billryan
billryan 
Joined: Nov 2, 2009
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May 1st, 2020 at 9:17:07 AM permalink
Quote: smoothgrh

A 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.
The difference between fiction and reality is that fiction is supposed to make sense.
onenickelmiracle
onenickelmiracle
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May 1st, 2020 at 10:41:05 AM permalink
Quote: sabre

If you don't know much about RFID then why are you commenting on them?

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?
I am a robot.
AlanMendelson
AlanMendelson
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May 1st, 2020 at 12:57:56 PM permalink
Cashiers actually have a loose leaf binder with photos of demonetized chips. They check the designs.

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.
Vegasrider
Vegasrider
Joined: Dec 23, 2017
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May 1st, 2020 at 1:41:23 PM permalink
I 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.
AlanMendelson
AlanMendelson
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May 1st, 2020 at 1:56:51 PM permalink
Quote: Vegasrider

I 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!
billryan
billryan 
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Thanks for this post from:
odiousgambit
May 1st, 2020 at 3:43:46 PM permalink
Quote: Vegasrider

I 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.
The difference between fiction and reality is that fiction is supposed to make sense.
AlanMendelson
AlanMendelson
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May 1st, 2020 at 4:03:36 PM permalink
Quote: billryan

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.



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?
onenickelmiracle
onenickelmiracle
Joined: Jan 26, 2012
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May 1st, 2020 at 4:04:29 PM permalink
Quote: billryan

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.


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.
I am a robot.
billryan
billryan 
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May 1st, 2020 at 4:22:14 PM permalink
Quote: onenickelmiracle

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.




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.
The difference between fiction and reality is that fiction is supposed to make sense.
onenickelmiracle
onenickelmiracle
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May 1st, 2020 at 4:29:13 PM permalink
Quote: billryan

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 ;)
I am a robot.

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