las vegas

How I Successfully Gambled in Las Vegas Without Losing My Shirt

Dr Penny Pincher — Tue, 16 Jan 2018 09:30:11 +0000

When I learned that I would be going to Las Vegas for my sister-in-law's birthday, I was concerned that the trip would turn out to be an expensive adventure. So, before I left, I did some research and ended up writing about ways to enjoy Las Vegas without spending a lot of money.

While in Las Vegas, I found that some strategies to limit expenses worked well, but I did run into some spending pitfalls. Here is a summary of what worked, what didn’t, and what I would do differently on my next trip to Las Vegas.

Money successes in Las Vegas

Here's where I cashed in on the Vegas experience.

No shopping

Las Vegas features some expensive shopping opportunities at high-end stores and shopping malls that seem to cater to high rollers and provide an outlet for people to impulsively spend their gambling winnings. Fortunately, we managed to do some window shopping without buying anything.

Steering clear of buffets

We got in line for a breakfast buffet that was $30 per person. We came to our senses, got out of line, and found a less expensive diner nearby.

Walking instead of taxis

We used the inexpensive Las Vegas city bus to get from the strip to Fremont Street near downtown and back. On the strip, we walked everywhere. Bring comfortable shoes on your next trip to Vegas, because things on the strip are spread out and you will need to do a lot of walking if you don’t want to pay for transportation.

Saving on snacks

We brought a supply of inexpensive drinks and snacks to our hotel room that helped us avoid more expensive options on the strip and at the hotel. There was a CVS near our hotel that had some cheap drinks and snacks as well for when we needed more.

Scoring free souvenirs

On our excursion from the strip to Fremont Street, we got an awesome free souvenir: a photo at Binion's Gambling Hall and Hotel standing next to pile of $1 million cash! After the photo was taken, we came back after an hour to pick up our free printed copy. Taking pictures next to the other famous landmarks on the strip also made for great free souvenirs.

Leaving the kids at home

There were some sights in Las Vegas that were not exactly kid-friendly. I am glad we left our teenage kids at home. This saved us money on airfare and food, plus the kids were able to take care of the dogs so we could avoid pet boarding expenses.

Finding free attractions on the strip

We did end up going to an one expensive show featuring music and acrobatics, but it was a fun part of what Vegas is famous for. Other than that, we found a number of entertaining free attractions on the strip including the volcano light, fire, and sound show outside the Mirage hotel; the fountain light show at the Bellagio; lounging by pool at the hotel; and walking the strip to explore the sights during the day and at night.

Fremont Street

After staying at a hotel on the strip and spending some time there, we were ready to try something different. The Fremont Street experience is a 20-minute bus ride from the strip and features a huge overhead LED screen light show, plus live music and a variety of street performers. I got the cheapest dinner of the trip here.

Money lessons in Las Vegas

Now that I've been to Las Vegas, and can recognize the money traps, here's what I'll do next time.

Find cheaper airfare

We paid more for airfare by booking a flight to arrive earlier in the day on Thursday. We wanted to have more time to explore on our first day there. Taking a later flight would have been less expensive, and since Vegas never sleeps, there's plenty of time to explore even if we arrive later in the day. (See also: 8 Costly Flight Booking Mistakes You Make All the Time)

Engage in smarter gambling

I didn’t have time to study up and practice, so I stayed with video blackjack, video poker, and betting on a college-football game for my first time gambling. I lost $50 on all of these combined, which is OK. I chalked it up to entertainment.

But next time, I’d like to improve. I'll practice, take some blackjack lessons at a casino, and try playing against a dealer at a blackjack table before I go back. It would be great to win my $50 back!

Stay off the strip

Next time, I would consider staying at a hotel in the Fremont Street area instead of staying on the strip. For one thing, the odds at the casinos are better. For example, many casinos off the strip have low bet blackjack tables with 3:2 payout vs. the 6:5 payout that is typical on the strip. Another advantage of staying off the strip is that hotel rooms and dining can be less expensive.

Try unique dining opportunities

We ended up eating out for dinner every night. It's hard to avoid spending a lot on food when you're walking around the strip at night. You get hungry and everything is so far apart that you tend to give in and eat somewhere expensive nearby instead of hunting for a less expensive place. Some of the restaurants weren’t even that interesting. They seemed like upscale chain restaurants that you could find anywhere.

Next time, I would seek out unique local places. Someone recommended Battista’s Hole in the Wall, which has affordable dinner specials that include free house wine. The Ellis Island Cafe is another affordable local dining experience on my list to check out next time.

Like this article? Pin it!

This article is from Dr Penny Pincher of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

How to Enjoy Las Vegas Without Losing Your Shirt

Dr Penny Pincher — Thu, 24 Aug 2017 08:00:06 +0000

We are planning a surprise trip to Las Vegas for my sister-in-law's birthday (if you see her, don't tell her!). Of course, this means that I am looking into ways to make the most of this experience for the least amount of money … or at least make sure that I don't end up blowing way more than I planned.

Traveling to Las Vegas has a couple of unique budget hazards that can result in a lot of unplanned spending. Before you go, make sure you have a game plan for accommodations, gambling, and entertainment "opportunities" that you will encounter in Las Vegas, because these, in particular, can cause you to leave all your money behind in Sin City.

Book strategically

You can get great deals on accommodations in Las Vegas, especially if you avoid dates when major conventions are scheduled and a high proportion of rooms are booked. Check Vegas Means Business for details about conventions and try to pick dates with the smallest number of convention visitors scheduled for the best chance to find a cheap, high-quality room. Also avoid dates of major sporting events that bring out sports gamblers and can spike up hotel rates. (See also: 9 Simple Ways to Save on Hotel Stays)

Gamble smarter

The smartest move is to simply decide not to gamble and avoid losing money. But I decided if I'm going all the way to Las Vegas, I would at least try gambling since it's such a core part of the Vegas experience. Going to Las Vegas without gambling would be like traveling to Napa Valley only to avoid anything that has to do with wine or vineyards.

If you're going to gamble in Las Vegas, there are some things you can do to improve your chances, or at least reduce the amount you are likely to lose and how fast you are likely to lose it.

The math on slots

Slot machines are easy to play, but casinos make most of their money from these machines, not just because of their popularity, but because of the edge to the house on odds of winning. The payback from a slot machine typically ranges from 99 percent of the money that is put in down to 90 percent or less. Looking at this in terms of entertainment value, playing a 25-cent slot machine with a 90 percent payback costs the gambler about $12 per hour on average. Playing a $5 slot machine with the same odds costs about $240 per hour. Slot machines that cost more to play tend to have a better payback than less expensive machines, so you may be able to find a $5 machine that does better than 90 percent payback.

Tables odds

If you want a better chance to win than slot machines, table games have much better odds. If you learn to play, these games have a lower edge to the house of down to around 1 percent:

Blackjack
Craps
Roulette
Baccarat
Video poker

Looking again at cost per hour to play, let's say you are playing blackjack with $3 bets using a basic strategy with a 1 percent house advantage at 70 bets per hour. That would result in $210 wagered and a loss of $2.10 per hour, on average. This seems much less painful than playing slots!

I plan to practice a little blackjack and try my luck since it has only about a 1 percent edge to the house and is easy to play. Even though I know I'm likely to lose money overall, I want to at least try it for entertainment value. If I win some money, I'll have some great Las Vegas stories to tell.

How to avoid losing your shirt

Practice at home first. Don't approach a table to bet if you are not familiar with the game. It is too expensive to "learn on the job."
If you decide to gamble, sign up for the player's club to get a card you can use to track your time and money spent gambling.
Wear a watch, or at least keep track of the time. Casinos look the same at 2 a.m. or 2 p.m., with no windows and no clocks. They want you to lose track of time and keep gambling.
Set a maximum budget for gambling, keep track of your losses, and stop if you run out of gambling money. It may be tempting to try to win it back, but stop. Walk away.

Seek out free Vegas entertainment

Another big potential money pit in Las Vegas is the expensive shows and amusement park rides. Before you go to Las Vegas, spending $89.99 for a ticket to see the Criss Angel magic and illusion show may not be a priority. But this can seem like a cost-effective alternative to feeding money to the slot machines once you're there. Or looking at the $89.99 magic show ticket can make that $64.99 ticket to see Penn & Teller can seem like a real bargain.

With all of the expensive things to do in Las Vegas, it is refreshing to have some good options that are totally free:

Free volcano eruption nightly at 8 p.m. and 9 p.m. in front of the Mirage on the Strip.
Three trams provide free transportation on the west side of the strip between the Monte Carlo and Bellagio, Mirage to Treasure Island, and Excalibur to Luxor to Mandalay Bay.
Free craps, poker, roulette, and blackjack lessons at the Golden Nugget downtown.
Clark County Wetlands Park has 2,900 acres and 15 miles of paved multiuse trails, plus 18 miles of unpaved trails.
Fremont Street Experience, nicknamed "Glitter Gulch." Enjoy free music and Elvis impersonators, plus a light show on the hour from dusk to midnight.
Pinball Hall of Fame gives you a look at pinball history for free, and you can play for 25 cents to $1 per game.
Silverton Casino's Aquarium has tropical fish and stingrays, plus a mermaid show.
Marjorie Barrick Museum on the University of Nevada, Las Vegas campus has two art galleries with Latin American and pre-Columbian works.

When you have your nightly entertainment planned ahead of time, and it doesn't cost a thing, you'll be less likely to be lured to an expensive show.

Like this article? Pin it!

This article is from Dr Penny Pincher of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread: