..........Casino goes totally bankrupt. When A C Casinos phase out their older chips and introduce a new rack - the old chips are still cashable at the Casino or even it's successor according to gambling regs in New Jersey. This is different than Nevada were a Casino puts out a 90 day redemption notice and after that the chips are no longer cashable at the Casino.
Further, when a Casino goes out of business in New Jersey they have to set up a redemption fund with the State to cover the value of all chips that are outstanding when the Casino closes. This is why you can still cash in Showboat and Claridge chips at the open Harrahs properties even though these Casinos have been closed for a few years.
However, when Revel and Atlantic Club went totally bankrupt - their chips were no longer redeemable and in the case of Atlantic Club any chips from other Casinos that had previously operated in that building were also no longer cashable - this include the A C Hilton and Ballys Grand.
Kind of a crazy law but that's how they roll in New Jersey.
With all that being said - the Resorts $1.00 chip probably could still be cashed in even with the hole. I don't imagine that the Casino drilled the chip rather it was done by someone else to make a key chain.
Take care,
Jerry