Business: Taking the Risk Out of Gambling

At Harrah 's casinos, the bettors take all the chances

The business of gambling is exciting new interest far outside Nevada these days; casinos are scheduled to open next year in Atlantic City, N.J., and there is talk of legalizing them in Florida and possibly New York. Starting a casino, however, hardly gives investors a license to coin money, as the owners of some deficit-ridden Nevada operations have discovered: gambling is a fast-paced, cash-heavy business that, like any other, must be tightly run to turn a profit. How tightly, TIME Correspondent John Quirt learned by studying Harrah's, one of the oldest (it...

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