My post: I think credit needs to be allowed at casinos. However, this should be closely followed by strict
My post:
I think credit needs to be allowed at casinos. However, this should be closely followed by strict controls as well as policies. Being able to extend credit ensures the casinos can pull in high rollers thus generating extra revenue for organizations (Benston, 2011). Nevertheless, granting too much credit or not correctly assessing creditworthiness can result in big losses stemming from the unpaid debts. This being the case, casinos require meticulous credit approval procedures, comprehensive background checks, vigorous collection processes and centralized credit tracking within the casinos to ensure everything is in order (Kasino Metro, 2024). Besides, any unpaid debts need to be prosecuted whenever permissible from a legal perspective. On a similar note, problem gambling issues arising from issues such as irresponsible credit extension need to be handled. As an overview, permitting credit is advantageous for casinos if aligned with judicious risk management guardrails.
References
Benston, L. (2011, January 30). Casinos burned by gamblers who skip out on markers. Las Vegas Sun. https://lasvegassun.com/news/2011/jan/30/taking-ca…
Kasino Metro. (2024). Casino: Cage Operations – The Backbone of a Casino. Www.kasinometro.com. http://www.kasinometro.com/casino-cage-operations….
+++++++++++Peer questioned my post and I need to answer+++++++++++:
Betty- I tend to agree with you regarding potential losses, however, according to our (class) textbook, several markets provide a way to extend credit and write off and not face the consequences of collection.
If accounts payable that are unable to be collected can be taken as contra revenue and reduce tax liability, this drastically reduces the burden of this expense and risk of collection.
Alex
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