Pookky
Pookky
Joined: May 2, 2020
  • Threads: 3
  • Posts: 26
May 2nd, 2020 at 10:59:47 AM permalink
Ohhhhhh that is very bad news for me.
Praying that they donít.

What about if you had front money or left money in safekeeping at the casino and they went bankrupt?
billryan
billryan
Joined: Nov 2, 2009
  • Threads: 207
  • Posts: 12482
May 2nd, 2020 at 11:50:38 AM permalink
Wouldn'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.
The difference between fiction and reality is that fiction is supposed to make sense.
onenickelmiracle
onenickelmiracle
Joined: Jan 26, 2012
  • Threads: 212
  • Posts: 8277
May 2nd, 2020 at 11:55:42 AM permalink
Didn't other casinos go BK in AC and chips could be cashed at gaming? Beyond this, aren't casinos legally forced to have cash on hand to pay out chips and TITOs? I don't think patrons are really likely to be stiffed, doesn't make sense to me.
I am a robot.
unJon
unJon 
Joined: Jul 1, 2018
  • Threads: 14
  • Posts: 3140
May 2nd, 2020 at 11:58:53 AM permalink
Quote: billryan

Wouldn'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 donít have a statutory priority over other claims. Happy to take it to PM if people want to understand nuances more.

ETA: Itís 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, itís an unsecured claim.*

*In most states. Thereís mixed case law.
The race is not always to the swift, nor the battle to the strong; but that is the way to bet.
AlanMendelson
AlanMendelson 
Joined: Oct 5, 2011
  • Threads: 130
  • Posts: 4193
May 2nd, 2020 at 2:33:41 PM permalink
First question is what kind of bankruptcy?

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.
Pookky
Pookky
Joined: May 2, 2020
  • Threads: 3
  • Posts: 26
May 2nd, 2020 at 3:15:20 PM permalink
Not sure.

Iím 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/
Last edited by: Pookky on May 2, 2020
AxelWolf
AxelWolf
Joined: Oct 10, 2012
  • Threads: 152
  • Posts: 20086
May 3rd, 2020 at 12:05:06 AM permalink
Hopefully your gaming commission there would take this type of thing seriously and make sure the players got paid whatever they had coming. The last thing you want is the public not confident in their casinos.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
Venthus
Venthus
Joined: Dec 10, 2012
  • Threads: 23
  • Posts: 1111
May 3rd, 2020 at 1:53:48 AM permalink
Quote: billryan

In 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.
ChumpChange
ChumpChange
Joined: Jun 15, 2018
  • Threads: 57
  • Posts: 2695
May 3rd, 2020 at 8:40:33 AM permalink
The Chinese were boiling their cash back in January to disinfect it. The Chinese banks were burning their cash to get it out of circulation.
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
Last edited by: ChumpChange on May 3, 2020
billryan
billryan
Joined: Nov 2, 2009
  • Threads: 207
  • Posts: 12482
May 3rd, 2020 at 8:45:05 AM permalink
Quote: Pookky

Ohhhhhh that is very bad news for me.
Praying that they donít.

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.
The difference between fiction and reality is that fiction is supposed to make sense.

  • Jump to: