ATLANTIC CITY, N.J. (AP) — A man cannot redeem nearly $60,000 in chips from a now-defunct casino that he bought at an online auction because they were “pilfered” by an employee of a company who was supposed to destroy them, a New Jersey appellate panel has ruled.
The man tried to cash in the 389 chips in January 2023 with the state Treasury Department’s Unclaimed Property Administration, which was responsible for covering the redemption value of outstanding chips the Playboy Hotel and Casino had issued to patrons while in operation from 1981 to 1984. As part of its closing, the casino had transferred funds to the UPA to cover such redemptions.
The man told the UPA he had bought the chips — which were worth $59,500 — at an online auction and did not know their source. New Jersey State Police eventually determined that the casino had hired a company that was supposed to destroy the chips after it closed, but a former employee of that company “had pilfered several boxes of unused chips” sometime around 1990 and put them in a bank deposit box, the appellate panel noted…