I think the only consideration in my mind relating to the advantage of free
play over cash or vice versa is the issue of how it's dealt with on your
win-loss statement.
I use this as supporting documentation for my tax return (I know that the
IRS doesn't consider it binding but it helps support my log). If I take it as
free play, anything that I cash out over the "prime" money I put in is
considered "win". If I take this as cash, it doesn't hit my win-loss.
Bob makes a good point when he says that generally you don't have a choice
as the property dictates how it will handle this by policy. However, now
knowing what I know, I may opt to take my MGM Mirage holiday gift points in gift
cards and resell at a discount on ebay and use the cash to play with instead of
taking it as free play which I did this year only to find that the net win
hit my win-loss statement.
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