Let me see if I can be helpful (even though you have attacked my profession ). Indiana and Illinois differ from Nevada somewhat, however following your hypo, they could stop you. THey won't, but they could. It changes after you leave the premises. It would also be different if they were 'selling' you the chips.

A number of casinos actually sell chips (in their gift shops (Bally's/Paris did it with the $4 chips last year) or even from their cages. Harrah's, the Riv and the Palm's all are very helpful in this regard). If the casino sells an item as opposed to useing it as a financial instrument, there is a transfer of ownersip.

If you have a cool $1 chip from Bubba's casino which is worth big bucks, and Bubba's is bought out by a person (does not need to be a lawyer ) and they atempt to force you to cash it in- refuse and call me. Since you live in Illinois, and I presume your chip is in Ill, we can protect you with Ill law. Fed law would protect you also.