Pete; You are correct. I was speaking about Atlantic City casinos in my post.... and no, it was not tounge in cheek.

I'm aware of the regulation in Las Vegas that allows casinos to publish chip redemption notices in the paper which has made many Vegas chips "valueless" in the past (as far as face value goes). To the best of my knowledge, this has never happened in New Jersey and that all outstanding A.C. chips (cheques) ever issued are still redeemable ... (even regularly issued Playboy chips, but not the backups that were never in play).

The comptrollers office in each A.C. casino maintains a record of how many chips by denomination are still "out there", unredeemed.