STRICTLY BUSINESS: GAMBLING NOT A NEW PHENOMENON

In a noisy, standing-room only crowd on a riverboat casino, three women gazed hesitantly at idle slot machines. At the urging of two of them, the third dropped a dollar token into a machine and pulled the handle.

Nothing matched. She frowned and tried it again. This time, much to the their delight, three double-bars line up. "This is the first time I've done this," said the woman..."and, I won."

That, simply, is the lure of legal gambling. As the gambling industry spreads across the country, more and more first-time gamblers are trying it.

Gambling is not a new phenomenon.

Early historical records tell of its existence, including a reference to Southeast Missouri gambling by Louis Houck, who authored a five-volume history of Missouri and the Spanish Regime.

"Gambling was the prevailing amusement of the times" said Houck, in reference to the 1800s. "At the gaming table, the old French residents and the newer American immigrant met on common ground."

Houck quoted Christian Schultz, who wrote volumes of "Schultz Travels" in the early 1800s, as saying that gambling was openly carried on in the St. Louis area and that card games could be found in Ste. Genevieve.

Some 42 states now have some form of legalized gambling -- casinos, bingo, lotteries, horse racing, dog racing -- and Americans are so eager to gamble that they are shifting their leisure-time expenditures.

Legal casino gambling, previously limited to Nevada and New Jersey, is now legal in 23 states.

With three-fourths of the nation's citizens living within 300 miles of a casino, Americans now spend more on games of chance than on movie theaters, books, amusement attractions and recorded music combined. In 1974, $17 billion was legally wagered in the nation. By 1992, it reached $329 billion and will go over $500 billion this year.

Another means of gambling

The latest influx of gambling activities has provided another means of making or losing money.

When Boyd Gaming Corp., which has gambling operations in Las Vegas, Kansas City and Tunica, Miss., went public with its stock in October 1993, it was sold at a value of $17. The stock jumped to $26 the next day before settling down to the $13-$14 range. Boyd's 52-week low was $10.50, and was at $14.25 last week.

Players International, which operates out of Merv Griffin landing in Metropolis, Ill., was selling for about $8 a share when the Illinois facility opened in March 1992. The Players stock hit a high of $30 during the past year, and split. it was listed at $11.25 early last week.

Going on down the list, President, which operates the Admiral Casino in downtown St. Louis, hit its low last weekend, at $2.75 per share. The 52-week high for President was $11.25.

Circus-Circus's stock prices are below its 52-week high of $36.25. Last week's reading was $26.75. Among others with lower stock prices during recent weeks are Harrah's, Grand Casinos Inc., Hollywood Casino Corp. and Lady Luck. The latter company has applied for a Missouri gaming license at Scott City. Lady Luck's 52-week high is $4.50, but it stood at $2.25 last week.

"The gambling casino stock figures are based primarily on reports from Las Vegas and Atlantic City," said Tony Kelly, associate vice president of investments at Dean Witter Reynolds Co., Memphis, Tenn.

Kelly, who writes an occasional column for "Good Times," a casino entertainment newspaper for the Mid-South, keeps tabs on casino-related stock listings.

"ITT Corp., which owns Sheraton Casino, and International Gaming Technology (IGT), continues to maintain its 52-week highs," Kelly told the Missourian. "These are the people who produce a lot of equipment for the casino industry."

ITT was at $124.75 last week, just above its year's high of $124. IGT was at $12.7, which is close to its 52-week high of $13.25.

Casino gambling stocks have been soft the past two months, noted Kelly, "and it seems that when one casino stock drops, they all drop, or vice-versa. We feel the next trend is up."

Joe Domian, of the Cape Girardeau office of Edward D. Jones & Co., said potential saturation probably had some effects on casino stocks.

"Everybody is putting in new casinos," he said. "There has to be a question of how many casinos a market can stand."

Another new casino under way

North Tunica County continues to be a prime location for new casinos.

Steelwork can be observed from Highway 61, six miles north of Casino Center Drive, where Grand Casinos Inc. is building a giant complex that will include a casino, 1,400-room hotel, restaurants, golf course and other entertainment facilities. The Grand will be the closest gambling site to Memphis, Tenn., about 15 miles from the city limits, and 25 miles from downtown Memphis.

The North Tunica County area now has seven operating casinos, with an eighth -- Bally Entertainment -- to open this month. Grand, which is working 24 hours a day on its center, hopes to open during the first half of 1996.

Missouri-Illinois gambling

Gambling is alive and well in Missouri and Illinois.

Missouri's seven riverboat gambling casinos reported a total win of $45.4 million in October, up about $800,000 from September totals.

October totals have not been received from Illinois, but 10 operations in September reported a win total of $100 million.

Harrah's Casino in north Kansas City, topped the list of October casino revenue, with $11.5 million.

Boyd Gaming Corp., which completed its first full month in October, won $5.8 million at its Sam's Town operation.

Casino Aztar, which has the smallest boat in operation, a 500-passenger capacity riverboat at Caruthersville, posted wins of $1.9 million.

Other operations and win totals were: Argosy's Casino in the Kansas City suburb of Riverside, $7.2 million; Casino St. Charles, with two boats in operation, $10.9 million; the Admiral in downtown St. Louis, $6.3 million and St. Joe Frontier $1.8 million.

The St. Joe Frontier Casino has been given a tentative green light by the city council to move its gambling casino from Riverfront Park to a mile upstream in preparation for a $15 million relocation and development.

Bill Grace, managing general partner of the Riverboat Partners, said the expansion is critical to the continuing success of the Frontier Casino. He will now take the request to the Missouri Gaming Commission.

Three casinos near the Chicago area combined for more than $50 million in Illinois. Grand Victoria Casino of Elgin, Ill., reported more than 319,000 visitors and a win of $18.1 million. Harrrah's Star and Empress Casino, both of the Joliet area, finished with win totals of $16.6 million, and $16.2 million respectively.

Players International at Metropolis, the state's southernmost casino, reported winnings of $7.5 million, with a total of 182,000 visitors.

East St. Louis' Casino Queen reported wins of $10.5 million and Alton Belle Casino had win totals of $6.9 million. Other operations and total wins are: Par-A-Dice, $7.9 million; Casino Rock Island, $1.5 million; Silver Eagle Casino, $1.7 million; and, Hollywood Casino at Aurora, $13.8 million.