It depends on the casino and the circumstance of their closure.
For places that went bankrupt, like the Revel, no. But if you have a lot of chips, you could have filed a claim in bankruptcy court and gotten in line with the other creditors.
For casinos that close with permission but have other casinos still open run by the same management, you can redeem them there - for example, you can redeem Showboat chips at Bally's, Caesars, or Harrah's.
Trump Taj Mahal chips can now be redeemed at the Tropicana.
Chips from places like the Atlantic Club are no longer redeemable - there's no parent company still in business.
You're best off researching the details for any specific casino you're interested in.