{"id":274749,"date":"2023-05-24T14:40:33","date_gmt":"2023-05-24T19:40:33","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=274749"},"modified":"2023-05-25T05:56:47","modified_gmt":"2023-05-25T10:56:47","slug":"polis-vetoes-colorado-casino-credit-bill","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/polis-vetoes-colorado-casino-credit-bill\/","title":{"rendered":"Colorado Casino Credit Bill Nixed by Gov. Polis"},"content":{"rendered":"

Gov. Jared Polis (D-CO) vetoed a bill that would have allowed Colorado casino operators to extend lines of credit to customers.<\/p>\n

\"Colorado
Colorado Gov. Jared Polis (D) speaks at a 2021 coronavirus briefing. He vetoed a bill a casino credit bill. (Image: Associated Press<\/em>)<\/figcaption><\/figure>\n

In controversial fashion<\/a>, the proposal passed the state legislature earlier this month after a second vote was called, allowing some lawmakers to change their original \u201cnay\u201d votes to \u201cyay.\u201d Much to the chagrin of policymakers from both parties who opposed the bill, the roll calls occurred late on a Saturday night, something the dissenters believe was intentional.<\/p>\n

Had SB23-259 been signed into law by Polis, it would have allowed Colorado casino operators to extend credit markers of $1,000 and up to clients. Citing the potential for credit amplifying a problem bettor\u2019s issue, the governor vetoed the legislation. He also mentioned the potential legal ramifications of casinos extending credit to customers who are inebriated.<\/p>\n

Thus, just as there would be issues with gaining the consent of a person with a substance use disorder who is under the influence, there are also serious issues regarding the ability of a person with a gambling disorder to freely consent to a loan while on a gambling spree,\u201d he wrote in his veto letter.<\/p><\/blockquote>\n

Polis, who was first elected to the state’s top office in 2018 and resoundingly reelected last year, added he supported SB23-259 backers\u2019 efforts to boost tourism in the state.<\/p>\n

Colorado Casino Credit Bill Targeted Out-of-State VIPs<\/h2>\n

SB23-259 supporters framed the legislation as an avenue for Colorado casino operators to lure VIPs from other states.<\/p>\n

\n

The industry\u2019s credit market system is common at commercial and tribal gaming venues across the US and allows bettors to apply for credit in advance of their visits. For some high rollers, it\u2019s a matter of convenience and reduces the risks of traveling with large amounts of cash.<\/p>\n<\/div>\n

Some Colorado casino operators are enhancing existing properties or building new venues<\/a> in an effort to keep more of the state\u2019s bettors at home while luring in clients from neighboring states Arizona, Kansas, Nebraska, New Mexico, and Wyoming. Polis noted SB23-259 should have been authored in such a way so as to reflect a focus on tourists, not locals.<\/p>\n

\u201cIf the purported target of this bill is out-of-state \u2018high rollers,\u2019 then the credit line should be geared specifically to those patrons. However, as currently written and passed, I worry that the bill would contribute to problematic gaming activities and hurt Coloradans, in particular those of limited means,\u201d he added in the veto letter.<\/p>\n

Colorado Casino Credit Bill Not Necessarily Needed<\/h2>\n

Colorado allows casino gaming in Black Hawk, Central City, and Cripple Creek, with Black Hawk ranking<\/a> as one of the fastest-growing gaming markets in the country.<\/p>\n

\n

Combine Black Hawk\u2019s ascent and the arrival of new casino hotels in the state, such as the Monarch and the upcoming Chamonix, and a case can be made the state\u2019s land-based gaming industry is doing just fine without traditional credit markers.<\/p>\n<\/div>\n

In terms of political capital, the veto isn\u2019t costly to Polis. He\u2019s term-limited and not a major recipient of gaming industry contributions, though Monarch Casino & Resort, the operator of the aforementioned venue, donated to his 2023 inauguration.<\/p>\n","protected":false},"excerpt":{"rendered":"

Gov. Jared Polis (D-CO) vetoed a bill that would have allowed Colorado casino operators to extend lines of credit to customers. In controversial fashion, the proposal passed the state legislature earlier this month after a second vote was called, allowing some lawmakers to change their original \u201cnay\u201d votes to \u201cyay.\u201d Much to the chagrin of […]<\/p>\n","protected":false},"author":46,"featured_media":235016,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,13,61],"tags":[81897,81899,81901],"acf":[],"yoast_head":"\nPolis Vetoes Colorado Casino Credit Bill<\/title>\n<meta name=\"description\" content=\"Colorado casino credit bill vetoed by Polis, governor cites risks to local bettors.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/polis-vetoes-colorado-casino-credit-bill\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Polis Vetoes Colorado Casino Credit Bill\" \/>\n<meta property=\"og:description\" content=\"Colorado casino credit bill vetoed by Polis, governor cites risks to local bettors.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/polis-vetoes-colorado-casino-credit-bill\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-24T19:40:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-25T10:56:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/JP.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1160\" \/>\n\t<meta property=\"og:image:height\" content=\"773\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/polis-vetoes-colorado-casino-credit-bill\/\",\"url\":\"https:\/\/www.casino.org\/news\/polis-vetoes-colorado-casino-credit-bill\/\",\"name\":\"Polis Vetoes Colorado Casino Credit Bill\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/polis-vetoes-colorado-casino-credit-bill\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/polis-vetoes-colorado-casino-credit-bill\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/JP.jpg\",\"datePublished\":\"2023-05-24T19:40:33+00:00\",\"dateModified\":\"2023-05-25T10:56:47+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Colorado casino credit bill vetoed by Polis, governor cites risks to local bettors.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/polis-vetoes-colorado-casino-credit-bill\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/polis-vetoes-colorado-casino-credit-bill\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/polis-vetoes-colorado-casino-credit-bill\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/JP.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/JP.jpg\",\"width\":1160,\"height\":773,\"caption\":\"Colorado Gov. 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Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. 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