There has been discussion lately about properly categorizing FANTASY/FAKE chips. The result of these discussions are revised categories and a new category and policy for categorizing FANTASY/FAKE chips.
1) The term "Fake" means a chip that appears to be a casino chip but is not because: it is a counterfeit (made to look like a real casino chip); a real casino chip that has been altered; or a chip that appears to be from a real casino but is not.
2) "Fantasy Casino" means a casino that never existed. Note that just a because a casino didn't open, it doesn't mean that it didn't exist. Chips issued for Fantasy Casinos will be called Fantasy chips.
Fake and Fantasy Chips have already been moved into their respective categories, as best as they could. I suspect a lot more updates will be needed to be 100% accurate. This is the revised warning statement:
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