Pete,

Although Nevada regs have language that a chip is not the property of anyone other than the licencee. To conclude that the licensee is the only owner would be an oversimplification.

A key concept to the ownership of proerty is that ownership rights are divisible, that is to say that multiple people may have different interests and rights in the same "property".

Of course the regs also require the licensee to redeem the chips (there are exceptions to that requirement). In order for the regs to make any sense, it must be understood that I as "custodian" have some ownership interest in the chip until it is redeemed. Otherwise they could just take all the chips in without paying on them.

I have no idea what the regs in WI say.