How to Obtain Credit
Very few people know this, but it's a fact of life, one that, the casinos know about. The court has also ruled that works both ways; in other words, a casino in Nevada is not obligated to pay back cash for chips won at their tables. That's also a gambling debt, you see. However, if they refuse to honor their debts in this manner, the Gaming Commission would immediately step in and revoke the casino's license do business.
If this is the case, one might ask, why do casinos extend credit at all to players? First of all, their uncollectible bad debts, those that will never be repaid, run to a very small percentage of credit extended, about 2.5 percent, the same as the average bank's percentage on its loans. Second, even though gamblers know they can stop payment on checks and dishonor their gambling debts, they also love to gamble, and if they don't pay back what they owe, they'll be blackballed from getting credit, not only at that particular casino, but at all legitimate casinos throughout the United States.
And despite all the rumors that swirl around the country about Las Vegas casinos, these places don't hire men to break legs and arms of those who owe them money. If it does go on at all, and I doubt this, it's limited to "street guys" who have gotten credit at casinos where the underworld has a big interest. In those exceptional cases, pressure may be put on these individuals. But the average legitimate person who dishonors a gambling debt in a Nevada casino or is overdue in paying back is not going to see men at the door with baseball bats.
What will happen will be annoying letters and phone calls from the casino itself, then dunning letters from lawyers in his area, then perhaps a few phone calls from people who represent the casino asking him to pay his debts and pointing out that, after all, the casino is owed money the man was given to play with in the first place, and it's a legitimate, if not exactly a legal, debt.