At Itt, The House Takes A Hit On Baccarat

ITT's profits and stock get stung by some bad nights at Caesars

Baccarat has always had a certain mystique. Part of it comes from the movies: a tuxedo-clad James Bond nervelessly negotiating the high-stakes card game in an elegant Monte Carlo lounge. But most of the intrigue derives, simply, from the enormous sums of money involved. Says Jennifer Kim, who runs baccarat pits at Caesars Palace in Las Vegas: "Anyone just walking in off the street can bet up to $10,000 on a hand." For high rollers, it's not unheard of to win or lose $250,000 on a single bet.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.