That approach was used at several casinos in the Midwest a couple of decades ago, but for a different purpose. You would queue up for admission to the casino, which was supposedly on the water, not land (it was usually a riverboat or something,). Then you had a "session," during which you could only put $500 in action. You had to buy in to slots or table games using a players' card.

 

I would always buy in for $100 and make it back selling the remaining $400 to desperate gamblers at a markup.