(Don't know where this should go so I'll post this in a few forums. Sorry for the spam..)
Hi 2p2,
Thanks for reading my case:

I’m going to AC to hit it big and use up my comps at Borgata this Wednesday the 6th. I’m planning on staying two nights with a few friends of mine. Here’s where I need your help.
I have $1050 in comps. They expire mid February, and once I go back to school at VTech, I won’t have a chance to use them up, so right now’s my only opportunity to take that lure that Borgata is baiting me with. I’m going with $5 in my wallet. Rooms will be comp’d, and I figure I’ll have about $800 in comps after I treat my friends to Bobby Flay Steak and a bit of clubbing / drinks all compliments of me to my boys. My plan to have a bankroll to gamble with is to use up my comps at the Jewelry gift shop or any gift shop that’ll give me the most bang for my buck at a pawn shop. For food, comp dollars are $1:$1 but gift shops charge $2 comps : $1 worth. So I figure I’ll buy some watch worth $400 ($800 comps) at pawn it.

What is the best “gift” or jewelry thing to get for my purposes of pawning?
What is the likelihood that I get $300 for the $400 watch at a nearby pawn shop?
What is the most practical markdown for a legit pawnshop that I should haggle for? (60% 65%?)
What is the best pawn shop in AC? Is it better to just bring the jewelry back home and pawn it here (Do AC pawn shops try to rip you off b/c of the countless people doing what I’m considering?)
Has anyone have any experience with this kind of stuff and have any advice to offer?

I appreciate your input guys.

My backup plan is to get a cash advance tomorrow but I’m unemployed since I’m a student. Does anyone know if they verify or require employment?

Thanks for your time, and I anticipate meeting any other 2p2ers that will be at the Borgata if you want to meet up.

Backstory: (somewhat interesting but not necessary)

So, I’ve been an avid poker player, playing online on and off since my sophomore year of high school in ’04. But I never went to a casino before in my life until this past August during summer break. My poker put me in a lot of debt (~3Gs) and I went to Borgata with 500. Get there Friday night, first time ever to a casino, and the thing they say about first time trips rang truer than words can describe. I start out playing $1/2 and my first pot ever, I managed to steal it on the river, and boom, up like $30. UTG limps, MP makes it $12, several callers, and UTG RR to 60. I was BB with A3 suited and push all in for $200 thinking this guy is squeezing. Boom I suck out and now I’m sitting with healthy stack. Get involved in another big pot ($800) and suck out with 4 outs for a boat to a made straight. I sleep. Next day I win another $150 at $1/2, and then start playing some table games. My bankroll was $1200 at this point, and I almost busted on stupid Texas Holdem Bonus. I went all the way down past my last 200 but hit 2 lucky bonuses and cash out $1500. Hit the craps table, no idea how to play and could tell that I was annoying the dealers by shifting my bets every roll (rofl). I managed to win $600 though because of two lucky Hard 10s in a row. I then play some 7.5/15 FL holdem and profit $500. So then I play roulette for the first time ever. That’s when I hit it big. Initially ran my first $220 to 2.5k but I dumped it back betting hard outside in like 5 spins. I shake off my tilt with 2 cigarettes, and buy in for another 400 and that’s when I hit it big again. From 2.2k I built to $9200. Felt unreal..the highest my bankroll has ever been online is ~1500. They give me the Borgata Black Label Sunday noon and I got there late Friday night. My friends went broke, but I stayed since they comp’d me. That’s when I dumped all the 9k back, when I had finally gotten myself out of my 3k debt with plenty of excess. Anyways I was on life tilt for a while after that experience, but about half a year later here I am in my situation, ready to go on a god-like run again before my comps run out.
Thanks for your responses.

I don't know much about the comps, and I don't know much about Atlantic City, but my guess is that if you pay $800 in comps to buy an item that is priced at $400 in the giftshop, then the item is probably worth maybe $150 at best wholesale (a standard markup is 100% making the item worth $200, but in a casino giftshop I'm guessing they mark it up a lot more than that. If an item is worth $150 at wholesale, new, then I can't imagine a pawnshop giving you more than $50 for it.

I could certainly be off on this - but I have a friend who sells jewelry and works a lot with pawnshops, and this is just my guess based on things he's told me about the business. I think you'd be better off using the comps for more food and drink, and try to get gambling money another way.

your story was inspiring

but i think your problem was not walking away with nearly 10g's
and maybe come back and play another day for another 10
but you did exactly wat a casino wants you to do and now you have to use comps to buy jewelery to pawn it off lol

good luck

VB's pawnshop advice sounds pretty close.

OP - chances of "running like god" to get roll up to 9k again 60-1
-chances that you've learned how to book a decent win 600-1

EDit "$5 in wallet and pawning cheap watch -"

Make that 600-1 each

I see you have already been banned, adds to awesomeness of story. Just offer to buy random people their dinners for %10 off.

Yeah. I mean if you have $800 in comps, just hook your friends up with stuff and have them give you cash for it. I mean if they go and need something offer to buy it for them at half off. $200 sunglasses = $100 or something like that. At least you will book 25% of your comps in solid cash. Tell your friends you will buy them a baller dinner for 35% of face value. They get a $60 steak for the price of Outback.

Its win win as far as I can tell.
+EV

Just so you know,

pawnshops don't make money by paying you 50% - 65% of the value of an item.

Pawnshops will generally pay you 10% - 20% of the value of an item (I've never heard of a pawnshop paying more than 20%).

Think about it, pawnshops cannot sell items at retail, otherwise, people would just go to the normal stores. So pawnshops generally sell items around 50% - 75% of the value of the item (also factor in depreciation since items are rarely new).

Thus, their profit margin comes from the delta of what they buy the item for, and so that is how they come up with the 10% - 20% they offer.

So, if you were able to buy a brand new item for $800 and took it to a pawnshop, plan on getting no more than $160 for it, even if you had the reciept and the item was still wrapped in shrink wrap.

As for buying merchandise with comps.

Hmmm.... that is not so clear cut as I think you think it is. Normally, what casinos do is they require you to buy the item first on your room charge (which is secured by your credit card) and then when you are done gambling at the end of your trip, they retroactively remove the charges.

However, if your case is different and you have the comps up front, your best bet is basically charging your friends for the comps, buying them stuff for 50% - 60% of the price.

Lastly, getting a loan and THEN going to a casino is the absolute worst thing you can do. Might as well set the loan money on fire.

Why don't you go work for a week and make $400 and then go gamble?

The kid has a dream...

Many pawn shops ive seen use a system based on ebay.

They find an ended auction on your item, and offer half of that price.
Im assuming thats more like 25-30%

Use the comps to buy a gift card for a store or restaurant. Offer to sell gift card to customer about to make a big purchase. Offer gift card at 20% of face value for cash.

You might be able to talk a manager of a store into letting you use the comps to buy something and then immediately return it for cash (less a 20% "restocking" fee, of course). This works best if the store isn't owned by the casino, but, even if it is, a manager who needs sales could be willing to bend the rules.

Obviously, this will work out best at a restaurant, since comp dollars can be used at a 1:1 ratio rather than the 2:1 ratio for merchandise. So, when you take your boys to Bobby Flay's joint, get to know the people sitting close to your table and offer to pick up their check (with your comps, of course) for 80% of the value of the check in cash. Oh, and if possible, have them leave the tip, since you can't use the comp to pay tips.