Front Money Question
August 21st, 2012 at 8:47:25 AM
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If I make a front money deposit to a "casino conglomerate" like the MGM Resorts, can I withdraw my money at any of their resorts? For example, if I deposit $10,000 at the Mandalay Bay, can I wander over to the Luxor or New York, New York and play there with my front money? Or is each casino their own separate entity?
Lottery: A tax on people who are bad at math.
August 21st, 2012 at 11:00:20 AM
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I have experience with a credit line at the Mandalay Bay. Once I wanted to play at the MGM based on this money. I had to ask that my credit line be moved over to the MGM, which took a couple hours to approve. My guess is that it would work the same way with front money, but I've been wrong before.
"For with much wisdom comes much sorrow." -- Ecclesiastes 1:18 (NIV)
August 21st, 2012 at 12:01:56 PM
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I think this question was asked regarding Sands Casino Corp.'s operations in Macau and Las Vegas. If I recall correctly, deposits made in Macau would not be easily accessible in Las Vegas (if at all), so I am not surprised that each gaming licensee has to account for their own operation, and cannot easily transfer funds to another.
Simplicity is the ultimate sophistication - Leonardo da Vinci
August 21st, 2012 at 12:05:22 PM
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I can't speak for the Sands specifically, but I do think it is difficult to put money in one casino and take it out in a sister property outside the country. It smacks of money laundering. Then again, it isn't impossible either. I think this is something they prefer to do only for good customers. When I asked to do this at the Wynn they told me "no," but I know of a friend who was allowed to do it.
"For with much wisdom comes much sorrow." -- Ecclesiastes 1:18 (NIV)
August 21st, 2012 at 12:19:29 PM
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I suspect the Government's Regulator's have documentation and accounting requriements which make it possible, but very troublesome. In the end, even in LV to LV sister properties, I think it is handled as a marker which is presented to the sister property, rather than the individual's bank, to make good. Just my guess though.
Simplicity is the ultimate sophistication - Leonardo da Vinci
August 21st, 2012 at 12:46:25 PM
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I was wondering if front money would be treated differently from credit. After all, you are giving them cash.
Lottery: A tax on people who are bad at math.
August 21st, 2012 at 12:50:33 PM
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Quote: JuyemuraI was wondering if front money would be treated differently from credit. After all, you are giving them cash.
But the accounting requirements are the same. Paper receipts and signatures are important documentation if there is any dispute.
Simplicity is the ultimate sophistication - Leonardo da Vinci
August 21st, 2012 at 1:03:10 PM
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Why would you want to give a casino $10K to begin with?
You can easily carry that much in a money belt or some
other bill carrying device. I would never trust a casino to
take care of cash for me.
You can easily carry that much in a money belt or some
other bill carrying device. I would never trust a casino to
take care of cash for me.
"It's not called gambling if the math is on your side."
August 21st, 2012 at 1:16:49 PM
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Would you be happier if I said $100,000. Or $500,000? Or $1,000,000?
Regardless of the amount some people don't like to carry cash with them.
Regardless of the amount some people don't like to carry cash with them.
Lottery: A tax on people who are bad at math.
August 21st, 2012 at 1:23:40 PM
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Quote: JuyemuraWould you be happier if I said $100,000.
No, I don't trust casinos period. I'd get a safety
deposit box at a bank before I ever gave it to
a casino. For one thing, a casino is required to
file reports if its over a certain amount. A bank
doesn't know or care what you put in a rented
box.
"It's not called gambling if the math is on your side."
August 21st, 2012 at 3:05:16 PM
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It smacks of money laundering and it also smacks of too many people having access to different computer systems. No casino wants systems accessed remotely if they can avoid it and no one wants to calculate the most recent balance in Macau at a time when the player is in Las Vegas and asking for chips against his Front Money Account. The casinos don't ever want to collect markers from Drop Boxes and then have the Soft Count room report a new total for the Front Money Account.Quote: WizardI can't speak for the Sands specifically, but I do think it is difficult to put money in one casino and take it out in a sister property outside the country. It smacks of money laundering. Then again, it isn't impossible either. I think this is something they prefer to do only for good customers. When I asked to do this at the Wynn they told me "no," but I know of a friend who was allowed to do it.
August 21st, 2012 at 3:42:31 PM
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I used to put front money up at Paris, and I could not withdraw that money from any other Harrah's property in Vegas.
A credit line is different, since they are merely establishing that you have the means to repay any money lent to you. One casino is just trusting their sister property that you have been sufficiently vetted. The same is not true with front money.
RIO will not give me money, that I have deposited at Paris, as they have no way of getting the cash from Paris.
A credit line is different, since they are merely establishing that you have the means to repay any money lent to you. One casino is just trusting their sister property that you have been sufficiently vetted. The same is not true with front money.
RIO will not give me money, that I have deposited at Paris, as they have no way of getting the cash from Paris.
Always borrow money from a pessimist; They don't expect to get paid back !
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