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Old 05-21-2008, 03:54 PM
 
Location: Las Vegas, NV
2,990 posts, read 8,713,690 times
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Quote:
Originally Posted by olecapt View Post
Why not? That is one of these accomodations that Nevada extends to its Casinos. Why on earth should loans made by Casinos be considered bad checks?

Only so that the criminal statutes can be used to force clients to pay.

And the DA gets his 10% making it quite worth while.

Remove the criminal violation and the extension of credit by the Casinos would change really fast. Might be a good thing.


If all home loans would be funded by Casinos in Nevada, I wonder how many people would be in jail after a REPO happends?
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Old 05-22-2008, 12:06 AM
 
1,755 posts, read 5,333,139 times
Reputation: 241
Quote:
Originally Posted by olecapt View Post
Why not? That is one of these accomodations that Nevada extends to its Casinos. Why on earth should loans made by Casinos be considered bad checks?

Only so that the criminal statutes can be used to force clients to pay.

And the DA gets his 10% making it quite worth while.

Remove the criminal violation and the extension of credit by the Casinos would change really fast. Might be a good thing.
Credit extended by any licensed gaming operator is considered a "check"------- NRS 205.130 (e), and is NO different from the same "instrument" used at any other business. Many times the issuance of credit is required to be "backed" by a check written to the casino, oftentimes, with a 90-120 day "hold" on the check. Then, there's the whole issue of international laws, exchange rates, and collection practices abroad. Currently, there is over $80mil of uncollected Chinese debt alone. A couple years ago, a NV casino collector was jailed in a Pacific Rim country. When the Mexican peso was de-valued a number of years ago, something like $25mil in credit was paid to Caesar's in pesos the day before the de-valuation.
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