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Pawn shops looking to cash in on Cleveland casino

11:00 PM, May 11, 2012   |    comments
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CLEVELAND -- The "bling" is back in downtown Cleveland.

What "Pawn Stars" of Las Vegas has done for bringing the back-room business to Main Street, Cleveland brokers are hoping the new Horseshoe Cleveland Casino will do for them.

"It couldn't hurt," Volk's Jewelry owner Burt Kay said.

Expanded Horseshoe Cleveland Casino coverage

Kay says the business has been around 113 years here. It sits in the shadow of the new casino.

"It's going to be good for restaurants, it's going to be good for retail and it's going to be good for pawn shops," Kay said.

One building over in the Colonial Arcade is "jeweler to the stars" Evan DeWitt. He has a wall full of celebrity customers.

"Hopefully, the stars will come in and they'll buy, but if they need to pawn, I'll do that too," DeWitt said.

DeWitt's gold business is booming since the precious metal prices sky rocketed.

Volk's buys and sells jewelry but makes a lot of its money on short-term loans.

You can borrow $200 for an equal amount of jewlry plus a $14 fee.

Kay's not sure what to expect from casino customers.

"We may get some new customers with it but I don't think it's going to be a windfall for everybody that loses a couple of bucks, thatthey  are going to pawn their jewelry," Kay said.

DeWitt says it's a win-win for pawnbrokers, whether you're up or down.

"People that are going to win are going to spend all their money and people who need money are going to borrow or sell their jewelry," DeWitt said.

Downtown brokers aren't looking to get their own show but, with a little luck, the Horseshoe will pay off for them too, without ever placing a bet .

WKYC-TV

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