it depends on which casino you play with.  For example, if you play at any rival casinos, you can convert comp pts to cash easily, you can cash out right away or if you want to play in hope to win for more, you are welcome to do that.  Minimum withdrawal is $25 from rival casinos. 
You can also redeem comp pts easily at jackpot capital, cherry red, inetbet, goldvipclub, rushmore,....

its not available for you to redeem at these casinos:  coolcat, partycity, wildvegas, virtual, vegasstrip, slotofvegas, prism, clubplayer, cirrus, vip lounge,