Just when you thought you'd seen everything.
LAS VEGAS (Reuters) Perhaps no city other than New York has been harder hit by the economic crisis than Las Vegas. As Americans watch their savings and investments drain with an ever falling Dow, they are increasingly unwilling to spend their money on such leisure activities as trips and vacations. This has seen Las Vegas' revenue shrink by as much a 70% with dire consequences for the economy of this Nevada town. "People who just lost their shirts in what was supposed to be a safe bet in the market aren't very keen on gambling on a craps table" says Paul Kerman, director of the National Association of Gambling and Tourism. "This is why what the Casinos are doing is so important."
What the casinos are doing has been seen by some as an act of desperation, and by others as a needed boost to the embattled economy. "Frankly, I don't understand the business model," says Las Vegas resident Bernie Ladoff. "But if they want to pay me to lose, I sure ain't complaining."
But it appears for now that paying people to lose is working. The Nevada state tourism bureau estimates that as many as 100,000 people have flooded into the state since the program began yesterday. One guest, who asked not to be identified, said he bet $10,000 on a horse race. His horse lost, but the casino paid him $25,000 as though he had won. "Why wouldn't you come here with odds like that."
Some are not so convinced. "This is the craziest thing I've ever seen," says Marcy Badgur, a poker dealer at the MGM Grand. I've already paid out $3 million on my table alone. And then I ran out of chips."
But one thing is certain, the party has returned to Las Vegas as thousands of gamblers rush in from all over the world to take advantage of the favorable odds. "I don't think I'm going to ever leave," said Mr. Ladoff.
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