| Very
few people know this, but it's a fact of life, one,
the casinos know about. The court has also ruled
that works both ways; in other words, a casino in
Nevada is obligated to pay back cash for chips won
at their tables.Thats also a gambling debt, you
see. However, if they re honor their debts in this
manner, the Gaming Co would immediately step in
and revoke the casino's lice do business.
Thus, the casinos are very aware of the fact that
g debts can't be collected, and they also know that
checks by gamblers can be stopped or dishonored
and that nothing they can do about it, for there's
no way they legally collect on these checks unless
fraud was involved. by fraud, we mean the use of
a phony name in obtaining or something like that.
But most of the time that's nd case. What happens
is that John Gambler, having lost a; thousand in
a Nevada casino, is upset, and the more he about
it the more upset he gets, and when he gets back
to York City or L.A. or wherever, he stops payment
on the issued to the casino. And the casino is left
holding the bag. If this is the case, one might
ask, why do casinos extend cedit at all to players?
First of all, their uncollectible bad debts, those
that will never be repaid, tun to a very small percentage
of credit extended, about 2.5 percent, the same
as the average bank's percentage on its loans. Second,
even though gamblers know they can stop payment
on checks and dishonor their gambling debts, they
also love to gamble, and if they don't pay back
what they owe, they'll be blackballed from getting
credit, not only at that particular casino, but
at all legitimate casinos throughout the United
States.
And despite all the rumors that swirl around the
country about Las Vegas casinos, these places don't
hire men to break legs and arms of those who owe
them money. If it does go on at all, and I doubt
this, it's limited to "street guys" who
have gotten credit at casinos where the underworld
has a big interest. In those exceptional cases,
pressure may be put on these individuals. But the
average legitimate person who dis-honors a gambling
debt in a Nevada casino or is overdue in paying
back is not going to see men at the door with baseball
bats. |
