Do you think it’s easy for them to take a loan after a casino gets hacked? The reputation would probably take a big hit, so it’s a gamble to even try. There’s no guarantee a loan will be approved, especially since the state doesn’t have that kind of program. Maybe they could go to a bank, but that would require collateral, just like a normal loan.
It’s easier for casinos to declare bankruptcy than to take a loan. If they do take a loan, it would probably be to start a new business rather than refund gamblers, since there’s no guarantee their reputation would remain intact or that they’d still have loyal players. Once a casino gets hacked, the trust is destroyed, especially if refunds take a long time to process.
That’s how I see it. It might be unethical, but from a business standpoint, as long as it’s not illegal, I think they would choose that path.