The entrance of the Little River Casino in Manistee.

MANISTEE, Mich. -- The Little River Casino Resort in Manistee has announced that it's laying off 100 employees as it deals with the economic downturn.

Radio station WKLA reports it's the first layoffs at the casino, owned by The Little River Band of Ottawa Indians.

The west Michigan gambling facility is among other casinos in the state this year to announce cuts, including MGM Grand Detroit and Greektown Casino.

Jae C. Hong / Associated PressNew slot machines are showcased at the Global Gaming Expo (G2E) in Las Vegas, Wednesday, Nov. 19, 2008. Casino companies are all facing problems because of the rough economy, but smaller operators might be less likely to survive them, Frank Fahrenkopf Jr., the head of the American Gaming Association said Tuesday.

LAS VEGAS -- Executives at top casino companies said Wednesday that the gambling business won't be the same for years to come as game makers and casino owners shift focus to properties that already exist from casinos still being planned.

"One of the challenges that has plagued the casino industry for a long time is that we spend money like drunken sailors," said Gary Loveman, chairman and chief executive of Harrah's Entertainment Inc. "I think the industry is going to have to get accustomed to the notion that not every project is a good project -- and $1 billion is a lot of money, after all."

WASHINGTON -- The Bush administration issued a final regulation Wednesday aimed at banning Internet gambling, drawing criticism from Democrats who said it would burden financial companies.

The rule from the Treasury Department and Federal Reserve requires those companies to establish procedures to prevent payments in connection with unlawful Internet gambling. They would be expected to comply by Dec. 1, 2009.

Rob Carr / Associated PressHarbour Point owner and executive director Mike Osborne, right, and business development manager LeRoy Yegge, left, pose at the gambling treatment facility in Baltimore earlier this month.

BALTIMORE -- Michael Osborne once figured he could make a living by betting on sports.

"Winning 700, 800 bucks at 15 when I was working in the grocery store making $200 a week, I thought I was a big deal. It was nice walking around in high school with that wad in your pocket," recalled Osborne, now 37. "That's the hook, line and sinker. I'm thinking, 'This is easy. I know sports, I love sports. I might never have to work again."'

He ended up $500,000 in debt, in legal trouble and ultimately, suicidal.

"I lost everything," Osborne said. "Cars, family, house, career. There was nothing left for me to lose."

Isaac Brekken | Associated PressPeter Eastgate, of Denmark, throws chips into the pot today during the World Series of Poker championship in Las Vegas.

LAS VEGAS -- A 22-year-old Danish poker professional won the World Series of Poker early today, turning a wheel straight on the last hand to become the youngest champion in the history of the no-limit Texas Hold 'em main event.

Peter Eastgate hit an ace-to-five straight on the turn and instantly called an all-in bet from Ivan Demidov on the river to win the title and $9,152,416. Demidov held two pair, twos and fours.

Courtesy of FireKeepers CasinoThe $300 million FireKeepers Casino is on pace to open next summer. Here is an aerial view of the construction as of Oct. 29.

BATTLE CREEK -- The FireKeepers Casino is on pace to open next summer, according to a press release from the casino.

The $300 million project is owned by the Nottawaseppi Huron Band of the Potawatomi and managed by Gaming Entertainment Michigan LLC.

The 236,000 square-foot building is expected to provide around 2,200 jobs, according to the casino.

Ylon Schwartz has earned a spot at the final table in the World Series of Poker, scheduled for Nov. 9-11.

KALAMAZOO -- Just as one day brings fortune in the world of high-stakes poker, the next can bring indefinite famine.

As twisted as it sounds, not knowing which is on the horizon is one of the biggest draws for these modern-day gunslingers. That and having to answer to no one.

"Instant gratification," Ylon Schwartz, a 38-year-old professional who played his way to a seat at this year's World Series of Poker Main Event final table scheduled for Nov. 9 through 11, said during a phone interview from Brooklyn. "The whole point of getting into the gaming world is you don't have to deal with the tax-man, punching a clock in the morning or a supervisor."

Dennis Phillips

Dennis Phillips, the 53-year-old chip-leader heading into the World Series of Poker Main Event final table, dreaded taking a four-month break in the tournament's new format.

The amateur and oldest player of the "November Nine" has enjoyed the hiatus more than he anticipated, but he's ready to get back to business pushing his intimidating stack of chips around in hopes of winning the championship bracelet and the more than $9 million first prize. The Cottage Hills, Ill., native and accountant talked with Michigan Casinos Magazine's Wes Morgan about his experience.