It is available for free when placed during the Good Luck! Goal and takes 10 Energy to build. It can be upgraded to Level 3, however it will always look the same.
It allows you to gamble Energy every 2 seconds for a chance at Coins, Premium Goods and Permits.
Removal places it in your Inventory. It cannot be placed in your Warehouse.
If you know you will not be on CityVille for a couple of hours (e.g. before bed each night), keep collecting from this building and use up all your energy - you will have generated some XP, Goods, Permits and Coins, and by the time you are back on the game, you should have most of your energy back!