Don,
Years ago when the poker room was still located near the internal entrance (the wall removed) between the old Binions and the Mint Hotel there was located a special cig machine. The tokens were made for and used in that machine. One token got you one pack. The set up did not last long. Those who did not smoke gave the tokens to those who did. It was the only time I had more cigs than I could ever smoke.

The machine was taken out and the tokens were next used by giving them to the cocktail waitress who in turn could redeem the cigs from the gift shop. This set up lasted a few months until Binion got rid of it. Most if not all of the tokens were to be destroyed. Guess you got a token that escaped destruction.
Hope this helps. Best, Mr:"P"