Business: Risky Hand

Gambling stocks lose luster

Since it opened on Memorial Day weekend, Resorts International's casino in Atlantic City, has been a greenback gusher, grossing $119.3 million—a take bigger than that of any Nevada gambling house. But last week it seemed as if the well might run dry. New Jersey Attorney General John Degnan issued a 115-page report urging that Resorts be denied a permanent gambling license when its temporary permit expires Feb. 25.

Resorts President I.G. ("Jack") Davis attacked the report, contending that it is a rehash of old, unfounded charges. It accused the company of ties to organized crime, faulty accounting, inadequate...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!