Can You Pay Off Part of a Marker?
If you were only short $200 I'd go to an ATM and draw out the money to pay the marker...easier than getting the bank involved at all...
I have a friend that does that...he'll draw a $5000 marker, just to get $500 of walking around money...and if he wins, then he keeps the juice...if he loses, he goes to the local branch bank and draws out the $500 and pays the marker back...
Quote: FinsRuleIs there a benefit to getting a marker? Better treatment or anything?
I don't use markers but my guesses are...
Benefits:
(1) Don't have to carry the cash, though still must have access to it.
Detriments:
(1) Maybe a little slower to get your buy-in chips.
(2) Have to reveal your bank/credit info to the casino.
(3) Possible change in the way you play.
Quote: FinsRuleIs there a benefit to getting a marker? Better treatment or anything?
The guy I know simply does it because it makes it LOOK like he's a big player...he ratholes chips and has become quite good at it, so overall he LOOKS like he's a loser..but he isn't really...
Quote: JuyemuraLet's say you have a line of credit at a casino and take out a $1,000 marker. After playing for a few hours, you have lost $200 and now have only $800 in chips. Can you pay off $800 worth of your marker? Or can do you have to pay off the whole amount borrowed?
You can pay off the $ 800 of the debt. In fact the casino will not be happy if you cash out for $800 and go home. You are still bound by the payback rules of the remaining $200.
Yes. Better comps, better mailers, the whole thing.Quote: FinsRuleIs there a benefit to getting a marker? Better treatment or anything?
But with many casinos, you can get that better treatment just by applying for credit, without ever taking a marker.
Quote: aluisioIn south america you can pay any amount of a marker. Once - in Punta Cana - I had 3 markers for about $600 each and cashed $1500 in a good session. I returned $1000, they canceled the 3 markers and wrote a single one with the amount left. I went to my room and the other day I started the day with $500 in chips I had left.
Thanks for all the answers. This was more of the situation I was curious about in Las Vegas.
If I take out three $1000 markers, play for a while, and have $2500 at the end of the day, can I pay off essentially 2.5 markers? Or would I only be able to pay off two of them, and then have to settle the final maker at a later point?
Quote: JuyemuraThanks for all the answers. This was more of the situation I was curious about in Las Vegas.
If I take out three $1000 markers, play for a while, and have $2500 at the end of the day, can I pay off essentially 2.5 markers? Or would I only be able to pay off two of them, and then have to settle the final maker at a later point?
The markers are financial instruments that can be deposited against the bank account they are drawn against. Therefore to pay against a partial marker the casino would need to issue a new one for the amount remaining. While I guess it's possible (although I've never heard of it before this thread), I've never done it because to me, it seems like a pain to go this route. I usually just write a check for any remaining markers either before I leave or shortly after I get home.
By the way, while some casino's still allow 30 days to pay off the outstanding markers, many have gone to two weeks or less before they present outstanding markers to the player's bank.
I have available credit at two Vegas properties for the benefits and convenience others have mentioned.
Quote: MidwestAPThe markers are financial instruments that can be deposited against the bank account they are drawn against. Therefore to pay against a partial marker the casino would need to issue a new one for the amount remaining. While I guess it's possible (although I've never heard of it before this thread), I've never done it because to me, it seems like a pain to go this route. I usually just write a check for any remaining markers either before I leave or shortly after I get home.
By the way, while some casino's still allow 30 days to pay off the outstanding markers, many have gone to two weeks or less before they present outstanding markers to the player's bank.
I have available credit at two Vegas properties for the benefits and convenience others have mentioned.
I have never had casino credit but am considering it for my next trip to Vegas. For my curiosity's sake, is there a detrimental outcome to not paying off the marker with a check, and letting the casino get their money by cashing the actual marker through your bank? As far as I can tell, the marker itself functions almost exactly like a check. Is it just a good will thing? I understand not taking out a marker, winning, and then walking with the chips, that is clearly bad form. But if you lose all or most of your marker, I would be inclined to avoid the further hassle/paperwork of writing a new check and just letting them cash out the original piece of paper which I signed.
if you failed to pay the marker on your own.
but this probably varies widely from place to place,
and of course everything is negotiable for valued clients.
Quote: AcesAndEightsI have never had casino credit but am considering it for my next trip to Vegas. For my curiosity's sake, is there a detrimental outcome to not paying off the marker with a check, and letting the casino get their money by cashing the actual marker through your bank? As far as I can tell, the marker itself functions almost exactly like a check. Is it just a good will thing? I understand not taking out a marker, winning, and then walking with the chips, that is clearly bad form. But if you lose all or most of your marker, I would be inclined to avoid the further hassle/paperwork of writing a new check and just letting them cash out the original piece of paper which I signed.
I've never experienced any downside to letting the casino cash the marker. In fact for the properties that deposit the marker in under two weeks, I almost always let them deposit them because I worry that I might write the casino a check that crosses the marker they are depositing and I'll accidentally get dinged twice. I know it can be rectified, but why go through the hassle.
Now for those that send me a statement and give me thirty days, I usually cut them a check, I don't like the idea of my marker being out there 30 days and not knowing exactly when it's going to be deposited.
I also want to comment that once the credit line is active, it takes very little time to take out a marker at the table with all the player tracking devices readily available at the table or in the pit.
Quote: JuyemuraIf I take out three $1000 markers, play for a while, and have $2500 at the end of the day, can I pay off essentially 2.5 markers? Or would I only be able to pay off two of them, and then have to settle the final maker at a later point?
Is it possible to pay off two of the markers, then ask for a $500 marker, and then use that $500 plus the remaining $500 you had to pay off the third $1000 marker? Or is this something most casinos wouldn't bother doing?
As others have opined, lack of the need to carry cash through an airport, and around LV in general.
No need to advertise in these economic times.
Quote: teddysI'm a big fan of the check cashing service at casinos. It is another available option in lieu of a marker, or carrying cash. What you do is establish your identity with a blank check and ID. Then they run your account and approve you for a certain limit. Once you've established your account, you never need to present a check again, just your ID. No fees, and very fast. There are two main systems, Certegy and VIP Preferred. VIP Preferred has a little card that you can carry with you. I know most of the MGM casinos use Certegy, and a lot of the downtown casinos use VIP.
I am not a fan of check cashing service at the casino. Being a regular player at my casino I thought it would be an easy process to cash checks instead of bringing cash. I used an account that had about $150,000 in it. I set up the account and attempted to cash a $5000.00 check, Declined, $4000.00 declined $2500.00 declined, We called up service and was told I had no history with them and I would have to start out with $500 even though I had the large balance. I told them what the hell am I going to do with $500. I set up a line of credit initially at $ 5000. The markers are given to me at the table in a matter of minutes no fees very convienient. I took out about 15 over the course of 3 months and paid off all but one the same nite. Even though it takes about 6 months to get an increase I asked for $15,000 and it was approved. As long as you have the willpower to only use what your bankroll is, it is the most convenient way of playing with the exception of maybe fronting money.
