Paul, I think the answer to your question probably depends on a number of issues. As your question implies, I think no NV casino is legally bound to accept a demonetarized chip for redemption. Some probably never do. Others might, I would think, depending on several factors. I'd guess that these are the main factors:

1. Was the demonetarization of the entire rack, or just of a few chips (as with the Excalibur notice here)? If the entire rack was canceled, it was probably a result of a change in ownership, and under normal circumstances I doubt that the old chips would be accepted.

2. Are you talking about one $5 chip, several hundred $5 chips, or a dozen or so $1,000 chips? I doubt that a casino would mess with allowing someone to cash a $5 chip if it's obsolete, unless perhaps that person is the type of patron they want to avoid upsetting at any cost. Otherwise, the bookkeeping alone would probably create nightmares.

3. Who's trying to redeem the chips? Again, I'd think this would be the most important consideration. If the customer is someone they want to make sure they keep, and if they know he's likely to pull his business and go elsewhere if his old chips aren't honored, they might make an exception. I'd think the player would have to be someone who is either a celebrity they want to keep at their hotel, or a large gambler with a significant credit line who plays often enough that they can afford to get stuck a bit to assure themselves of winning his money.

I would think Gene Trimble would have the best take on this question, although he might not be free to discuss his experience.

Michael