Actually, the casino was never licensed. It was to be a "cruise to nowhere ship saling from NYC. He is a quote from the company's website:

“President also pursued a gaming license for a "cruise to nowhere" operation in New York City in which we would have used The President Casino New Yorker vessel owned by the Company. In January 1998, pursuant to regulations promulgated by the City, President submitted a gaming application to the New York City Gambling Commission, but in April 1998 received from the Commission notification that it was not prepared to issue a license to allow the Company to start operations. It should be noted the Company was not denied a license, and there are no "cruise to nowhere" operations today in New York City. Based on the uncertainty of the New York market, we successfully redirected our investment and obtained an 11-month lease of the New Yorker. This lease saved President millions of dollars in committed costs and has generated significant revenues for the Company.”

Regarding the chips themselves:

Chips are manufactured on the famous Top Hat & Cane mold and contain all the anti-counterfeiting measures Paulson / GPI uses in the manufacturing process for all the major casinos. These measures contain ultraviolet markings, alpha dot (which with a 30x magnifier reads nine lines of the Paulson name), and metal fleck. Paulson no longer manufactures for sale to the public the Top Hat & Cane mold (only casino customers). Also, denominations $1 thru $500 are 39mm chips, with the $ 1000 measuring an oversized 43mm.

I have a couple of sets, and they are beautiful chips.