Casino Chips No Longer as Good as Cash

eljizzle · #1 03-09-2007, 07:20 PM

bigshowmack · #2 03-09-2007, 07:34 PM

If thats how the casinos want to play, then gamblers should start asking for a receipt every time they purchase the chips, and when they are exchanged, sign the receipt over to the person accepting the chip. Annoying but easy way to stay within the rules of their game.

mingorama · #3 03-09-2007, 09:57 PM

Ridiculous. Absolutely ridiculous. But good to know.

CrazyEyez · #4 03-09-2007, 10:54 PM

[ QUOTE ]
Ridiculous. Absolutely ridiculous. But good to know.

[/ QUOTE ]

Here are two parts I don't get:

The rule also has favorable tax implications for casinos, which aren't taxed on unreturned chips.

Huh? They have cash instead of chips. Their income is unchanged. Am I missing something?

He says the casino presented him with an impossible task - to prove that, at some point, a gambler at MGM Grand had bought the chip.

So they don't even care if he obtained the chip via gambling, just that someone did? HOW THE EFF DO THEY THINK THEY GOT THE CHIP? Counterfeit?

nicepair111 · #5 03-10-2007, 12:15 AM

I wonder what would of happened if he tryed to chip it down to sit in a game?

King Fish · #6 03-10-2007, 12:27 AM

[ QUOTE ]
I wonder what would of happened if he tryed to chip it down to sit in a game?

[/ QUOTE ]

At NYNY (an MGM company) floor would be called to test veracity. Happened to me at a blackjack table. Was uber annoying.

They went through this 30 minute process trying to verify the chip and who I was, etc.

When they finally "cleared" me to play and broke the chip, I told them to f off, pulled out a stack of cranberries worth over 35k, said "This is what you just lost," and walked out.

(of course, the other chips were for pokering only, but they didn't know that [img]/images/graemlins/wink.gif[/img])

greg nice · #7 03-10-2007, 01:45 AM

35k worth of chips to play poker at NYNY?

King Fish · #8 03-10-2007, 01:56 AM

[ QUOTE ]
35k worth of chips to play poker at NYNY?

[/ QUOTE ]

Heh. No. They were Bellagio Chips. Just wanted to show him that I had monies to spend.

RR · #9 03-10-2007, 02:24 AM

[ QUOTE ]
The rule also has favorable tax implications for casinos, which aren't taxed on unreturned chips.

Huh? They have cash instead of chips. Their income is unchanged. Am I missing something?

[/ QUOTE ]

You buy a $5k chip. You take it home and never bring it back. They made $5k (minus the cost of making the chip) tax free.

pig4bill · #10 03-10-2007, 02:27 AM

Good on you.