The savvy player does NOT automatically cash out his points each time he
leaves a casino. Lots of factors enter into the decision--to cash out or not to
cash out!
1. Are you local to the casino in question? If so, you can always get there
to cash out your points if necessary.
2. How valuable is your time? Are there lines at the slot club and/or the
cashier? When do you anticipate your next visit to this casino will be? If you
are a regular player there, why waste your valuable time cashing out your
points each visit?
3. Are you a "big fish in a small pond?" If so, and you are an advantage
player, frequent large point cashouts can be a red flag to management. Better to
just let the cash points accrue--Nevada Gaming Control says they cannot be
taken from you even if you are barred from the premises.
4. Does the casino in question offer the option of cash or comps for your
points? If so, are comps granted at a significantly higher rate than cash? How
much do you value the comps at that casino?
5. Banks are only open 40-50 hours/week. Casino slot clubs are open many
more hours, sometimes 24/7. If you need cash in a hurry, cashing out points at a
casino may be a more viable option than waiting for a bank to open.
6. As Jean mentions in her current FF column, there is always the
possibility that the casino will offer a "better deal" for your points. Not a frequent
thing, but it does happen. This applies even more if the casino maintains a
separate "comp account" for each player. These are sometimes converted to cash
or cash equivalents when a casino changes slot club procedures, or changes
management/ownership. A few years ago, my Hard Rock comp account was converted
to cash--$4300! Earlier still, my Orleans' comp account was converted to
cash, over $2000! Nice, unexpected windfalls!
7. On the downside (to letting your cash points accrue), points sitting in a
slot club account don't earn any interest. It has also been known to happen
that some or all of your points could "disappear" into the computer void. Not
a common thing, but possible. If this should happen, you won't have the FDIC
on your side, as you would in the case of a bank error! It is always smart to
make a note of your point balance before leaving the casino, so you will
know if there is a problem upon your return.
Brian
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