With the US 1-cent coin (penny) no longer being minted, have any casinos started rounding off cash payments (eg restaurant purchases) or slot ticket payouts (eg giving $4.55 for a $4.56 slot ticket) yet?
With the US 1-cent coin (penny) no longer being minted, have any casinos started rounding off cash payments (eg restaurant purchases) or slot ticket payouts (eg giving $4.55 for a $4.56 slot ticket) yet?
Originally posted by: djm
With the US 1-cent coin (penny) no longer being minted, have any casinos started rounding off cash payments (eg restaurant purchases) or slot ticket payouts (eg giving $4.55 for a $4.56 slot ticket) yet?
As far as slot tickets are concerned, many casinos have rounded them down to the nearest dollar, and you have to make a special effort (like go to the cage) to get the change you have coming. That said, underpaying customers--even by a penny--is against Gaming regulations. As far as restaurants, gift shops, etc. are concerned, they could and probably should round up prices, but then you run into the reason for non-rounded prices in the first place: psychologically, $2.99 feels like it's less than $3.00, even though it's functionally the same.
So I don't expect the casinos to make such a change anytime soon, even though it makes perfect sense.
Many casinos discontinued coins from their automated teller machines. You now have to present the ticket to the cage. The automated tellers often give a choice of charities.
There are nearly 300 billion pennies in circulation. Most people don't even use or carry cash these days, preferring to pay extra to use a card even if there is an extra fee on a minor purchase.
If you're on the strip, the prices aren't even listed on the products since casino gift shops do surge pricing to remove every penny, nickel and dime from your carcass before they charge a $60 resort fee for the wonderful opportunity to make telephone calls from your room phone, and another $30 for the privilege of parking at their rented from Blackrock casino property.
Vegas is fun, now pay the vig.
Originally posted by: Inigo Montoya
There are nearly 300 billion pennies in circulation. Most people don't even use or carry cash these days, preferring to pay extra to use a card even if there is an extra fee on a minor purchase.
If you're on the strip, the prices aren't even listed on the products since casino gift shops do surge pricing to remove every penny, nickel and dime from your carcass before they charge a $60 resort fee for the wonderful opportunity to make telephone calls from your room phone, and another $30 for the privilege of parking at their rented from Blackrock casino property.
Vegas is fun, now pay the vig.
It sounds like you would still like to have pennies to leave tips.
Originally posted by: Kevin Lewis
It sounds like you would still like to have pennies to leave tips.
Stirring the pot, again.
Originally posted by: Kevin Lewis
As far as slot tickets are concerned, many casinos have rounded them down to the nearest dollar, and you have to make a special effort (like go to the cage) to get the change you have coming. That said, underpaying customers--even by a penny--is against Gaming regulations.
So I don't expect the casinos to make such a change anytime soon, even though it makes perfect sense.
Casinos in Canada round payoffs to the nearest 5 cent increment, so I don't know why you think it "is against Gaming regulations". Perhaps you could point me to the exact regulation (Nevada) that would apply to this situation. Pennies will still be around for a few more months, but it's important that some plan or framework (regulations regarding rounding) is implemented soon.
The penny is not leaving circulation, it is just no longer being minted. There are still more pennies in circulation that will be around for decades. Also the cage still will give you pennies for your TITO exchanges despite how much of a pain in the a$$ it is.
Originally posted by: djm
Casinos in Canada round payoffs to the nearest 5 cent increment, so I don't know why you think it "is against Gaming regulations". Perhaps you could point me to the exact regulation (Nevada) that would apply to this situation. Pennies will still be around for a few more months, but it's important that some plan or framework (regulations regarding rounding) is implemented soon.
As far as I'm aware, Nevada is not in Canada, so whatever they're doing up there isn't relevant to this discussion. I'm not going to bother looking up the chapter and verse of the Nevada regulation that mandates that slot tickets be cashed out for the full amount; I worked in a casino cage for about a year many moons ago, and we were told that ad nauseum.
Pennies are NOT going to be removed from circulation; no new ones will be minted. Nothing to prepare for, not for a while, anyway. A penny contains more than .01 worth of copper, so maybe at one point, they'll become scrap metal rather than coinage.
This guy bought 5 million nickles for an investment option: https://finance.yahoo.com/news/forget-crypto-stocks-man-builds-234929475.html
Seems like he should have considered other options, but its his cash, and maybe he's smarter than most of us..
