Chip Exchange from the Past: Why $59,000 from Playboy Casino Ended Up Being Worthless
The Story of the $59,000 Chips
A resident of New Jersey attempted to exchange casino chips worth $59,000, but was denied. The chips came from the Playboy Hotel and Casino, a popular establishment from the 1980s. He purchased them at an auction, hoping to get his money back, but unexpectedly faced rejection.
Why the Chips Were Invalid
A court hearing revealed that the chips were stolen by a casino employee who was entrusted with destroying them after the casino closed. These chips were never put into circulation, were not issued to players, and had no gaming value.
The appellate court ruled that such chips cannot be refunded as they were not an official part of the game or winnings.
No Second Chance from the Court
Attempts to prove the right to exchange were unsuccessful. The court stated that owning chips obtained outside the system does not make them legal for payouts. Even though they appeared authentic and were bought at an official auction, their history violated casino rules.
A Lesson for the Future
Investing in old casino chips may seem like an interesting idea, but it is important to consider:
- Origin: were they actually issued to players by the casino?
- Expiration: many chips have a limited lifespan.
- Legality: chips taken out of circulation may be considered null and void.
As Donald Trump said: