Line of Credit with Casino

I would like opinions on opening a line of credit. For those who have a line of credit please let me know what you consider the pros and the cons to be. All information is appreciated.

Line of Credit with Casino

convenience is the main thing. i do not have to bring wads

of cash. also the security matter brining cash and taking back

if you have a good run. but do not, repeat do not let your winning total in your account exceed $10,000, if over 10k

risk the inconvenience so you are not taxd..

Line of Credit with Casino

I%26#39;m not sure this is a ';con,'; but when I was checking into opening a line of credit, I found out that this would not add any ';perks,'; such as better room rates or special check in. I didn%26#39;t expect them, but I wouldn%26#39;t have complained about them, either.

21player - Thanks for the information. I was looking to open the LOC for convenience. I don%26#39;t like carrying a lot of money around for safety reasons.

If you open a line of credit and at the end of the trip you owe money, let%26#39;s just say $3K - can you just pay in cash, write a check, charge the balance to CC? I would asusme cash or check, but I%26#39;m not sure.

Are the tax implications still $10K? I thought I read something that they may have been lowered. Or I could be confused with the rules in AC.

Bubble - I didn%26#39;t think that there would be any added benefits, but I was thinking mostly of the convenience.

Thanks for responding so quickly!

10k is the magic number where the feds start looking into cash transactions. The casino (or any other business) has to report cash transactions over that amount so those transactions can be screened for money laundering. Which amount to a pain the rear for the rest of us.

Actually, it%26#39;s a little bit worse than that. Yes, the casinos are subject to money laundering laws that require a cash transaction report (CTR) for aggregate cash transactions of $10,000 or more in any one calendar day (not 24 hour period). However, a W-2G form is sent to the IRS by casinos for other gambling winnings as follows:

-Winnings of $1,200 or more from bingo and slot machines

-Winnings of $1,500 or more from keno, less the amount of the tickets bought on the winning game

-Winnings of $600 or more from horse racing, dog racing or jai alai, if the winnings are at least 300 times the wager

Luckily, there is no W-2G reporting for winnings from table games such as blackjack, craps, pai gow, baccarat and roulette, regardless of the amount.

Casinos can, however, make out such CTR for amounts as low as $2,000, if they are suspicious. Once a casino has your SSN and ID on record, they can issue a CTR without your knowledge.

Susan,

they bill you just like a creit card, you have 30 days

to think to yourself, how in the hell am i gonna pay this thing

ill never go to vegas again!

hopefully that wont happen to you. but yes it is a big convenience, but do not do this if you are a habitual gambler

(looser, or out of control no will power) and most of all

make sure you have the funds allocated in case of a loss.

also, by opening an account and using it does in fact open

some comp doors for you. lots of places will give you compd

rooms just based on your credit rating and how much of a line

you can get.

21, what kind of a credit line are we talking here?

Let me be more specific - $25K, $50K, $100K?

So for comp reasons, you might be better off opening a LOC in the hotel you are staying at ( making sure you have a players club card also ) and then drawing off of it instead of bringing cash?

Of course, never spending more than you bugeted for.

Makes sense, any actual experiences out there ?

gray horse and bubble,

yes, i have experienced more comps right away,also less

hassle when making plans to visit vegas, rooms are already compd etc..i have kept my limit at $10,000, could get more

but iam not about to have a bad run and loose more than 10k.

and you are correct, set your limits be prepared and have the

resources available to pay if it comes to that. again if you

are sloppy with credit or a born looser at gambling DO NOT

do this.