Canadian High Roller owes 5Million to Las Vegas Casinos!

Chipsahoy · #1 03-22-2009, 11:37 PM

Canadian High Roller owes 5Million to Las Vegas Casinos!

Can you imagine? Nevada Prosecutors are after a Canadian Gambler who owes various Las Vegas Casinos a total of $5 Million!

Semion Kronenfeld is sought for felony theft charges and bad check charges a warrant was issued last month. Checks totaling 1.7 Million, 2.3Million and 1Million were written to Green Valley Ranch Station last year in October.

How do Casinos let you write checks for that much????? Man, they must really be needing the cash if they let "unknowns" give them checks for this much without doing the obvious checking needed to make sure those checks are covered!

1819 · #2 03-23-2009, 12:51 AM

he didnt write checks he took out markers then either couldnt or didnt want to pay. they ran his credentials. i have nowhere near that kind of line with casinos but i could pull 500k out on signature. if i dont pay they'll put a lien on my finances, properties, etc... i dont know this particular case but i'll guess he was good on paper one day then belly up in the market the next. he will pay. the worst thing you can do to a player of his stature is ban him. he will be banned worldwide until he settles up.

Chipsahoy · #3 03-23-2009, 12:54 PM

wow, so casino's will let someone take that much money to gamble with, on just their good name? i wonder how many times they have had to chase someone who borrowed more than they can pay? very risky business.

VegasLuvsMe · #4 03-23-2009, 01:17 PM

Well, I hope this high-roller can pay up. This sort of business is what hurts Las Vegas even more during its down periods.

1819 · #5 03-23-2009, 02:50 PM

Quote:

Originally Posted by Chipsahoy

wow, so casino's will let someone take that much money to gamble with, on just their good name? i wonder how many times they have had to chase someone who borrowed more than they can pay? very risky business.

yes. it is also interest free. the amount you can take is based on what your credit and finances look like. anyone with a checking account can get a line. some folks just get approved for a couple thousand and some in the millions. i usually do not use my credit lines. if i have a last second trip then i may. lets say i take out 10k on a marker. i have 6 weeks to pay it back before they take it right out of my bank account. larger amounts i have longer to pay. a five hundred dollar marker is expected to be paid in 2 weeks.

winbig · #6 03-23-2009, 08:20 PM

Quote:

Originally Posted by 1819

yes. it is also interest free. the amount you can take is based on what your credit and finances look like. anyone with a checking account can get a line. some folks just get approved for a couple thousand and some in the millions. i usually do not use my credit lines. if i have a last second trip then i may. lets say i take out 10k on a marker. i have 6 weeks to pay it back before they take it right out of my bank account. larger amounts i have longer to pay. a five hundred dollar marker is expected to be paid in 2 weeks.

They really give you that long? I've always heard that they expect all markers paid at the end of your stay....but I guess it's different from casino to casino..

1819 · #7 03-24-2009, 03:07 AM

Quote:

Originally Posted by winbig

They really give you that long? I've always heard that they expect all markers paid at the end of your stay....but I guess it's different from casino to casino..

if you win they expect their money back right away. they frown upon taking out a 5k marker then going shopping too. it is for gaming purposes. if you play and lose they dont expect the money right then. what would be the point? lol.

VegasLuvsMe · #8 03-24-2009, 10:58 AM

Yeah, that does make since.
I guess as long as you have money to cover it in your bank and you use up the marker over a couple days let's say, I think it is good business to give a person time to recover from the loss.

But if I win on that marker, I would try to pay it off before leaving if I could. But I think I would have to hold on to a hundred or so for my journey home.

vegasrocks · #9 03-25-2009, 02:15 AM

That guy isn't rolling high anymore! lol At least not right now. The casino will get their money one way or another I am sure.

I think it is crazy that they allow people to borrow that much on good faith alone! O well, it's Vegas... anything can happen in Vegas! lol

1819 · #10 03-25-2009, 11:48 AM

Quote:

Originally Posted by vegasrocks

That guy isn't rolling high anymore! lol At least not right now. The casino will get their money one way or another I am sure.

I think it is crazy that they allow people to borrow that much on good faith alone! O well, it's Vegas... anything can happen in Vegas! lol

it is a no lose situation for the casino. they fronted him the money. he lost it back to them, and now he owes them. it is not like he cashed the checks and walked out the door. even if they dont collect they didnt lose anything.....