Business: Big Casino on Wall Street

Gambling stocks yield quick wins and many worries

Not in years had Wall Street investors seen anything quite like the market's current high-rolling fad: gambling on gambling. All summer long, shares in companies that operate casinos—and many other outfits only remotely or even mistakenly associated with them—have been soaring higher than a Vegas showgirl's kicks. As the Labor Day holiday approached, the speculation became so frantic that for a time it seemed the gambling bubble was about to burst. But last week gaming issues bounced back strongly.

The prime mover was Resorts International, which...

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