I think they do this in AC as well. However, NJ gaming commission says that all chips are always redeemable for face value even if the casino is closed. This would give the casino very good reason to make sure the chips aren't able to be redeemed. Remember the big find of Playboy chips a few years ago? Thousands of chips were found at a construction site and caused quite the ruckus in the chip collecting community.
Foxwoods in in Connecticut is in the process of getting a new rack now that they've ended (or are in the process of ending) their partnership with MGM and rumor has it their existing chips will be destroyed in a similar manner.