Missouri Bill Allowing Extension Of Credit To Gamblers Reaches Governor's DeskMeasure Would Permit Riverboat Casinos To Cater To High Rollers |
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Legislation that would allow casinos in the state of Missouri to extend credit to gamblers has reached the governor’s desk.
The state of Missouri has been looking to give its riverboat gambling industry a boost by reversing part of a law that put a ban on extending credit to gamblers.
Earlier this month, the Senate approved the proposal by a vote of 24-9. This week, the House signed off on the measure by a vote of 125-21.
The ban was part of the early 1990s law that authorized riverboat casinos in the state. Since that time, riverboat gambling in Missouri has grown to be a $1.7 billion industry, according to data from the American Gaming Association, the industry’s top lobbying group in Washington.
Currently, around a dozen such gambling facilities populate the state.
According to the state of Missouri, the bill would allow gaming establishments “to provide lines of credit to persons deemed creditworthy…Applicants for credit must qualify for at least $10,000 in credit. Credit may only be extended through the use of a credit instrument which shall not be due more than 30 days from the date of issuance. Credit instruments are to be unsecured loans and not bear interest. Credit instrument may not be extended to intoxicated persons.”
In other words, the measure, which was introduced in January, would allow casinos to cater to high rollers. The bill is similar to a pair of proposals that died last year.
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