Michael, you pretty much said it.
No casino "has to honor" a chip after the 120 day notice has expired.
Some will some won't depending on how much and who has them.

In 1993 at the FQ's, we had $100's counterfitted. Rush job got new $100's in about 3 weeks. We cancelled the old ones and all but 53 were accounted for.

In 1995 a VIP walked in with 3 of them. The cage was telling him no way they would cash them. The casino manager said cash them. I bought them because you guys had them in TCR for $350. Thanks. I sold two and am freerolling plus on the 3rd one.