I'm sure that there was more than one bar called the Mustang Ranch in the United States, but as others point out I think this chip might belong to the very famous one, the largest legal bordello in Nevada, open from 1971 to 1999.

The 1990s branding of the brothel is very different from what is on your chip, but some of the earlier 1970s and 1980s branding is somewhat similar. This is a 1990s photo of an old interior neon sign hanging over the bar, the "Mustang" is curved around Ranch.

The SqSqRec mold is a bit mysterious. It mostly shows up in California and rural Nevada. Mainly 1950s to 1970s. There should be a Burt order card for your inlaid chip, but none is listed in the Chip Guide. I believe a significant minority of existing Burt cards have not yet been uploaded to the Chip Guide.