Buying out a casino's defunct chips- how is it done, what obstacles in the way? (1 Viewer)

tigon

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I've been curious about how someone like Jim goes about the whole process of buying a (sometimes defunct) casino's stock of chips. Are there inventory auctions or the like happening for these closed-down places or is it more about having a lead, either the casino/poker room closing or them ordering new chips, and hammering out a deal without a third party?

Have there ever been issues with various state/provincial/regional gaming boards, etc. that resulted in a possible sale being nixed? What other potential obstacles are there in the way?
 

Milo013

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Vegas does not allow chips to be sold, and neither does New Jersey, as the Jersey chips retain their cash value in perpetuity, or something like that. Jim made a post about it elsewhere, but I think it mostly came down to contracting with the State gaming commissions of the various locales.
 

pokerpig

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I would guess also that you have to have resale business licenses in this type of industry. Otherwise I'm in for the next defunct casino chip group buy.
 

UW85

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Ironically even if you know someone who goes into a defunct casino (in WA state) you can't buy the chips -- those chips must be sold to someone like Jim halfway across the country and then resold back to you for 8x, or more, the cost. I'm not complaining about what Jim charges, he's got to make $, but it's crazy to think all those local casino chips could be bought for a ton less if WA state allowed it.
 

Milo013

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Speaking specifically of WA, I always laugh when I see the "bowling alley" chips come on the market . . . must be aome quirky gaming laws out there in the woods.
 
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