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Marker Defaulting

Discussion in 'Gaming & Casino Industry' started by GlenBaccarat79, Aug 8, 2016.

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  1. GlenBaccarat79

    GlenBaccarat79
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    Unlike poker, folding is the only way!
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    It's from 2011 but insightful for those of you who think to default and not repay what you signed your check for, etc. I did read of numerous people that were recently arrested and extradited within the system from several western area states for marker defaults.

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  2. shifter

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    this sums up the whole situation.

     
  3. GlenBaccarat79

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    If it wasn't based on the checking account, that is true. Same as if one goes to a store and bounces a check. I believe all stores will notify the check writer to submit the proper funds and usually plus a service charge to cover their charges, etc. But it is a crime. Most states will prosecute. I had a couple of people that bounced checks in my previous repair shop for complete sets of tires. I tried for months to collect for them. Failed. Sent to the county D.A., and he secured warrants for the people. Eventually got paid through the courts the following year. I don't believe it is any different.
     
  4. stackinchips

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    I think what Shifter is getting at is that the casinos use the "loophole" in the law to push their collections onto the public. They extend credit under the guise of true credit. I.E. We will front you the money and if you lose you pay us back. Essentially giving people unsecured loans so they can gamble at their casino. However, instead of truly providing unsecured credit, they've made it so that you write a check, because if you default, they can simply turn it over to the authorities and make them become their debt collectors.

    As shifter pointed out, often times they extend people too much credit, knowing that they're enabling them to gamble more than they can afford, then when they finally hit the bottom where they simply cannot pay their gambling debt, they dump the problem onto the taxpayers by making the authorities chase these people down.

    The deadbeats are just as much to blame, and they make their own bad decisions, but if casinos are going to extend credit, then it should really be credit. And when they need to collect on the credit they extend, they should be responsible for doing so themselves, not passing that cost on to the taxpayers. They'd be a lot more conservative in regards to how much credit they extend and to whom if that were the case.
     
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  5. MikeyBlacklabber

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    back when i used to go to the dunes with da boyz ,they had a deal with the dunes
    and would buy up all the unpaid markers at 75 cents on the dollar.
    when you got back, you had 7 days to pay back your marker. after 7
    days they started adding points.

    one a-hole decided he wasn't going to pay an juice and gave some lip.
    you know, funny how he fell down a flight of stairs a couple of times....broken collarbone
     
  6. VEGASBJ

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    oh for sure when Vegas was mobbed up, they would send Vito from "collections" for any unpaid markers. scare tactics do work.........
     
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  7. Tibs

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    Watching someone do time over a $9 check in the 80s should be enough to scare the hell out of people. It was only 48 hours but still.
     
  8. bayoubengal

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    Also the DA gets a cut from the collections too. Kind of a vested interest for them to prosecute too.
     
  9. GlenBaccarat79

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    Ted Forrest Wanted by Authorities Over Alleged Bad Checks at Wynn Las Vegas
    Published: September 05, 2016
    Ted Forrest is a wanted man in Las Vegas.

    The six-time World Series of Poker (WSOP) bracelet winner has been accused of writing bad checks at
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    Las Vegas in 2012 and 2013.

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    Wynn Las Vegas says poker pro Ted Forrest owes the casino hundreds of thousands of dollars, and local authorities have a warrant out for the arrest of the six-time World Series of Poker bracelet winner.

    According to authorities, Forrest cashed two checks totaling $215,000. Wynn says the checks bounced due to insufficient funds to cover the transactions.

    Clark County has now issued an arrest warrant for Forrest.

    Three years ago, Forrest admitted to owing Wynn over a quarter of a million dollars and agreed to pay back the money in 10 monthly payments. But Las Vegas Review Journal’s (LVRJ) David Ferrara reports Forrest failed to make good on the settlement.

    Wynn wants its money, and it’s turning to legal recourse. “We believe this is a long-standing civil dispute,” Forrest’s attorney Chris Rasmussen told the LVRJ. “Now . . . they’ve moved to prosecute.”

    Clark County is charging Forrest with theft and writing bad checks. Those accusations could lead to prison time should Forrest be found guilty. Rasmussen plans to ask a Clark County judge to revoke the warrant.

    High Stakes Drama
    Forrest is notorious on the poker circuit for always being ready for a big wager. He’s won over $6.3 million in live earnings during his 25 years playing poker, but his notoriety largely stems from his actions in non-sanctioned showdowns, also known as prop bets.

    His most notable face-off came against Texas billionaire Andy Beal. Forrest and other poker pros pooled their money together to take on Beal in what were perhaps the richest poker games in history.

    Dating back to 2001, Forrest and Beal have gone against each other several times with millions of dollars in the pot. Held at both the Bellagio and Wynn Las Vegas, Beal supposedly once won an $11.7 million hand.

    Forrest’s best live recorded victory came in 2007 when he won the $10,000 World Poker Tour no limit hold’em event for a $1.1 million win, but he’s certainly won more during his non-tournament high-stakes affairs.

    Weighty Matter
    Forrest’s situation with Wynn is a bit ironic, considering he’s been a vocal critic of
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    on a 2010 prop bet. Six years ago, Forrest bet Matusow he could drop his weight from 188 to under 140 pounds in just a matter of months.

    The bet was for $2 million.

    Forrest followed through, but claims Matusow has only paid him $70,500 to date.

    “I didn’t eat for 10 days,” Forrest said in 2010. “I ate a kiwi, a tomato, and five or six raspberries, which gave me the energy to make the final push and lose the weight.”

    Matusow blamed alcohol for the bet, and claimed that he wasn’t in a sound mental state to make such outlandish terms.

    “Four years ago me and Ted made a bet and were very drunk when we made it,” Matusow tweeted in 2014. “I then told him I don’t want the bet cause I can’t afford to lose.”
     

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