To me, it's obviously plywood construction with laser etching of design. If you look at the brown painted edges, you can very clearly see the multiple layers of wood characteristic of plywood. It's a high grade plywood. I completely agree on the mortise/tenon joints as well. From the look of them, it's a precision fit, so this would appear to be a very high quality unit.
It may very well be completely laser cut, especially when you look at the precision around the ace cutout.