Abstract: A chip rack assembly for safely storing casino chips that includes a tray and a cover that can be moved relative to the tray between an open position and a closed position. The open position of the cover permits access to the casino chips stored in the tray and the closed position of the cover restricts access to the casino chips stored in the tray. The chip rack assembly further includes a locking assembly having an unlocked condition and a locked condition. The unlocked condition allowing the cover to freely move between the open position and the closed position and the locked condition securing the cover in the closed position and prevents the cover from moving to the open position. The cover comprises either one large panel or a plurality of smaller panels that are hinged together and guided along a track between the open position and the closed position.