The Wall Street Journal's lead Las Vegas reporter Christina Binkley has written one of the best business narratives in years. Winner Takes All is a story about Las Vegas' emergence as something other than a kitschy gambling trap for seniors. Binkley writes fluidly and entertainingly about IPOs, mergers and acquisitions, and all the transactions that results in Las Vegas' greatest resorts like Belagio and Wynn Las Vegas.

What makes this book so interesting is the cast of egos, I mean characters. There's Steve Wynn, the megalomaniacal visionary who oversees everything from financing to the color of the carpets in rooms -- while he's going blind. Kirk Kerkorian is the most mysterious of the group, running his empire from an office in California, rarely visiting his properties. Gary Loveman is to Las Vegas what Oakland A's manager Billy Beane is to baseball: a former Harvard professor, he left to enter an industry that was at the time dominated by far less sophisticated people. Employing an army of "propeller heads," Loveman brought a mathematical approach to marketing, transforming Harrah's into the Wal-Mart Stores, Inc. (NYSE: WMT) of casinos.

By keeping the focus on the people, and moving back and forth between empires, Ms. Binkley keeps this book from degenerating into an endless series of meetings and phone calls, as so many books like this do. If you're interested in looking at the rebirth of Las Vegas from a business perspective, you'll want to buy this one.