Topic #1: It's not just a fiction that Gus won that jackpot in the slot machine. He actually won. This was arranged by, I think, Buffalo Bill, so that he could... Buy a horse? This is all very complicated. Everybody is very proud of themselves for pulling this off, this trick with the slot machines.
Topic #2: Somebody named "Mike" who is neither Buffalo Bill nor DiRossi, and to whom we have not yet been introduced, is the actual person that Ace is angry with. It's touchy, so they have to be like, "Is it okay that Mike says hi? Then he says hi." (It is only marginally okay, but either way Mike says hi.) Also, whatever Ace's weird villainous plan is, Mike is onboard for it. (To his eventual peril!)
Topic #3: Horse racing is legal, whilst casinos are not when it comes to California. So Ace's plan is to put a casino in the racetrack. Which we knew, but I still don't understand how that works. He calls it "[t]he perfect fucking Trojan horse," I guess because they will think it is a casino and then it will turn out to be an engine of war, but it seems silly to say that to the people you are taking down.
Topic #3a: Other things that Ace says at this point that may or may not matter: "Your end's 10 points, plus you got a 12-month option, up to 39 more, my purchase price plus my costs... What you get for your 10 points, if you decide to nix the option, you get for us being friends. What part Mike wants, he can take a piece of your piece. You tell him that he can work that out with you."
I don't know what they are talking about, but if you were wondering if Dustin Hoffman ended up once again getting mad for no real reason and doing the slow burn plus the quick-snap, yes he did do those things. I suppose also that this is metaphorical because of how Jerry is playing poker with cards but Ace is playing poker with "points" and "options" and having high blood pressure and being really rude to his fellow businessmen in some arcane and incomprehensible way that will surely matter at some point.
Gus: "Are they moving the way you predicted?"
Ace: "Yes, whatever happened in that meeting happened in an advantageous way."
Gus: "Tell me a very long story in some very weirdly stylized language about your entire history with Mike. And also what your whole deal is."
Gus: "Do it like I'm a toddler that doesn't understand basic things, and also like I never knew any of this stuff until today even though I already know all of this already. I will keep asking you leading questions like I have amnesia."