This tile is the 'Red Dragon' tile, called 'Hóng Zhōng' (紅中) in mahjong. It's one of the three dragon tiles and is a high-scoring tile that plays an important role in the game. The character for 'center' (中) can also mean 'to hit the mark,' so it can symbolize success.

Mahjong is a social game enjoyed with family and friends during holidays like the Lunar New Year. Therefore, thanks to its red color symbolizing good fortune, this emoji is also used to wish for 'big success' or 'a jackpot.' It has become more than just a game piece, symbolizing joyful gatherings and good luck.