MIRAGE Casino to be Sold… Where Do the Chips Go? (1 Viewer)

[bhpdbrad]

I’m curious as to the process of how chips become available from closed casinos. The shear volume of chips must be enormous.

Auction from owners,? I’m just wondering.

Then….
I read that the Mirage is going up for sale. So the question(s) would be:
Would the new owners change the name?
Would MGM just keep the name for another property?
What about their chips??

Lots of speculation, I know.

Some of you chip experts must know

 

[buzzmonkey]

I’m curious as to the process of how chips become available from closed casinos. The shear volume of chips must be enormous.

Auction from owners,? I’m just wondering.

Then….
I read that the Mirage is going up for sale. So the question(s) would be:
Would the new owners change the name?
Would MGM just keep the name for another property?
What about their chips??

Lots of speculation, I know.

Some of you chip experts must know

If they change out the chips the old ones will be destroyed.

 

[doublebooyah85]

I wish steve Wynn would buy it back lol

 

[ADS Aviator]

Most likely no matter who buys it, it will stay Mirage. In addition to the physical assets, they are buying 30+ years of goodwill, brand recognition & loyalty.

If it's a pure sale, almost certainly the chips will be changed, because the are a liability to the casino. The new owner would have to maintain a cash reserve to pay out all of the chip ordered by the casino in the last ~30yrs. In that time a lot of chips have found their way into collections & desk drawers as souvenirs. By calling the chips for redemption, the casino gets to realize everything not redeemed as profit.

Per Nevada gaming control regulations, all chips will be destroyed. You can read into the below that that if the chair would approve the sale of the discontinued chips, it is a possibility, but destruction has been the matter of course for many, many years.

12.070 Redemption and disposal of discontinued chips and tokens.
2. In addition to such other reasonable provisions as the Chair may approve or require, the plan must provide for:
(e) Destruction or such other disposition of the discontinued chips and tokens as the Chair may approve or require.

If it is sale/leaseback, the chips will not be changed.

More fun to speculate who would buy it. My guess. Phil Ruffin or a CA Native American tribe.

 

[Highli99]

Pretty sure they will go into something called a chip shredder which is as horrifying a device as it’s name implies (shuddersssss)

 

[PhilLaFond]

I wish steve Wynn would buy it back lol

I think Steve Wynn's days of being directly involved in any dealings like this are long over...

 

[bhpdbrad]

Pretty sure they will go into something called a chip shredder which is as horrifying a device as it’s name implies (shuddersssss)

That would be a sad sight….
Can you imagine seeing the new ‘secondary’ ones being tossed into there also.
(I’m just thinking - but don’t know for sure) - But I imagine that a casino of that size must have a large inventory of new chips on hand at any one time.

 

[allforcharity]

They will probably keep using the chips unless they totally rebrand. In that case, all the chips still in their possession will be destroyed after a certain grace period allowing people to cash in their live chips.

MGM has only announced an intention to sell. They haven't name a price or entertained any offers, much less confirmed a deal.

 

[Moxie Mike]

Talk about movie lines that didn't age well...

 

[Poker Zombie]

The deal has been confirmed.

Hard Rock has bought the Mirage, and plans to build a guitar-shaped hotel.

Good-bye sweet Mirage $1s.

 

[PhilLaFond]

The deal has been confirmed.

Hard Rock has bought the Mirage, and plans to build a guitar-shaped hotel.

Good-bye sweet Mirage $1s.

I did love those old chips, especially the $1s, with the multi-colored palm trees. They were really striking.

 

[Bluegrass Poker]

The deal has been confirmed.

Hard Rock has bought the Mirage, and plans to build a guitar-shaped hotel.

Good-bye sweet Mirage $1s.

Mirage gonna go boom?

The casino most thought was going to be too big to succeed but instead changed Vegas forever.

Could anything be more Vegas than imploding it all and starting over?

 

[ADS Aviator]

From what I've read so far, I believe they've said that they intend to fully gut and renovate the current hotel towers & casino...and build a new guitar shaped tower (presumably close to where volcano is now), but have not said anything about implosion.

Just my opinion, but for it's age, I think the inside of the Mirage still look real nice. For my money, the large restroom to the right of the main cage is the nicest one on the strip.

 

[Poker Zombie]

From what I've read so far, I believe they've said that they intend to fully gut and renovate the current hotel towers & casino...and build a new guitar shaped tower (presumably close to where volcano is now), but have not said anything about implosion.

Just my opinion, but for it's age, I think the inside of the Mirage still look real nice. For my money, the large restroom to the right of the main cage is the nicest one on the strip.

I just did some quick Google Map measurements, and this sounds valid. The guitar hotel-tower in Florida would fit into the volcano's footprint.

 

[Thomacetti]

My tribute (limit) set has only become more coveted

Synthwave galore

 

[buzzmonkey]

Rumor has it it they're going to build a 4 story tower in the shape of @Anthony Martino giving the finger to Harrah's across the street

 

[BirdCage]

So, two years later, what is the deal with the Mirage chips? Looks like Hardrock completed the takeover of Mirage.

Have they changed over the chips yet? Will the Mirage chips be destroyed per LV rules?

Also, why did the poker room have yellow/beige $1 chips but used the other standard casino chips?

Were the $3 chips drop chips or were they used in $3/$6 or other poker games?

 

[AlbinoDragon]

Have they changed over the chips yet? Will the Mirage chips be destroyed per LV rules?

They will be destroyed. Several casinos in Vegas have closed recently and all hit the shredder. Jim tried to get the WSOP chips from the Rio and even those no-cash-value chips weren't gettable.

Also, why did the poker room have yellow/beige $1 chips but used the other standard casino chips?

My understanding was the blue $1s made a mess of their poker tables necessitating the beige $1s.

Were the $3 chips drop chips or were they used in $3/$6 or other poker games?

I think those were only drop chips, but am not sure. I don't know what stakes games they had at the Mirage at the end. Someone else might know better.

 

[BPTDirector]

I have an old Sigfried and Roy $5 chip my dad carried for luck for years. I love it even more now. Wife and I spent our first anniversary there 30 years ago. A wonderful property.

 

[Poker Zombie]

The volcano has been "temporarily shut down, indefinitely". I guess that's Vegas talk for "we're getting rid of one more thing you loved because it's not making us money".

Of all my trips to Vegas, my stay at the Mirage was simply the best trip of them all.

 

[BirdCage]

Were the $3 chips drop chips or were they used in $3/$6 or other poker games?

I think those were only drop chips, but am not sure. I don't know what stakes games they had at the Mirage at the end. Someone else might know better.

Perhaps @Potsie1 knows? Would be a more incredible score & story if the $3 chips were only used as drop chips, as it appears that well over 1,000 have been liberated!

 

[JZPdub]

The volcano has been "temporarily shut down, indefinitely". I guess that's Vegas talk for "we're getting rid of one more thing you loved because it's not making us money".

Of all my trips to Vegas, my stay at the Mirage was simply the best trip of them all.

I had heard a rumor that the Volcano at Mirage is going to be replaced with a guitar hotel, similar to what hard rock has in FL.

 

[Potsie1]

Perhaps @Potsie1 knows? Would be a more incredible score & story if the $3 chips were only used as drop chips, as it appears that well over 1,000 have been liberated!

They were drop chips only. Sometimes you could get the dealer to sell you one.

 

[digirati]

Such a cool hotel and casino.

 

[17und4]

They were drop chips only. Sometimes you could get the dealer to sell you one.

Just curious because I don't know the term. What are drop chips?

Thanks

 

[Poker Zombie]

I had heard a rumor that the Volcano at Mirage is going to be replaced with a guitar hotel, similar to what hard rock has in FL.

The rumor is true. The county commission approved it in March. However, the project is moving at the speed of Las Vegas construction. Which is to say, they wait for 5 years to see if quantum physics spontaneously pops the tower into existence before moving onto plan B, "actual construction".

 

[PlaidDragon]

The volcano has been "temporarily shut down, indefinitely". I guess that's Vegas talk for "we're getting rid of one more thing you loved because it's not making us money".

Of all my trips to Vegas, my stay at the Mirage was simply the best trip of them all.

My first time in Vegas I stayed at the Mirage. I think it's either that or Luxor where I've stayed the most. Mirage is the last place I ever played limit stud... back when there was such a thing.

 

[allforcharity]

Just curious because I don't know the term. What are drop chips?

Thanks

Used to remove rake from the table. Usually done in odd denoms (like $3 or $4) so they don't get mixed up with the normal chips in play ($1, $5, $25). They 'drop' them through the bill slot into a secure box under the table.

 

[17und4]

Used to remove rake from the table. Usually done in odd denoms (like $3 or $4) so they don't get mixed up with the normal chips in play ($1, $5, $25). They 'drop' them through the bill slot into a secure box under the table.

That's awesome. Thank you

 

[4SUMERZ]

Any updates on the actual closing date.