Earlier this month, the Venetian Resort and Casino was robbed of $1.6 million in high demonization casino chips. Las Vegas police have now announced that thirty one year old Akingide Cole of Palmdale, California is suspected of the crime.
Cole is now wanted for suspicion of burglary, grand larceny and unlawful possession of burglary tools. Police are looking for the suspect and the casino has made it hard for anyone to redeem any high value chips. Nevada Gaming Control Board Chief of Enforcement Jerry Markling commented: “In any of these thefts of chips, it’s very difficult to cash these in. licensees generally know who their customers are.”
However, the casino seems to be taking measures into their own hands. According to a recent post on poker forum TwoPlusTwo, the Venetian is being very strict with players who are trying to cash in high value chips. The poster, known as Dynasty at TwoPlusTwo, posted a story about how he tried to cash in two $500 chips at the casino and got the runaround. The post reads as follows:
“I had a strange experience when I went to play poker at the Venetian today.
I arrived at the room and was able to lock up a seat in a game right away. So, I went over to the cashier to get chips myself. As I usually do, I was buying into the game using $500 chips. I simply find it more convenient to carry $500 or $1,000 chips rather than a large roll of $100 bills.
I put two $500 chips down on the cashier counter and asked for a couple racks. The cashier, who I didn’t recognize, said she needed to see my player’s club card and a photo ID. In the many years I’ve used $500+ chips at the Venetian, Bellagio, Caesars Palace, Mirage, etc., I’ve never been asked for any ID.
Of course, I took out player’s club card and flashed a photo ID which would have been a minor nuisance to actually take out. However, the cashier said she had to take possession of the photo ID. Since I didn’t recognize her, I said something like “I don’t think all this is necessary” believing she might be new and overdoing it. However, a longtime cashier looked over and said something like “No. We’ve been told to check IDs on everybody cashing big chips.”
I handed my ID to the cashier when the Nolan Dalla story came to mind. Nolan had a $5,000 chip confiscated by the MGM Grand when he accepted it from a friend as payment for a debt and then tried to cash it at the casino.
The cashier was on the phone with somebody in casino management about the situation. I saw my two $500 chips still on the counter and took them back. After a bit, the cashier asked for the chips while still talking on the phone. I simply shook my head no. When she hung up, she told me I needed to go to the main cage to get them cashed.
I asked what was going on and was told something like “the casino is changing out the older chips and replacing them with new ones” as if it was no big deal. This story had credibility with me. Something was up.
I went to the main cage, told them I was sent over from the poker room. Again I was asked for a player’s card and photo ID and gave them. Someone in management came over to supervise what the cashier was doing after she also talked on the phone for bit to get approval for whatever she was going to do.
She asked for my chips. I flatly said I wasn’t turning them over until I had assurance I was going to get cash for them. After some more discussion among the Venetian employees, including getting confirmation that I was a regular at the Venetian, I was assured they’d pay me if I turned over the chips. I did so and they immediately gave me $1,000 in cash.
I asked why I was being put through this hassle and they gave me the same nonchalant story of “changing old chips for new ones”.
I took my cash over to the Venetian poker room, bought into my game, and starting playing.
I eventually caught Kathy Raymond who runs the Venetian poker room, told her my story, and asked her what was going on. She told me something like “Oh. They’re just changing out old chips.” The consistency of the story was impressive.
I asked some regulars at my table if they had heard about any incidents at the Venetian (after telling them my tale). None of the players knew anything. I said something like “there must have been a robbery or something” if they’re so concerned about high-denomination chips.
At that point, a dealer finally spoke up saying “That’s what I heard. Somebody robbed a high stake baccarat table.”
Beyond this dealer’s comment, I’ve got no evidence of a robbery at the Venetian. But, even as I walking over to the main cage while still in possession of my chips, I suspected something big had occurred.
It’s clear the Venetian’s cage was taking down my name and information and intended to take down everybody’s information who tries to cash out high-denomination chips (anything $500 and up).
If any 2+2ers are in possession of high-denomination Venetian chips, I’d cash them out immediately. But, you may have to back up how you came into possession of them.
And don’t surrender them without 100% assurance you’re getting paid immediately.”
The poster apparently had not heard about the recent robbery at the Venetian and it seems as though the two instances are connected. According to Ron Reese, a spokesman for the Venetian parent company, the Las Vegas Sands, the chips only have a redeemable value of around $10,000 due to internal protocol.
Police have not stated exactly how the theft occurred but they have stated that there was not a weapon involved in the heist. The robber did not have a confrontation during the robbery, which took place on October 10th at around six in the morning.
Police now have a warrant out for Cole’s arrest and have described him as a 6 foot tall male weighing 225 pounds, with a goatee and short dark hair styled in a semi-mohawk.
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