I am one such red chip player.
I play low stakes. I play for fun. I try to be as knowledgeable about the game as possible. I admit to not being as knowledgeable in bankroll risk and Kelly criterion as in other mathematical aspects of the game because I consider each $200 or so that I take to Atlantic City for a day of entertainment as a separate bank, as opposed to the high stakes player who plays off a long term five- or six-figure bank. I do not aspire to become a pro. I am not into the comp scene. I am drawn to the game primarily by its mathematics and the legal and political controversies that have surrounded it.
Back to Birdbeast's question: $5 tables occasionally exist in Atlantic City, but they are hard to find, especially on weekends and holidays. Early morning midweek is like the easiest time to find one. It will likely be H17. Often, there are few $10 tables. I refuse to play at a $15 table.
The original regulations adopted by the New Jersey Casino Control Commission in 1978, when the first casino opened, required casinos to maintain set percentages of $2 and $5 tables at all times, with lower percentages on weekends. This regulation was repealed in 1981. The $2 table disappeared and the $5 became very scarce. Also in 1981, the Casino Control Commission repealed early surrender, without adding a compensating favorable rule.
I was a New Jersey resident then. I participated in a Save Surrender! march on the Boardwalk organized by Ken Uston. It was not AIPAC, but it was fun and an important issue for me and for good governance in New Jersey. I had also written many letters to the Commission and to my state Assemblymen and Senator on this issue and on making the casinos smoke-free.
BJay, you know me as one of the Republicans and a supporter of the Bush tax cuts on the Politics board. You may be surprised by my positions on these issues. Don't be surprised. I am more the pragmatist than the ideologue when it is in my interests, provided, however, that I will not sell anyone out. There is no free market in gambling in Atlantic City. By law, a casino hotel must have at least 500 rooms. That's why there are no sawdust joints in AC. The issue of misregulation-not overregulation-of casinos in Atlantic City is one of bad government and bad business. It is not one of big government or big business. Even if it were the latter, I would not reflexively support business. It is not a sell out issue vis-a-vis the interests of the casinos, so I am the pragmatist, rather than the ideologue, on these issues.