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Joined: Nov 14, 2009
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July 4th, 2012 at 6:11:41 PM permalink
I went to Caesars Windsor in Windsor, Ontario to earn a checkpoint for the "Great Race promo." I finished my play, and ended up with $200 CDN on me that I needed to change back to U.S $.

The exchange rate currently in the casino is $100US=$99CDN and $100CDN=$97US. That's nowhere near fair, but fine. I understand the casino is going to take a vig. The spread is 4% which is pretty reasonable. I still didn't feel too good about losing $4 out of every $100 I change for the privilege of gambling in their casino.

Entering the line for the casino cage, I see an old woman clutching two U.S. $100's, waiting to change them in at the cage. I approach her and ask, "Can I buy that $200 U.S. off of you with Canadian at par? The cage will only give you $99 for it."

She looks at me like I am an alien who has just stepped off of Deep Space Nine. I repeated, "The casino takes 4% of every transaction. I'll give you more than they will give you, and we'll both come out better." She shakes her head no. I press. "Why not?"

"I don't understand," she says, and moves towards the window, where she dutifully hands over her $202 U.S. to get $200 CDN to put in the slot machines. ARRGGH! I felt like shouting at her like Jimmy Fallon at the baby in those Capital One commercials: "But it's MORE MONEY! Who doesn't like MORE MONEY, you stupid old crone!"

Can we just start a Wizard republic where everyone makes optimal E.V. gambling decisions, airline seats don't recline, traffic merges in a perfect zipper, and all lines are Wendy's style?
"Dice, verily, are armed with goads and driving-hooks, deceiving and tormenting, causing grievous woe." -Rig Veda 10.34.4
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July 4th, 2012 at 6:18:46 PM permalink
Quote: teddys

Can we just start a Wizard republic where everyone makes optimal E.V. gambling decisions, airline seats don't recline, and all lines are Wendy's style?

Of course we can.

But the civil war for the reclining seats will leave millions dead. I'm afraid that's how the world works :P
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July 4th, 2012 at 6:21:45 PM permalink
I feel your pain, but she could have been worried that you were trying to pass counterfeits...
I invented a few casino games. Info: 覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧 Superstitions are silly, childish, irrational rituals, born out of fear of the unknown. But how much does it cost to knock on wood? 😁
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July 4th, 2012 at 6:25:02 PM permalink
Counterfeits are a serious point here. You could probably arrange the deal on the condition that the cage inspect all of your bills. The cage might grudgingly accept to scan them, especially if you offered the clerk $1 tip.

I think the cranky old bat was just in a suspicious mood. The whole casino is designed to separate you from your money, and then some stranger pops up asking for a trade. She probably sniffed a scam.

Reminds me of black-market trading in the Caribbean. The airport and casino exchange rates are terrible, but if you sneak off to an OTB or locals market, you can get a good rate. That is, if you don't get robbed...
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July 4th, 2012 at 6:30:06 PM permalink
I'm saddened that they are charging more to exchange currency, especially given the heavy competition from the Detroit casinos and how it's more difficult to cross the border these days.

The one time I went to Windsor (while it was being converted to Caesars) the exchange rate was very fair. Of course, at the time, the US $ was considerably stronger than the CD. Still I would think that they would want it to be on par, or at least only a 1% vig given the competitive nature of the two cities.
"One out of every four people are [morons]"- Kyle, South Park
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July 4th, 2012 at 6:38:08 PM permalink
I will say that I am not really the suspicious type, and I would probably have been amenable to buying what you were selling. Generally, however, my thought process goes, "I don't know this guy, he's talking to me about money, ignore him."

The only reason that wouldn't be the case in this event is because I would be the guy standing in line griping about the 4% the whole way. It's probably not the cashier's fault, in fact, I know it isn't, but she doesn't get toked a red cent...I don't care how much I win. The casino can darn well afford to pay her what a cashier in a reasonable situation would be toked.
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July 4th, 2012 at 6:46:38 PM permalink
Quote: teddys

That's nowhere near fair, but fine. I understand the casino is going to take a vig. The spread is 4% which is pretty reasonable.

It seems like all of modern life is about the vig. Exchanging money. Exchanging American Express checks. Taking money out of an ATM. Chaning flight time on your airline tickets. It just goes on and on and on.

In this particular case is it worth keeping the Canadian money and changing with your next friend who is going to Canada? Perhaps in a few months the Canadian money may even appreciate a buck or two.

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July 4th, 2012 at 6:51:02 PM permalink
You could have let her keep her money until any slot accepted your bills, get a slot ticket, then exchange the $200CA slot ticket that she watched you take out for her $200 USD. I get the feeling that the casino would frown on this behavior, but is it against the rules?
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July 4th, 2012 at 7:30:07 PM permalink
You asked a stranger to exchange money with you and you are incredulous. Really?
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July 4th, 2012 at 8:00:12 PM permalink
Does anybody under age 40 have change for a Hern ??

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