When we purchased a GTA Online casino Penthouse and became a VIP, the maximum number of chips we could exchange became 50,000 but once again this cap is enforced every in-game day to stop any more chips from being purchased.
GTA Online casino chips are acquired by exchanging GTA$ with the cashier at a rate of 1 chip = GTA$1, and this was initially capped at a maximum of 20,000 chips in total per in-game day, which is 48 minutes in real time. Additional chips can be obtained from the Cashier Services booth on the casino floor, where you can also collect a visitor bonus once per day which is currently set to 1000 free chips.
When you first arrive in the casino, you'll get the option to purchase a Standard Membership from the Guest Services desk near the entrance or by following the on-screen prompt, which costs GTA$500 but gives you 5000 GTA Online casino chips to get started.