After venturing into uncharted territory for his last two films, "Cape Fear" and "The Age of Innocence," Martin Scorsese is back on hallowed ground with "Casino."

Starring Robert de Niro and Joe Pesci, Scorsese's latest gangster morality tale continues a collaboration that began with the brilliant "Raging Bull" 15 years ago. Add to this mix the stunning Sharon Stone, whose acting ability is finally apparent, and stylish Hollywood cinematographer Robert Richardson and it is clear that any fault of "Casino" is not due to a lack of talent on the set. Rather it is this film's ambitious script which gambles too big to win.

De Niro plays Ace Rothstein, a Jewish odds maker so successful in Brooklyn that he is sent to run the massive Tangiers Casino in Las Vegas. Now that they are legal, his talents are even more impressive; Ace's stoic and calculated methods are a thrill to watch.

With pinpoint precision and in fearfully good style, Ace refines every element of the Tangiers. Not even the chefs escape criticism, as Ace demands more consistency in the number of blueberries in each muffin.

When the most charismatic aspects of both Ace and Las Vegas are on display the effect is hypnotic. Ace really believes that he sells dreams, and his naivete is contagious. The shots of the Las Vegas Strip are are as seductive as have ever appeared in film. Whereas Mike Figgis presents a gloomier view in his exceptional "Leaving Las Vegas" and Paul Verhoeven fails to leave a lasting impression with "Showgirls," Scorsese chooses to focus on the intertwining glamour and power in this fickle town.

In the film's early scenes, Scorsese and Richardson are at their best. Scorsese's smooth camera moves are perfect for the blinding pace of the Casino floor, and Richardson's neo-noir lighting adds texture to an other-wise plastic environment. Initially, the shots combining rolling dice, shuffling cards, spinning slots and elusive chips make up for the absence of a meaningful story.

Sharon Stone's presence on screen at times outweighs even de Niro's. She is perfectly suited to play the local hustler, Ginger, who has everyone in her back pocket, and never passes up the opportunity to make a buck. Her only weakness is a completely unexplained affection for her pimp, played by James Woods.

Of course, Ace and Ginger quickly become an item, and when Ace makes her an offer she can't refuse, they get engaged. The fact that they are not in love is less important than the fact that they are swimming in money. In Las Vegas, money is the only prerequisite for happiness.

Tension builds and the film unravels when a boyhood friend of Ace's named Nick Santorro (Pesci) moves to Las Vegas. Nick is an enforcer whose job is to protect Ace. Instead he uses his innate charm and frantic firsts to intimidate just about everyone in Las Vegas. Nick's flamboyant style and brutal methods alienate everyone. When Nick, Ace and Ginger degenerate into a lying, cheating and stealing triangle, the film too gets stuck.

When these characters are driven by greed and last--those traits which are celebrated in Vegas--this film works. But soon the main characters lose their passion and the script, by Scorsese and Nicholas Pileggi, can offer them no real options. In "Casino" everyone is content to gamble without worrying. When Ace, Ginger and Nicky finally do lose everything, it's too late--the audience has stopped caring. The impression which remains is a richness of atmosphere which is sickening.