N.Y. Comp. Codes R. & Regs. tit. 9, § 5322.4 – Nature, exchange and redemption of chips, plaques and table game promotional coupons.

(a) All wagering on gaming tables in a gaming facility shall be conducted with chips and plaques; provided, however, that table game promotional coupons shall be permitted for use in wagering at games authorized by the commission. A gaming facility licensee shall submit to the commission a sample of each table game promotional coupon.
(b) Chips and plaques previously issued by a gaming facility licensee that are not in active use by such gaming facility shall not be used for wagering at gaming tables and shall neither be accepted nor exchanged for any purpose at a gaming table. Such chips and plaques shall be redeemed only at the cashier’s cage pursuant to subdivision (g) of this section.
(c) Chips and plaques shall be issued to a patron only at the request of such patron and shall not be given as change in any other transaction but a gaming transaction. Chips and plaques shall be issued only by dealers to patrons at gaming tables. Chips and plaques shall be redeemed by patrons only at the cashier’s cage; provided, however, that value chips may be:
1. (1) issued to a patron in payment of a winning keno bet and as part of a keno wagering transaction in which value chips are tendered for wager; and
2. (2) used by a patron for keno wagering, including keno wagers in public keno areas.
(d) Except as provided in subdivision (j) of this section and as the commission otherwise may specifically approve in writing, a gaming facility shall redeem such gaming facility’s chips and plaques only from such gaming facility’s gaming patrons and shall not knowingly redeem such gaming facility’s chips and plaques from any non-gaming-patron source.
(e) Non-value chips shall be presented for redemption only at the table from which such chips were issued and shall not be redeemed or exchanged at any other location within a gaming facility. When non-value chips are presented for redemption, a dealer shall accept such chips in exchange for an equivalent amount of value chips or plaques, which a patron may then use in gaming or redeem in the same manner as any other value chip or plaque.
(f) A gaming facility shall have the discretion to permit, limit or prohibit the use of value chips at games where the use of non-value chips is authorized by the commission; provided, however, that when value chips are in use, a gaming facility and such gaming facility’s employees shall keep an accurate account of the wagers made with value chips at any such game so that the wagers made by each player are readily distinguishable from those being made by every other player at such table.
(g) Each chip and plaque is solely evidence of a debt that the gaming facility owes to the person legally in possession of such chip or plaque, and shall remain the property of the issuing gaming facility licensee. A gaming facility shall have the right at any time to demand that a person in possession of a chip or plaque surrender the item for redemption in accordance with Racing, Pari-Mutuel Wagering and Breeding Law section 1335(9), except when the chips were obtained or are being used unlawfully as set forth in Racing, Pari-Mutuel Wagering and Breeding Law sections 1332(2) and 1345.
(h) If a patron requests by mail to redeem value chips in any amount, a gaming facility may effectuate such redemption in accordance with such gaming facility’s system of internal controls.
(i) A gaming facility shall accept, exchange or redeem only chips or plaques that such gaming facility has issued and shall not knowingly accept, exchange or redeem chips or plaques, or objects purporting to be chips or plaques, that have been issued by any other gaming facility.
(j) Non-gaming employees of a gaming facility who are authorized to receive chips as personal gratuities may redeem such chips at the cashier’s cage or at another secure location in the gaming facility as approved in writing by the commission. Gaming chips redeemed by employees at a non-cage employee redemption site shall be exchanged on a daily basis with the cashier’s cage in accordance with procedures approved in writing by the commission.