MGM Resorts to Discontinue $25K Bellagio Chips Following Heist


MGM Resorts (NYSE:MGM) may have the last laugh against the thief that made off with $1.5 million worth of Bellagio chips earlier this month in Las Vegas.

The casino’s $25,000 chips will become worthless by April 22, a move that has gamblers holding the high-roller chips racing against time to redeem them for cash.

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While the Bellagio is unsure how many $25,000 chips were stolen in the heist, the number could be as high as 60 – or a whopping $1.5 million.

Following the discontinue date, gambling regulators said each red chip with a gray inlay won’t be worth a cent, according to the Associated Press.

The bandit robbed the casino on Dec. 14 wearing a motorcycle helmet. The suspect made off with a bag full of chips ranging in denomination from $100 to $25,000 and police have yet to make a break in the case.

State laws require casino operators to serve notice, file a plan with regulators and give gamblers a reasonable amount of time to cash in any chips they're holding. The Bellagio reportedly filed for their discontinuation immediately following the heist.

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