Harrah’s prez wins with basketball, and with casinos
This is how good life is for Gary Loveman these days: about 12 hours after his Boston Celtics won the NBA championship, his four Atlantic City casinos also won new five-year licenses. Loveman, the president of Harrah’s Entertainment Inc., also owns 2.4 percent of the Celtics. The team won its 17th pro basketball championship Tuesday night with a 131-92 rout of the Los Angeles Lakers. As he …
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Gambling casinos info:
- The famous banker J.P. Morgan once walked out of a Monte Carlo casino because the stakes were too low? At the time, the maximum wager was 12,000 francs and Morgan wanted it increased to 20,000 francs. When the casino manager refused to increase the limit, Morgan left the casino saying "12,000 francs! I have no time to lose such ridiculous amounts."
- In 1911 US legislation prohibited stud poker but ruled that draw poker was a game of skill and therefore was not illegal.
- People earning $10,000 per year gamble more than twice as much money as people earning $30-40,000 per year. People earning $10,000 per year gamble four times as much money as those making $80,000 or more per year.
- In 1911, the state of California ruled that "draw" poker was a skill, and thus could not be banned under existing anti-gambling laws. However, "Stud" poker was still considered illegal at the time.
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