The Chip Room tragic tale #972
I'll let you guys in on one of our tragic tales. We did have an agreement in place to purchase the obsolete Bud Jones WSOP from the RIO. (see attached documents) Even though every attorney read the guidelines the same, which did allow for the chips to be sold, we were turned down by the Nevada Gaming Commission. I really dislike them!!! At the time, we were also in talks with the RIO to purchase all of their Paulson chips, so they could replace them. We were going to pay them 80% of the cost to replace the chips. That would have been huge for the community! Some day I'll have to let you know of all of the deals, we thought we had....
Tell me what you think (NGC Regulations)
12.090 Promotional and tournament chips and tokens. Regulation 12, Chips and Tokens Page 6 (Rev. 08/14)
1. As used in this section, “promotional chip” means a chip- or token-like object issued by a licensee for use in promotions or tournaments at the licensee’s gaming establishment.
2. Promotional chips must be designed, manufactured, approved, and used in accordance with the provisions of this regulation applicable to chips and tokens, except as follows:
(a) Promotional chips must be of such shape and size and have such other specifications as the chairman may approve or require;
(b) Each side of each promotional chip must conspicuously bear the inscription “No Cash Value”;
(c) Promotional chips must not be used, and licensees shall not permit their use, in transactions other than the promotions or tournaments for which they are issued; and
(d) The provisions of section 12.070 of this regulation shall not apply to promotional chips. (Adopted: 6/87.)
12.070 Redemption and disposal of discontinued chips and tokens.
1. A licensee that permanently removes from use or replaces approved chips or tokens at its gaming establishment, or that ceases operating its gaming establishment whether because of closure or sale of the establishment or any other reason, must prepare a plan for redeeming discontinued chips and tokens that remain outstanding at the time of discontinuance. The licensee must submit the plan in writing to the chairman not later than 30 days before the proposed removal, replacement, sale, or closure, unless the closure or other cause for discontinuance of the chips or tokens cannot reasonably be anticipated, in which event the licensee must submit the plan as soon asreasonably practicable. The chairman may approve the plan or require reasonable modifications as a condition of approval. Upon approval of the plan, the licensee shall implement the plan as approved.
2. In addition to such other reasonable provisions as the chairman may approve or require, the plan must provide for:
(a) Redemption of outstanding, discontinued chips and tokens in accordance with this regulation for at least 120 days after the removal or replacement of the chips or tokens or for at least 120 days after operations cease, as the case may be, or for such longer or shorter period as the chairman may for good cause approve or require;
(b) Redemption of the chips and tokens at the premises of the gaming establishment or at such other location as the chairman may approve;
(c) Publication of notice of the discontinuance of the chips and tokens and of the redemption and the pertinent times and locations in at least two newspapers of general circulation in Nevada at least twice during each week of the redemption period, subject to the chairman’s approval of the form of the notice, the newspapers selected for publication, and the specific days of publication; (d) Conspicuous posting of the notice described in paragraph (c) at the gaming establishment or other redemption location; and
(e) Destruction or such other disposition of the discontinued chips and tokens as the chairman may approve or require.