..it belongs to.
"the casino bought the artwork before the chip was made, and I take that purchase by the casino as free license to photocopy the image on a chip that I have won or purchased from the casino."

I have 1000's of original artwork for casino chips from every distributor of casino chips. This disclaimer appears on all of them. it does not matter if the casino or the distributor creates the art, it always belongs to the distributor as they created the final product.