I've always been intrigued by the altered Binion's chips.
I'm attaching scans of an altered chip and some sort of test chip which has a very rare intact hot stamp.
Here's some research by Gene Trimble from www.over50vegas.com:

“Too late to get replacement chips, Bernstein grabbed several ladies who were working at the club and immediately put them to work scraping Binion’s name off the chips. They spent most of the night doing so.
When the club opened the following morning these chips were on the tables

It’s been said that the chips were scraped when Joe W. Brown took over the Horseshoe in December 1953 and that the “B” and the “n’s” remained on the chip because it could be viewed as saying “Brown’s”—the same could be said for “Bernstein’s”, but it’s uncertain whether Bernstein had this in mind. His main concern was making Binion’s name illegible.

The scratched off chips are in denominations of $100, $25, $10, 2 different $5’s, a $1 and 3 different 25c. I am told a few $5 exist un-scratched."

So here are some questions that perhaps a Club history buff might have some insight:

Gene provides two different dates for the alteration of these chips.
a) The first is when the Horseshoe first opened in 1951 replacing the Eldorado. Benny Binion was denied a gaming license and his partner, Monte Bernstein, was only given a license by promising that Binion would not be involved with the casino. When the initial run of chips arrived with the Binion's name they had to scape the chips prior to the opening.
b) The story that I've heard most often is the alterations occurred at the change in ownership in 1953 when Joe W. Brown bought the casino as Binion was sentenced to five years in Leavenworth. Campiglia?Wells also lists the altered chips as the fifth series and the Chip Rack also lists the altered chips as 1954.
So I'm inclined to dismiss the 1951 story as it seems like a very improbable mistake to make. Regarding the 1954 scenario:
1) I had been told that the point of altering the chips was for Binion to somehow control the money operation of the casino while he was in prison. Joe W. Brown was a wealthy self-made guy with extensive successful experience in the gambling business. He doesn't seem like the kind of person who would accept being "controlled."
2) How exactly does using the altered chips give Binion a level of control?
3) Other Horseshoe chips are attractive inlaid chips generally with inserts. Why would they make this plain, hot stamped rack? Maybe a back-up.
The Horseshoe story is far more complex than this posting as Binion is thought to have controlled the casino throughout these years even though there were the different "ownerships" and he was mostly denied a license.
Any additional information would be appreciated.