Question: Cashing Grey Chips at Borgata

[Central Limit]

I am thinking of lend 10k to a friend of mine who is not a poker player. If he comes to meet me at the Borgata and I hand him two grey chips, can he cash them in? He has no Players Card.

There have been some recent rule changes at the Borg regarding buying and selling chips. Do they affect the situation I just described?

Thanks.

[bav]

That would be an unwise thing to do, regardless whether it happens to work this time. Not sure how it works in AC, but Vegas casinos mostly don't look favorably on such things and someone walking up to a cage trying to cash $5K is likely to face some questioning. If the answer is "a friend paid off his debt to me with this" or "I got a loan from a friend" you may find the chips disappearing and your friend will be facing a legal battle to get 'em back. Further, $10K of cash going in or coming out *MUST* be reported to the Feds...shouldn't be a huge issue, but when the IRS comes knocking on your friend's door asking why there are no gambling profits and losses on his 1040 this year given he had a $10K transaction, he'll likely be naming YOU as the origin of the money.

So whether or not it worked last week, and whether or not it'll work 9 times out of 10, it REALLY REALLY doesn't seem worth it. Hand the guy 100 Franklins.

[mikech]

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$10K of cash going in or coming out *MUST* be reported to the Feds

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actually, at the borgata the magic number is $10,001 (they even have a sign up on the wall by the cage stating this). they'll give 10k cash no questions asked. so why not just cash the 2 greys yourself and then lend it to your friend?

[3rdCheckRaise]

[ QUOTE ]
actually, at the borgata the magic number is $3000

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As of last week you wont be able to cash anything over 3k without presenting your player card. It wont be reported to IRS but "will be kept for accounting records" (thats how they explained it to me).

[mikech]

ah, i was there 2 weekends ago, wasn't aware of this rule change.

does the cage let you color up to big chips now? they wouldn't do it 2 weeks ago.

[3rdCheckRaise]

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does the cage let you color up to big chips now? they wouldn't do it 2 weeks ago

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Don't really know anything about that but getting greys from the cage was always a problem unless you get them at the pit.

[Taso]

I don't understand. Couldn't one just cash out $2,500...Walk away, come back in a bit, cash out another $2,500, and repeat and repeat?

[spresso81]

As to the new Borgata $3,000 rule - requires you to give them your players card;

I am not sure if this is a standard procedure or something they only do to a percentage of people or not. I cashed out over $5,000 on saturday and was not asked for anything. Now it took them awhile to cash me out because i came from a 5/10 game where some guy was playing blue chips. So they had to add up like 5 major chip denominations. Therefore, maybe they just wanted to finish mine cash out and forgot to ask?

[NickMPK]

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I don't understand. Couldn't one just cash out $2,500...Walk away, come back in a bit, cash out another $2,500, and repeat and repeat?

[/ QUOTE ]

Not if you only have grey chips. [img]/images/graemlins/wink.gif[/img]

[Central Limit]

Thanks for the answers...