Just curious about the explanation(s) on why a $100 face value chip sells for $37.
When first issued, the only price was $100 (at the cashier's cage) or more, with a dealer / reseller mark-up added.

At some point, these chips became un-cashable, either due to a LV Club posted notice, or due to the closure of the club. After that point, the chip was only worth what a collector wanted to pay. Supply & demand determines the price. That means that face-value+ purchasers have lost over half of their $100+ outlay. (Or perhaps, the chip travelled through several hands with intermediate declines in value.)

The other possibility is that some of these chips escaped destruction and were somehow sold out the "back door" of the LV Club. NGCB is supposed to police that, I think, particularly when the license holder runs other casinos and has a reason for strict compliance.

Of course, there are examples of racks of chips getting out, particularly in the old days, but even as recent as the Binion hoard that's being resold (unique circumstances there).

Anyway, just musing if the holders of this $100 chip, and others like it, have incurred a substantial real loss, or paper loss, unless / until the demand side of the market improves, if it ever does.