Gamblers seeking to money in a on line casino chip from the previous Playboy Casino at the moment are formally out of luck. The New Jersey Casino Control Commission has closed an $875,000 account meant to money in chips from the previous Atlantic City on line casino.
The transfer brings an finish to a novel state of affairs that started with the property’s opening within the early Nineteen Eighties – virtually. The funds shall be stored within the state’s unclaimed property division and would require state laws to formally shift the money to a different state company or use.
Playboy Denied A Gaming License
In July, the New Jersey Division of Gaming Enforcement (NJDGE) introduced it could not alternate the chips for money after sustaining the account since 1982. The fund stems from Playboy being denied a gaming license in 1982.
Playboy’s associate within the enterprise, the Elsinore Corporation, stored the on line casino open however modified the title as directed by the ruling. The on line casino turned the Atlantis in 1984, however Elsinore’s license renewal was additionally then denied in 1989.
Gaming regulators compelled Elsinore to deposit $875,000 with the state treasury to cowl the cashing in of Playboy and Atlantis chips.
“This money was reserved for gamblers who were owed money by Playboy or Atlantis, with such debts represented by gaming chips,” NJDGE director Chris Rebuck stated. “Gamblers could redeem their chips with the Treasury until the fund ran out of money. No time limit was placed on the period for redemption.”
Plenty Of Chips Remained In Circulation
In July, the company stated it could not money within the chips. Rebuck stated Playboy contracted with an organization on the time to destroy its chip stock, however that didn’t occur. That means extra chips could also be remaining that have been by no means utilized by gamblers. The order to cease cashing them in is now meant to forestall fraudulent claims.
“Almost 40 years have passed since the casino property, which no longer exists, was operated under the Playboy name,” Rebuck stated. “This is greater than adequate time for precise Playboy gamblers to have redeemed any chips or different devices of gaming winnings owed by the previous on line casino. At this time, any such chips are almost certainly to have been obtained by reward, inheritance, or sale from the secondary market.
“The fund held by treasury was meant for the benefit of the original patrons who have winnings to claim. It was never intended to be an open-ended invitation for subsequent acquirers of such chips to cash them in.”
The perception that extra chips nonetheless remained was affirmed in 2008 when a building employee in Hernando, Mississippi hit a jackpot of the chips in a concrete slab whereas digging as a part of a group infrastructure venture. The firm accountable for destroying the chips acknowledged that they didn’t understand how they as an alternative ended up buried greater than 1,000 miles away from the on line casino.
Residents have been quickly filling up buckets with chips, prompting the New Jersey attorney general’s office to begin investigating.
“At first people thought it was neat and folks were grabbing handfuls of them, including the mayor and police chief, I understand,” gaming guide and former gaming regulator Daniel Heneghan informed The Press of Atlantic City.
Those chip house owners might not be capable of money of their chips anymore, however not less than they’ve a collector’s merchandise with fairly an attention-grabbing backstory.