It's very, very thin. I think it's silk, but I'm wondering if there was a cotton "gauze" product used back when this was made. I mean, it must have originaly been a cheap souvenir available at a lot of locations.
If you're really interested, send me an email. I'd like to make the frame, but I don't collect Las Vegas or Nevada chips. It'll probably look out-of-place with my North-Western California Card Room chip displays.