Archie, I understand what you are saying, but...
in my discussion with Gaming yesterday, I did verify that they honor redemption of chips that were in-play and that it only applies to two properties at the moment, the Playboy being one of them.
However, I would also believe that if they suspect some sort of fraud (at the time of a redemption request) then the person requesting the redemption may have some 'splaining to do!
Jim