In July 2014, Missouri passed a law allowing casinos to issue lines of credit to customers who qualify to borrow a minimum of ,000 and can repay the loan in 30 days. The measure targeted affluent patrons who prefer not to carry large sums of cash or access their bank accounts for gambling money. Today seven of the state’s 13 casinos offer the credit lines, but now Pinnacle Entertainment Vice President of Government Relations and Public Affairs Troy Stremming said the company is working with legislators to amend the law and allow credit-worthy gamblers to borrow just a few thousand dollars without the hassle of proving they are qualified. “I can’t speak for other gaming companies, but it is certainly something Pinnacle properties will be pursuing,” Stremming said.
Under the current law, credit offered at the casinos is interest-free. Patrons must qualify for at least $10,000 although they are not required to borrow that much. The credit may not be extended to intoxicated patrons.
Credit is offered at seven Missouri casinos in Kansas City and St. Louis, including Pinnacle’s Ameristar casinos in Kansas City and St. Charles in suburban St. Louis, plus River City Casino in St. Louis. The three properties are the state’s highest-grossing casinos.
Stremming said most Missouri customers who take out lines of credit are high rollers who also have a relationship with Pinnacle casinos in other states. “It allows us to bring some of our best guests from other casino markets into Missouri so they can experience some of those rare events like the World Series, NFL playoff games, a big SEC football game. They stay in our casino and enjoy our amenities. The last thing they want to do is carry a lot of cash in their pockets.”
At Argosy Casino in Riverside, a Kansas City suburb, Vice President of Marketing Tom Teesdale said the 2014 law helped the state’s casinos bring in high-end gamblers from other markets. “The more competitive we are, the more jobs we can create,” he said.
Under state law, Oklahoma and Illinois casinos may issue lines of credit, and those in Kansas and Iowa may not.
