1) Current casino chips always remain the property of the casino. Title of ownership NEVER passes while the chip issue remains active. The bailment created is no different in theory than when you place your car with the valet and he/she gives you a ticket. The chips were created to facilitate the gaming process.

2) Once a chip issue is discontinued the subject of title no longer comes into question. Since the chip cannot ever be redeemed Gaming no longer cares what happens to it. Hence, chips from closed casinos, chips that have been discontinued and chips that cannot be redeemed WILL NOT, CAN NOT be taken from you legally by anyone.In theory the casino abandons the items thereby relinquishing their title to them.

3) The issue of bailment came about because the Federal government at one time claimed the casino SOLD the chip to the customer. No need to relate the facts suffice it is to say the transaction IS a bailment.

4) The question of issuing money ONLY came into play when the casino started to create tokens because of the shortage of silver dollars back in the 60's. There is no federal law about the token and/or chip leaving the casino premises.
Back in the 70's I paid for groceries in supermarkets with chips. Gaming is the one who gets excited about the chips and tokens not the feds.

Best, Jim