I have the chip listed as a UFC, but am guessing that the place was called the Diamond Club.

Unfortunately, it seems like that there was a Diamond Club in a dozen states during the time frame that those chips were made, and several of them probably had gambling.

There was, however, a Diamond Club in Rock Island, Illinois that was raided June 5th, 1953. Below a bit of the news clipping. Dice and poker chips were seized, so your chip could be from there, but nothing definite. If someone actually found those chips in or near Rock Garden, Moline, then I would say that we have a match.