So every Hard Rock chip is "obsolete" within hours? The Regent tokens? The $5 Harrah's March Madness chip? Are these all obsolete?

NO NO NO - they are just unavailable at the casino. If one could plunk one down to play - or redeem it at the casino for cash - it is not obsolete. Larry's description of obsolete - when applied to chips - "works"

As long as the issuing entity recognizes it as having the same value as they gave it when issuing it - it is NOT obsolete. OBSOLETE has to do with current VALUE or WORTH - not "availability".