If you have never gambled at a casino before, is it possible to get a room comped based opening a large enough line of credit. I want to stay at the Venetian, so I know they would want a pretty big amount, but approximately how much play would they want to see for a 3-night stay for a slot player? Would they want to check into my play or my current offers at other casinos? How exactly would it work if they actually would do something like this? Also, in general what is the average minimum amount a mid (Golden Nugget) to lower (El Cortez) casino would approve if someone didn't want to not carry cash with them to Vegas and would want to open a line of credit?
A line of credit can be a good initial talking point with a casino host and might get his or her attention, but any comps you earn will be based on how much of that credit line you actually gamble and how much time you spend at the table. It's a lot like buying in for a large amount, thinking you'll get more points. Unless you put all that money into action, you won't. Points and comps are based on the money played, not the credit line or buy-in.
For instance, if you tell the host you want to open up a $100,000 credit line, that will likely get them to tentatively agree to comp your stay. However, when you get there, sit down at a blackjack table, take a $500 marker, and bet $25 a hand, they'll likely cancel that agreement and you'll end up paying. At $25 a hand on a $100K line, that's 4,000 bets. Sure, your wagers will go up and down, but on average at 60 hands per hour, it would take you nearly 70 hours to play through you credit line -- tough to do over a weekend. A host at the Venetian will expect your average bet to be $2,500, 10 times as much. Playing way below your credit line could also result in a reduction or complete cancellation of your line. Credit departments don't like having unused or underused credit lines on their books.
Depending on the size of the line, they may look into your credit at other casinos as well. For larger credit lines, part of the process will be to make sure that you not only have the money available you're asking for, but that you can't overextend your ability to pay it down, due to losses against lines at other casinos. The credit department can see what other casinos you have a line with, how much it is, and if it's in good standing. They might not do this for every single application, but they can, via your Central Credit file.
Regarding the minimum amount for a credit line, credit lines can go as low as $500 at some smaller casinos, though it's generally at least $1,000 these days. Strip casinos have a higher minimum, maybe as high as $5,000.
It's important to remember, though, that the credit line isn't a tool to get more points and comps. Rather, it's an initial talking point to let the host know what sort of money you're ready and willing to put into action, so keep that in mind when you apply for credit.
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