If your dog doesn't seem to be in pain and the bleeding has stopped, I wouldn't consider it an emergency but you might want to call your vet and tell him what happened. Your vet may want to prescribe an antibiotic to prevent a secondary infection, or ask you to bring him in sooner than his scheduled check-up. The tooth won't grow back, and at his age it's likely that he has periodontal disease (very common in older dogs) and that his teeth may be coming loose.
Your tug-of--war game may have just caused the inevitable to happen a bit sooner. The vet should evaluate your dog's dental health at the check-up.
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