The last thing Vegas needed was another slap in the face from President Obama. But slap them he did, leading the Mayor of Las Vegas to declare that the President was no longer welcome in Vegas.
It’s clear from all those casino offers we’re getting these days that the gaming industry – at least in Las Vegas – is hurting. Obviously the high roller crowd has been impacted with the busts in the financial markets . Guys I know who used to make weekly treks to the poker rooms and craps pits are struggling to make payroll these days while some of the big names in the investment business are staring at jail time. Many big players have become mid-range players and mid-range players have become low rollers. But on the grunt level, where many of us grind out our daily existence, has that much really changed? For most of us the pay check is still coming in. Gas prices have been down the last few months. Prices on other products are starting to fall into line. Frankly, if it weren’t for doom-and-gloom television analysts, the diminished value of my 401K, and my oft neglected trading account I probably wouldn’t even know there was a recession. Here’s what some of the players from around the country had to say in recent posts about their personal situation:
One Pacific Northwest player said, “The recession hasn’t affected my income, so that isn’t a factor, but the tribal joints are not throwing any values or comps out there, and they seem to have tightened up their slot machines to make up for less patronage.”
Vegas casinos, too, have reportedly tightened up the payout on machines. That really shouldn’t impact advantage players. Unless, of course, you have a slot-loving spouse who accompanies you to the casino. If so, your EV may have decreased.
Another player I was visiting with told me he planned to continue playing at his current level in the casino, but that he was stepping up his sports betting – particularly betting the ponies. Sounds like a lot of work to me. It reminded me of Benny Binion’s approach to betting sports, dogs, ponies and the like. He said, “Never bet on anything that eats or sh*ts.”
A Canadian pal of mine who considers himself a serious recreational player said he wasn’t feeling the effects of the recession in his industry, but there was always the possibility of layoffs or strikes as union contract negotiations come up next year. In anticipation of that he is building up his personal strike fund as opposed to building his bankroll. As for play – he is actively seeking out $5 – $10 tables as opposed to the $25 tables he normally haunts.
That mirrors what the Fed is saying – spending is down and savings is up. And saving instead of spending really isn’t going to do much to stimulate the economy.
A lady shooter from the Northeast told me that “We used to go to the Bahamas to play twice a year, but our business has slowed down to the extent that we can no longer afford to travel.”
Air fares, however, have gone down recently – thanks to the one-two punch of decreased loads and lower fuel costs. Of course, they haven’t eliminated those baggage fees they initiated to help offset some of their fuel charges last summer.
An Atlantic City player told me that “I normally end up parking on the eighth floor of my favorite casino’s parking garage. Last trip I got a good parking place on the third floor. The casino itself was empty.” It is becoming obvious that Atlantic City may no longer be a viable venue for the casino industry – for reasons that go far beyond the economy.
Empty casinos should mean uncrowded tables and more shooting opportunities for most of us, however many players are finding that when they get to the casino the craps tables are closed.
One player from the northeast told me, “I arrived at Foxwoods Sunday evening. Normally they would have two to four tables open. All of the dice games were closed.”
What does all of this mean to the average Joe on the street? It all depends on your personal circumstances. As long as the average person keeps their job, they will not see a tremendous impact from this latest recession. A slower economy means some prices will drop on many things because of less demand. Other prices may fall as companies compete in a dwindling marketplace. If you lose your job, then it can be very difficult to find another when many companies may be tightening their belt. People who find themselves in that position often find that it’s a good time to start a business – even if the economy is slow.
As far as investments are concerned, if you’re still employed a fall in the stock market gives the average person with an IRA or 401k the opportunity to buy more shares for the same price. If you’re not within 7 to 10 years of retirement, this could very well benefit you in the long run.
As for your casino play – there are some great bargains out there. If you can afford to take advantage of them then by all means do. How would you bet on a limited bankroll? Well, that’s up to you. But in times like these I am reminded of the writings of Zeke Feinberg in his classic “You Can Earn Each Hour $12 to $24 or More Playing Casino Craps.” Yeah, that title is a mouthful. I mention it because right on the cover of Zeke’s book it says “Beat the Recession.” What was Zeke’s play? Well, essentially he took 200 pages to say “Place the six and eight for one hit – or three tosses – and down.” Sort of reminds you of John Patrick’s old hit-and-down play, doesn’t it. So let’s coin a new phrase. “If you’re in a recession remember your regression.”
Play if you can afford to. Have a little discretionary income and want to come out for one of our craps clinics? We’d be more than happy to have you along. But if you don’t have the discretionary income remember you have to take care of yourself and your family first. Good luck in craps – and life.
