Casino Credit / Markers
April 18th, 2010 at 9:05:15 PM
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I've never had casino credit, but am considering it for an upcoming Vegas trip (end of May). I was hoping to get some insight from those of you who've utilized casino credit.
I know the official response is that having a credit line in no way changes your comps/offers, but has anyone noticed a change in the types of offers they receive after establishing credit?
Also, when applying for credit, did you get the $$ amount (if it was realistic) that you were asking for? Or did it get approved at a lower rate?
Thanks!
I know the official response is that having a credit line in no way changes your comps/offers, but has anyone noticed a change in the types of offers they receive after establishing credit?
Also, when applying for credit, did you get the $$ amount (if it was realistic) that you were asking for? Or did it get approved at a lower rate?
Thanks!
April 18th, 2010 at 11:08:50 PM
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I have become a big fan of casino credit.
Casino credit is best described as a check cashing service by the casino. The casino does not check your credit score or anything like that. The only thing that they care about is how much money you have right now in your checking account at your bank.
Let's say you ask for $10,000 in "casino credit". The casino will call your bank and ask them for the six month average that you have had in your checking account. From what I understand, the casino will then give you a line of credit for almost 100% of your 6 months average. If you do not have $10,000 in your primary checking account for the last six months, the casino will not give you a line.
I would say, yes, having a line of credit probably does give you a slight advantage in terms of comps. From a casino's perspective, they want to know how much money they can take you for on any given trip. However, the casino really cares about how your average bet is and how many hours you put in. If you have a $100,000 line of credit but are only betting $25 a hand, they will call you on it.
Still, if you are going to a casino that you have never played at before, I like to open up my line of credit before I call and ask for a host. Normally, I ask for a $25,000 to $50,000 line of credit, call up a host and say my average bet is X, and then ask them what I can expect. Often times a host will say, "I'll set you up in a room/junior suite, and then based on your action we should be able to RFB (free room/food/beverage) you for the rest of your stay." They are giving you the benefit of the doubt before hand since you have a line of credit with them. I have no idea what would happen if you had booked 7 free nights with them and have not gambled at all after the first day or two. Probably your host will come looking for you and kick you out/make you pay for your room if you had no intention of playing.
Even better is sending them some front money to gamble with. For example, let's say I have a $50,000 line of credit at the Mandalay Bay. I might send them a cashier's check for $10,000 a week before I arrive as front money to get my feet wet. A host loves that because he knows he has a "gambler" coming to town who is ready to play. They might send you a free limo to pick you up at the airport, etc. in that case. However, they will normally say that "If you meet your average bet of X, you will get Y."
Hope that helps. If you have specific questions let me know.
Casino credit is best described as a check cashing service by the casino. The casino does not check your credit score or anything like that. The only thing that they care about is how much money you have right now in your checking account at your bank.
Let's say you ask for $10,000 in "casino credit". The casino will call your bank and ask them for the six month average that you have had in your checking account. From what I understand, the casino will then give you a line of credit for almost 100% of your 6 months average. If you do not have $10,000 in your primary checking account for the last six months, the casino will not give you a line.
I would say, yes, having a line of credit probably does give you a slight advantage in terms of comps. From a casino's perspective, they want to know how much money they can take you for on any given trip. However, the casino really cares about how your average bet is and how many hours you put in. If you have a $100,000 line of credit but are only betting $25 a hand, they will call you on it.
Still, if you are going to a casino that you have never played at before, I like to open up my line of credit before I call and ask for a host. Normally, I ask for a $25,000 to $50,000 line of credit, call up a host and say my average bet is X, and then ask them what I can expect. Often times a host will say, "I'll set you up in a room/junior suite, and then based on your action we should be able to RFB (free room/food/beverage) you for the rest of your stay." They are giving you the benefit of the doubt before hand since you have a line of credit with them. I have no idea what would happen if you had booked 7 free nights with them and have not gambled at all after the first day or two. Probably your host will come looking for you and kick you out/make you pay for your room if you had no intention of playing.
Even better is sending them some front money to gamble with. For example, let's say I have a $50,000 line of credit at the Mandalay Bay. I might send them a cashier's check for $10,000 a week before I arrive as front money to get my feet wet. A host loves that because he knows he has a "gambler" coming to town who is ready to play. They might send you a free limo to pick you up at the airport, etc. in that case. However, they will normally say that "If you meet your average bet of X, you will get Y."
Hope that helps. If you have specific questions let me know.
