Golden Nugget looking to trade your cash for gold

Posted by on Jan 5th, 2011 and filed under Featured, Xtra News. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

Thomas Geissler, left, CEO of Gold to go's parent company Ex Oriente, talks Wednesday about the newest attraction at the Golden Nugget, an ATM that dispenses gold. Tilman Fertitta, middle, CEO of Landry's which owns the Golden Nugget, and a showgirl look on.

Thomas Geissler, left, CEO of Gold to go's parent company Ex Oriente, talks Wednesday about the newest attraction at the Golden Nugget, an ATM that dispenses gold. Tilman Fertitta, middle, CEO of Landry's which owns the Golden Nugget, and a showgirl look on.

The recession has taught us some valuable lessons and among them was that investing in gold was one of the few ways to make your money work for you or if you were short on money you could cash your gold in.

The perfect spokesman for exchanging you gold for cash was Mr. T. Who doesn’t remember him spouting lines like, “I pity the fool,” while wearing about 10 pounds worth of gold necklaces? Even rapper-turned-bankrupt-turned-preacher MC Hammer got in the action.

But for those that could, investing rather than selling your gold was a wise choice and continues to be. Now the Golden Nugget is making buying gold as easy as throwing away your Hammer pants.

The downtown casino has unveiled the Gold to go ATM, the second one in America. Guests can now take their winnings straight from the cashier cage to this ATM and buy as little as 1 gram of gold to a full 1-ounce bar complete with the Golden Nugget logo stamped onto the surface.  The prices vary from $60 to $1,596 as of unveiling, but will be updated every 10 minutes to reflect the current market value of gold.

“It lets our guests that win a little money in the casino go right over to this machine and make a little money and invest it in a wise way,” said Tilman Fertitta, CEO of Golden Nugget’s parent company Landry’s. “We’re looking forward to it and I think it’s something that’s going to be really exciting for the guests.”

Unveiling of the 1st GOLD to go ATM machine in Las Vegas in the Gold Tower Lobby at The Golden Nugget Casino in Las Vegas, NV on Wednesday. Photo by Erik Kabik.

Unveiling of the 1st GOLD to go ATM machine in Las Vegas in the Gold Tower Lobby at The Golden Nugget Casino in Las Vegas, NV on Wednesday. Photo by Erik Kabik.

Now, you might be asking yourself why would I need to go to a glorified vending machine to get gold? Sure, it’s been more than a century since gold was a common form of currency in the United States, but odds are you’ve bought a cell phone charger, a pair of shoes, an NFL shirt or a movie out of what amounts to nothing more than a vending machine.

It seems nowadays you can buy just about anything out of a machine, so why not gold?

With the price of gold nearing $1,500 an ounce, it’s worth investing in. Currently, though, the 875-ounce “Hand of Faith,” gold nugget that is displayed at the Golden Nugget is not available through the ATM. Considering it was found using only a metal detector, those guys wearing short shorts and headphones on the beach might still have a shot at finding something similar.

The only disappointment we found with the machine is that this version doesn’t currently carry the Krugerrand, unlike some of the company’s other locations in Germany, Italy, Spain, Dubai and Florida. We took a lot of time out of our day to find “Lethal Weapon 2″ puns since the movie’s entire plot was based on the illegal trafficking of the South African coins that were tied to apartheid.

We were holding out that the ATM would feature the voice of Joe Pesci when you select a Krugerrand saying, “I’m Leo Getz, and whatever you want, Leo gets. Get it? Get it?”

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