Rhode Island Senate approves larger loans for high rollers

Rhode Island Senate approves larger loans for high rollers

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Rhode Island Senate approves larger loans for high rollers

Last Monday, the Rhode Island Senate passed a bill allowing the two commercial casinos in the state to give high rollers larger loans.

By amending the state’s gaming laws, Senate Bill 3040 would allow Bally’s Twin River Lincoln and Bally’s Tiverton to lend twice as much credit to high rollers and VIPs. The two land-based casinos in Rhode Island are permitted to lend up to $50,000 in cash to each player under the current regulations. SB3040 would raise the $100,000 ceiling.

The state Senate approved the legislation by a vote of 28 to 5. It now goes to the state House of Representatives, where the Finance Committee of the chamber has been tasked with giving it a preliminary examination. Bally’s requested the increased credit line from state senator Dominick Ruggerio (D-North Providence). According to the gaming business located in Rhode Island, the amendment is necessary to enable its casinos to compete with limitless gambling resorts in neighboring Connecticut and Massachusetts.

One of the senators who voted “no” on SB3040 was Sam Bell. He wondered why it should be necessary for a casino to let a player lose more than $50,000 in a single day.

Bell declared:

“This is bad. Going into debt from gambling is dangerous. We should not maximize profit when it comes to an addictive product.”

Many high rollers, according to Bally’s, have sufficient resources to withstand such losses. The purpose of extending credit isn’t to give gamblers money they don’t have; rather, it’s to give them a simpler, safer way to get big sums of money instead of bringing in tens of thousands of dollars’ worth of bills. Credit, or “markers,” have a deadline that the player must adhere to—usually between 15 and 45 days. Additionally, casinos do not give money to customers without first checking their credit. Players must submit two confirmed bank accounts to Bally’s Lincoln and Tiverton credit applications. These accounts are verified by an outside agency. Perjury is a crime in Rhode Island, therefore applicants who fill out credit applications fraudulently risk consequences.

The casino credit measure needs to be passed by the Rhode Island House by June 30 in order for Gov. Daniel McKee (D) to sign it.

  • Rhode Island Senate approves larger loans for high rollers Rhode Island Senate approves larger loans for high rollers
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