Line of Credit Questions

I%26#39;m planning a stay at the Wynn. I plan to bring about $5000 and am considering establishing a line of credit or wiring the money in.

Do you guys have any tips on establishing a line of credit? (Having the $5000 stay put in the bank account for a certain period of time? etc.?)

And what if you%26#39;re lucky enough to start winning immediately. Say you took out a $1000 marker and won $1000 what happens? Does the $1000 get added to your account?

Finally, what if you end up winning your entire trip (so that your LOC never really gets touched). What%26#39;s the best way to get the money out?

Line of Credit Questions

Goosey - to establish a line, go to Wynn%26#39;s web site and click on Casino and then on Credit. You%26#39;ll link to a credit application that you must complete. They will look at your average clear balances for the last x months and approve your request, deny it or offer a lesser line.

If you win, you can pay off any markers or not. If not, or if you lose, you can settle with a check prior to leaving or even after you get home. If you have markers out and don%26#39;t settle within the timeframe in your arrangement, the markers serve as checks on your account and will be submitted for payment. Make sense?

HTR

Line of Credit Questions

P.S. If you%26#39;re Charles Barkley, you had better wire the money into the cage in advance.

HTR

http://wynnlasvegas.com/#Casino/credit/

All Casinos have an established procedure to open a line of credit. It is best to set up your line in advance of your trip. When you%26#39;re ready to play, ask the pitboss for $1000 on your marker. You will fill out a form, thumbprint it, and they give you the amount of chips you asked for.

So in your scenario if you win a quick $1K, you replay the original $1000 mark at the pit and keep your $1000 winnings in cash. The only way you wouldn%26#39;t get your winnings in cash would be if you wanted a check from the cage, which they are happy to do.

Not that I would ever fill out the form for credit, is this a hard inquiry against your credit report??

No credit report. You give them back account information and they check your average balance to see if they will give you the amount of credit you ask for. The markers are really checks from that account unless you deposit money in the cage and draw from that.

Do you want a LOC or to wire the 5K to the casino? Two different animals. If you wire the funds no need for the LOC (unless you in fact do want both).

The place to discuss this is with the Wynn. If you decide to wire funds they will give you the bank info and routing numbers and tell you exactly what to do.

A LOC does not require you wire funds.

Call the Wynn.

Depending on the casino and your history with them, there maybe a credit report run.

All the disclosures and rights needed to be given up establish a LOC seems a lot more trouble that it is. Would wiring money be easier? I am not comfortable with the hotel checking my employment history etc. Plus my bank account balance goes up and down a lot.

';Would wiring money be easier?';

Yes in as much as wiring the money is normally a pretty straightforward procedure. Give Wynn a call and they should give you all the details.

reread my first response - particularly this:

';Call the Wynn';

lip gloss