In moderation, the LEs could have been very helpful to the hobby. They DID bring some people into the hobby and for those who collect current chips, it gave them something to add to their collection that was inexpensive. Unfortunately, it just got out of hand. You can't blame the casinos really. They could make a chip for $0.50 and charge $5, $25 and $100 for them. It was like printing money.

Eventually there was just too much. I remember going to some casinos and the racks were so filled with commemoratives that you could cash in for $300 at a table and not receive one regular house chip.

Someone mentioned that the LE decline happened around 2008 during the recession. Probably not coincidentally, that also marks the time when the CCA membership peaked and started its decline. I would not be surprised if a lot of collectors just couldn't keep up with the LE, both physically and fiscally.