Bill Mandel, who publishes a high quality Las Vegas newsletter that has been in existence for many years, recommends (with an abundance of caution, he says) that no one deposit money for hotel reservations, in the cashiers' cage, or hang onto chips from any of the Las Vegas CET properties. He reports that a group of creditors has sent CET a notice of default.
Years ago there was a poker casino here in LA that went bankrupt while play was going on. An announcement was made and then the players were told that their chips were worthless and they could buy new chips at the cage.
I recall when Caesars Palace was purchased by Harrah's years ago, and at the time I had a large comp credit that hadn't been used. My host advised me to use the comps anyway I could before the deal went through -- because it was unknown what would happen to the comps that I had accumulated. So I went on a buying spree in the casino gift shops buying electronics (even though overpriced), cologne and perfume, bathrobes, frames and gift items -- anything and everything to unload my comp dollars. And that is something anyone with a large Total Rewards balance might want to consider doing now by converting to free play or making purchases with reward credits.
There is no guarantee about what will happen with things such as "reward credits" if a company goes into bankruptcy. But on the other hand, one of the most important thing a company has is its "loyalty program" and I am sure a company would try to protect its loyalty program if it intends to stay in business and is using bankruptcy only for restructuring.
General Motors, for example, protected consumers who used its "GM Credit Card" and credits towards a new car were never impacted by the bankruptcy.
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