Casino chips worthless at home?
Will casinos recall all the chips because they are COVID19 hazards and make what you're holding worthless?
Can the casino's RFID system see your chips at your home?
Will casino bankruptcies make your chips worthless?
Quote: ChumpChangeAnybody have hundreds or thousands of dollars of casino chips at home waiting for the casinos to reopen?
Will casinos recall all the chips because they are COVID19 hazards and make what you're holding worthless?
Can the casino's RFID system see your chips at your home?
Will casino bankruptcies make your chips worthless?
You're kidding, right?
I don't know where you live but in Nevada the casinos and the Nevada Gaming Commission have announced how players are protected with chips and tickets.
RFID readers reaching into your home? Do you sleep in the casino? LOL
https://gaming.nv.gov/modules/showdocument.aspx?documentid=11943
12.070 Redemption and disposal of discontinued chips and tokens.
1. A licensee that permanently removes from use or replaces approved chips or tokens at its gaming
establishment, or that ceases operating its gaming establishment whether because of closure or sale of the
establishment or any other reason, must prepare a plan for redeeming discontinued chips and tokens that
remain outstanding at the time of discontinuance. The licensee must submit the plan in writing to the
chairman not later than 30 days before the proposed removal, replacement, sale, or closure, unless the
closure or other cause for discontinuance of the chips or tokens cannot reasonably be anticipated, in which
event the licensee must submit the plan as soon as reasonably practicable. The chairman may approve the
plan or require reasonable modifications as a condition of approval. Upon approval of the plan, the licensee
shall implement the plan as approved.
2. In addition to such other reasonable provisions as the chairman may approve or require, the plan
must provide for:
(a) Redemption of outstanding, discontinued chips and tokens in accordance with this regulation for at
least 120 days after the removal or replacement of the chips or tokens or for at least 120 days after
operations cease, as the case may be, or for such longer or shorter period as the chairman may for good
cause approve or require;
(b) Redemption of the chips and tokens at the premises of the gaming establishment or at such other
location as the chairman may approve;
(c) Publication of notice of the discontinuance of the chips and tokens and of the redemption and the
pertinent times and locations in at least two newspapers of general circulation in Nevada at least twice
during each week of the redemption period, subject to the chairman’s approval of the form of the notice,
the newspapers selected for publication, and the specific days of publication;
(d) Conspicuous posting of the notice described in paragraph (c) at the gaming establishment or other
redemption location; and
(e) Destruction or such other disposition of the discontinued chips and tokens as the chairman may
approve or require.
(Adopted: 6/87.)
You will be fine to get your money as soon as they reopen. If a casino never reopens, that would be a problem I'm not sure how you would deal with it.Quote: ChumpChangeAnybody have hundreds or thousands of dollars of casino chips at home waiting for the casinos to reopen?
Will casinos recall all the chips because they are COVID19 hazards and make what you're holding worthless?
Can the casino's RFID system see your chips at your home?
Will casino bankruptcies make your chips worthless?
Quote: onenickelmiracleI don't really know much about RFID, but what I remember off the top of my head is, there are RFID readers in many places. It could be theoretically possible some entity could detect them within the presence of your home. I'm not sure what scenario this happens under.
If you don't know much about RFID then why are you commenting on them?
I sometimes have “collector’s remorse” and wonder if I could cash in my 10-year-old chips. If a casino’s logo hasn’t changed, how does a cashier (or dealer) know not to accept it?
Quote: smoothgrhA somewhat related question: How do casino cashiers know which chips have been discontinued?
I sometimes have “collector’s remorse” and wonder if I could cash in my 10-year-old chips. If a casino’s logo hasn’t changed, how does a cashier (or dealer) know not to accept it?
It's much easier to pass off an obsolete chip or two at a table than a cashier. It's akin to returning your empties to Mich. instead of your own state. It's just not worth the effort. I once had a cashier in AC refuse a chip I'd just won on a table. I took it back to the pit and they exchanged it without hesitation.
Quote: smoothgrhA somewhat related question: How do casino cashiers know which chips have been discontinued?
I sometimes have “collector’s remorse” and wonder if I could cash in my 10-year-old chips. If a casino’s logo hasn’t changed, how does a cashier (or dealer) know not to accept it?
It's much easier to pass off an obsolete chip or two at a table than a cashier. It's akin to returning your empties to Mich. instead of your own state. It's just not worth the effort. I once had a cashier in AC refuse a chip I'd just won on a table. I took it back to the pit and they exchanged it without hesitation.
Why did I comment and how much is not much? How do I not know less than you? Why do you never post anything substantial? Are you never posting anything substantial because you don't know much about anything?Quote: sabreIf you don't know much about RFID then why are you commenting on them?
Old chips may not be demonetized so they won't be in the book.
I remember when Caesars accidentally released a few racks of George Burns 100th birthday chips. I got a few at a craps table and I knew what they were.
But when some players went to the cage, the cashiers at first were scrambling to verify the chips.
If you don't know the story... some cage worker found the chips buried in a vault and put them in circulation not realizing they were collectibles. Their ebay price plunged.
Quote: VegasriderI took out a $1k marker on the night they closed, too lazy to go home and get more chips. Haven't been able to pay them back since their cage is closed. Fair play, won't let me cash chips, can't pay off the marker.
I don't have a credit line but I was curious about the marker situation. I haven't seen anything in the FAQ sections of various casino websites.
Most markers are for 30 days. You got nothing in the mail?
If not, enjoy the free ride!
Quote: VegasriderI took out a $1k marker on the night they closed, too lazy to go home and get more chips. Haven't been able to pay them back since their cage is closed. Fair play, won't let me cash chips, can't pay off the marker.
Have you checked your checking balance? A marker is just a post-dated check they can turn in to your bank.
Somebody should be offering to buy up people's chips at 75 cents on the dollar.
Quote: billryanHave you checked your checking balance? A marker is just a post-dated check they can turn in to your bank.
Somebody should be offering to buy up people's chips at 75 cents on the dollar.
Good point about the marker and EXCELLENT idea about buying chips and tickets at a discount since no one knows when casinos might reopen.
Unfortunately interest rates are so low that the factoring rate must also be low.
There are two risks to be considered:
1. When the buyer will be able to collect from the casinos
2. The risk of casino bankruptcies
There is also a "storage cost" including a risk of loss or theft.
If any of you buy debt or do factoring what would be a fair percentage if the cadinos reopen in August?
Quote: billryanHave you checked your checking balance? A marker is just a post-dated check they can turn in to your bank.
Somebody should be offering to buy up people's chips at 75 cents on the dollar.
75c on the rib eye you mean. It's actually a terrible business idea, because you cannot cash them legally and you don't even know which chips are legit.
Quote: onenickelmiracle75c on the rib eye you mean. It's actually a terrible business idea, because you cannot cash them legally and you don't even know which chips are legit.
You might not know which chips are legit, but some of us know how to access such information right out of the ether. This comes up all the time at auctions and estate sales.
If you think the casinos will never open, I have a bet for you. You name the stakes. I'll give you 5-1 odds.
I'm an idiot. Will you accept 100-1? lol ;)Quote: billryanYou might not know which chips are legit, but some of us know how to access such information right out of the ether. This comes up all the time at auctions and estate sales.
If you think the casinos will never open, I have a bet for you. You name the stakes. I'll give you 5-1 odds.
Quote: onenickelmiracle75c on the rib eye you mean. It's actually a terrible business idea, because you cannot cash them legally and you don't even know which chips are legit.
Good point about the legality.
But I think that identifying current chips from major casinos doesn't need a forensic accountant.
Quote: AlanMendelsonGood point about the legality.
But I think that identifying current chips from major casinos doesn't need a forensic accountant.
I guess, but what if they're not real. It's supposed to be a common scam someone sells fake chips at steep discount on way out of casino. Someone doing this would have to know the customer well, because if you don't, fakes and cons will find you.
Show me the money.Quote: billryanIn twenty plus years,.I've never seen or heard of anyone with fake chips. I'd be much more worried about fake cash than fake chips. Chips are bearer instruments, whoever possesses them can cash them unless the casino has a reason to refuse them.
Quote: onenickelmiracleI'm an idiot. Will you accept 100-1? lol ;)
$100 bet. Any casino reopens, you lose. No casino opens, I'll give you the title to my 2008 BMW 328, or $10,000 cash.
Do we have a bet?
Quote: billryanIn twenty plus years,.I've never seen or heard of anyone with fake chips. I'd be much more worried about fake cash than fake chips. Chips are bearer instruments, whoever possesses them can cash them unless the casino has a reason to refuse them.
Yes, there are counterfeit high value chips such as $1,000 and $5,000 and you can Google police cases at the Vegas airport where an incoming tourist is scammed by someone who says they forgot to cash out before leaving the casino.
And yes there are casinos that will verify your play before they cash even $500 chips.
Quote: billryanIn twenty plus years,.I've never seen or heard of anyone with fake chips. I'd be much more worried about fake cash than fake chips. Chips are bearer instruments, whoever possesses them can cash them unless the casino has a reason to refuse them.
Might not match up 100% with your contention, but there was that guy at the Borgata who was feeding fake 5k chips into a major poker tournament there - 3 years ago or so? They caught him when mgmt got suspicious as the fakes turned up in the bags, and tried to trace the chip passer, and the guy used the toilet in his room to try and flush his counterfeit stash, clogging up the sewer, and maintenance had to come fix the toilet.
New to forum, life long gambler.
I left a Louisiana casino the weekend before they shut all casinos down with several high denomination chips.
I was planning to go back the following weekend and didn’t want to send a wire in. Never imagined that the casinos would close.
My biggest fear is the casino will go bankrupt before I can get back to the property and cash out.
I already sent an email to the casino and they said there wasn’t any way to cash out now as all cage operations were closed.
My question is, what happens if a casino goes bankrupt in Louisiana before they open up again so I can cash out?
TYIA
Praying that they don’t.
What about if you had front money or left money in safekeeping at the casino and they went bankrupt?
Quote: billryanWouldn't the casinos be required to open long enough to pay off the progressives? Trump casinos went bankrupt several times and no chip holder got screwed. If I recall correctly, when The Sands was closing, they left the cashiers open for weeks after it closed.
If the idea is to keep operating post bankruptcy or sell as a going concern, then the casino gets court permission to honor the chips. If the idea is to liquidate and never reopen, then the chips don’t have a statutory priority over other claims. Happy to take it to PM if people want to understand nuances more.
ETA: It’s similar to gift cards at a retailer. If the company keeps going or sells itself as a going concern, usually they get court permission to honor the gift cards. But if the store goes out of business, it’s an unsecured claim.*
*In most states. There’s mixed case law.
If a Chapter 11 I doubt any customer has anything to fear. That is a reorganization.
Only a Chapter 7 which is a liquidation poses a risk to players.
Chapter 7s are very unlikely.
I’m specifically worried about Penn Gaming.
Below article is before they did their REIT deal, which bought them some breathing space.
https://www.casino.org/news/us-casino-operators-could-face-bankruptcy-available-cash-tight-experts-say/amp/
https://www.casino.org/news/gaming-and-leisure-finals-trop-deal-collects-almost-all-april-rent/amp/
Quote: billryanIn twenty plus years,.I've never seen or heard of anyone with fake chips. I'd be much more worried about fake cash than fake chips. Chips are bearer instruments, whoever possesses them can cash them unless the casino has a reason to refuse them.
I'm not too confident about their ability to spot fake cash either... about a decade back, I accidentally ran a small pile through the washing machine and, after I managed to separate them out of a brick which involved more washing, they all shrunk by about 5%-- enough that people who regularly deal in cash would be able to recognize that something was off with it. So real bills, but definitely denatured.
The ATM accepted about two-thirds of them, and the remaining third found a new home at a casino with no fuss.
Here we've gotta load up the store specific gift cards, use credit/debit cards, use our phone to pay at the store and lay off the cash. Cashiers are even wiping down the pen you use to enter a PIN number after each use.
25 minutes later: "More than half of Americans now use contactless payments, according to Mastercard poll" https://www.cnbc.com/select/mastercard-survey-contactless-payments/?__source=sharebar|twitter&par=sharebar
Quote: PookkyOhhhhhh that is very bad news for me.
Praying that they don’t.
What about if you had front money or left money in safekeeping at the casino and they went bankrupt?
I don't think you quite get how bankruptcy works. It isn't an excuse to grab another person's properties.
Quote: billryanI don't think you quite get how bankruptcy works. It isn't an excuse to grab another person's properties.
Please advise as I don’t know.
Banks can become insolvent and you can lose all your savings, right? (disregard FDIC insurance)
Quote: PookkyPlease advise as I don’t know.
Banks can become insolvent and you can lose all your savings, right? (disregard FDIC insurance)
Customer claims have a priority over certain other debt in a bank insolvency. But sure in theory if there are not enough assets to cover customer claims and claims senior to them.
I’ve never looked at the issue of whether front money is still your money with the casino holding it in trust for you (so no part of the bankruptcy estate) or not. Interesting. My speculation is in line with Billryan’s.
Quote: unJonCustomer claims have a priority over certain other debt in a bank insolvency. But sure in theory if there are not enough assets to cover customer claims and claims senior to them.
I’ve never looked at the issue of whether front money is still your money with the casino holding it in trust for you (so no part of the bankruptcy estate) or not. Interesting. My speculation is in line with Billryan’s.
And does bankruptcy court view front money & money deposited in safekeeping the same way?
