Redemption And Disposal Of Discontinued Chips And Tokens

Redemption And Disposal Of Discontinued Chips And Tokens. (a) A licensee that permanently removes from use or replaces approved chips or tokens at its gaming establishment, or that ceases operating its gaming establishment whether because of closure or sale of the establishment or any other reason, must prepare a plan for redeeming discontinued chips and tokens that remain outstanding at the time of discontinuance. The licensee must submit the plan in writing to the Executive Director not later than thirty (30) days before the proposed removal, replacement, sale, or closure, unless the closure or other cause for discontinuance of the chips or tokens cannot reasonably be anticipated, in which event the licensee must submit the plan as soon as reasonably practicable. The Executive Director may approve the plan or require reasonable modifications as a condition of approval. Upon approval of the plan, the licensee shall implement the plan as approved. Any discontinued chips or tokens must be destroyed within 3 years of being removed from the gaming floor unless otherwise approved by the Executive Director. (b) In addition to such other reasonable provision as the Executive Director may approve or require, the plan must provide for: 1. Redemption of outstanding, discontinued chips and tokens in accordance with this regulation for at least 120 days after the removal or replacement of the chips or tokens or for at least 120 days after operations cease as the case may be, or for such longer or shorter period as the Executive Director may for good cause approve or require; 2. Redemption of the chips and tokens at the premises of the gaming establishment or at such other location as the Executive Director may approve; 3. Publication of notice of the discontinuance of the chips and tokens and of the redemption and the pertinent times and locations in at least two newspapers of general circulation in this state at least twice during each week of the redemption period, subject to the Executive Director's approval of the form of the notice, the newspapers selected for publication and the specific days of publication; 4. Conspicuous posting of the notice described in paragraph (3) at the gaming establishment or other redemption location; and 5. Destruction or such other disposition of the discontinued chips and tokens as the Executive Director may approve or require. (Adopted: 09/25/1991.)