Alex,
This chip has to be a recalled chip or the seller would have cashed it in for $5,000. Minus his plane ticket, he still has a nice profit. His ad is very mis-leading.

Let's say it is a current chip.
Treasure Island would know exactly who they gave it to. Lets say they gave it to John Doe. If Sam Smith walks in and tries to cash it, I can guarentee it will not be cashed without a lenghty investigation. If Sam got the chip by hook or crook, he could very well go to jail. If Sam bought it on the internet and tried to cash it, my guess is, TI would take the chip and tell Sam to take a hike, hire a lawyer, and try to collect.