and I should not have combined them in one post. I've really got to get off this graveyard shift!!

I was told at the Mirage that they had to hold the total amount of unaccounted for chips on the books as a liability. In their case a few LE's doesn't really matter, but think of some smaller places like Opera House, Four Queens, etc. So if they release a million dollars worth of LE's and they all walk out the door, the casino will have a million dollars in extra liability on the books, which offsets the million dollars they just made in tax-free income.

They wanted to be able to take the liability off the books, freeing up the cash. I think that would be more like revenue than sales tax.

The other idea is to chalk up the chips as sales, pay a sales tax on the revenue, and not have to hold the liability. But they can't do that unless they cancel the value of the chips. I know Lady Luck cancelled their outstanding LE's a few years ago. I don't know if anyone else has.

I know of a lot of collectors who have cashed in their older LE's. I would love to know the casinos thoughts about that!

Tyrus