Al, you asked:
To supplement, can someone explain how redemption works, and how it affets collectors? I mean, if I'm holding a few grand in current $25 and $100 chips, do I risk them becoming worthless when a redemption notice is given?

You have to remember that a chip or token respresents a debt owed to the bearer by the casino.

When a casino makes new chips... lots of chips, they have to keep into consideration that if every card player and every collector walzed in at the same time with every chip that had ever left the casino... they MUST be able to pay that debt.

Eventually, they may have to destroy some older chips, thus eliminating the "debt" those chips represent. Typically, in NV., they post a notice stating that after such-n-such date, these chips can no longer be redeemed for cash.

As a collector... YUP!! You're stuck!
If you don't cash your chips in... you may wind up with $100 LE worth nothing if no one (not even you) wants it...
or you may wind up with a $5 obsolete that becomes worth $1000's.