Mary Poppins Does Vegas; When it comes to gambling, Britain wants the big time.

Byline: William Underhill

As a seaside resort, Blackpool looks like a loser. British holidaymakers long ago deserted the chilly northwest coast in favor of dependable Mediterranean sunshine. So what to make of a 1.4 billion pound plan to transform the shabby has-been into what city fathers promise will be "a world-class 21st-century resort"? The key: four outsize waterfront casinos. For the first time, British punters will have the chance to play for 1 million pound payouts amid Nevada-style glitz, says Marc Etches, boss of the Leisure Parcs group behind the development. "We may not be able to replicate the scale of Las Vegas, but we can benchmark ourselves on its style."

Blackpool's big gamble comes by the grace of Tony Blair, a prime minister better known as a champion of morality. This autumn, Parliament looks set to consider a dramatic overhaul of the country's restrictive gaming laws. As any visitor knows, the British are heavy gamblers. Yet while licensed betting shops dot every high street, vast American-style casinos with their countless cha-chinging slot machines open 24/7 are unknown. For now, that is. If approved, the new reforms will scrap many of the curbs that have limited casinos' size and sites, who can play and, perhaps most important, how much they can win.

Multinational gaming conglomerates are lining up to get a piece of the action. The giant MGM Mirage group, owner of four Las Vegas casinos, has teamed up with local partners. So has Sol Kerzner, the South African mogul behind ...