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Value of MyVegas chips and points discussion

Discussion in 'MyVegas' started by DeMoN2318, Aug 31, 2016.

  1. DeMoN2318

    DeMoN2318 The DERS

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    No...

    1.5B chips are worth nothing because you can't sell them for cash
     
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  2. luckymanstan

    luckymanstan Tourist

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    All chips on myVegas slots and blackjack have value. Chips are converted to loyalty coins and then converted to real rewards. Rewards have real cash value so you can't say that chips are worth nothing.
     
  3. DeMoN2318

    DeMoN2318 The DERS

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    Can you sell or trade a reward for cash?

    Are grocery store coupons also cash value?
     
  4. luckymanstan

    luckymanstan Tourist

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    Yeah, try telling the thousands of myVegas players with chip and reward balances that their balances are not worth any money.
    Rooms, food, cruises, shows, you name it, cost money.
    And yeah, a $1 off store coupon is worth a $1 to me when I redeem it!
     
  5. DeMoN2318

    DeMoN2318 The DERS

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    False. They have no cash value. They are just vouchers for specific services and goods.

    It may offset certain trip expenses, but it is not the same as cash
     
  6. luckymanstan

    luckymanstan Tourist

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    Play chips which can be redeemed for rewards are worth real money, period.
    Myvegas players who have chip and reward balances have value in their accounts. (are NOT worthless like DeMoN2318 likes to believe)
     
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  7. DeMoN2318

    DeMoN2318 The DERS

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    I never said they are worthless, I said they have no cash value...there is a huge difference.

    Your $1 off some item coupon has a value of $1 if and only if, you purchase the associated item... you cannot use that $1 off coupon to purchase something else that costs $1...

    USAirways miles cost 3.5 cents per mile... If I have 25,000 miles your logic says I have $875 worth of miles... my logic says thevalue of the miles is only the value of the whatever flight you redeem your miles for...

    Does that make sense?

    Cash value is different than redemption value
     
  8. Ty

    Ty ?

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    You said, "1.5B chips are worth nothing because you can't sell them for cash".
     
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  9. DeMoN2318

    DeMoN2318 The DERS

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    As a response to "1.5B chips are worth $30,000", but I see your point.... good one


    Then someone said "Rewards have real cash value", which is wrong and that started the new discussion. I bet the terms and conditions and/or the fine print of the MyVegas rewards specifically says they hold no cash value. Just like the T&Cs of the MLife program...
     
  10. DeMoN2318

    DeMoN2318 The DERS

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  11. Ty

    Ty ?

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    I'd say for most people, worth does not equate to 'cash value'. You seem to be hung up on the term 'cash value'. Your life has no 'cash value' to me, yet I like seeing you post on VMB. You're worth a lot to me!
     
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  12. DeMoN2318

    DeMoN2318 The DERS

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    This is what got me hung up on cash value... someone said "Rewards have cash value"

    It all started by someone saying that since it cost $20 (real life cash money) to buy 1M chips in the MyVegas store that 1.5B chips is worth $30,000 (real cash money). I was trying to explain that it is not a two way street since they cannot sell their MyVegas chips for real life money...


    It's probably just a semantics argument more than anything
     
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  13. Ty

    Ty ?

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    I see, and agree.
     
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  14. SH0CK

    SH0CK Stylin' and Profilin' Quasi Tech Admin

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    Moderator Note:
    I split this discussion off from the original thread since it veered a bit of topic, but still warrants its own discussion.

    Thanks!
     
  15. vegasvette

    vegasvette Low-Roller

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    Yea? well my dad is stronger than your dad.
     
  16. luckymanstan

    luckymanstan Tourist

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    Simple math shows the value of myvegas chips and they are worth real money. Sure you can't redeem them "chips to real dollars", but they are
    very valuable to the players and the myvegas operators who must spend real dollars on rewards.
    In the myvegas blackjack store as of today, it costs $99.99 to purchase 17,600,000 chips.
    1.5 billion chips divided by 17,600,000 chips is 85.23.
    85* $99.99 = $8499.15.
    So 1.5 billion chips is worth $8499.15 of real american cash money dollars and cents.
    If you were to purchase the chips without the 1000% bonus multiplier, then it would cost you over $30,000 of real american cash money dollars and cents.

    I don't know for sure but there's probably a formula that myvegas uses to convert the play money coins and gold loyalty coins to real money value.
    Anybody know the formula?
     
  17. grosx2

    grosx2 VIP Whale

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    Dude....no.

    Just because sometimes COSTS a certain amount of money, doesn't mean that it is WORTH that same amount of money.

    And buying chips isn't even the only way to obtain them....they are free! While I've never had over a billion chips, I've had tens of millions numerous times in the past. And I've never spent a single cent on that game.
     
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  18. Frankr163

    Frankr163 Low-Roller

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    Simple math says no!
    You shouldn't put any value on the red play chips no matter how much, if anything you may have paid for them.
    The gold Loyalty chips may be given some value because you can use them for purchases, however any value is represented by whatever the end purchase may be.
    I have about 1 million loyalty chips with no value to me, because I cannot use them.
    Due to crappy rewards and prior use which excludes purchasing some(most) rewards a second time they are worth $ 0.
    In the past I have redeemed maybe 10 rewards over 3 years. That saved me, I'm guessing about $200-300. THAT is the only real value that can be attached to the game.
    As to paying for chips, why?
     
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  19. insin

    insin Speed Spender

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    When you get mail-in rebates, you are supposed to claim them as income....
    When you win a prize in a sweepstakes with a value of over $400, they send you a form 1099 and it has to be reported when you file your taxes.

    I'm, wondering about MyVegas comps and IRS/taxes.

    Will I have to claim the total value of MyVegas comps I've used on my tax return?
    Do these comps show up on an actual profit/loss report attached to my name somewhere?

    I'm not worried about tier credits or maintaining a level of play.
    I'm just wondering if I'll get a 1099 for my comps used...
    ...Standard rack room rates would put the value of the comp nights well over $400. (Plus the value of any other rewards I use.)
     
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