The MGM Resorts International flagship hotel and casino, the Bellagio has issued a statement that it intends to withdraw all $25,000 chips from circulation and issue new ones in their place. Gamblers fortunate enough to have any of these red chips with a grey inlay have until April 22 to cash them in, otherwise they will become almost worthless.
Discontinuing chips is nothing new to Las Vegas casinos, even high value chips, though they are usually commemorative chips to mark boxing matches, anniversary’s and other landmark events. The Bellagio's reasons are different though, they are withdrawing the chips after a robbery on December 14.
At 0350 on December 14, a man pulled up on a motorcycle outside the Bellagio, entered the luxurious venue and made his way to a craps table, where he produced a handgun and eventually made off with casino chips with the value of $1,500,000. According to reports, the chip denominations ranged from $100 up to $25,000, with as many as 60 of them being the high-value chips.
Although the local police department have been working tirelessly to track down the gunman they have so far had very little in the way of leads of success. Now it looks like the Bellagio is taking steps to lure out the criminal by making the highest value chips stolen obsolete.
Alan Feldman, a spokesman for MGM Resorts informed members of the press that chips within the casino had been switched out within an hour and that the Bellagio had immediately filed to discontinue the chips. Under Nevada state law, casino operators can discontinue any chips they see fit but must serve notice, file a plan with the regulatory committee and give gamblers adequate time to cash in their chips.
Feldman told The Associated Press, “Obviously, anyone walking with one of the old series is going to be subject to a certain amount of questioning as to how they obtained them.” He suggested the Bellagio generally personally knows the high-rollers who use the $25,000 chips as he added, “It's pretty unusual for someone we don't know to come strolling up with a handful of $25,000 chips.”
Should you be lucky enough to have a bagful of these chips under your bed from a trip to Sin City then it would be a good idea to contact the Bellagio and make arrangements to cash them in before they are only worth the clay they are cast in!