However, Even though the Horseshoe is closed right now, I don't believe anything has been stated that it will remain closed.

My understanding of the situation, is that it was closed, until the monies are in place to satisfy the Nevada Gaming Commission's regulations, and then it may reopen. Until that decision is made, I wouldnt consider the chips obsolete. They may very well become obsolete tomorrow, if the Horseshoe states they are done and will never reopen.

I know that the Atlantic City purists say that there is no such thing as an Atlantic City chip. Personally...I say Horse Hockey! If the casino has issued a new rack, and the old rack has been removed and destroyed, and not available on the tables or in the cage...it IS OBSOLETE!. I don't agree with the stand that a chip is only obsolete if the casino no longer accepts them.

I do NOT consider a chip obsolete just because the casino issues a new rack, such as the Rio did. If the chips are available on the tables, it's not obsolete. Not until they have been pulled. The Rio had both sets of chips on the tables for a long, long time. This, like many other explanations, has exclusions. An example is in the case where a casino has pulled old chips and replaced them with new chips. The casino then may run low on chips, and bring out the old chips to put into use until the new chip order comes in. The intent may be to use the chips only for a very short time, and then pull them again. Are these chips obsolete? I think yes, they were. At least prior to the chips being on the tables a second time. Once on the tables, they aren't obsolete any more. But then as soon as they are pulled again...they are obsolete again.

Thats they way I view it.