That's the place, and yes, people gamble there. My understanding is that it was originally intended as a temporary replacement for the Royal Cabana, while it was being re-built. Now, it is anybody's guess whether the Royal Cabana will ever be replaced. In hindsight, it is too bad the other La Cabana owners didn't prevail and gain control of it (I have never stayed nor owned in either of the former La Cabana's).
Here is a picture of their current $5 chip:
And their playing cards:
