Las Vegas

"By now, the pace of Kerkorian’s deal making was accelerating and the numbers were escalating. In 1955, correctly foreseeing the coming pros¬ perity of Las Vegas, he invested $50,000 in a hotel in that city. His tim¬ ing was off, however. Hotel expansion had temporarily gotten ahead of growth in gambling and Kerkorian lost his investment. He resolved not to invest thereafter in a business he did not run, but remained con vinced of the city’s bright future. In 1962, he paid $960,000 for 40 va¬ cant acres across the Las Vegas Strip from the Flamingo hotel and casino.15 The investment paid off in spades when the property became the site of Caesars Palace in 1996. Kerkorian collected $4 million per annum in rent for two years, then sold the property to the hotel-casino’s owners for $5 million."

"[](private://read/01jg9b8njt7zc5haz30afb9n29/#ch02_20)Pachinko operated in a legal grey zone, opening a space for ethnic Koreans shut out of the traditional economy. In time, they would come to dominate an industry amounting to 4 per cent of Japan’s GDP, more than Las Vegas and Macau combined.[21](private://read/01jg9b8njt7zc5haz30afb9n29/#ch02_21)"

"As we passed a huge billboard advertising a Frank Sinatra show, Sol – who was to address an international conference of casino owners and managers but had given little thought to what he would say – exclaimed, “That’s it! That is what I am going to tell them. Las Vegas has lost the plot.” The offending billboard that we’d just passed had announced: “Frank Sinatra – direct from his triumphant performance in New York!” “No one should ever come to Las Vegas from somewhere else,” said Sol. “They should only go somewhere after they have been in Vegas. Vegas used to be first in everything. Entertainment, hotels, gambling; now they even advertise that they are not. This is the fucking kiss of death – and I’m going to tell them!” Which, of course, he did later that night – expletives and all."