The ability to exchange poker chips at competing properties on the Las Vegas Strip is coming to an end.
According to a report from the Las Vegas Review-Journal, several major Strip poker rooms are shifting away from the practice.
Most poker players will barely notice the change. High-stakes regulars are make up most of the players using this practice. Players are usually swapping large-denomination chips between properties because its easier and safer than carrying cash.
As a result, large-denomination chips became a currency of sorts for high-stakes regulars. It’s similar to online poker player-to-player transfers in the pre-Black Friday era.
Chip Swapping Change Should Help With AML Compliance
Caesars Entertainment, MGM Resorts, and Wynn Resorts are now only cashing out chips from sister properties. Cashiers in the poker rooms won’t accept chips from competing operators.
The policy change will take effect on Thursday at Caesars and MGM casinos with Wynn also making the change.
The Venetian hosts the largest Las Vegas poker room and also announced that the policy would go into effect on Wednesday. It appears that the companies’ changes in policy come in an attempt to deter money laundering efforts, a major concern for Las Vegas casinos.
Last September, regulators fined Wynn Resorts $130 million for failing to adhere to anti-money laundering regulations.
“The Venetian Resort Las Vegas will no longer exchange casino chips based on poker play from other casinos,” a property spokesperson said Monday. “This policy change is another measure in our commitment to anti-money laundering compliance.”
Caesars operates three poker rooms on the Strip at Horseshoe, Planet Hollywood, and Caesars Palace. The company had posted signage at the properties making note of the policy change and urging players to exchange their chips before leaving.
MGM operates poker rooms inside Aria, Bellagio, MGM Grand, and Mandalay Bay. Players will only be able to exchange chips from those properties.
The Review-Journal reported that the poker policy doesn’t appear to include casino chips from other table games.
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