No problem, not least because we determined that the last time we addressed this in full detail was in connection to the New Frontier -- in 2007!
Here's the broad overview, gleaned from various prior QoD's, with some updates and embellishments:
In terms of cashing in old chips at a casino, the rules vary from one jurisdiction to another. In Atlantic City, for example, a ruling states that every casino chip must hold its face value indefinitely and always be redeemable, although if the casino that originally issued it no longer exists, it must by necessity be cashed in with the New Jersey Gaming Control Board.
In Nevada, as long as the chip isn't obsolete (see below), it will still be honored by the casino that issued it while it remains in business. But if the chip is cancelled for any reason, then the casino is obliged to post a notice broadcasting the fact, according to Gaming Control regulations, and if you miss that window of opportunity then you'd better hope the chip gains more than its face value as a collector's item, because at that point it no longer holds its face value and hence cannot be redeemed.
There are three principal ways in which chips become obsolete. 1) The casino that issued them goes out of business. 2) The casino changes its name and/or ownership and issues new chips under the new identity. 3) The casino changes chip design or manufacturer. A fourth, far less common reason, might be as the result of a casino robbery, in which an entire shift's-worth of chips might be voided as a security precaution.
In the event of any of these scenarios transpiring in Las Vegas, as all of them have, the casino is obliged, under Nevada State Gaming Control Board Regulation 12.070, to give fair warning (at least 120 days) to allow holders of the chips to redeem them. Notice of the discontinuance of the chips or tokens, and the redemption times and locations, must be posted prominently at the casino property in question and also published in at least two newspapers of general circulation in Nevada, at least twice during each week of the redemption period.
Note that yesterday We called the cashier's cage at the Plaza, former owners of the Las Vegas Club, and were informed that this official notice has not yet been posted, but it should be any day now and once it is, the clock starts ticking in terms of how many days you have left to redeem your old chips. Since the Plaza is its sibling, the cage there will be cashing the old chips and winning vouchers from Las Vegas Club, as far as we know. In contrast, when the unaffiliated New Frontier closed, it was Palace Station that agreed to honor winning vouchers and tickets, although we don't recall* whether they also operated a "chip exchange."
While the race and sports book at the Las Vegas Club was already long gone before the property closed August 20, here's the lowdown when it comes to cashing old race and sports and TITO slot tickets is concerned: On the back of every race and sports ticket, there's information explaining:
1) How long the ticket is good for.* 2) How to mail the ticket in for redemption.
*Note that these time limits can vary for race tickets as opposed to sports tickets, and this holds true even at the same casino.
If you need to mail in a ticket to redeem it, you should do it by registered mail, so it arrives at the casino before it expires and so you have proof of delivery. The casino is legally obliged to pay you within 10 days of receipt of your winning ticket.
Also note that expiration dates vary widely. According to Gaming Control Board Regulation 22 governing race and sports pools in Nevada, tickets must be honored for a minimum of 30 days after the conclusion of the event, but this period may be extended at the discretion of the book. The industry standard is 60-90 days but check the fine print so you don't get caught snoozing.
