March 28, 2002
By LEN BUTCHER
probably never heard of Pete Rizzo, nor will you probably ever meet him. He's
not rich. He's not famous. He's just another entrepreneurial Las Vegan who is
doing what he wants to do and enjoying life. It all came about through his love
of collecting gaming chips.
When he and his lovely wife Betsy moved here in 1992 from Los Angeles, they would buy a chip whenever they visited a casino. A young couple struggling to make a go of it couldn't afford anything exotic; in fact their visits to the casinos were infrequent. But over time, Pete and had accumulated a fair number of casino chips.
But two years later, they decided to buy a house and that, as we all know, takes
mucho moolah. They took what savings they had and, you guessed it, sold their
chip collection. But what is meant to be, as they say ... Three years later,
while working valet parking at The Mirage, Pete returned to his love of collecting
"We used to have a toke box (toke is our town's slang for tip) and in the box
there would be chips from as many as 15 different casinos. People would give
us a chip instead of cash. So I decided to buy them all and start collecting
again." This time without , who had now become a stay-at-home mom for
their two kids.
At first, it was simply Pete fulfilling his love of chips, but a close friend
suggested that since he had such a good collection, and a Web site, he should
start selling. "I wasn't that hyped on the idea," Pete said. "The Web site I'd
created was a casino chip museum, just to show people different chips from all
Pete then shows me boxes of chips stacked in the closet in his bedroom-turned-office.
"I put all of my chips in these clear plastic containers to keep them from getting
damaged. I've got two kids, who you just met, and they love to play with them."
At 85 cents apiece for the containers, it's an expensive way to store chips,
but, says Pete, "It's the best way, and when you sell a chip, you don't want
it scratched or damaged in any way." Most of the chips offered are of the $5
variety, simply because that's what the casinos put out for sale. "I used to
collect the more expensive chips, but I've scaled that down. Now I only collect
$1, $2.50, $5 and $10 chips." The $2.50 chip isn't that popular with the casinos,
but people love them, said Pete. "I hope more would be released, because they're
One of the nicest $2.50s is from Arizona Charlie's East, Pete tells me as he
brings it up on his Web site. He's right, but as I look over the more than 1,000
chips offered on his site, I have to admit, I like almost all of them. A lot
of chips sell out as soon the casino releases them, said Pete. "For instance,
the $5 St. Patrick's Day chip from O'Shea's was gone in minutes, so if you weren't
there buying them up, you were out of luck."
It's a competitive business, so Pete has to be on his toes, knowing when the
casino is going to release chips. "They won't put them aside for you, so you
have to get there quickly." In fact, I had to wait for Pete, who was out buying
chips, to arrive for our interview. Before you start feeling sorry for me, I
had a nice time talking to and watching their 5-year-old daughter do
cartwheels across the living room floor, and listen to their 3-year-old son
tell me all about his toys, of which there were plenty.
Pete's collection covers chips from all of the Las Vegas casinos, as well as
those casinos at Stateline (at the Nevada-California border) and Pahrump, a
city about an hour and a half drive away, which boasts three casinos. It's an
expensive proposition, "but you don't have a choice," Pete said, "if you want
to be in the business. You have to have a good selection to offer the public."
He gets great pleasure, however, from selling his chips to people from all over
the world. "You name a country just about anywhere, and I've probably sent chips
to someone there. That's the beauty of Las Vegas. People come from all over
the world to visit, and when they're here, they don't think about picking up
a chip to take back with them. Then later, back home, they'll be looking at
Las Vegas on the Internet and come across casino chips and think, 'Why didn't
we bring some back?' so they'll start ordering them."
Pete also understands the value of service. "Service is the key for anything.
If anyone has a problem with an order, I take care of it immediately. I also
give each customer a little bonus with each order. It might be a 50-cent chip
from the Four Queens or a slot club card, or even a room key from a casino.
People really like it, even though it's just a small thing."
Hottest sellers? "Halloween chips, Chinese New Year's chips. Special events.
Millennium chips were awesome. So many people wanted them. I must have invested
almost $10,000 in them and fortunately was able to get rid of most of them.
I still have a few left."
I also learned from Pete that the artists who design the chips are as well-known
as the chips themselves. "Warwick Stone, who is the artist in charge of everything
at the Hard Rock, is the king of the chip designers." He shows me a chip for
April Fool's that Pete hopes will win casino chip of the year.
In fact, Pete designed another Web site, , around Warwick's
work and uses the April Fool's chip as its logo. I gotta tell ya, in the hour
I spent with Pete at his house, I learned more about casino chips than I have
in the many years I've been here. If you like chips, you're gonna love these