Appears to be a beach club with rooms (or maybe a full hotel) on the beach near the St. Monica pier.
Go to the St. Monica library photo archives page at: http://catalog.smpl.org/uhtbin/cgisirsi/c6wlATnCyC/0/57/49
Type Breakers in as the keyword, and you'll get a list of a number of photos of the Breakers.

One pic in the group appears below, and is captioned:

Breakers Beach Club, later the Chase Hotel, Hotel Monica, etc., ca. 1938 - Adelbert Bartlett (Carolyn Bartlett Farnham Collection)

I vaguely remember this row of buildings at the beach in St. Monica in the 70's during my days at UCLA. They were well past their prime in those days.

BTW, I have a friend (St. Monica resident) that might like one of those chips if you have extras. LMK.