A card player who has amassed a large collection of, mostly red poker chips. Since reds are the lowest valued chip, it makes you look like you have a lot of money when you really don't.
"Another massive three dollar pot taken down by Johnny Redchips!"
"Can anybody break a five? Johnny Redchips is cashing out."
"You see my dollar and raise me a quarter? Why, that's too rich for my blood, Johnny Redchips!"