Casino to take Corbin businessman's land holdings to pay gambling debts
A prominent Corbin businessman owes an Indiana casino over $155,000 in gambling debts, and a court has ordered that he surrender his stake in a local property development company in order to satisfy that debt.
For the second time since 2010, Jimmy Vance is on the losing end of a court battle over loans he was given by casinos in the Hoosier state. In 2010, he lost an appeal against Ceasars Indiana, a riverboat casino docked on the Ohio River in Harrison County, Ind., near Louisville, and was ordered to pay $75,000 in blackjack losses to the casino.
This time around, Belterra Casino Resort and Spa, located in Switzerland County, IN, is attempting to enforce a judgment against Vance for $155,278.43 with interest accruing at eight percent per annum.
On Sept. 2, 2010, Switzerland County Circuit Court Special Judge James B. Morris, ruled that Vance must pay for the $90,000 credit advance he received from Belterra during a night of drunken gambling on Sept. 17 and Sept. 18 of 2003.
According to court documents, Vance agreed that he signed $40,000 worth of "markers" borrowing money from the casino, but contested the last three, saying his signature was illegible and that he was too drunk to legally authorize the loans.
"Defendant believes that he had about 24 drinks of bourbon on the evening of September 17, 2003 and the morning of September, 18, 2003."
The first of the seven markers was signed at about 8:30 p.m. The last at around 2:37 a.m. Vance argued that the casino pit boss should have cut him off from drinking and now allowed him to borrow the money because he was intoxicated. Belterra argued it does not serve complimentary drinks and that Vance ordered and voluntarily consumed all the alcohol of his own accord.
"James Vance was a very experienced gambler and had extended credit lines at casinos all over the United States," the judgment reads.
Belterra normally has video taped footage of its patrons, but could not present any to the court because Vance did not try to make an intoxication defense until two years after the case was initially filed.
Evidence presented to the court showed Vance had agreed to pay the debts during numerous phone calls in 2003 and 2004.
The case was transferred to Laurel County last year. Vance resides there.
The case was moved again to Whitley County just this month because Belterra intends to seize his portion of Corbin By-Pass Properties, LLC - a company that owns commercial property in south Corbin. Officers of the company include Vance, James Myers, Robert Price, Lanny Myers and Dennis Myers.
Vance is owner of Corbin Bingo Parlor as well as numerous other business ventures, including rental property, billboards and a property development company.
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