Bellagio Phasing Out $25,000 Chip Due To Casino Heist

December 30th, 2010 – by Glen Farmer

Due to a robbery that ended with a helmet clad bandit making off with $1.5 million in chips, the Bellagio is going to phase out their chips worth $25,000 dollars. Bellagio owner MGM Resorts International is giving public notice that it will soon discontinue this chip, and is warning all gamblers holding these chips to redeem them by April 22nd.

The change was announced due to the heist on December 14th, when a lone gunman made off with more than $1.5 million dollars in chips ranging from $100 to $25,000. The burglar will now have to trade in these chips if he or she wishes to receive cash for them.

In response to the crime, Bellagio officials initially stated that it would be hard for the thief to trade in the larger chips due to their scarce use and tracking system that monitors when such large value chips are exchanged.

Phasing out the high value chip will not only prevent such crimes in the future, but will also make it so the thief will have to cash in his or her chips before April 22nd in order to receive cash value for what will soon become worthless pieces of plastic with colorful designs.

Police and casino security are still attempting to locate the two armed bandit who made off with such an enormous amount of “money.”

According to Nevada law, a casino must file for a chip to be discontinued, give ample time for gamblers to cash in their chips, and give a plan to regulators. In Bellagio’s case, four months will be allowed.

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