It's open, and quite beautifully redone. Unfortunately for me, they've replaced all of their live-dealt games with shufflemaster video terminals. I can't decide if the fact that I played SM BJ there after the reopening means that I can buy a chip for my collection online.
Yes, it can get complicated, trying to decide when a casino chip qualifies for a collection of "chips from casinos I've been to." As noted previously, I have tried to stick to collecting chips that I actually received while gambling in that casino, but my collection does include three chips that I purchased from the casino cashier because the casino was "not prepared to accept my action", meaning that their table games were shut down when I was there and I didn't expect another opportunity to collect one in the usual way.
As for the Monte Lago currently only having video terminals (which I interpret as meaning they don't use chips now), I don't think I would consider an eBay chip suitable for my collection. I haven't even tried to acquire chips from now-defunct casinos that I played in prior to formally starting my collection. But your collecting decisions are, of course, up to you, rdw. We should have talked more about collecting while we were at WoVCon.