Quick Fact – Casino Credit Component

Caesars Palace (Las Vegas, NV), Casino History, Did You Know?, Gambling Currency: Credit, Gambling History, Gaming History, Las Vegas Strip / S. Las Vegas Boulevard, Las Vegas--Nevada, Nevada, Quick Facts, United StatesLeave a comment

1970s Caesars Palace in Las Vegas extended $160 million in credit to players in 1977. This was more than the then-considered staggering $106 million cost of the original MGM Grand (early ’70s), also in Sin City, and equals roughly $641 million today. Offering credit to players who were deemed able to repay it was a common practice among…

Quick Fact – Accounting Shift

Crimes / Violence / Punishments: Tax Evasion, Did You Know?, Dunes (Las Vegas, NV), Gambling: Debt, Governing / Regulatory Bodies: Internal Revenue Service, Las Vegas Strip / S. Las Vegas Boulevard, Las Vegas--Nevada, Nevada, Quick Facts, United StatesLeave a comment

1964 The Dunes in Las Vegas, Nevada switched from writing off unpaid IOUs to claiming them as income, allegedly to keep Internal Revenue Service agents from harassing its customers — asking guests in the hotel if they paid what they owed. On its fiscal 1965 income tax return, the hotel-casino reported as income $1.3 million…