Wire Transfer

I believe at least part of the motivation for requiring that the funds be used for gambling only is to avoid money laundering. I had an occasion about a year ago when I made a withdrawal on my up front money...decided a short time later to withdraw another large chunk...and they flat out wouldn't let me until they saw a bit more action on my card. If I'm not mistaken, this is on the casino's initial wire transfer form. (Now that I've made wire transfers a few times, I no longer use the form. All my bank really needs are the other bank's name, account number, routing number and such.) In addition to avoiding money laundering, the casino...how shall I put this delicately...the casino isn't particularly interested in offering a convenience so you can use that $$ for shopping or for use at another casino. They will, however, bend over backwards to make it convenient for you to get your money within easy reach for gambling at their casino. Oh, and, I was thinking about my earlier statement concerning why they (at least, in my experience) require a 72 hour lead time: the casino may well want the time so the accounting department can process the transfer and set up your up front account. It certainly doesn't take 72 hours to do that...it simply gives the accounting folks more than enough time to take care of the necessary paperwork.

Here's a bit more info. I'm actually in Las Vegas right now. Just went to the 7-Star cage at Paris and got a copy of their wire transfer instructions. Surely Caesars---and othe casinos---will have similar instructions. In addition to the pertinent Paris bank account info, the instructions state:

"Once we have been notified by Bank of America [Paris's bank] that the funds have been credited to our account the funds will be applied to your account. Disclaimer: It can take up to 72 hours to process a wire transfer.
Wire transfer minimum is $5,000 and above. Wired funds are for "Gaming Purposes" only; funds will be placed on deposit for wagering in Pit, Slots, and Race and Sports. Cash will not be issued for total Wire amount. Excluded from Gaming Purposes: Convention Services (Must adhere to Casino Cage Policies & Procedures)"

Th-th-th-that's all, folks.

Here's an update for those interested . . .

I spoke to a very helpful casino host at Caesars (Rachel) and she said it's no big deal. She provided the routing information for the transfer and said all I need to do is show up at the cage, present my ID and take any amount I want. I asked her about the "gaming purposes" statement and she said "no, it's your money, do with it what you want." She even provided her direct phone number in case I have an issue.

Thanks!

So Paris and Caesars have different rules..?!?!? Good thing ur staying at Caesars, smartcriminal.

You have to wonder what a line of credit at a casino would do to your credit rating, and how that information would affect lenders judgement of you as a borrower.

I've also wondered IF this info. could affect your Credit somehow.

Also, if you are applying for a Loan........they usually check the last 3 months of your Bank statements.
I don't see how this could look good.

Unless you have a shaky credit rating already, I wouldn't worry about. I always use a marker in Las Vegas and have set up for markers and check cashing in Tunica, Kansas City, St Louis and Council Bluffs. Last spring then ran a credit check as we were buying two new cars at the same time. There were no problems at all with either of our credit ratings, although my wife pointed out that hers was just a little higher.

I guess I was thinking more along the lines of a Home loan.........but glad you had no issues with cars.


Also, SandyPaws, after seeing the pic of the 2 of you all these years..........thought Sandy was a woman.
After reading your post, appears I would be wrong.

A friend in real estate told me that evidence of relationships with casinos, i.e. checks, wire transfers, markers, etc., has absolutely no bearing on getting a home loan.

Lines of credit don't affect your credit score unless you 'bounce' a check with one. I have MANY lines of credit at about a dozen casinos and my credit score is stellar. I have no problems getting great rates with loans and refi's.
The casino get's the credit line in order in about 2 hours (longer if you try to set it up on a Sunday) and you're done! Soooo easy.
A marker is just a check you sign. At the end of your play, if you're ahead, you can pay off the marker and walk with the winnings and the check marked 'paid'. If you don't pay it off, about 2 weeks later it will hit your checking account. I've never heard of anyone having security problems with this.
Stu