Can a Casino force you to cash in chips?

[gte910h]

Why do they care? And that's a silly thing to do. The last thing you want is RFID scanners at the door of a casino. (RFID scanners are the things that you see at border's and other stores like that standing up by the doors)

[dallaspoker]

no - the casino doesn't care -- real money was used (regardless of from whom) to "purchase" these chips -- with the intended use, of course, to gamble with. there is only one company, at least for US based casinos, that has the priviledge of making ALL the chips for all the casinos. this was made "law" several years ago for the simple purpose of "anti-counterfeiting" -- and with only one company making all the chips for all the casinos -- there is never a problem of copyright infringement -- as all designs are held inhouse. for this privilege of being the sole provider of gambling chips to all casinos -- this company had to give up their right ( or should say agreed not to) to sell any gaming chips to the general public. very simple -- monopolize the casino biz -- for the purpose of anti-counterfeiting, as well as eliminating and reducing copyright times and infringement. but ... all that being said -- the average casino/card room that has copyrighted their chip designs -- pays approx. $1.06 per chip -- regardless of denomination. so .. unless your friend took nothing but $1.00 tokes -- the casino is gauranteed to make money -- think about it -- he takes a $5 toke -- the casino payed $1.06 for it -- they just made $3.94 per chip. the higher the denomination -- the higher the profit for the casino -- if someone walked out with every chip (that was in play, of course) -- the casino could care less -- simply put -- someone had to pay face value for the chips -- the casino now has the actual cash for those chips in their hands -- and if someone walked out with those chips -- why would they care -- they have the money in their hands -- and any chip above the $1.00 denomination, only gaurantees they make that much money -- again -- they already have the cash for the chip -- and then re-order the same chip (for the avg. price of $1.06 per) -- gauranteed money -- on top of that -- if the chips do make their way back into the casino, and are put in play -- the casino, which already has the edge -- will eventually -- get them all back anyway.

long story short -- they could care less -- because face value was paid to acquire the chips -- and it cost significantly less to replace them. bottomline -- the only way that you get the best of it -- is if you win the tokes from someone else -- and leave with them -- they paid for them -- you now have them -- just don't return with the chips to the casino -- cuz if you lose - you did nothing but double what they made off the chips in the first place.

get it ?

[M.B.E.]

There's a flaw in your logic. If I ran a casino and someone walked out with a lot of the chips of a certain denomination it might cause a lot of inconvenience if we didn't have enough chips to play the games properly. This could result in delay (which means reduced profits due to reduced action) and also unhappy customers.

And there certainly would not be any "automatic profit" resulting from being able to reorder the chips at less than their face value. I might pay to order the replacement chips when suddenly the original chips come back and I have to redeem them all.

[Joe Tall]

[ QUOTE ]
You know what I heard? The government is conducting secret mind control experiments and is raising an army of completely loyal supersoldiers to stage a simultaneous armed takeover of every country in the world.

[/ QUOTE ]

Dude, you are a decade behind.

Honda is making them: http://asimo.honda.com/
[img]/images/graemlins/grin.gif[/img]

[RydenStoompala]

No. The casino must offset checks (chips) with cash, so when they are issued and outstanding, it ties up cash with no benefit to the casino. Ten people with $1,000 each of outstanding chips, held at home, would translate to $10 thousand of cash earning <1% at the bank versus a huge return (in the teens) if the chips are on the floor. This is why the pit boss layed an egg. On occassion you will see casinos retire an entire chip set by placing notices in the papers. This is to recapture that cash in the "issued and outstanding" account and to make the government happy about keeping tight controls over possible money laundering operations. Your friend's investment is safe from forced redemption but is in danger of being rendered Zero Cash Value by the issuer. Considering the cost of casino-quality, weighted chips, it's probably not a horrible deal.

[RydenStoompala]

The chip technology will be in use at most casinos as they retire current series. These are cash control devices, used to track movement of chips throughout the casino. You could still keep some, if you are so inclined, but that's not why they are using the chips. Try to walk with a full rack of 100's and you'll probably have more than casino security to worry about.

[M.B.E.]

[ QUOTE ]
The casino must offset checks (chips) with cash, so when they are issued and outstanding, it ties up cash with no benefit to the casino.

[/ QUOTE ]Makes a lot of sense. Thanks.