Suspect in Casino Chip Theft Caught in California

When are these guys going to learn that they have little to no chance of cashing stolen casino chips in large denominations?

Suspect In Casino Chip Theft Caught In California




Akingide Cole, wanted in connection with a $1.6 million dollar theft of casino chips from the Venetian Hotel in Las Vegas, has been arrested in Southern California. The Las Vegas police said they have been informed that the suspect is in custody, and extradition hearings will be underway shortly. Police say that massive media exposure lead to the arrest of Cole.

Police deputies from San Bernardino and Los Angeles County took Cole into custody outside his mother’s home. He is being charged with grand larceny, burglary, and possession of burglary tools.

Although police are not disclosing many details, what is known is that Cole allegedly snuck into a restricted area at the Venetian and stole the chips on October 10. It is unclear how he planned on cashing them in. The high value chips are usually only circulated among a small select group of high rollers said Nevada Gaming Control Board Chief of Enforcement Jerry Markling.

Officer Laura Meltzer of the Las Vegas Police said they have recovered almost $400,000 worth of the chips and are tracking the others.

The casinos have a protocol for when a sum of chips is stolen. They put a new colored set of chips into circulation so anyone playing with the stolen chips will stand out.

There have been two other high profile thefts in Las Vegas recently. In May, two men wearing wigs walked up to a blackjack dealer and pepper sprayed him. Then they grabbed $115,000 worth of chips. One was tackled by a security officer, and the chips were recovered.

The second heist at the Bellagio saw a man in a motorcycle helmet stick up a dealer with a gun and make off with $1.5 million in high value chips. He was arrested when he tried to redeem one of the $25,000 chips.


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"Life's Hard, ............ But It's Harder If You're Stupid."


Rick

Whats really stupid is that he was right there in a perfect place to "fence" the chips. There are quite a few poker players in the card rooms around LA that would give a percentage on a few large denom chips from the Venetian. As regular high stakes players they would easily be able to cash in an "out of color" chip or two. And they would be willing as well.

Not if that style chip was taken out of play after the robbery.
Which is what they do.

Stupid is as stupid does.

---Momma Gump

Thats why you use a high roller poker player. These guys regularly keep high denom chips on them when they travel. More than once I've seen Bellagio chips exchanged between players at the Commerce in LA.

Upon returning to Vegas they can just pass it off as from "last time I played" The Casino will make it right to keep their play. Of course this isn't going to work at anyplace but the Bellagio or Venetian.