In the 1970s, the Ace was the first casino to offer customers the chance to win one of the largest prizes on earth.
The winner was awarded $10 million, and the hotel was renamed the Ace, named after the casino’s founder, William “Bud” Ace.
As with most casinos, the odds of winning $10m was slim.
But a lucky flier with a penchant for gambling made the bet.
The Ace opened its doors in 1973, and by 1980, the number of fliers with an Ace card had jumped from 10,000 to more than 200,000.
“You get a lot of people who get really lucky, and they don’t realize that they’re really lucky,” said John Siegel, a professor of finance at Harvard Business School.
“The Ace has been around for a very long time.
If you had an Ace Card, you could bet on anything, but you couldn’t bet on your life.
The bet was that a lot more people would play.”
The Ace was able to win that bet because it was one of only two casinos in the country to offer a casino with no minimum age limit, and it offered a wide variety of slots to bet on.
And the Ace offered a $1 million bonus if you were lucky enough to win $10,000, and a $2 million bonus on the other side of the bet if you won $10.
“That was really a sign that you could win,” Siegel said.
And, like many casinos, it was able play hardball.
For example, Siegel recalled, one of Ace’s managers threatened to cut off a customer’s account, even though the customer had already won.
“Ace said, ‘It’s not worth the hassle of canceling your account,'” Siegel remembered.
“So that’s what happened, and that’s where the Ace lost a lot, because it did that.”
For years, the gambling industry and regulators struggled to crack down on the Ace.
In 1989, the Department of Justice launched an investigation into the Ace for fraud, alleging that it made millions of dollars in illegal profit from slot machines.
In 1993, Congress banned casinos from opening up to minors, and casinos were required to open to only their own employees.
But as the industry has grown and shifted to online gambling, the industry and the government have moved closer together.
Since 2011, the US has legalized online gaming, and now more than 70% of US casinos are online.
The new rules have allowed online casinos to offer their customers a wide range of games, from slots to poker, and even roulette and craps.
So, in the wake of the Ace scandal, gambling regulators are considering an even tougher crackdown on online casinos.
And as Siegel says, “I think that there is a sense of inevitability in this.
If we keep doing this, we’re going to lose some of the great gaming innovations that we’ve been working on over the last 50 years.”
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