Drive south about 30 minutes to Tunica. Vega-ssippi.
In all seriousness there are some great casinos there. I recommend either The Grand or The Horseshoe.
Downtown Memphis has gotten a pretty substantial face lift in the last 5 years or so. Beale St. is a blast and close to the Peabody. I second the recommendation for The Rendevous ... some of the best dry ribs you will ever have.