Iacocca lauded by Nevada casino regulators, OK’d to enter market

LAS VEGAS, Nev. (AP) - Lee Iacocca, the auto industry icon who turned around the former Chrysler Corp., received a warm welcome Thursday by Nevada gambling authorities who approved an affiliated company’s purchase of a small casino.

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Interesting gambling facts:

• Gambling is Often Legalized to Promote Economic Development of Depressed Areas. That was an important motivation in Las Vegas, Atlantic City, New Jersey, and many of the other locales for casinos.
• Catholics were found to be more likely to gamble than Protestants and other religious groups. Catholics were also found to be less likely to disapprove of gambling than other religious groups.
• Horse racing is the best known and widespread parimutuel betting event. Horse racing is the only form of partimutuel wagering legal in California.
• Massachusetts decriminalized bingo in 1931 in an attempt to help churches and charitable organizations raise money. Bingo was legal in 11 states by the 1950s, usually only for charity purposes.