Buying chips from a casino that is rebranding (1 Viewer)

[ohio3302016]

The Horseshoe Casino in Cleveland has been sold and is rebranding to the JACK.

How would I go about buying some of the old chips? What do they typically go for?

 

[Ronoh]

Myself and others have tried (Cleveland and Cincy), I believe they are being destroyed.

 

[ohio3302016]

Myself and others have tried (Cleveland and Cincy), I believe they are being destroyed.

Ahh...thanks.

 

[Jambine]

Myself and others have tried (Cleveland and Cincy), I believe they are being destroyed.

Unfortunately that is the fate of far too many casino chips.

 

[Godzilla28]

Can't you guys start harvesting fractionals, dolla and snapper chips when they announce the changeover? In todays post Chipocalypse market, if the chips are nice enough, it might even be worth it to harvest racks all the way up to the snappers. Me and Vinyard ran off with something like 1800 Paulson's from a local Sacramento casino when they first opened. Great looking fractionals too...but remember to tip the cage well.

 

[Ronoh]

Ohio doesn't have fracs and I don't know of many snappers that command over $2.50/per.

 

[dickzapper]

Jeez, who makes these decisions? Isn't pretty much all these people do basically is handle money?

Should we sell our valuable, easily liquidated asset? Nah, just burn 'em.

"Destroyed" must mean someone's just keeping them all for themselves so they can resurface 20 years later, cause otherwise it just doesn't make sense.

 

[bentax1978]

Jeez, who makes these decisions? Isn't pretty much all these people do basically is handle money?

Should we sell our valuable, easily liquidated asset? Nah, just burn 'em.

"Destroyed" must mean someone's just keeping them all for themselves so they can resurface 20 years later, cause otherwise it just doesn't make sense.

It's not up to the owner of the chips (the casino). I believe it's an Ohio gaming commission law/rule.

 

[Quicksilver-75]

Jeez, who makes these decisions? Isn't pretty much all these people do basically is handle money?

Should we sell our valuable, easily liquidated asset? Nah, just burn 'em.

"Destroyed" must mean someone's just keeping them all for themselves so they can resurface 20 years later, cause otherwise it just doesn't make sense.

I feel your pain. I once inquired as to fate of IMO some of the most beautiful chips from a casino I've ever seen (the Great Blue Heron in Ontario) because they switched over to BJ V5's(?). (they stick like the pages from a 16 year old's first Hustler magazine). Yeah, destroyed! I was so pissed I called the OLG and vented on the person who answered. They passed my info off to someone else who I vented on as well.

 

[bivey]

It's a shame. Those $2 drop chips in Cincy are gorgeous.

 

[BGinGA]

How would I go about buying some of the old chips?

Only way to rescue the 'headed-for-the-chopper-hopper' chips is to go to the casino, buy them, and walk out. If I lived anywhere near the area, I'd definitely be stocking up on $1 and $2 chips. Chances are they will hold their purchase value down the road, if not increase.

 

[bivey]

Only way to rescue the 'headed-for-the-chopper-hopper' chips is to go to the casino, buy them, and walk out. If I lived anywhere near the area, I'd definitely be stocking up on $1 and $2 chips. Chances are they will hold their purchase value down the road, if not increase.

Funny, I'll be in Cincinnati for 5 days before venturing down to the post...

 

[BooRayUSA]

So we can just walk into a Casino, like One here in Iowa, buy a rack of $1's or what ever denom and walk out? I understand higher denoms will cost accordingly.

 

[Ronoh]

So we can just walk into a Casino, like One here in Iowa, buy a rack of $1's or what ever denom and walk out? I understand higher denoms will cost accordingly.

Depends. It's simple if the poker room has a dedicated cage (Cincy and Cleveland do)... say you're going to play 1/2, go to the cage and ask for $100 in white and $200 in red. Put both racks in a backpack, walk to your table, sit down and take out the $200 red. Even in a casino who doesn't approve of their chips leaving the property you've effectively earned yourself 100 singles (and a rack if you like).

 

[BooRayUSA]

Depends. It's simple if the poker room has a dedicated cage (Cincy and Cleveland do)... say you're going to play 1/2, go to the cage and ask for $100 in white and $200 in red. Put both racks in a backpack, walk to your table, sit down and take out the $200 red. Even in a casino who doesn't approve of their chips leaving the property you've effectively earned yourself 100 singles (and a rack if you like).

They have a dedicated cage where I play. I know I have heard that doing this is not breaking any laws just maybe casino frowns on it. I know my local uses TH&C chips. I may see or inquire more about this. Besides I need more $1 for my cash game anyway

 

[Godzilla28]

Ohio doesn't have fracs and I don't know of many snappers that command over $2.50/per.

Ohio doesn't have fracs and I don't know of many snappers that command over $2.50/per.

Too bad about the fracts but I'm sure someone would pay $250-$300 for a mint rack of these snappers.

 

[Ronoh]

Too bad about the fracts but I'm sure someone would pay $250-$300 for a mint rack of these snappers.

These?

Yeah, some are too pretty to pass up.

 

[Bordizzle]

So we can just walk into a Casino, like One here in Iowa, buy a rack of $1's or what ever denom and walk out? I understand higher denoms will cost accordingly.

i've done it a million times (well, a couple hundred thousand times)... albeit, with higher denom chips (in an effort to avoid the wait to cash out)... regardless, the casino doesn't lose money when you buy a rack of say $1s... if anything, they gain money...

last year, i walked right out of the horseshoe, baltimore with a rack of $1s in my hand (i typically throw them in a carryout bag or a backpack)... nobody cared...

so have at it! good luck!!

 

[nyczalex]

I don't see why not. You paid for the chips and they have cash value. I would understand if its no value chips like roulette that you are wanting to take though.

 

[Godzilla28]

These?
View attachment 35348

Yeah, some are too pretty to pass up.

So you selling?

 

[Ronoh]

So you selling?

They were harvested opening day four years ago and these particular snappers were replaced within a month or so of the casino opening due to fear of them being confused with the $500s... when the chips in the vault are destroyed with the rebranding this may be the only mint rack of these in existence. Do I think they will ever be worth big bucks? LOL..... no. But they are cool to have.

Only a dummy would give these up for something as common as money

 

[inca911]

There's plenty of money out there. They print more every day. Nice Grandpa George reference! It's also true. About a half billion new notes daily. Pretty cool tour in DC to see the Bureau of Printing and Engraving. Tickets are free, but you have to go get them early....

 

[Ronoh]

There's plenty of money out there. They print more every day. Nice Grandpa George reference!

Many may consider this blasphemy but I prefer CatCF to WWatCF by quite a wide margin.

 

[Godzilla28]

There's plenty of money out there. They print more every day. Nice Grandpa George reference! It's also true. About a half billion new notes daily. Pretty cool tour in DC to see the Bureau of Printing and Engraving. Tickets are free, but you have to go get them early....

I knew it's all a giant Ponzi scheme on a massive level...that's why I'm only stockpiling Guns, Gold and Chippies!

 

[BGinGA]

I don't see why not. You paid for the chips and they have cash value. I would understand if its no value chips like roulette that you are wanting to take though.

Actually, you only paid to use the chips on casino premises, and did not 'purchase' them. They remain the property of the casino, and technically, walking out with them is theft.

Very unlikely you would face prosecution however, even if caught. Most casinos don't care.

 

[nyczalex]

Actually, you only paid to use the chips on casino premises, and did not 'purchase' them. They remain the property of the casino, and technically, walking out with them is theft.

Very unlikely you would face prosecution however, even if caught. Most casinos don't care.

Idk, i feel like that is arguable because they have no value to it outside of the place which is why they don't care. Making the chip does not cost more than the chip value we exchanged it for, esp with the higher denominations.

 

[Ronoh]

Idk, i feel like that is arguable because they have no value to it outside of the place which is why they don't care. Making the chip does not cost more than the chip value we exchanged it for, esp with the higher denominations.

I going to guess if it actually came down to it it's not arguable as I assume there is a rule that specifically addresses it... if the casino turns the other cheek that's their business. Fracs certainly cost more to make than what you paid to possess them and while I have no knowledge personally I would guess the $1's are no better than break even.

 

[Mr. Cheese]

If someone could harvest a rack of these I'd be all over them.

Or a barrel of these

 

[BGinGA]

From the Nevada state laws enforced by the Nevada Gaming Commission. Chips and tokens belong to the casino.

12.060 Use of chips and tokens.
1. Chips and tokens are solely representatives of value which evidence a debt owed to their custodian by the licensee that issued them and are not the property of anyone other than that licensee.

2. A licensee that uses chips or tokens at its gaming establishment shall:

(a) Comply with all applicable statutes, regulations, and policies of Nevada and of the United States pertaining to chips or tokens;

(b) Issue chips and tokens only to patrons of its gaming establishment and only at their request;

(c) Promptly redeem its own chips and tokens from its patrons by cash or check drawn on an account of the licensee;

(d) Post conspicuous signs at its establishment notifying patrons that federal law prohibits the use of the licensee’s tokens, that state law prohibits the use of the licensee’s chips, outside the establishment for any monetary purpose whatever, and that the chips and tokens issued by the licensee are the property of the licensee, only; and

(e) Take reasonable steps, including examining chips and tokens and segregating those issued by other licensees to prevent the issuance to its patrons of chips and tokens issued by another licensee.

3. A licensee shall not accept chips or tokens as payment for any goods or services offered at the licensee’s gaming establishment with the exception of the specific use for which the chips or tokens were issued, and shall not give chips or tokens as change in any other transaction.

4. A licensee shall not redeem its chips or tokens if presented by a person who the licensee knows or reasonably should know is not a patron of its gaming establishment, except that a licensee shall promptly redeem its chips and tokens if presented by:

(a) Another licensee who represents that it redeemed the chips and tokens from its patrons or received them unknowingly, inadvertently, or unavoidably;

(b) An employee of the licensee who presents the chips and tokens in the normal course of employment; or

(c) A person engaged in the business of collecting from licensees chips and tokens issued by other licensees and presenting them to the issuing licensees for redemption.

5. A licensee shall not knowingly issue, use, permit the use of, or redeem chips or tokens
issued by another licensee, except as follows:

(a) A licensee may redeem tokens issued by another licensee if:

(1) The tokens are presented by a patron for redemption to a cashier of the licensee’s gaming or, in the case of a location having slot machines operated by a licensed operator a slot machine route, if a patron presents them to the operator’s employee at the location; or

(2) The tokens are presented by a patron at a table game; and

(3) The licensee redeems the tokens with tokens of its own, separates and properly accounts
for the redeemed tokens during the count performed pursuant to the licensee’s system of internal
control required by Regulation 6, and places the redeemed tokens in the table’s drop box, if
redeemed at a table game; and

(b) A licensee may redeem chips issued by another licensee if:

(1) The chips are presented by a patron for redemption at the cashier’s cage of the licensee’s gaming establishment; or

(2) The chips are presented by a patron at a table game, and the licensee redeems the chips with chips of its own, places the redeemed chips in the table’s drop box, and separates and properly accounts for the redeemed chips during the count performed pursuant to the licensee’s system of internal control submitted pursuant to Regulation 6.050 or 6.060; and

(c) An operator of a slot machine route or its employee may redeem tokens that are issued by the operator for use at another location.

 

[stocky]

From the Nevada state laws enforced by the Nevada Gaming Commission. Chips and tokens belong to the casino.

It's also what stopped casino making commemorative chips just for sale to collectors iirc.