Bill would let Missouri casinos extend credit to gamblers

[KansDem]

Source: Kansas City Star

JEFFERSON CITY — Missouri’s casinos want to make it easier for patrons to spend money.

A bill moving through the Legislature would let the state’s 13 casinos issue short-term gambling loans, secured by the gamblers’ bank accounts.

Casino executives say providing credit would help them attract high-end players from other states who don’t want to carry large wads of cash or incur high fees for using credit cards to withdraw money.

“Customers look for convenience when they decide what casinos to visit,” said Troy Stremming, a senior vice president for Ameristar, which operates casinos in St. Charles and Kansas City.

The casino industry has sought the bill for years, but the measure, HB747, appears to have gained momentum this year. With little debate, the House passed it last month on a vote of 132-25.


Read more: http://www.kansascity.com/2013/05/06/4220756/bill-would-let-missouri-casinos.html

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"...attract high-end players from other states who don’t want to carry large wads of cash or incur high fees for using credit cards to withdraw money"
[font size="1"]Yeah, right...

[Botany]

1. “Customers look for convenience when they decide what casinos to visit,” aka look @ Jimmy's college

.... fund being pissed away in a night.

Remember when people in the government passed laws to help people?

[leftyladyfrommo]

2. Wow. What an incredibly horrible idea.

Geesh! Just what my friends who have gamblin problems don't need.

[RiverNoord]

11. Dear lord this is catastrophically

stupid. Is that what our system of government has come to? Only the monumentally stupid plans get through?

[KansDem]

20. In the late '80s I worked as an adjunct instructor at a small college in KC

Last edited Tue May 7, 2013, 05:36 AM - Edit history (1)

The week before the new semester began, we had a new-faculty in-service. We met the college administrators and learned about campus policies. There were maybe 12 to 15 of us in the room and we were asked to identify ourselves and give a little bio along with what courses we were teaching.

One fellow introduced himself as a KC lawyer specializing in bankruptcy. He had been hired to teach a paralegal class. Well, he told us his business was so-so, until the boats came. Then it boomed.

He was referring to the gambling casinos housed on "boats in the moats" on the banks of the Missouri River. There was a vote on the 1984 ballot to legalize gambling in Missouri (it passed) and the "boats" were necessary to circumvent legal issues (I believe it had something to do with waterways and municipal laws, although I'm not certain).

Anyway, he said once the boats (casinos) opened, his business boomed. If he's still practicing, I'm sure his business will boom again...

[leftyladyfrommo]

21. That is when all the pawn shops opened up, too.

And all of the title loan companies that have such awful interest rates.

I was working mortgage loans then and I couldn't believe what I saw. Some people just spent their whole paychecks at the boats. Over and over again.

We did a refinance for one woman who was disabled with MS. They pulled all the equity out of their home to pay off all of her debts from gambling. Six months later they were back and she had run up all of their cards again.

It doesn't take long to go broke gambling.

I like to go to the boats for a meal once in a while but I never gamble. Once you get started it's just too hard to stop.

[DainBramaged]

3. hONEY WHAT'S THIS BILL FOR $5,000?

[Sunlei]

5. a bill lol?, loan attached to bank account and the house.

Going to be a lot of cheap homes up for grabs in Mo.

[Sunlei]

4. ok where is the software to run an online casino, I have an idea with webcams & choice of dealer

[DetlefK]

6. Gamblers don't play to win money.

They play to satisfy their emotional needs, to relax or to get the thrill. (like sports or reading or playing a video-game...)
Money is of secondary concern to them, otherwise they would stop when incurring losses.

The only real limit for a gambler is, which point comes first: satisfaction is reached or gambling has to stop for lack of money.

High-end players are desensitized to sudden huge wins and sudden huge losses of money. They only care about long-term changes to their account, not credit-card fees.

[HooptieWagon]

7. Gee, what could go wrong? nt

[Marrah_G]

8. BAD, Bad Idea n/t

[dixiegrrrrl]

9. Then the legislature can pass a no bankruptcy law for gambling loans

like Congress did for Gov't student loans
and the banskters will get even MORE money to sock away on off shore accounts.

That's the difference between mobsters and banksters...
mobsters would break your legs if you did not pay back the loan
Banskters just buy up a Congress or 2 and pass laws that say you can never get off the hook for the loans,
then sell the loans to collection agencies
who threaten to have you sent to debtor's prison.

[Sunlei]

10. debtor's prison will be 'for profit' prison. more state and federal taxpayer money gone

The prisoners will become cheap slave labor. Slavery is still legal when people are prisoners.

[lastlib]

12. great idea--give the vampires another vein......

...or artery......

[FiveGoodMen]

13. Just proposing such a thing is a crime against humanity.

[Myrina]

14. ... with what, 26% interest?

What could possibly go wrong??

[marble falls]

15. Comp drinks at the credit form desk?

[Turbineguy]

16. "Gentlemen....

Last edited Tue May 7, 2013, 06:47 PM - Edit history (1)

this bill is a giant leap forward in the treatment of the insane gambler!"

[ZombieHorde]

17. Uh oh. nt

[LuvNewcastle]

18. This is evil, pure and simple.

[zipplewrath]

19. Fine with me

Oh, did I mention, I have a few amendments first.

1) No collateral can be connected to the loan
2) Deliquent loans/payments CANNOT be reported to the credit agencies
3) Bankruptcy courts will ignore these debts and the debt holders will have not standing in the court
4) The debt agreements will be a private transaction between the parties, and uneforceable in court.

If the casinos want to take all the risk, they are more than welcome to hand out these loans.

[GreenStormCloud]

22. NO! Gambling should be done with cash only. N/T