At Gene's suggestion, I showed this chip to Becky Merriman at Chipco. Here's her reply:
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This was a chip that was made for Las Vegas Casino in Budapest and then over stamp with a Caesars image to void it out. Unfortunately a lot of dishonest people tried placing these in stacks at several casinos so we no longer void chips out in this manner. We grind them up. This chip was probably done in 1991.

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So... all my guesses were wrong. It wasn't a reject Caesars chip at all! The CP chip art was used to cancel the Hungarian chip, and the image appears to me to be the one on the 25th anniversary CP $25 chip.

Still have to wonder why Chipco went to the trouble to do this. Do you suppose they sold these in 'company stores' like Paul-son does with cancelled chips?

DonL