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Gamblers with Debt Getting More Inventive Legally

23 March 2011 by admin

The economy is bad. We know that. We also know that many Americans are reeling in on how much they spend their extra money since there is less to go around. For those who like to play poker, blackjack or slot machines in the brick and mortar casinos across the country the economy means that theya re gambling with less. Well, most of them are at least. But there are some gamblers who are not reeling in their gambling spending; some are taking out lines of credit with casinos rather than giving up or cutting back on their gambling. And not everyone can pay back the credit.

This is sending more and more gamblers into debt and rather than owning up to the debt, they are getting more and more inventive in their legal excuses to avoid paying the casinos.

One of the most recent to make the news was Miami Beach millionaire Jerome Powers. The man took out a $1.2 million line of credit with the Mohegan Sun two years ago. When he went to write a few checks to pay off the debt, his checks were returned with the reason being that his bank account was closed. This resulted in a two year legal battle that still is not over. Powers and his attorney say that he should not have to pay because the credit line was issued at a tribal casino on sovereign land and is therefore not a legal contract.

Another unnamed female gambler racked up a $125,000 debt at an Indiana casino that she refuses to pay. Naturally the casino came after her and sued her for the $125,000. The woman and her lawyer have counter sued the casino under the reason that the casino knew that she was a problem gambler and that they seduced her into signing for the line of credit with them, praying on her known weakness. The case is still open and unsettled.

Now my opinion on those two is like this: if Powers has the money, which many sources have said he does, then why keep up the legal battle? If it was a matter of pride then he could have paid the Mohegan Sun and only lost face there rather than getting tangled in a legal battle that has made the gambling world news. Now he is wrapped up in a gambling debt battle that is looking to cost more than the debt itself. And the woman in Indiana? If she knew she had a gambling problem, what was she doing in a casino? If she was so self-aware then she never should have walked through the front doors let alone sign a line of credit.

Casino have strict policies on extending lines of credit to prevent entanglements with problem gamblers. I find it hard to believe that they would allow a problem gambler to sign for a line of credit knowing it would be likely that there would be a gambling debt that would be hard to recover.

One Response to “Gamblers with Debt Getting More Inventive Legally”

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