I read on the Las Vegas Advisor that TI would stop accepting Treasure Island chips after Jan 1, 2004.
I wrote the following back to LVA:
Can TI legally disallow accepting Treasure Island chips?
It seems to me that this is totally different than when a property is sold to a different company. I would think that law would see gaming tokens as a liability of a company. If the company is sold, the new owner can dispose of the liability in any way they see fit - such as putting an expiration date on when they will honor the old liability. However, if a company simply decides to change their name (and not owners), how can they simply decide that gift certificates or other monatary tokens bearing the old name are invalid?
In California, gift cards with a monatary value can no longer 'expire'; nor can the issuing company legally subtract a non-usage fee.
Is there some special Nevada law that allows the gaming companies to pull this kind of garbage? I don't see why TI doesn't consider the old chips to be souvenier chips -- even special issue chips from casinos can be cashed in if the casino still exists.
This sounds like a lawsuit waiting to happen...
They had no answer for me, but referred me to this message board.
Any comments?