Yes, that chip is close, but the diamond and club images repeat the words rather than replace them.

This UFC chip also probably belonged to a place called "Diamond Club". I can't think of any other reason why it would be designed that way.

The above chip is also not really a rebus at all, because there are no words, just images. I think that it might be close to what is called a pictogram or pictograph. From Wikipedia; "graphic symbol that conveys its meaning through its pictorial resemblance to a physical object".

There are lots of inlaid chips that use just one image (no words) to represent their origin, but I don't know of any inlaid chips with at least two images that combine to convey the establishment name. If anyone knows of such a chip, I would love to see it.