Casino accounting, how does it work with all the chips floating around?

Reading the 'chip a day' thread made me recall an instance where I tried to buy some chips at a cage and was turned away. They asked if I was collecting them and me being the honest type said, yes. Im not a real avid chip collector and this was the first time I ever tried to buy some at the cage. Over the evening I had watched the avid chip collector in our group go to 4-5 other cages and buy chips. Normally, other chips I have kept were just surplus table winnings held back when cashing in.

They didnt quote a reason why they refused to sell me chips, so I dont know if it is a rule set down by the state or just company policy. I could imagine either or both? Anyone know?

The whole incident opened the discussion about how accounting is handled when it comes to outstanding chips? The moment a casino opens, there will be a certain amount of chips that will never make it back into the vaults. As long as new chips arent issued that number will grow larger every day. At first glance you would think that a casino would love if everyone flew home with a stack of chips, but then again are they now forced to keep some % of cash on hand for the growing stack of outstanding chips?

Sorry if I posted this in the wrong area.

Quote: IdiotWheel

but then again are they now forced to keep some % of cash on hand for the growing stack of outstanding chips?

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Yes, they account for missing chips. This figure is adjusted downward and added as income at some point, depending on the usual as to frequency. The amount and historical considerations etc..

The regs determine when a casino must place signs and take out ads that they are retiring a certain style of "chip".
Casinos know they have a certain float figure that will always be "out there somewhere" such as in collector's display cases or the like.

The reason some cages won't sell collector chips is they want you to give them some action at the tables and then simply keep a chip or two as a souvenir.

Most places will be happy to sell you a dollar chip from a table but not from a cage window.

Quote: IdiotWheel

...why they refused to sell me chips...

In the UK the casinos try and keep track of all the money that is changed at the tables - not only for analysis but they also have to report the drop by game to the authorities. The only time you can buy chips is for playing poker (but surely eventually they will carry a float at the table as most casinos in the US seem to do).
Historically they don't want you to take chips away, the low denomination ones cost more to produce than they're worth, and there are very few commemorative ones issued. (cf the US where there are many $5 chips issued and casinos make money from selling them knowing few will come back.)
Trust me it can be quite annoying not being able to buy chips from the cage - I remember seeing £1 chips with the old casino name on them - but they still wouldn't let me have one. Also some lower valued ones (e.g. 12 1/2 p) where they are no longer used on roulette (luckily I already have one of them!) or 25p ones where the Baccarat table isn't open the day you go in.

In WA State it is a gaming law that all chip purchases must happen on a gaming table and cannot be sold from the cage.

Quote: brianparkes

In WA State it is a gaming law that all chip purchases must happen on a gaming table and cannot be sold from the cage.

I didn't even know that buying chips at the cage was an option.

It isn't an option, I was just answering the question about it that the OP asked when he asked about why he was told that he could not purchase chips from the cage.

In some casinos it IS an option, and even encouraged.

For example, the Palms has no "standard" $5 chips. They are all commemorative / souvenir chips. And, they have them all displayed on the wall next to the cage, with some chips marked that there are none left.

I was just referencing WA State. The gaming commission has a law stating that all chip purchases must be done at the gaming tables. I am unaware of the regulations in other states.