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The working title of this film was Gambling Lady, which also was the title of an unrelated 1934 RKO Radio picture that also starred Barbara Stanwyck. Opening credits include the following written acknowledgment: "The cooperation and technical advice of the officials and business men of Las Vegas, Nevada are gratefully acknowledged. The scenic backgrounds at Hoover Dam, also known as Boulder Dam, and Lake Mead were photographed through the courtesy of the Department of Interior, National Park Service and Bureau of Reclamation." Other scenes were shot at Sequit Point, CA, according to Hollywood Reporter. According to a May 1949 Los Angeles Daily News item, Las Vegas casino owners initially complained about the picture, saying it would "kill gambling" in that city.
The Lady Gambles marked the first time that Stanwyck and Robert Preston appeared together since the 1939 Cecil B. DeMille picture Union Pacific (see AFI Catalog of Feature Films, 1931-40; F3.4869). Liz Dennison and Gene Delmont were announced as cast members in Hollywood Reporter, but their appearance in the completed film has not been confirmed. A late November 1948 Hollywood Reporter news item reported that Walter Scharf was first assigned to write the film's score. On December 14, 1950, the Hallmark Playhouse broadcast a radio adaptation of the story, starring Stanwyck, Stephen McNally and William Conrad. On October 27, 1955, Lux Video Theatre broadcast a television version, starring Martha Hyer and Lyle Bettger, on the NBC network.