In 1954, the US television network CBS broadcast a live studio dramatization of Casino Royale as an instalment of its drama anthology series Climax! Casino Royale was long thought to be “lost” and is still regarded as something of a curio item in the history of James Bond adaptations for the screen. This chapter offers a critical reassessment of the 1954 CBS production of Casino Royale by placing it in the institutional and aesthetic contexts of American television drama in the 1950s. In doing so, it argues that the Americanization of James Bond (played by American actor Barry Nelson) may be seen as part of a strategy of the cultural repositioning of the James Bond character for American consumption.