Penalties for Not Paying Atlantic City Casino Marker

What will an Atlantic City casino do if you can not pay a marker you owe (>=$5K)?

Send Guido or Tony the Jaw breaker Baldoni. Seriously I think it depends what state you reside in, what small claims court limits are
etc. I know a guy in Colorado that had a bad check for $500 at a casino. Next thing you know, his bank account was debited for treble damages. $1,500. Time to check in with a lawyer. Casino will definitely not write off 5K !

It used to be that gambling debts were legally unenforceable. That's why Luigi would come visit you. Then you would get on a List of deadbeats casinos share. I wouldn't doubt that now they do like hospitals and have you sign a document that kicks your debt into an installment agreement loan if you don't pay.

see ... varied responses:

http://www.majorwager.com/forums/mess-hall/77921-paying-casino-markers-late.html

Quote: 1amckenna

What will an Atlantic City casino do if you can not pay a marker you owe (>=$5K)?

Its all legal now, they'll sue you and debit your
bank account and garnish your wages. And it
won't be 5K, you can count on about 12K when
all the charges are included. It will ruin your
credit and you'll never get another marker.

Thanks for the hard facts. I guess bankruptcy is out of the question?

Quote: 1amckenna

I guess bankruptcy is out of the question?

It would cost less to pay the casino than to pay the lawyer.

No it would not.

Personal Bankruptcy can be had for as little as $1000 in most areas.

IF your unemployed right now, it would make sense to pull the Big B. That way the 5 year payout for the % of debt could be pretty low.

SFB

Quote: 1amckenna

Thanks for the hard facts. I guess bankruptcy is out of the question?

Is there any chance of negotiating a payment schedule directly with the casino, before filing bankruptcy? 5k is not a huge amount of money, in that it could be worked off in a year. A BK will sting for many years to come.

Talk to a lawyer and see if the debt could be discharged in bankruptcy. Casino debt is not a favorite of the law, so it might be easily discharged, but I don't know the applicable state law in New Jersey.

70% of bankruptcy cases are now filed Pro-se. You need about $300, but the court will accept payments spread over 3 months. Last resort of course, but something you have no other option.

Quote: Ayecarumba

Is there any chance of negotiating a payment schedule directly with the casino, before filing bankruptcy? 5k is not a huge amount of money, in that it could be worked off in a year. A BK will sting for many years to come.

I 've always paid my marker before leaving LV but I have heard that they will certainly work with you to get the $$ back as they would rather have you set up payments with crushing intrest accruing versus selling it to a collection agency at x% on the dollar. I know in vegas skipping out on a marker can get you put into jail like writing bad checks=FRAUD. Not sure how NJ handles it but probably not that much different.


1amckenna why would you use a marker if you cant pay it back?.... might be time for a Gamblers Anon meeting.

When I left home I had way more than the amount of my markers. Unfortunately the trip was during the stock market downer. When I got home my funds were all but wiped out. P.S. The amount is larger than stated.

TX! I will check out the site. I'm probably going to go to the casino credit mgr. and see if I can settle for %of the dollars I owe.

Well, they say you are gambling when you buy on margin, so you might as well go to the casino on margin.
Only problem is that the casino can't cut you off at the proper time with a margin call.

Quote: 1amckenna

TX! I will check out the site. I'm probably going to go to the casino credit mgr. and see if I can settle for %of the dollars I owe.

Good luck. I doubt that they would settle so quick, if so any player with decent strategy would rip 'em a new a-hole with a free look at the tables. Expect a payment plan at best...at the end of the day they just want to get paid what they are owed, it is irrelevant if you lost it to them in their casino or another.

If I recall the fine print on my marker with MGM they can immediately debit the account(s) I used as collateral and any unpaid balances after 30 days accrue interest at 18% I believe.

Fine print from MGM marker application:

I REPRESENT THAT AT THE TIME I SIGN ANY MARKER, I HAVE ON DEPOSIT IN ACCOUNTS ON WHICH I AM AN AUTHORIZED SIGNATORY FOR ALL PURPOSES, WITHOUT RESTRICTION, FUNDS SUFFICIENT TO PAY SUCH MARKER UPON DEMAND OR PRESENTMENT.
I acknowledge that irrespective of any currency exchange laws in the country in which I reside, I have the ability and intent to legally pay through my bank or financial institution the funds represented by the markers signed by me and given to MGM Resorts International and its affiliates. I also acknowledge that an independent agent collecting front money deposits or payments on my outstanding balance is my agent and not an agent for MGM Resorts International or any of its affiliates.
I agree that each marker I sign is a separate transaction. If I receive the funds before I execute a marker, I promptly will sign a marker when presented to me in the amount of the funds I received.
I agree that Nevada law exclusively applies to these transactions, that I consent to the corresponding jurisdiction for any dispute arising out of or related to any of the above that may be commenced in a state or federal court sitting in Clark County , Nevada, and that I waive any requirement of presentment and waive any objection I may have to jurisdiction in such courts.
In addition to any amounts authorized by law, I will pay interest at the rate of eighteen percent (18%) per annum, unless prohibited by Nevada law, and in such case at the highest amount permitted by Nevada law, from the date of issuance of the marker (if dishonored by a financial institution) and all costs of collecting, including attorney’s fees and court costs.
I agree that the information set forth above is true and accurate to the best of my knowledge.

“Warning: for the purposes of Nevada law, a credit instrument is identical to a personal check and may be deposited in or presented for payment to a bank or other financial institution on which the credit instrument is drawn. Willfully drawing or passing a credit instrument with the intent to defraud, including knowing that there are insufficient funds in an account upon which it may be drawn, is a crime in the State of Nevada which may result in criminal prosecution in addition to civil proceedings to collect the outstanding debt.”

Quote: 1amckenna

When I left home I had way more than the amount of my markers. Unfortunately the trip was during the stock market downer. When I got home my funds were all but wiped out. P.S. The amount is larger than stated.

Hopefully the rally of the last 3 days has gotten you back in the black