Bob & Greg,

You are talking about two different kinds on NCV's. Tournament chips are only good for cash if you place in the money. At that time they are worth a fraction of the face value.

Tournament buy-in chips say NCV but they are worth face value at all times. The cage will not cash them. Tournament clerks will take them for cash value towards tournament buy-ins. Another poker player will buy them from you and use them.
These chips are won in satellite tournaments. There are players that make money playing only in satellites. They sell the buy-in chips. Professional players will put up the money for a good satellite player to stay in action all day, for a certain fee. Satellites take about 1 1/2 hour to play, if you win. They start every few minutes all day and night.

If you keep them until next year, they will be good unless the tour director buys new ones. The Horseshoe and the Four Queens bought new ones each year as ours were $500. We did not want a chip out for a whole year. Too risky.

If a known player player brought in last years chip, we could honor it as we had the $500, but did not have to honor it. After all it is NCV.
You would be surprized how many do not come back in. Players carry them around, lose them, a tourist might find them, he sees NCV and takes home a souvinir.

I do not know how often the Orleans changes theirs. I will ask David.

Tour buy-in chips came into being because of the Horseshoe Hall Of Fame shut down over the IRS problems, a few years ago. Satellites were exempted from W2G reporting.

As Jim Perlowski has stated, he was the IRS representive that settled this dispute.
See how nice I am Jim, and you are so mean to me!!!!!!