Pokeraddict
Pokeraddict
Joined: Feb 21, 2012
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June 4th, 2012 at 6:08:20 PM permalink
I have my eye on one of their lines that I think is off, but I have concerns that they are not financially stable. We are talking about a casino that could not come up with the money for a new sign after Hilton refused to renew their franchise. When you go in the place, it looks like it is on the edge of death. Is there any concern about making a large NFL futures bet 7 months out with them?

They are under receivership IIRC. I just do not want to make this bet and have them fold. If they did, what would happen with open bets? What happened when Binions Horseshoe folded? I recall them having a tiny book at the time.
Tiltpoul
Tiltpoul
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June 4th, 2012 at 6:11:12 PM permalink
I'm not an expert in sports betting (I barely know anything about it) but what I do know is the LVH sports book is one of the largest and from what I understand, best run out there. Even if the casino were to fold and the hotel had to shutter rooms (neither of which is likely) someone is likely to acquire the bets made there. If you could pick up a loyal customer following by doing so, it could be worth it.

I doubt they set their own lines anyways these days, and are probably franchising the business out.
"One out of every four people are [morons]"- Kyle, South Park
Pokeraddict
Pokeraddict
Joined: Feb 21, 2012
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June 4th, 2012 at 8:30:08 PM permalink
Quote:

I doubt they set their own lines anyways these days, and are probably franchising the business out.



I am nearly 100% certain they own their book and it is not owned by a third party. If it is, it is a close secret.

The draw of the book is their unique lines, extensive offerings, and massive sports book.
AZDuffman
AZDuffman
Joined: Nov 2, 2009
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June 5th, 2012 at 6:31:11 AM permalink
Doesn't the NGB require they keep enough cash to cover any bet in cash or cash equivalent at the bank?
All animals are equal, but some are more equal than others
DJTeddyBear
DJTeddyBear
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June 5th, 2012 at 6:51:59 AM permalink
I would assume that this is covered by the same rules that govern redemtion of outstanding chips.

I.E. A published notice with usually a 3 month window to redeem.

Whether the bet itself would be honored or refunded at purchase price if the casino/book closes is a different question.
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ThatDonGuy
ThatDonGuy
Joined: Jun 22, 2011
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June 5th, 2012 at 8:03:29 AM permalink
Quote: AZDuffman

Doesn't the NGB require they keep enough cash to cover any bet in cash or cash equivalent at the bank?


If I am reading the regulations right (22.040), they only need to be able to pay off existing winning bets and refund all bets on events that have not happened yet, plus pay back all amounts in "players' accounts"; in any case, the reserve has to be at least $25,000.

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