Security Magazine

Suspect Named in $1.6 Million Casino Heist

October 23, 2012

Las Vegas police are looking for a 31-year-old Southern California man they believe sneaked into a restricted area of the Venetian resort earlier this month and stole $1.6 million in high-denomination casino chips.

According to an AP report, Akingide Cole of Palmdale, Calif., is wanted on suspicion of burglary, grand larceny, and unlawful possession of burglary tools stemming from the heist at the Las Vegas Strip resort. But it's unlikely the robber will be able to redeem the high-value chips, which are usually circulated among a small group of high-rollers, the report says. Casinos typically have a second, differently styled set of chips that can be put into circulation after a theft, Markling said. That way, someone trying to play with stolen chips would stand out.

The robbery happened about 6 a.m. on Oct. 10.