Quote:
Originally Posted by plog
Are we are talking about the same institutions that cash checks, extend credit and provide safety boxes to their customers, right? If they can do all that and not be a bank, I don't see how Zimmer's idea is the straw that pushes casinos into banking territory.
I bet the casinos would love to be a "bank" in the way Zimmer laid out. They'd just hold onto your money, possibly for a small fee, and roll it all into one actual account and collect on the float--which would be considerable if they allow this service to table and slot players.
You could give a check to your buddy Harry in exchange for cash, or borrow some money from him, or give him cash to keep under his mattress. None of these activities make Harry a bank.
Banks are federally-insured institutions. Casinos are not. Lots of businesses cash checks, extend credit and provide safes or security boxes. These are not necessarily banks either.
I will say, though, that cash is dying as a primary form of product/service payment. It will simply become too expensive to print money which is counterfeit-proof, never mind the costs in time/money for verification on the receiver's end.
Casinos will always be among the latest adopters of any sort of electronic forms of exchange since theirs is such a highly regulated and highly cash-based industry. But eventually, even they will relent to progress. I suspect within 10 years, cash will become a secondary form of transaction, even within the walls of casinos.