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Redemption Notices.... What are they? (The Opposite of a New Release!)

Discussion in 'Chip Release Announcements' started by Gaming Ore, Apr 26, 2008.

  1. Gaming Ore

    Gaming Ore Super Moderator
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    It is my intent to start posting Chip Redemption Notices in the Forum, similar to the format used to announce New Releases in the "Chip Release Announcements" forum. I see this forum as the better place for redeption notices, because the second question normally asked is, What will the value be after the redemption period is closed?

    Of course the first question is, What is a chip Redemption Notice?

    Depending on the Gaming Jurisdiction, there are different ways in which a casino discontinues use of a rack of chips, or a series of chips within the rack, or a single denomination, or the Limited Edition chips, or what have you.

    The most regulated jurisdiction is Nevada. Casino operators in Nevada are required to publicly post advisements of the discontinuance of chips (and tokens) for 120 days in advance of the discontinuance. Public advisement is mostly through the newspapers, in the Public Notices section, and are referred to as Redemption Notices.

    In New Jersey, there are no Redemption Notices, because chips (and tokens) are always redeemable for the life of the Gaming Commission, as each casino operation MUST post funds, in advance of operation, that will fund pay outs in the event of a collapse, bancruptcy, or other early going-out-of-business event.

    Only two casinos have gone this route (the Playboy and Sands) and with the recent "dig" in MS for Playboy chips, I suspect that NJ Gaming is re-looking the process.

    Many Native American casinos will simply post notices inside the casino that they intend to stop honoring certain chips and tokens on a stated date. Some will just let the incoming rack replace the old one and after a year just stop honoring the old ones. It varies greatly and may or may not have a regulatory feature.

    I am not clear about other Jurisdictions, but this is a good place to discuss them, so please feel free to add what you know or have experienced about the redemption process in Gaming Jurisdictions you are familiar with.

    Now, back to the second question... What will the value of my chip(s) be if I don't cash them in during the redemption? That is hard to say and it will vary. Look at the Desert Inn, Frontier and Stardust closures in Las Vegas over the past several years. Collectors new for quite some time in advanace of the closures that the casinos would be going away forever. I was at the DI the day before it closed and all, repeat, ALL of the $1 rack chips were gone.

    I don't know for sure, but given the condition of the Bud Jones, CIC chips for the Stardust, you would swear that in the final months of operation, the chips were brand new. Perhaps re-ordered knowing the souvenir hunters easily wanted the $1 and $5 chips.

    At the present time, DI $1 chips are still valued at about $3, even in worn condition. The same is true for Stardust $1's and Frontier $1's (the Bud Jones versions). But then it's a different story for the Las Vegas Sands and their $1, Paul-Son, house mold chips in blue and in orange. These should be valued at $3 (almost all of them are in new condition and were ordered and put into play just before closure) but they tend to go for between $10 and $50. Go figure?

    Anyway, it is hard to tell, but we can make a stab at it. But the readers need to keep in mind, these estimates are just that "estimates" AND opinions! Not guarantees!

    Jim (Gaming Ore) Follis

    There is a lot of speculation as to value after the redemption.
     
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  2. links_slayer

    links_slayer Master of the 3-Putt Par
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    Re: Redemption Notices.... What are they?

    Gaming Ore: as always, a very informative and interesting read. Thanks for posting this!
     
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  3. imthatguy

    imthatguy Lifetimer/Former Mod
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    Re: Redemption Notices.... What are they?

    Great post Jim, that clears up a lot of my questions. It will be interesting to see what happens with the Playboy chips.
     
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