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Can you summarize LAAC Title 42, Part III, Chapter 27, Section 2730?
Accounting Regulations > Exchange of Tokens and Chips
Short Summary
This section of the Louisiana Administrative Code, specifically the Gaming Control Board’s Accounting Regulations, governs the exchange of tokens and chips in casinos. According to the regulations, licensees and casino operators are allowed to exchange a patron’s tokens and chips issued by another licensee or foreign chips and tokens, but only for their own tokens and chips. The exchange must be documented in accordance with the licensee’s or casino operator’s internal controls. The exchange can only occur at a casino cage. The total dollar value of the chips or tokens submitted by a patron for exchange must equal the total dollar value of the tokens or chips issued by the licensee or casino operator to the patron. Tokens or chips cannot be exchanged for a discount or a premium. Foreign tokens and chips received by a licensee or casino operator must be returned to the issuing licensee or casino operator as an even exchange, at least annually unless approved otherwise in writing by the division. The acceptance of foreign tokens or chips as wagers is prohibited, and tokens or chips issued by another licensee or casino operator cannot be accepted in any other manner than authorized in this section.
Whom does it apply to?
Licensees and casino operators
What does it govern?
Exchange of tokens and chips
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Louisiana