Promo chips come in several varieties, but the Gold Strike ones are probably the least valuable type. Someone please correct me if I'm mistaken, since I'm just assuming this based on their sister property Beau Rivage. The chips are "use once and lose them". Let's say you bet a $10 promo chip at blackjack, and win. They'll pay you $10 in real chips, and take the promo chip away. If you had lost the hand, they would simply take the promo chip away. If you push, you get to keep the promo chip. In addition, you are only allowed to bet these chips at "even money" bets, so you can't for example bet it straight-up on a number at roulette. All these restrictions mean that these chips are worth less than half of their stated face value. (You may can do better on average using tricks of the trade.)
Just to confirm, Ken's read of the Gold Strike's promo chips is right on the money. Since the Gold Strike has been traditionally paying prizes half in cash and half in "use once" promo chips, the "real value" of the prizes is slightly less than 75% of their advertised prize money. Of course, the promo chips are not added to the W2G so there's some value there. Their tournaments are mostly attended by locals who have earned free entry so for them it's a good value since little travel expense is involved. One time I was in an elevator with a marketing employee of the Gold Strike. I brought up the "use once" promo chip issue and he said "people like them, that's why we will continue the practice". With that, the elevator doors opened and I exited without saying a word. Deltaduke recently said there was one tournament at the Gold Strike where the winners can take free slot play in place of the promo chips. Seems that would be a better deal especially if the free play included VP. Although their VP leaves much to be desired, it's better than the "use once" promo chips.
