New Jersey Court Stops Man From Cashing $59,500 in Stolen Playboy Casino Chips

A state appeals court blocked attempts to cash in $59,500 worth of gaming chips from the former Playboy Hotel and Casino. The chips, bought at auction, turned out to be stolen property meant for destruction.

In January 2023, Keith Hawkins tried to get money for 389 chips through New Jersey's Unclaimed Property Office. These chips came from the Atlantic City venue's brief run from 1981 to 1984.

State Police uncovered the truth: Back in 1990, a staff member swiped boxes full of unused chips, stashing them in a bank vault. When money troubles hit, the worker had to give up the safety deposit box.

"At this time, any such chips are most likely to have been obtained by gift, inheritance, or sale from the secondary market," said Chris Rebuck to PhillyVoice.

In 2010, the bank cracked open the forgotten box. The contents went to auction, where Hawkins made his purchase in 2022. When asked, he claimed no knowledge of the chips' sketchy past.

Officials shot down Hawkins' claim last summer. Rules state that only chips from actual casino play can be redeemed. Though Hawkins fought back, claiming weak proof against his claim, it didn't work.

On April 1, judges backed the state's choice. Since these chips never saw the gaming floor and should've been destroyed, Hawkins got nothing. This happened after officials closed an $875,000 fund for valid chip claims.

This wasn't the first strange chip discovery. In 2008, workers in Mississippi dug up thousands under concrete. The flood of rare chips onto collector websites sent prices tumbling down.

The old Playboy spot changed hands many times after closing. Trump bought it in '89, switched names twice, then shut it down ten years later. By 2000, wrecking balls had turned the once-buzzing casino into just another empty space on the Boardwalk.