What Happens When a Casino Discontinues Their Chips?

[Ronoh]

I realize they have to give notice so outstanding chips can be turned in but does anyone know how long in advance and/or where one might find this info when it is made public record?

I ask because I am using the "no cash" method with the local casino. I bring my chips with me when I go and I just throw them in my backpack when I leave. I currently have a few racks of red and I may slowly start coloring some of them up for green (also have 4 racks of white and a rack of snappers but I'm keeping the singles for my home games).

This started out as a "I'm renting them for free for my home games" but now I really enjoy having them around... it makes for perfect bankroll management (can't drop poker dough in the VP machine on the way out nor can you dip into it for dinner on the way home) plus it allows me to completely skip the cage twice each trip (lines are often an issue). I would like to keep the collection rolling until I have a full rack of black but I do realize that may not be the smartest thing to do as it could put me in a position of having to explain when I got so many high value chips.

It is a new casino so a chip switch shouldn't be an issue for quite some time on the nickels but I heard a rumor this morning that they may be doing away with the snappers and going with a half dollar instead (very exciting if true but I haven't been up to ask around yet). I am there fairly often and I assume old chips are still valid when the new ones are introduced into play which would make the red flag pretty obvious but I know well not to bank on "assume"... what a ***** it would be to find out my chips are suddenly worthless if I'm sitting on 2, 5, 8K of them

My questions:

1- How much notice must a casino give when a live chip is being killed off?

2- Where can one look for the public notice when/if given?

3- If the rumor on the snappers is true would it be smart or stupid to hang onto the full rack? They are mint and very pretty but I assume the value would fall to the $1/per range... is there any possibility of the value going up? The casino has been open for less than a month. I would hold onto a barrel of them regardless for my collection but assume turning in the rest would be the smartest option.

Any info would be appreciated, thanks!

[stocky]

Can't help you with much but I would assume the snappers would actually go up in value for collectors because they will no longer be available and because the casino wasn't using them for long so there wouldn't be a huge amount out there.

Having said that tho it would also depend on what happens with the chips they are replacing. If they don't get destroyed and someone like Jim from the chip room got hold of the lot for sale the price would probably fall because there would be a lot available on the open market.

[stinky]

Can't help either, but makes me wish one of the local casinos here would use nicer chips to be able to collect little at a time. Only BJ and ceramics, not bad chips, just wish I was around when Morongo was using TRK's and Paulson's.

[rowlin]

I always thought little elves magically delivered the chips to Jim in the dead of night, but learned recently that he has to pick them up himself sometimes. Go figure!

I've wondered the same thing myself though.

[JM]

If they are dropping the snappers in favor of 'half dollars', that's probably going to be the coin and not a chip. It would cost them 50c for each 50c coin as opposed to 75c or so for a 50c chip, and if I'm doing the math, I'd say go with the coins since I can not only get them for face value but I can get them instantly from the bank/mint.

[Ronoh]

Originally Posted by JM

If they are dropping the snappers in favor of 'half dollars', that's probably going to be the coin and not a chip. It would cost them 50c for each 50c coin as opposed to 75c or so for a 50c chip, and if I'm doing the math, I'd say go with the coins since I can not only get them for face value but I can get them instantly from the bank/mint.

That's what I would assume as well but the source that told me the snappers were going away said they were being replaced with a .50 chip. I figure he is either wrong about the snappers or he is right about both

[pltrgyst]

See Ohio Administrative Code, 3772-11.

[BGinGA]

Originally Posted by pltrgyst

See Ohio Administrative Code, 3772-11.

Nothing in that section that relates to redemption of chips, in terms of the OP's question.

Some interesting reading, however. I wonder what the secondary chips look like?


I did read that the casino is not bound to redeem chips from patrons who used the chips illegally - which I'm guessing includes taking them off-premises and using them for other purposes. I'd be careful about how I went about redeeming large numbers of chips that you couldn't prove were won at their facility.

[Ronoh]

Originally Posted by BGinGA

I did read that the casino is not bound to redeem chips from patrons who used the chips illegally - which I'm guessing includes taking them off-premises and using them for other purposes. I'd be careful about how I went about redeeming large numbers of chips that you couldn't prove were won at their facility.

Where did you read that and was there any type of description? Nevada casinos have no problem with folks taking chips off site and bringing them back (who are they to suggest what you used them for), you can even change them in (black or lower) for house chips at other casinos. Hell, when I worked in Vegas we had a patron who did what I do but he did it with $1000 chips (over 500 of them at one point, back and forth to LA for at least a year).

I really don't see them having a problem with someone doing what I do with low denom chips but I suppose I will run it by the PRM on my next trip to get his feedback

[BGinGA]

From section 3772-11-14 Exchange of value chips or non-value chips:

Each casino operator shall redeem its own chips by cash or by check dated the day of the redemption on an account of the casino operator as requested by the patron, except when the chips were obtained or used unlawfully.

It is my understanding that casino chips and checks are considered casino property, and removal from casino premises is not allowed and could be considered theft. Whether or not they may enforce it is another matter....


I did find this section to be very depressing, indeed:
3772-11-16 Destruction of chips.