Brodude
Waiting List
Shit ya got me i guess I'll see myself out.
How does one get informed of casinos selling off their chips? (1 Viewer)
- Thread starter Brodude
- Start date
Brodude
Waiting List
Also can you explain what you mean by "seems like a narc thing to do" ?
ekricket
Royal Flush
He’s a fed
Brodude
Waiting List
Yup and I want names and I want them now! Nobody move!
^ This. Auction details and winning bid amounts have even been shared (briefly) on this site by those "others", and several large casino chip buys and resales have been done by PCFers other than TCR.
Jim @TCR has casino contacts, lawyers, and other tools and expenses. Anybody can get in the game, but don't kid yourself that it will be easy or inexpensive to be successful.
Brodude
Waiting List
So these auctions are they private affairs? Can't put together why or where lawyers would be required in the process... Are those auction details and winning bid amounts still available?
Anthony Martino
Royal Flush
If you're a cop you have to tell us if we ask you, I saw it on multiple tv shows so it must be true
Stufflymcstuff
Flush
Nobody would expect it to be easy, but where they’re being sold/auctioned would not be so opaque if the people auctioning it were interested in getting the best price possible.
There are some casinos where the liquidation is made public via auction houses which at least provides contact info and some plausible route to bidding on stuff not shown in pictures (like gaming equipment). There are many others where you can’t find basic info wrt liquidation sales / auctions even if you search through dozens of pages of google results within the time frame of +/- a year or two of when they closed down.
Couldn’t tell you how many times I’ve heard that same exact line from street, legal experts!!!
JScott
Flush
That’s typical of elastic/inelastic demand. In this case your demand for wine is elastic, it depends on price. I’m the opposite, I buy more expensive wine, but drink it rarely. I don’t have a bottle worth less than $50, but I drink probably a bottle or two a month.
Gas is likely a more inelastic demand for most.
At least in the US, almost anytime large sums of money change hands legally, lawyers are involved.
Nanook
Full House
I get all that, but I was mostly thinking about poker chips and in response to Coyote's post. Basically, if I am reading his post right, he is saying that chip buyers are chip buyers at any price. Obviously to some extent he is right. If a chip buyer really wants just a few chips to complete a set the price might not matter. The buyer is going to buy pretty much no matter what the price is within some sort of reasonable range.
But....
at the same time there are many chip buyers like me that, just like with me and wine will not pay more than a certain amount for chips. If my favorite sub $10 bottle of wine suddenly becomes $12, I'll go find another different favorite and start buying that wine. Same thing with poker chips. When someone (not naming names) does a nagb and they PM me asking me if I want to participate @ $15/chip for regular THC chips and $30/chip for IHC chip I just politely said "No Thanks." I am almost 100% sure there was no offense taken and he went on his way looking for others to pawn his wares.
So for me with both wine and poker chips my demand is elastic and Coyote's logic does not hold water. I am sure that there are some that are going to buy both high end wine and high end poker chips no matter the price. I can't help but think of windwalker and his truly epic buying spree. My wallet clearly is not as thick as his or as some others here and I guess that influences me in ways that it does not others.
Stufflymcstuff
Flush
I don’t think this has much to do with elasticity. There are just some people who place a very high value on specific Clay discs.
It may seem inelastic to people who place a very low value on it but there’s always a price where the biggest baller will take a step back and say “meh maybe I’ll get something else”.
Windwalker seems highly inelastic in his preferences only because he was willing to pay more than anyone else for stuff he bid on. If there were 3 or 4 windwalkers out there we’d eventually find their ceilings.
It may seem inelastic to people who place a very low value on it but there’s always a price where the biggest baller will take a step back and say “meh maybe I’ll get something else”.
Windwalker seems highly inelastic in his preferences only because he was willing to pay more than anyone else for stuff he bid on. If there were 3 or 4 windwalkers out there we’d eventually find their ceilings.
This has been my point. Apparently, chips and wedding jewellery aren't as inelastic as bread and gas (but they're fairlly inelastic, mind you).
You SHOULDN'T have been polite.
Unless you disillusion yourself and get away from this forum and this hobby, poker chips are going to bear a degree of inelasticity.
I don't buy $50 wine bottles every week and I do NOT have 100,000 chips currently worth $1million, for the simple reason I cannot afford that.
I only have 4,000 chips, worth $12K.
Making choices and sacrifices does not mean you don't have to succumb, as Demand, to the Supply's asked prices.
JScott
Flush
Collectibles are inherently inelastic. Not talking ceramics, or customs, but the Paulson RHC/THC/IHC market is inelastic. The mere fact that "he who should not be named" had no problem getting enough buyers for said group by shows that it's an inelastic market. That was my point.
LotsOfChips
Flush
Wait - there was another NAGB, and I wasn't invited? I had better start a thread crapping all over it for the injustice of not being offered a chance to pay ridiculous prices. And for the fact that said offer wasn't actually for cost... Greedy selfish bastards! And because the chips are ugly (even though I haven't seen the design). And whatever all of the other previous NAGB rant threads were about...Collectibles are inherently inelastic. Not talking ceramics, or customs, but the Paulson RHC/THC/IHC market is inelastic. The mere fact that "he who should not be named" had no problem getting enough buyers for said group by shows that it's an inelastic market. That was my point.
JScott
Flush
Funny enough I know very little about the buy, but I do snicker at how much drama it caused.Wait - there was another NAGB, and I wasn't invited? I had better start a thread crapping all over it for the injustice of not being offered a chance to pay ridiculous prices. And for the fact that said offer wasn't actually for cost... Greedy selfish bastards! And because the chips are ugly (even though I haven't seen the design). And whatever all of the other previous NAGB rant threads were about...
Maybe we should continue talking about wine.
LotsOfChips
Flush
If you like whites, I can recommend some VERY good Okanagan wineries (I also can suggest a few good ones for reds, but I'll have to rely on the wife's experience for those)Funny enough I know very little about the buy, but I do snicker at how much drama it caused.
Maybe we should continue talking about wine.
RainmanTrail
Straight Flush
Some sales might be private. Others are public. However, speaking from personal experience, just be careful what auction details you choose to post here publicly if you do get info from participating in a public sale. Other vendors here don't like those details to be posted and they might threaten legal action against you like they did to me. So either don't post details or be prepared to defend yourself in court if you do.
RainmanTrail
Straight Flush
Collectibles are inherently inelastic. Not talking ceramics, or customs, but the Paulson RHC/THC/IHC market is inelastic. The mere fact that "he who should not be named" had no problem getting enough buyers for said group by shows that it's an inelastic market. That was my point.
I'm confused. Surely you meant elastic, not inelastic, right? Gasoline is inelastic because demand isn't going to change for it when prices fluctuate. But the demand for Paulson chips is entirely dependent on the price. If you pull off an NAGB and try to list them for $5000 per rack, you're unlikely to find any buyers. If you post them for $100 per rack, you'll sell out of chips before you even get a chance to ship any of them.
Bluegrass Poker
Flush
I would have called their bluff. There is no cause of action available for anyone upset about you sharing info about a public sale.
I think it’s safe to assume the purchase price was not wanted to be known because then many would see the huge profits from the re-sale. The fan club might then realize the god’s work is a highly profitable endeavor and not entirely based on “getting chips to the “community” at fair prices.”
JScott
Flush
nope. collectibles have an inelastic demand because of their rarity and demand. There's always a limit to people's demand based on price, and that includes gas. With rising gas prices, people do alter demand, but there are some products that are more elastic than others, but for some reason, rare collectibles are considered more inelastic. The price increase can increase demand, and this is happening in all aspects of collectibles. From paintings to comics.
You'll of course sell them all quicker if you drop prices, much like a lower price of gas would drive people to those pumps, but the rarity increases demand in our case. Like I said, this is much less evident with custom ceramics, which have way more supply and no rarity.
It's amazing to me how much people think they know about my business. I'll give you one example. We have spent over $56,000 in legal fees in Nevada alone and have never been allowed to purchase a single chip. If it was easy, everyone would be doing it.
Without any real knowledge of what goes on, I think people just enjoy speculating.
Any chance all of all those yummy Rio WSOP chips coming to market now that wsop is moving to Bally’s?
Nanook
Full House
NV has a rule about destroying chips that are coming out of circulation so unless I am missing some loophole, probably not
mnebesny
Flush
Ok, how about this...
The WSOP presumably makes no money from having their chips destroyed, in fact they probably lose money because there is a cost to this process. So any profit they could make would be better in their eyes. So they organize an "extreme deepstack" tournament marketed to chippers, with 99.99% of buyins being profit for them and 0.01% of buyins goning into the prize pot. The WSOP sets buyins arund $1000 per player, and due to the "extreme deepstack" nature of the tournament, each player gets a rather large 400-chip starting stack in the following breakdown: 120 x T25, 120 x T100, 40 x T500, 80 x T1K, 40 x T5K. Then WSOP then tells the players to carry their chips outside with them for a quick smoke break before the game starts, and surprisingly none of them return. What an unfortunate disaster of an event that no one could have foreseen happening...
But yeah, in reality I don't see any NV chips being sold to chippers in the near future
Cash chips for sure. Last I read, there was a possible loophole that could apply to chips like tournament chips, but who knows what the odds are of getting through that hole?
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