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Lines of Credit Likely At Twin River Casino

Lines of Credit Likely At Twin River Casino

It looks as if the Twin River Casino in Lincoln will soon be allowed to offer lines of credit to their casino players. This comes after the Senate Finance Committee voted on Tuesday to endorse this bill which was sponsored by Senator Maryellen Goodwin, D-Providence.

An additional bill, sponsored by Senator Louis DiPalma, D-Middletown, was also endorsed which will prevent casinos from attaching any real estate in return for debt to the casino by those players who have been granted this line of credit. Twin River Casino is strongly in support of this bill.

Lines of Credit Likely At Twin River Casino

A bill has been endorsed by the Senate Finance Committee which if approved, will allow lines of credit to be offered to casino players by the Twin River Casino.

According to Craig Eaton, a Twin River representative, offering a customer a line of credit or a ‘credit marker’ is already standard practice in the casino industry.

Eaton went on to explain that customers could be eligible for up to $75,000 in credit but that the necessary credit checks would need to be done in order to verify credit eligibility.

Furthermore, this line of credit would be interest-free and the state would not bear any financial risk. Twin River Casino will be solely responsible for collecting any bad debts.

Until now, many have opposed casinos using liens as in some cases, families are left with the risk of losing their homes caused by a family member with a gambling addiction. In fact, a report done by Channel 12 showed that Foxwood Resort Casino had taken out over 30 liens on Rhode Island homeowners who have gambled at Connecticut casinos since 2004.

The bills will now go to the Senate.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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