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Money
is a very expensive commodity these days; if you
dis-agree, just go out and try to borrow some. Money
on loan or credit commands high interest. If you
don't pay the balance on your credit card within
the designated monthly period, you'll find yourself
paying one and one-half percent interest per month,
or eighteen percent a year. That's a big bite. If
you go for a new mortgage on your home, the interest
you'll be paying will be at least 10 percent and
in some states, much more; in addition, you'll find
that there are added charges, such as lawyer's fees,
origination fees, appraisal fees, and so forth that
will in reality drive that figure even higher.
There's no doubt about it. Money is not only expensive
but difficult to obtain. Banks want collateral for
their loans, private lenders want exorbitant interest,
and both are reluctant to give °money for abstract
reasons. They want definite proof about where that
money is going.
In many ways, as we have pointed out, the casino
is like abank, and the credit it extends is like
a bank's credit. A must show that he or she is qualified
for that loan; how', unlike a bank, the only purpose
for which that cash is on credit by a casino is
for gambling purposes.
If you go to your friendly neighborhood bank and
ask cash to gamble with, you'll be quickly shown
the door. N the banks nor private lenders want any
of that business. know that a gambler can lose it
all in one shot and that going to have a lot of
trouble collecting on a loan that nothing in the
form of potential collateral.
That's not the only reason no one but a casino will
credit for gambling purposes. A g debt is noncollectible
in any court in any state in the U States. Even
a debt whose basis was gambling, though the was
not in fact actually given for gambling, may not
be lectible. And this applies not only in states
such as New or Texas or California; the highest
court in Nevada has that a gambling debt cannot
be collected in that state. |
