Dumb question
ANYWAYS. My dumb question is this :
Can I accept casino chips as payment for services I will be providing? I know that I can normally just accept chips in general - lets say from a friend who is playing and decides they want me to play a game and they can give me the chips. But have you ever heard of anyone running a business within a casino and accepting casino chips as payment?
Quote: ChumpChangeCasino chips are casino property. The waitress accepts chips for tips. If your business is outside the casino, it would be barter, and the casino cashier would still want to know what table that purple chip came from and when.
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I swear someone took over your account im genuinely worried as to how normal this response is lmao
Quote: heatmapQuote: ChumpChangeCasino chips are casino property. The waitress accepts chips for tips. If your business is outside the casino, it would be barter, and the casino cashier would still want to know what table that purple chip came from and when.
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I swear someone took over your account im genuinely worried as to how normal this response is lmao
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Large denim chips you will be questioned about the chips. There is a famous story on the net about someone being paid a $5000 chip and having it's redemption refused.
So overall I think it's a bad idea. I don't understand what the purpose of it is either?
Quote: ChumpChangeCasino chips are casino property. The waitress accepts chips for tips. If your business is outside the casino, it would be barter, and the casino cashier would still want to know what table that purple chip came from and when.
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I too am concerned by this surprisingly sensible post.
That said, my understanding is that the casino may not be required to redeem cheques for non-players.
Casino refused to cash out $5000 chips.
Gaming Board upheld that.
All the courts upheld that
Until the supreme court said (in 2020), sorry but regulations say chips must be honored and reversed everything below them.
I suspect the legal fees cost more than the chips. But anyone dealing in high denoms can probably afford it anyway and wanted to make a statement.
https://law.justia.com/cases/nevada/supreme-court/2020/78916.html
I bet ladies of the evening will accept chips in exchange for servicesQuote: ChumpChangeCasino chips are casino property. The waitress accepts chips for tips. If your business is outside the casino, it would be barter, and the casino cashier would still want to know what table that purple chip came from and when.
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Quote: VegasriderDidn’t Donald Trump try to do cash in chips at one of his casino property to pay a loan or something. I’ve taken payments and have used chips for tips. But I know the chips were good and they we’re in green, no high chip denominations. Even if you are at the casino you cannot pay your bill in chips.
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His father supposedly bought chips without intending to use them, allegedly creating an illegal loan somehow. I think it was more of a violation of the gambling regulations than an actual crime.
I've always thought a kiosk at the airport to buy forgotten chips from travelers would do well.
Quote: VegasriderDidn’t Donald Trump try to do cash in chips at one of his casino property to pay a loan or something. I’ve taken payments and have used chips for tips. But I know the chips were good and they we’re in green, no high chip denominations. Even if you are at the casino you cannot pay your bill in chips.
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His father purchased a few million in chips to surreptitiously help keep his sons casino afloat during bankruptcy.
He got into trouble for that.
Quote: billryan[
I've always thought a kiosk at the airport to buy forgotten chips from travelers would do well.
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Great idea! No different than foreign currency Xchange and rape the customers. I recalled the Bellagio had to reorder $30k blue $1 chips every year because that’s how many were taken for a souvenir. The poker room always ran out of dollar chips. I’m sure there are a share of cab drivers who have bought or taken chips at the port from customers who realized that they still had chips.
The idea came about when I realized that people may be more likely to let their chips go the moment the services have been performed because it’s most always will be in a casino
Quote: billryanQuote: VegasriderDidn’t Donald Trump try to do cash in chips at one of his casino property to pay a loan or something. I’ve taken payments and have used chips for tips. But I know the chips were good and they we’re in green, no high chip denominations. Even if you are at the casino you cannot pay your bill in chips.
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His father supposedly bought chips without intending to use them, allegedly creating an illegal loan somehow. I think it was more of a violation of the gambling regulations than an actual crime.
I've always thought a kiosk at the airport to buy forgotten chips from travelers would do well.
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"Somehow"? Here's a stack of cash, and by gentleman's agreement I won't come back for it until you're solvent. Ideally it still shows up on a balance sheet, under a heading like "gaming cheques outstanding" instead of "operating loan from family", but I have a feeling that would be easy to forget to state in a quarterly report.
As for the airport chip exchange, a neat idea. I can think of a half dozen problems off the top of my head, but best of luck in your endeavours.
So what's the purpose of being paid in chips?
In a worst case... you're holding chips and the casino goes Chapter 11.
Quote: AlanMendelsonIf the goal is to avoid taxable income by accepting chips it won't work. Barter income is reportable.
So what's the purpose of being paid in chips?
In a worst case... you're holding chips and the casino goes Chapter 11.
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Well I plan on running a legit business. I am not trying to hide a single dollar. My intentions are to immediately cash the chips. But the reason im saying this is, my clients will most always have chips on them and being paid will sometimes rely on the client giving me the money on the spot for the services.
I will also plan on pre charging them, but I am anticipating needing to accept chips because of the sporadic nature of the business that I am planning to run.
Quote: billryanIn the 1960s, churches in the Vegas Valley were getting so many donations in chips that a special order of Monks was established, just to deal with them.
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I believe their leader was named Alvin
Quote: heatmapQuote: AlanMendelsonIf the goal is to avoid taxable income by accepting chips it won't work. Barter income is reportable.
So what's the purpose of being paid in chips?
In a worst case... you're holding chips and the casino goes Chapter 11.
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Well I plan on running a legit business. I am not trying to hide a single dollar. My intentions are to immediately cash the chips. But the reason im saying this is, my clients will most always have chips on them and being paid will sometimes rely on the client giving me the money on the spot for the services.
I will also plan on pre charging them, but I am anticipating needing to accept chips because of the sporadic nature of the business that I am planning to run.
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It sounds like you are running a business inside the casinos. I don't know any business that allows that.
I understand you are saying this is on the up and up but that already is a red flag for me.
And if the casinos are giving you permission why not just confirm the chips thing with them?
Quote: darkozQuote: heatmapQuote: AlanMendelsonIf the goal is to avoid taxable income by accepting chips it won't work. Barter income is reportable.
So what's the purpose of being paid in chips?
In a worst case... you're holding chips and the casino goes Chapter 11.
link to original post
Well I plan on running a legit business. I am not trying to hide a single dollar. My intentions are to immediately cash the chips. But the reason im saying this is, my clients will most always have chips on them and being paid will sometimes rely on the client giving me the money on the spot for the services.
I will also plan on pre charging them, but I am anticipating needing to accept chips because of the sporadic nature of the business that I am planning to run.
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It sounds like you are running a business inside the casinos. I don't know any business that allows that.
I understand you are saying this is on the up and up but that already is a red flag for me.
And if the casinos are giving you permission why not just confirm the chips thing with them?
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Well this is the first time that i had considered that i might NOT be able to do what you are saying. I planned on keeping the business hush hush because there really is no way they will ever know I am running a business on their floor. Its supposed to look like im meeting my friends at the casino if it really needed to be that.
So out of respect I wanted to see what you guys thought, and figured that I would proceed from what you are all saying.
Thanks for your replys though
Quote: Dieter
As for the airport chip exchange, a neat idea. I can think of a half dozen problems off the top of my head, but best of luck in your endeavours.
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I've no intention of doing it, but I'm surprised none of the existing venues thought it was a revenue stream worth pursuing, especially the slot concessions.
Quote: billryanQuote: Dieter
As for the airport chip exchange, a neat idea. I can think of a half dozen problems off the top of my head, but best of luck in your endeavours.
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I've no intention of doing it, but I'm surprised none of the existing venues thought it was a revenue stream worth pursuing, especially the slot concessions.
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What revenue?
It's not exactly like exchanging foreign cheques, because you're not expecting the patron to play it against the house edge four times.
There's going to be a transaction limit, a denomination limit, and a vig. All naturally limit the market.
You kick ten percent back to the local United Way and play up the charity angle.
Quote: billryanIf you are a once-a-year visitor and get to the airport with $15-50 worth of chips you forgot to cash in, would you rather cash them in for 50% of their value or bring them home? How about an $8 dollar slot voucher that will expire long before you return?
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I think a 50% vig is great marketing for the "enjoy your souvenirs!" camp.
Quote: heatmap
Can I accept casino chips as payment for services I will be providing? I know that I can normally just accept chips in general - lets say from a friend who is playing and decides they want me to play a game and they can give me the chips. But have you ever heard of anyone running a business within a casino and accepting casino chips as payment?
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Just take crypto instead.
Quote: Ace2I bet ladies of the evening will accept chips in exchange for servicesQuote: ChumpChangeCasino chips are casino property. The waitress accepts chips for tips. If your business is outside the casino, it would be barter, and the casino cashier would still want to know what table that purple chip came from and when.
link to original post
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I have found it is best to pay them with Poker Tournament chips. Most do not know that they have zero value.
Quote: billryanI've always thought a kiosk at the airport to buy forgotten chips from travelers would do well.
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If there was a reliable service to cash out TITOs you still have on you for a small fee, that would also be better than nothing.
Quote: heatmap
Well this is the first time that i had considered that i might NOT be able to do what you are saying. I planned on keeping the business hush hush because there really is no way they will ever know I am running a business on their floor. Its supposed to look like im meeting my friends at the casino if it really needed to be that.
So out of respect I wanted to see what you guys thought, and figured that I would proceed from what you are all saying.
Thanks for your replys though
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I can't help but get the impression that you won't be telling us what this business is. I'm genuinely curious!
Quote: AZDuffman
Just take crypto instead.
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CashApp, Venmo, PayPal...a great number of things are basically immediate.
Quote: Mission146Quote: AZDuffman
Just take crypto instead.
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CashApp, Venmo, PayPal...a great number of things are basically immediate.
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But the idea seems to be not make it "cash" right away, to allow the money to sit and use in trade.
Quote: Mission146Quote: AZDuffman
Just take crypto instead.
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CashApp, Venmo, PayPal...a great number of things are basically immediate.
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All of those can be reversed if client is unhappy, sometimes months later. I sold a 1/18 tiger tank to someone in October for $327. Paypal gives sixty-day money-back warranties and last week the guy filed a claim , saying one of the treads looked weak and he is worried it won't stand up long term. He wants 25% back or he will return it at my expense- which will be about $70 to ship.
No returns with chips.
Quote: heatmapQuote: darkozQuote: heatmapQuote: AlanMendelsonIf the goal is to avoid taxable income by accepting chips it won't work. Barter income is reportable.
So what's the purpose of being paid in chips?
In a worst case... you're holding chips and the casino goes Chapter 11.
link to original post
Well I plan on running a legit business. I am not trying to hide a single dollar. My intentions are to immediately cash the chips. But the reason im saying this is, my clients will most always have chips on them and being paid will sometimes rely on the client giving me the money on the spot for the services.
I will also plan on pre charging them, but I am anticipating needing to accept chips because of the sporadic nature of the business that I am planning to run.
link to original post
It sounds like you are running a business inside the casinos. I don't know any business that allows that.
I understand you are saying this is on the up and up but that already is a red flag for me.
And if the casinos are giving you permission why not just confirm the chips thing with them?
link to original post
Well this is the first time that i had considered that i might NOT be able to do what you are saying. I planned on keeping the business hush hush because there really is no way they will ever know I am running a business on their floor. Its supposed to look like im meeting my friends at the casino if it really needed to be that.
So out of respect I wanted to see what you guys thought, and figured that I would proceed from what you are all saying.
Thanks for your replys though
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Recently I was approached by a player selling a gambling system. It sounds to me like you're trying to sell a gambling system to players.
Quote: billryanQuote: Mission146Quote: AZDuffman
Just take crypto instead.
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CashApp, Venmo, PayPal...a great number of things are basically immediate.
link to original post
All of those can be reversed if client is unhappy, sometimes months later. I sold a 1/18 tiger tank to someone in October for $327. Paypal gives sixty-day money-back warranties and last week the guy filed a claim , saying one of the treads looked weak and he is worried it won't stand up long term. He wants 25% back or he will return it at my expense- which will be about $70 to ship.
No returns with chips.
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So why not just ask for cash?
If they only have chips have them cash out and give you cash
While Heatmap gave me his express permission to divulge the nature of his idea, I choose not to do so, but will only say that it is a service that I think (and, this is based just on my personal opinion and is not an endorsement---sorry, but being paid to write for the sites I have to throw that in there) many gamblers could actually benefit from, based on my observations.
Quote: DRichQuote: Ace2I bet ladies of the evening will accept chips in exchange for servicesQuote: ChumpChangeCasino chips are casino property. The waitress accepts chips for tips. If your business is outside the casino, it would be barter, and the casino cashier would still want to know what table that purple chip came from and when.
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I have found it is best to pay them with Poker Tournament chips. Most do not know that they have zero value.
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If I recall tourney chips usually do indicate that they have no value and they intentionally look much different than casino chips.
I dont think hookers are that stupid.
Quote: AlanMendelsonQuote: DRich
I have found it is best to pay them with Poker Tournament chips. Most do not know that they have zero value.
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If I recall tourney chips usually do indicate that they have no value and they intentionally look much different than casino chips.
I dont think hookers are that stupid.
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You may be overestimating the young women.
It only worked for a day or two but a true AP should never miss an opportunity to get over on people.
Quote: billryanOne of the BJ books I read tells of people exploiting hookers and cab drivers right after one of the casinos switched out their $100 chips.
It only worked for a day or two but a true AP should never miss an opportunity to get over on people.
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Let's examine this.
You are indicating the cabbies and hookers were given demonetized or canceled $100 chips.
So I will ask, how were the canceled $100 chips obtained?
Were the canceled chips bought from the casino at a discount? That's possible but unlikely.
Were the canceled chips smuggled out of the casino? Again, that's possible but unlikely.
So, did the passer of the canceled chips forget to redeem them by the cancellation or redemption date? I think that's more likely. And, in which case, the player is the real loser.
I'd really like to know how the canceled chips were obtained.
Years ago when Caesars Palace demonetized their $1 and $5 metal coins I went all the way to top management in an attempt to buy them. The answer was no. They were going to a recycler to be melted.
My plan was to use them for home poker games for me and friends.
Quote: AlanMendelsonQuote: billryanOne of the BJ books I read tells of people exploiting hookers and cab drivers right after one of the casinos switched out their $100 chips.
It only worked for a day or two but a true AP should never miss an opportunity to get over on people.
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Let's examine this.
You are indicating the cabbies and hookers were given demonetized or canceled $100 chips.
So I will ask, how were the canceled $100 chips obtained?
Were the canceled chips bought from the casino at a discount? That's possible but unlikely.
Were the canceled chips smuggled out of the casino? Again, that's possible but unlikely.
So, did the passer of the canceled chips forget to redeem them by the cancellation or redemption date? I think that's more likely. And, in which case, the player is the real loser.
I'd really like to know how the canceled chips were obtained.
Years ago when Caesars Palace demonetized their $1 and $5 metal coins I went all the way to top management in an attempt to buy them. The answer was no. They were going to a recycler to be melted.
My plan was to use them for home poker games for me and friends.
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You'd have to read the book.
Sorry I couldn't resist. Are those stone wash, acid wash, or raw denim chips?
Quote: billryanQuote: AlanMendelsonQuote: billryanOne of the BJ books I read tells of people exploiting hookers and cab drivers right after one of the casinos switched out their $100 chips.
It only worked for a day or two but a true AP should never miss an opportunity to get over on people.
link to original post
Let's examine this.
You are indicating the cabbies and hookers were given demonetized or canceled $100 chips.
So I will ask, how were the canceled $100 chips obtained?
Were the canceled chips bought from the casino at a discount? That's possible but unlikely.
Were the canceled chips smuggled out of the casino? Again, that's possible but unlikely.
So, did the passer of the canceled chips forget to redeem them by the cancellation or redemption date? I think that's more likely. And, in which case, the player is the real loser.
I'd really like to know how the canceled chips were obtained.
Years ago when Caesars Palace demonetized their $1 and $5 metal coins I went all the way to top management in an attempt to buy them. The answer was no. They were going to a recycler to be melted.
My plan was to use them for home poker games for me and friends.
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You'd have to read the book.
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Let's start with the title of the book.
Quote: AlanMendelsonQuote: billryanQuote: AlanMendelsonQuote: billryanOne of the BJ books I read tells of people exploiting hookers and cab drivers right after one of the casinos switched out their $100 chips.
It only worked for a day or two but a true AP should never miss an opportunity to get over on people.
link to original post
Let's examine this.
You are indicating the cabbies and hookers were given demonetized or canceled $100 chips.
So I will ask, how were the canceled $100 chips obtained?
Were the canceled chips bought from the casino at a discount? That's possible but unlikely.
Were the canceled chips smuggled out of the casino? Again, that's possible but unlikely.
So, did the passer of the canceled chips forget to redeem them by the cancellation or redemption date? I think that's more likely. And, in which case, the player is the real loser.
I'd really like to know how the canceled chips were obtained.
Years ago when Caesars Palace demonetized their $1 and $5 metal coins I went all the way to top management in an attempt to buy them. The answer was no. They were going to a recycler to be melted.
My plan was to use them for home poker games for me and friends.
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You'd have to read the book.
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Let's start with the title of the book.
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If I knew the name of the book, wouldn't I have said "In Breaking Vegas, the author tells of.....
It's a story I read in one of the BJ books I read twenty years ago. I've no idea if it is real, nor do I remember the exact circumstances.
Quote: billryanQuote: AlanMendelsonQuote: billryanQuote: AlanMendelsonQuote: billryanOne of the BJ books I read tells of people exploiting hookers and cab drivers right after one of the casinos switched out their $100 chips.
It only worked for a day or two but a true AP should never miss an opportunity to get over on people.
link to original post
Let's examine this.
You are indicating the cabbies and hookers were given demonetized or canceled $100 chips.
So I will ask, how were the canceled $100 chips obtained?
Were the canceled chips bought from the casino at a discount? That's possible but unlikely.
Were the canceled chips smuggled out of the casino? Again, that's possible but unlikely.
So, did the passer of the canceled chips forget to redeem them by the cancellation or redemption date? I think that's more likely. And, in which case, the player is the real loser.
I'd really like to know how the canceled chips were obtained.
Years ago when Caesars Palace demonetized their $1 and $5 metal coins I went all the way to top management in an attempt to buy them. The answer was no. They were going to a recycler to be melted.
My plan was to use them for home poker games for me and friends.
link to original post
You'd have to read the book.
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Let's start with the title of the book.
link to original post
If I knew the name of the book, wouldn't I have said "In Breaking Vegas, the author tells of.....
It's a story I read in one of the BJ books I read twenty years ago. I've no idea if it is real, nor do I remember the exact circumstances.
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Thanks.
