GAMBLING TIP#1: Know the game before you play!One of the biggest mistakes that people make is walking into a casino and playing a game that they have no clue about. It is the easiest way to ‘lose’ your money. Quite a few casinos offer some table game lessons. You can learn some tips on how to play a great hand at blackjack, or what is best to bet on in roulette. When you understand the game and want to play, try to find a table that doesn’t have many people. If you get lost at some point, you can possibly ask the dealer for some direction. The dealers are not against you and would rather you understand the game and enjoy your experience. It is usually appreciated and common to give a tip if the dealer assists you in any way.GAMBLING TIP#2: Managing your MoneyGood money management is so important and will end up being your saviour in the casino. The best thing to do is stick to the rules you walked in with. Your rules! The best way to devise a money management plan is to find out how much money you can afford to lose during your vacation and then divide it by the number of days you are staying in Las Vegas. Take that number and divide the amount of gambling sessions you will have on your vacation and then you will know how much you have to play with on each casino visit, without losing your house! Make sure you take this money (and only this money!) with you and leave the credit cards at home. This way you will only be risking your play money and can walk away knowing you are still in a financially stable position. Stick to your own game plan!GAMBLING TIP #3: What is a Player’s Card?A player’s card resembles a credit card because it stores and tracks information about the person that it is assigned to. The card tracks certain information, such as what games you have played and how long, as well as what your average bet has been during those games. You will be required to submit your personal information such as address and phone number when registering for a player’s card. This is so the casino can contact you with comps, gifts and special offers which often include invitations to slot tournaments, room discounts and upgrades.Take advantage of these comps as they are ‘FREE’ and reduce your costs for shows, drinks and meals while you are at the casino. The average amount you have wagered and the time you have spent on the tables will reflect on the comps the casino gives you. When you arrive, go to the registration desk and ask about the casino comp program. Usually, the time limit for using any comps is 6 months, so it is best to use them while you are in this energized neon city. The most important thing to remember when using the player’s card is to keep to your regular playing pattern. If you attempt to stay longer or spend more at a table just to gain comps, you might end up spending more than the comp itself.GAMBLING TIP#4: Ask for a Fun BookWhen you register for a player’s card, most casinos will give you a fun book with coupons for discounts in their casino lounges, restaurants, bars and shops. Some of these fun books also contain match play coupons which may be used to increase your bet at some of the table games, use them!GAMBLING TIP#5: Know when to cash in!If you find yourself sitting at a $5 blackjack table and every hand you get seems to be a winner, the logical thing to do is to increase your bet. If your minimum bet is $5, you then can increase your bet by the same amount, win the hand and maybe increase a bit more, but remain playing at a level that you are comfortable with. It’s best not to jump the gun and bet 5 times the minimum bet if you feel like you are on a roll. If you are a risk taker and lose the hand, then drop your bet back down to your original minimum bet and repeat the process slower this time. You will find that your gambling session lasts longer and you will be able to enjoy the tables for a longer period of time. If the dealer is hot and wins over four hands in a row, it is time to move to another table. Luck is something that comes and goes, even for dealers, but there is no point in waiting around for the dealer to lose their luck. Play smart!
It was once believed that Casinos actually performed better in recessions than they did in properous times. The theory is that people down on their luck will roll the dice with their last buck to try and make the mortgage payment. Lotteries tend to increase sales during hard times for the same reason. Not this time around. Gamblers are hanging onto their hard earned dollars, cheating casinos out of much needed revenues and forcing some to consider layoffs and worse.The Sands Casino in Las Vegas is in danger of violating terms of their loan covenants. If this happens and they can’t work out terms with the lender, their loan could be called in and the Sands will have to come up with cash to pay off all their loans. This could be a difficult proposition since they have multi-billion dollar projects in progress all over the world.This is the same fate that has fallen on Bear Sterns, Lehman Brothers, WaMu, AIG, Freddie Mac, Fannie Mae and many smaller firms.Most Las Vegas casinos rely heavily on transient traffic, meaning they need people to fly in from other parts of the country and world consistently day in and day out to support the huge infrastructures they have built. There is just not enough local traffic to support these giants. People are not travelling as much as unemployment rate continues to climb and are cutting back on expenditures. To make matters worse airlines are increasing their rates to compensate for higher energy costs and lost revenues.Casinos rely heavily on volume since occasionally they have winners and they operate on small margins. I know this doesn’t seem possible, since every time most people go into a casino they come out with nothing. It seems like casinos hold 100% of every dollar that is dropped down the box, but in reality their hold percentages average around 14%. That means for every dollar that a player exchanges for chips the casino will keep 14 cents. That percentage is higher for slot machines, but still less than most people would think. So to make as much money as they do, a lot of volume (dollars) goes across the tables in exchange for chips.Thanks to the economic slowdown, reduced travel rates and job losses the casinos are not getting the volume they need.