of cash can be a
problem. I would suggest up to two money-belts, and also carrying excess cash
in the leg (shaft) portion of your socks. It may sound overly protective or
geeky, but where you have lots of cash, you have lots of opportunity for crime.
Why two money-belts? Well, stacks of cash, even $100 bills, add quite a bit of
thickness. It’s a bit more balanced and easier to access if you have two.
Besides, if you make a major score at the tables, you’ll want a safe place to
stash your newly-won profit.
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When
you use casino-credit, you will ALWAYS be rated for your play, EVERYTIME you
have a marker. Lo and behold, Caesars Palace LV who will "only rate green play
or higher" will rate and track even a "lowly" $5 player who uses credit, and you
can bet on that! The same goes for EVERY casino that avails credit to you.
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After
drawing down two or three markers at the table, the pit staff will usually
instantly recognize you; the box-man will immediately "get the nod" from the Pit
Boss to give you the marker. It is sometimes faster than if you handed in cash
that has to be counted out before being exchanged for casino chips.
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Comps
are much more forthcoming. Be sure to charge everything to your room. If you
are willing to expose your bankroll by way of the casino's Line of Credit; then
in return they are willing to give you pretty much the run of their house
depending on your level of play.
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By
using credit, the casino knows "what you are good for" or how much your total
gambling bankroll for this trip is worth. It is easier for them to figure out
their theoretical win over the period of your stay. For example, a cash player
who buys in for $1,000 each session falls under their "standard" comps formula.
Unfortunately, they don't know how much that player has left in his pocket. Why
do they care? That may be his total gambling bankroll. The credit player has a
known stake, and you can be sure that they look at that stake like a hungry dog
looks at a STEAK. They are freer with their comps if you have more "fresh cake
in your kick" or money available in your Line of Credit.
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There
can be psychological benefits for your ego if that sort of thing appeals to
you. For some people, to ask for and receive a marker says, "I've arrived and
I've got money to play with."
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For
others it is simply an easier way to keep track of their winnings and losses at
tax time. The casino can supply a print-out of all your table action, that is;
each date, time and table number, your buy-in, your table session, your average
bets, your win or loss amounts, and how long you were there, and how and when
you settled your marker. That kind of detail can certainly sharpen your focus
on how much you made or lost in the casinos over an extended period of time.
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Most houses don't like to write markers for less than $500. Most markers
are settled by you writing a check on your checking-account. You can usually
pre-arrange for 30, 60 or 90-day extensions to that payment. |
I have a couple of further
thoughts on the subject.
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While I
have substantial Lines-of-Credit with a large number of casinos, I also use what
is called “front-money” in a number of locations.
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If you
do not want the casino to have your banking information, you can deposit cash or
a bank-draft, world money-order, certified or "official" check to the casino in
advance of your arrival. Ensure that it has ample time to clear their bank
before you arrive. You can play against it as "front-money". It shows an even
higher "seriousness" about being a "casino-oriented" player.
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I especially use
“front money” in the independent casinos that haven’t been gobbled up by the
major gaming corporations. The number of independently owned casinos gets
smaller and smaller every year as the big corporations buy-up pretty much
everything in sight.
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“Front-money”
gives you all the benefits of casino-credit, especially on the comp-benefit side
of the equation, but it has none of the drawbacks. You don’t have to worry
about paying off your markers, because you already have that amount of money on
deposit in the casino cage. The “respect” that the casino gives this kind of
action is outstanding.
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I would say
that using “front money” gives you a comp-premium over the normal credit-player
by about 20% to a full 40% in comp-values. That’s a HUGE benefit that cannot be
ignored. They know that they aren’t going to have to chase you for the money,
and therefore, they feel safer in granting your comp-wishes.
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When you have
large winnings, you might want to consider cashing-out with something other than
cash. The casinos actively discourage you from wiring money directly OUT from
the cage. They like when you wire money IN, but they don't mind issuing
cashiers checks, official checks, or casino checks for amounts over $2000, back
to you.
Okay,
how do we keep all of our legal activities below the radar of the all-knowing,
all-seeing IRS?
I have to assume that you
report all of your casino earnings, but you just want to minimize the hassle of
the continual cash-reporting hassles.
To do that, we have to keep
our transactions below the “pain” threshold of forcing the casino to report our
transactions.
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While you are
playing, “bleed off” or skim some of the profit from your chip-rail. Slip $25
chips in your pocket for cash-outs that are separate and distinct from your
regular cash-out.
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Have your wife,
spouse or friend cash out some of your chips.
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Delay the
cash-out until tomorrow, or on a later shift. At the very least, choose a
different cage-teller each time that you cash-out.
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In most cases,
you almost never have to produce ID if you keep your transactions below $3000.
Part Three
of this series will cover the “corporate family” of related-casinos. We’ll take
a look at how establishing credit with just eight (8) casino companies, can give
you readily-accessible credit in more than 50 casinos, and up to 110 casinos
nationwide.
Until then, Good Luck and Good Skill at the Tables…and in Life.
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