Per news reports, Paragon Gaming will continue to manage the casino at OYO, just as it has done for Hooters-Las Vegas.

They also manage the casinos at Westgate-Las Vegas and at Hard Rock-Lake Tahoe. See:
https://en.m.wikipedia.org/wiki/Paragon_Gaming

Paragon probably just continues at OYO without the need for NGCB to relicense them ... just need to approve new chip design with the OYO logo. So, they keep the same chip color combinations (I assume).

As for chip redemption notice, they may or may not cancel the older Hooter's chips, though seems like they should.