No. But it will allow you access to the closed off area which in turn will , if you play well, speed up your chances of getting all of the prizes in the games.
You'll have to play/win the games in order to earn the associated prizes.
The buy in to play at the tables in the high roller area must be very high. If you aren't the best player it's simply a way to lose your chips faster. You can get into the high roller space but winning there might be a challenge.
Just keep that in mind when spending money on the vest.