Wyomissing, Pa.-based Penn Gaming runs casinos and raceways across the U.S. and Canada, many under the Hollywood Casino brand.  The company was set to be sold to private equity firms Fortress Investment Group and Centerbridge Partners in a $6.1 billion leveraged buyout, but the deal collapsed in 2008 as the economy slid. Penn shares also crashed, but have rebounded since to near their peak since the crisis.  Penn recently spun of a real estate investment trust with property assets called Gaming and Leisure Properties.  On the U.S. market, Carlino said Atlantic City was "O-V-E-R" in terms of its ability to compete as a marquee gaming destination.  "Atlantic City is a tragedy from a lot of points of view," said Carlino, who is not involved in the market.  "They had a 100-year head start with a pile of cash. ... Atlantic City could have and should have been Cannes; and I'm not joking. It could have been the finest city, like the French Riviera."  Instead, Carlino said: "They still have street people pushing carts down the street, and worse, in that town. They did nothing with what they had, nothing."  Carlino says Penn's brand of lower-cost casinos will drive value for shareholders using properties in smaller markets.  "We are totally and completely driven ... (by) how do we get the most excitement for the fewest dollars," Carlino said, referring to "ego" driven, expensive casinos that others focus on in Las Vegas and other large markets.  "That is where we excel," he said. "I think we do this better than anyone in the U.S."  (Read more: Despite record highs, stocks are cheap: Ron Baron)  The Baron conference is in its 22nd year, run by founder Ron Baron to showcase his stable of portfolio managers and the companies his funds invest in to shareholders and other clients. The events are also known for their surprise musical guests; this year Barbra Streisand, Counting Crows and Melissa Etherage performed.  —By CNBC's Lawrence Delevingne. Follow him on Twitter @ldelevingne.
The Foreign Corrupt Practices Act is hampering U.S. business expansion abroad, especially in the gambling industry. Now bets are moving to Asia.