Major Las Vegas casinos no longer accept poker chips other venues issued, ending a classic player benefit for regulars who gamble in multiple poker rooms.
Nevada casinos participating in the move are MGM Resorts, Caesars Entertainment, Wynn Las Vegas, and the Venetian, though customers can still redeem chips within a shared corporate group's sister properties.
Key takeaways
- Las Vegas Strip casinos stopped honoring poker chips from competing properties to deter money laundering.
- The change reverses a policy implemented during the COVID-19 pandemic.
- The new policy makes more work for Las Vegas gambling visitors.
This new policy is a big change for the Vegas poker environment. Nevada gamblers could cash out chips from a different Las Vegas casinos earlier, a practice involving less walking the Strip or locating a cashier. Gamblers can't do it now unless casinos are in the same parent group, e.g., the Bellagio and the Aria, in the MGM group.
There are now only 11 cardrooms open on the Strip following room consolidations during the COVID-19 era in venues such as Mirage, Harrah's, and The Strat. Both tourists and professionals liked the chip interchange system, specifically, during multi-room excursions, adventures, or poker series such as the WSOP.
Now, gamblers are in a position where they must redeem chips after every session or run the risk of cashing out every casino when leaving town.
Senators push to reverse new gambling tax provision
A newly passed federal tax measure that limits gambling loss deductions to 90% of winnings prompted pushback from lawmakers concerned about its impact on gamblers. Leading the charge is Nevada Sen. Catherine Cortez Masto, joined by Sen. Jacky Rosen and Texas Sen. Ted Cruz.
Cortez Masto recently discussed the issue with high-stakes poker player Doug Polk, attributing the provision's inclusion to Republican budget tactics, although she claimed most Republicans oppose it. She also cautioned the apex could very well affect not just casinos, but sports bettors, poker rooms, and recreational gamblers across the U.S.
Cortez Masto also worried the shift would encourage career bettors to move to offshore sites, giving illegal operators a revenue windfall.
Mizrachi wins first WSOP Main Event title
Michael Mizrachi won his first World Series of Poker (WSOP) Main Event title, plus his eighth WSOP title overall, when he beat John Wasnock in heads-up action. Mizrachi received the first $10 million prize winnings from a total purse over $90.5 million.
A short Final Table for the Main Event lasted only 80 hands. Mizrachi secured his lead when he received his river card Ace against Wasnock's pocket Kings, leaving him with a controlling chip lead entering Final Day.
Action was swift, with Kenny Hallaert and Braxton Dunaway eliminated within the first two hands as the final table looked for its winner. Spain's Leo Margets also made history, becoming the first woman since 1995 to reach the WSOP Main Event Final Table and taking home a record $1.5 million for her seventh-place finish.
