Purchasing cheques from the cage
Started by mugect on Thursday, 13th March 2014 5:01 pm
Last response by donnymac66 15th March 7:58pm
Just wondering, could anyone walk up to the cage, push 50 large forward and get a rack of purple? What if you have a huge amount on deposit (or credit), can you stock up at the cage?
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Chuckmonster responded on Thursday, 13th March 2014
You give me the loot and i'll check change it.
That is a great question. Seems to me that this kind of behavior would raise suspicions that you were laundering money. They'll probably make you deposit the cash and then bring out chips as you need them.
Minton responded on Thursday, 13th March 2014
There is a price point where you will need verified forms of ID to do transactions that large (they're required by the government for transactions over a set amount). You can't just walk up and get 5 stacks of high society from the cage without some forms of ID and having info on file with the casino.
anawas responded on Thursday, 13th March 2014
If this is for poker (love the Rounders references, by the way), many casinos use an auxiliary cage that I doubt is fully stocked with enough big purple Barneys* to fill a rack.
If this is for other table games, each table usually has a sizable surplus of chips you can buy so that you're not walking through the casino with a big grin on your face and an even bigger target in your mitts.
I mean, I doubt a $5 blackjack table has more than a couple thousand in front of the dealer, but I'd imagine any $100 table can cover your wagers. You'll doubtless have to pass muster with a pit boss (and the pit boss's boss)
*Barneys: "I love you, you love me, let's go make some more money."
mugect responded on Friday, 14th March 2014
Okay, assuming proper ID, clean source of funds and sufficient warning: Can I get a fat rack and then distribute them to my crew? All cash outs would go back through me so they wouldn’t have to deal with W-2Gs.
donnymac66 replied on Friday, 14th March 2014
Not sure when a W-2G is issued for table games but I would think the person winning the cash has to be the recipient of the tax form.
mugect replied on Saturday, 15th March 2014
Okay, but what if they didn't win? I give you 10K in chips, you play it down to 7, and then cash out. How does the cage know if that is a profit or loss?
donnymac66 replied on Saturday, 15th March 2014
I'm not sure how or when a W2 is given at table games but I don't think it's when you cash your chips. I believe the process at the cage when a large amount of checks are cashed is the origin of them. The will ask you where you were playing and confirm with the pit that you received the chips there. Not sure who has RFD chips but if they do it will be verified as well.