I believe they are real. BJ made the chips before the license was turned down. That is not unusual. Chips need to be in place before gaming will give final approval on a license. Similar to the Jockey Club, Sunrise, etc.
Boreland bought the Rack and then made up the fractionals.
Some say he mis-spelled them on purpose to create errors. I don't think so. I think he just couldn't spell. Like me!