Lone Star Casino on Tinian Island was open for a short time (8 months in 1995) according to their SEC filings. It may be that they used other temporary chips when open, and that, by the time the Chipco chips were ready, they had closed.
But the info below is copy & pasted directly from the Lone Star Casino Corp's 10-K filing of 1996 (Date filed: 9-30-96, part of pgs. 6-7).
Note the discussion about selling the chips. I bought mine from a Lone Star Casino Corp associate, not from Chipco.
---------------------------------
COLLECTIBLE CASINO CHIPS
Subsequent to the decision to close the Company's Tinian Casino, the
Company was advised by the manufacturer of the Company's chips or "cheques"
that such chips have a substantial value to collectors. The Company and the
manufacturer have agreed to market the chips to collectors through the
Internet, magazine advertisements and collector shows. As of this date, chip
sales have not been significant. Magazine advertisements for the chips will
begin in October 1996. If the Tinian chip sales are successful, the
Company may decide to design and market additional chip designs based on
historical events in the western Pacific area.
DISCONTINUED GAMING OPPORTUNITIES
GENERAL
From its inception and until shortly after the start of fiscal 1996, the
Company had generally adhered to an aggressive policy of pursuing attractive
opportunities in the gaming industry. As a consequence of this policy, the
Company acquired interests in or control over a number of such opportunities.
Early in fiscal 1996, the Company modified this policy, and adopted a policy
of focusing more exclusively on the development of the operations of Papone's
Palace (the Company's only current operation), while pursuing other gaming
opportunities to a much lesser extent. As a result of this new policy, the
Company sold, relinquished or divested all of the gaming opportunities in
which it owned an interest or over which it had control, other than Papone's
Palace. The following is a discussion of the gaming opportunities that the
Company has sold, relinquished or divested in fiscal 1996.
TINIAN
On April 27, 1995, the Company opened its Lone Star Casino (the
"Company's Tinian Casino") on the Island of Tinian, in the United States
Commonwealth of the Northern Marianas Islands. The Company's Tinian Casino
was closed in December 1995 for a variety of seasonal and operational
reasons, but was expected to reopen on January 5, 1996. However, the
casino's permit to operate in its facility expired on December 31, 1995, and
the Company was not able to negotiate an extension of the permit by the time
of its expiration. While the casino was closed, the Company tried to
renegotiate the terms and requirements of the casino's license due to the
burdensome fees that it has had to pay pursuant to such license, which
consumed over 80% of revenues during the eight months it was open. When
these renegotiations proved unsuccessful, the Company decided in April 1996
that the future prospects of the casino did not warrant the financial risks
the fees
-7-
imposed on the Company and that the casino should not be reopened. The
Company has written off its remaining investment in the Tinian Casino as of
June 30, 1996.
|