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Most casinos
are happy to give credit because it makes their wheels of
fortune spin more smoothly, and the more credit, the merrier
the bottom line of their profits. This is not to say that
the casino will give credit to anyone who asks for it, or
that anyone eligible for credit can simply walk in off the
street and get it at once. But there is a correct way to
obtain credit and most people can get casino credit if they
apply for it in much the same way they would apply to a
bank for a personal loan.
No bank is going to allow you to walk in and get a loan
without having a credit application filled out and your
credit rating verified. The same is true with a casino.
In many ways a casino is like a bank. Much of its business
is a credit business, and it has to be very sure of its
customers. Like a bank, a casino charges for its loans,
but unlike a bank, which charges a fixed interest fee that
is added to the loan when paid off, the casino's interest
is in a hidden form. It comes from the casino's edge or
advantage in the games and is expressed in gambler's terms
as "vigorish" or "vig."
At both bank and casino a credit application will have to
be filled out and credit references checked fully before
money or credit is issued. When borrowing at a bank, the
applicant will have to state the purpose of the loan, and
the purpose has to be a valid one as far as the bank is
concerned-to buy a new car, improve a house, or pay for
medical expenses. The money is thus used for a tangible
purpose.
The casino never asks what the money is going to be used
for because it already knows. Credit extended at a casino
is only used for gambling purposes, and that to a casino
is tangible and valid use of its money. |
