ATMs at Las Vegas Casino table games
So as mentioned on another thread, a $100 withdrawal comes with a $6.50 fee.
It does seem morally outrageous at first (the entire concept, not just the fee), but I do think it would be helpful when I need to double down and I don't have enough chips to do so. Also, their availability might be way better than walking through some dicey areas of downtown. (Is "dicey" redundant?)
I like Scott Roeben's writing style: "Reminder: ATM stands for “automated teller machine,” so please don’t say “ATM machine.” Sorry to call you out, news release, but common mistake."
I'd probably think "I'm going to need more cash eventually anyway."
Quote: smoothgrhVital Vegas reports that debit card machines are now at some casino table games.
So as mentioned on another thread, a $100 withdrawal comes with a $6.50 fee.
It does seem morally outrageous at first (the entire concept, not just the fee), but I do think it would be helpful when I need to double down and I don't have enough chips to do so. Also, their availability might be way better than walking through some dicey areas of downtown. (Is "dicey" redundant?)
I like Scott Roeben's writing style: "Reminder: ATM stands for “automated teller machine,” so please don’t say “ATM machine.” Sorry to call you out, news release, but common mistake."
If you are that far down (and obviously things haven't been going well) where you don't have the cash to double down....I might suggest to just hit in this one instance instead of fumbling for a credit/debit card.
The entire thing of allowing people to get cash at the table with plastic seems to me to be catering to the most at risk gambler. I imagine the "drunk excuse" lawsuits will increase with this one.
I assume this is nothing more than getting around the fact that credit card companies won't let you make wagers on the card. Can't do it at the sports book. "Ah, here sir....just swipe your card, I'll give you cash, you wanted the 49'ers"?
I'll take the inconvenience of having to walk 20 steps and process an ATM withdrawal...maybe someone will re-think it on the walk or if there is a wait at the ATM and say "time to leave". The back room offices of casino marketing departments...there's some good laughs on getting this one thru.
Quote: smoothgrhSo as mentioned on another thread, a $100 withdrawal comes with a $6.50 fee.
It's better stated, as in the article, as $4 + 2.5%. It's unlikely that someone is going to withdraw JUST $100. On $1000, it's $29 which is 2.9%. Not terrific but not horrible.
The article also mentions that the $6.50 fee is comparable to ATMs for a $100 withdrawal. Not sure what machines he's been to, but that seems way expensive, even for Casino ATMs.
Quote: MintyHow much can a person withdraw at once? I know most of the ATMs I use I'm only able to get $300 at a time.
That number may be a limit by your bank. My bank used to have an $800 limit on my withdrawls per day but I called Wells Fargo and they agreed to up it to any amount I wanted. I just had to sign a waiver that they would not be responsible for withdrawls if my card got lost or stolen. Most of my ATM cards now allow me a $3,000 daily withdrawl.
Quote: smoothgrhI like Scott Roeben's writing style: "Reminder: ATM stands for “automated teller machine,” so please don’t say “ATM machine.” Sorry to call you out, news release, but common mistake."
[Shrug] ATM machine is an understandable tautology, like VIN number or HIV virus. Unless there's clarification, for all we know The D is offering its table game players Anti-Tank Missiles.
So, you get a better return playing 8/5 JoB than from getting money out of the ATM machine? Sheesh!Quote: rsactuaryIt's better stated, as in the article, as $4 + 2.5%. It's unlikely that someone is going to withdraw JUST $100. On $1000, it's $29 which is 2.9%. Not terrific but not horrible.
The last time I visited a casino ATM, it was a $6.95 flat fee. Fortunately for me, my bank refunds ATM fees.Quote:The article also mentions that the $6.50 fee is comparable to ATMs for a $100 withdrawal. Not sure what machines he's been to, but that seems way expensive, even for Casino ATMs.
Quote: TDVegas
If you are that far down (and obviously things haven't been going well) where you don't have the cash to double down....I might suggest to just hit in this one instance instead of fumbling for a credit/debit card.
The entire thing of allowing people to get cash at the table with plastic seems to me to be catering to the most at risk gambler. I imagine the "drunk excuse" lawsuits will increase with this one.
You're right—this arrangement is likely quite harmful for most gamblers who would use this service (especially at-risk gamblers). I don't see it being harmful to me because I don't bring much money with me on casino trips—I might buy in at a blackjack table with only $60. But I could see it being terrible for some people without the "cooling off" period like others have mentioned.
http://www.wlsam.com/2020/01/28/atms-at-las-vegas-casino-table-games-are-officially-a-thing/
There is a $4.00 fee for using the service and a 2.5 percent fee for the amount you withdraw. Credit cards can’t be used with the service and your debit card daily amount can’t be extended.
March 6, 2014: Las Vegas Casinos Accept Prepaid Cards https://www.bestprepaiddebitcards.com/las-vegas-casinos-accept-prepaid-cards/
Quote: Joeman
The last time I visited a casino ATM, it was a $6.95 flat fee. Fortunately for me, my bank refunds ATM fees.
Same. But I noticed an odd twist. My bank has their daily limit set to end in a 5. That theoretically accounts for the ATM fee before it has been refunded. But the system breaks when the ATM operator's fee is >5, since I have to withdraw $20 less then. i.e. $1505 works, $1507 doesn't, and $1487 just sucks.
Quote: VegasriderDon't like the fee, bring more cash. Its a matter of convenience. The prices they charge at convenience stores are nowhere the price as a normal grocery store. Same principle. Or go to your bank and make a withdrawal, you have to weigh the extra tine and effort going to your ATM vs just paying the fee.
I think most of our convenience stores charge $3 to $3.50
So, if you want to use the money at the tables without the fee, you just go to a slot or VP machine and download your advance as credits. Then, you immediately cash out. The only catch is that you have to go to the cage to get the cash.
the. customer actually receives cash.
Quote: Joeman
So, if you want to use the money at the tables without the fee, you just go to a slot or VP machine and download your advance as credits. Then, you immediately cash out. The only catch is that you have to go to the cage to get the cash.
An easier way around the whole thing (especially on a ship) is to just establish a line of credit.
"When the money is gone it's time to move on", as the old saying goes. Anyone with common sense knows that it's time to call it a day when things aren't going your way. This could be really problematic for the weak-minded people without willpower who don't know when to quit.
Quote: VegasriderI know of local bar establishments that have machines, for certain known customers, the bartenders will run the customers CC thru as a normal transaction but
the. customer actually receives cash.
Many years ago I remember almost all the bars that I went to used to do this. It was great because I could earn airline miles on my credit card by just taking a cash advance. Lots of free flights from this.
Quote: VegasriderI know of local bar establishments that have machines, for certain known customers, the bartenders will run the customers CC thru as a normal transaction but
the. customer actually receives cash.
I wonder if the owner of the bar knows this is going on? The establishment pays a base fee for having a credit card terminal and a service fee to the credit card company for every transaction, so he/she is losing money unless the drinks are so overpriced that the loss is made up in volume. But it is clear that customers don't need the cash to buy drinks since they can charge it, The accountant for the bar has to explain multiple cc purchases and cash refunds, rather than credit card refunds at the audit.
Quote: AyecarumbaI wonder if the owner of the bar knows this is going on? The establishment pays a base fee for having a credit card terminal and a service fee to the credit card company for every transaction, so he/she is losing money unless the drinks are so overpriced that the loss is made up in volume. But it is clear that customers don't need the cash to buy drinks since they can charge it, The accountant for the bar has to explain multiple cc purchases and cash refunds, rather than credit card refunds at the audit.
Call a bottle seventeen shots for a fifth. At the hotel, we'd get a well fifth for something like $12/bottle on average and would sell for $3 a shot thereby making $51 in revenues for each bottle, an overage of $39 for each fully sold bottle. 39/17 = $2.29 which is the gross profit (not considering other expenses) on each shot. I think our credit card processing fees came out to a flat 1.9% (wouldn't have allowed this on AMEX or Discover), so as long as the guy buys one shot, we're pretty much even Steven on the whole thing if he takes out $100 that costs us $1.90 to give him.
It wouldn't have mattered anyway, in our case. We added 2% to the amount advanced, which is still well under what most ATMs would charge. This was the case whether or not they advanced money using CC or charged their drinks on the card...except we had to do tax if they charged their drinks to the card, so they were better off doing the cash transaction.
Honestly, the only problem we ever had with this was the one time that someone outright disputed the transaction (with the C.C. company), but we won the dispute because he signed the slip.
ADDED: What audit? If you worked at a bar, your books must have been squeaky clean. Most bars I know of only even loosely keep track of sales much less what transaction does what. Both at the hotel bar and the regular bar I worked at before that it would just go in the books as, "Non-Sale Cash Out." We wouldn't even do it as a refund. The credit card transaction itself is a sale, but the cash aspect wasn't considered as a refund. I don't know what the accountant(s) did with that, but neither the hotel's accountant nor the accountant for the non-hotel bar seemed to have an issue with it.
As far as counting the drawer/sales goes, the credit card slip just offsets the cash and essentially equals zero. At the hotel we would have charged 2% on the card, which would technically put the credit card side over the cash side...but we didn't balance that anyway. As long as the total of both equalled or exceeded rung up product sales totals, I didn't really care. Credit card might say $102 and then under that on the slip (less $100 cash). That's all. Worst case scenario I guess the bartender could have got away with stealing $2.
Quote: AyecarumbaI wonder if the owner of the bar knows this is going on? The establishment pays a base fee for having a credit card terminal and a service fee to the credit card company for every transaction, so he/she is losing money unless the drinks are so overpriced that the loss is made up in volume. But it is clear that customers don't need the cash to buy drinks since they can charge it, The accountant for the bar has to explain multiple cc purchases and cash refunds, rather than credit card refunds at the audit.
In Las Vegas they did this so you would gamble. I would tell the bartender to give me $500 to play the machines. They would take my card and hold it until I was done gambling. Whatever I owed them when I finished gambling they would just charge to the card.
They knew they would make much more than the 3% they were paying the credit card services.
