Well, Jim has most of the story. The chip is listed in Tom Stroh's book:
'Cheques, Chips, and Tokens of the Playboy Casinos'.
The chip was issued in 1979 in honor of Playboy's 25th anniversary. The were distributed to Playboy International Gold Key Club members, mounted in keychain holders. The chip could be redeemed in the casino, in the Bahamas, but only in 1979. Value: $40-$60 premium if found with the silver key chain holder.