Barry DeLacy, 62, was found with multiple stab wounds on Friday night at his £500,000 first floor apartment in York Place in Leeds city centre.
A man aged 27, who is not local, is being questioned about the killing after being arrested in the street near the murder scene.
Mr DeLacy, a divorcee and father of a teenage son, was one of the gaming industry's best-known characters. He was area director for A&S Leisure group, based in Sheffield, which owns Napoleons casinos, including one near Mr DeLacy's flat.
A former QE2 casino manager, he was a founder director of Blue Chip Casinos, the chief executive of which, Arthur Baker, said: "We are just so sad he should have died like this. He will be greatly missed by everybody.
"He was a larger than life, colourful character, great fun to be with. He was entertaining and excellent company."
Mr Baker said his former colleague loved the casino lifestyle. "He was always up front with the customers, entertaining them, welcoming them and making a great fuss of them. He was perfect for it – he was a round peg in a round hole. He always had anecdotes and stories about people he had met."
On the QE2 he welcomed stars like Paul Newman and Robert Wagner to the tables and had met Diana Dors, several sporting stars and politicians. Mementos of his high-living days, including signed boxing gloves from Muhammad Ali and Marvin Hagler, decorate his second home, in Tividale, West Midlands.