Large chip purchase at a casino in Vegas.

Hi Everyone,
Thanks for taking the time to read my post. I appreciate your responses and am grateful.

If I were to stroll into a casino in Vegas and buy 20k worth of chips would I be treated to a free room and other perks? What kind of perks? I've been told the casino will treat you to all the free vouchers because they don't want you to leave their casino.

Another question- if I were to go to cash in this said 20k worth of chips, will I be taxed or have to pay any other fees?

Once again, thanks for your time Everyone. It's much appreciated.

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Originally Posted by Mangowaffles

Hi Everyone,
Thanks for taking the time to read my post. I appreciate your responses and am grateful.

If I were to stroll into a casino in Vegas and buy 20k worth of chips would I be treated to a free room and other perks? What kind of perks? I've been told the casino will treat you to all the free vouchers because they don't want you to leave their casino.

Another question- if I were to go to cash in this said 20k worth of chips, will I be taxed or have to pay any other fees?

Once again, thanks for your time Everyone. It's much appreciated.

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Just buying chips won't get you any comps. You have to gamble to get them. And if you buy the chips with cash they will probably do a suspicious activity report.

It is a legitimate question. Anyone who has read Max Rubin's Comp City, knows this was technique described in the book. Not purchasing from the cage, but a much larger buy-in at the table than necessary for the limits you were playing would result in the royal treatment as they anticipated you putting more in action than you actually were. Sort of the appearance of a high-roller, just from the chip pile in front off you. Unfortunately, those days are now long gone. The Pit and casino have more accurate ways of tracking your actual action, so no, this technique is no longer is beneficial.

Manowaffffles, welcome to the site.

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Originally Posted by Mangowaffles

Hi Everyone,
Thanks for taking the time to read my post. I appreciate your responses and am grateful.

If I were to stroll into a casino in Vegas and buy 20k worth of chips would I be treated to a free room and other perks? What kind of perks? I've been told the casino will treat you to all the free vouchers because they don't want you to leave their casino.

Another question- if I were to go to cash in this said 20k worth of chips, will I be taxed or have to pay any other fees?

Once again, thanks for your time Everyone. It's much appreciated.

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See a host at a smaller location, a place like the Tuscany, tell them you are looking for A NEW place to gamble at. Show them the 20k and tell them you are willing to deposit the 20k this trip and give their casino a try, ask them if there anything they can do for you. You might want to say something like...This is whats left of my 100k, the strip casinos are too tight so thats why I want to try a smaller local casino. There's a chance they might take a chance and give you a free room and a comp or two. It really just depends on what you say and how much BS you give them, and if they believe you.

If you are a higher card level at any of the big casino's. For example: a 7 star member. You should be able to get free rooms at totally different casinos without much of a problem.

Welcome to our new member. Can you be specific with the casino?

First of all $20k is not an unusually large amount for any of the MGM or Caesars casinos. People all day long gamble that amount of money and at those casinos it's your actual betting that matters and not what you have in your rail or pocket.

It might be different somewhere else which is why I ask for the casino. Wynn, Adelson's places, Stratosphere are like Caesars and MGM -- it's your actual bets that determine your comps.

Yes, you can cash in your chips at any time and the only thing they'll check is that you bought them. They'll check with the table if you bought at the table.

Having a players card will make the cashing in seamless since there will be some record of your chip purchase if not at the cage.

Depends on the casino and obviously availability. I mean, don't try doing that at MGM Grand on fight night because you'll just get laughed out of the place.

I've gotten many free rooms just showing a 7 stars card, a small wad of cash, and pretending larger amounts of money aren't that much....from the perspective of like, "I don't have a lot money remaining for the trip, only 20k". Don't act like, "Wow I'm such a big baller I have all this money, I have twenty thousand, that's so much!" If you pretend it's a little bit, they'll think you have a lot more.

I think the most common response would be something like this:

"We'd be happy to comp you at check out based on your play."

I have deleted some troll posts in this thread, as well as some responses to the troll posts.

When a member comes here to post a question, especially a new member, please only post in the thread if you have a polite, serious answer to the question.

Thanks.

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Originally Posted by Alan Mendelson

I think the most common response would be something like this:

"We'd be happy to comp you at check out based on your play."

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I agree. Without any history or a higher level card from a different property that will most likely be the common response.

Quote:

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Originally Posted by Mangowaffles

Hi Everyone,
Thanks for taking the time to read my post. I appreciate your responses and am grateful.

If I were to stroll into a casino in Vegas and buy 20k worth of chips would I be treated to a free room and other perks? What kind of perks? I've been told the casino will treat you to all the free vouchers because they don't want you to leave their casino.

Another question- if I were to go to cash in this said 20k worth of chips, will I be taxed or have to pay any other fees?

Once again, thanks for your time Everyone. It's much appreciated.

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To leverage your money best comp wise, deposit it in a Nevada bank. Then go into each casino you wish to get comps and get a line of credit, ask a host to set you up instead of the cage - get their card, use them for favors. Hosts are aware of comps and have some latitude that normal marketing comps will not give you. All casinos use the same credit agency to verify your funds. Then play at each casino using the Line of credit as often as possible, but make sure you pay it back as often as possible, especially within 30 days or else casinos by law employ the local police to collect their bad debts (NSF). You normally get rated higher with a Line of Credit than with cash.

If you have a USA ID, you normally have 30 days to pay back your Line of Credit. Casinos are more strict if you are from out of country because it is harder for their buddies over at Metro or FBI to find you after 30 days so they normally require you to pay back the LOC by the end of yoru trip.

Casinos fees are mostly built into the house advantage. Federal Taxes are different depending on your net winnings (not net losses, except in rare cases which you probably don't qualify for based upon your post) from different gaming venues. Slots are taxed different than poker which is taxed different than craps. Google IRS taxation of Gambling winnings to get the best answer from IRS website. No state taxes in Nevada.

Yes—establishing credit for that same $20k is a better strategy, and would get you an upfront room comp (but probably not much more) at most properties. They will want to see commensurate action before offering more substantial comps.

I would not suggest doing this at one of the very top Strip properties, but an “upper middle” place like Mirage or Mandalay Bay.

If you notice, The OP made his first post here five days ago. OHW made the first response to him with the opening line "Are you a baby?" The OP has not posted since. Good job, OHW. The forum is sure to grow with you here. NOT!!