How to Enjoy Las Vegas After Hitting a Jackpot! - Nephew's Homework

Hi Everyone,

My nephew has to give an informative speech with a power-point presentation for his college speech class. Since he is my kindred spirit, he has decided to give a speech on, "How to Enjoy Las Vegas After Hitting a Jackpot!" And of course, he called me up to ask for my advice as to what to say (6 minute speech). He is still deciding how much the made up jackpot is, but probably between $25,000 and $50,000. Enough to have a great time, but not enough to go too crazy buying cars or things like that. AND to make things fun, let's assume that he has to spend it all on that trip, not use it to pay off his college tuition!

I first suggested, "Hookers and blow!" like any good uncle should. He thought that was funny, but didn't think his professor would approve.

Any thoughts? Perhaps bottle service at a fantastic club? Renting a cabana? Most expensive restaurants in Las Vegas? Fancy suite? Being a "mid-roller" for a night? Helicopter ride?

I would love to hear any of your suggestions. What would you do if you won a $25,000 to $50,000 jackpot and you had to spend it all on that trip?

Oh, if you have any good pictures for his power-point that would be good too. I am going to try and encourage him to create an account at VMB so he can discuss and comment.

 

What to do with the money I think is going to fall in to three main categories: "kiss it good bye", "put it to work" or "something to show for it"
(Having to spend the money takes out the option of "protect it" or "keep it safe" which would be to take some or all of it home)

Which choice, or choices, people make with the money is going to depend on their personality and how they value the money...

Kiss it good bye: this would spending it for the sake of spending it where in the end you have nothing to show for it, but you probably had a good time getting there. This would be things like bottle service in a high end club, buying a round, fancy dining, moving up to a High Roller suite - stuff where you are going to get some kind of quick ego boost and it'll feel good spending the money, but once the money is gone, it is gone, and you'll only have memories.

Put it to work: keep on gambling! This isn't necessarily moving up to nose-bleed stakes, like if you are a $1 slot player suddenly going up to $500 or $1000 a spin machines... but maybe going up to $5, $10 and $25 machines or moving up a few steps in levels at the tables where you are going to try to turn the money in to more money.

Something to show for it: go out and buy something you can't normally afford, or a whole lot of stuff you can normally afford but wouldn't usually buy that much of or all at once. This might be something like a piece of fancy high end jewellery, an expensive watch, fancy clothes, etc.


For me I would be most likely to put the whole amount to work and try to win more. Buying something fancy like a Rolex or high end jewellery would be a constant reminder to me of "what the hell did I waste all that money on that for" and personally I'd just feel kind of stupid blowing it in a nightclub buying grossly overpriced drinks or spending the money on a high end super suite where I can appreciate a nice room, but all I really want in the end is a good bed... in the end I would feel better about myself if I just lost all the money trying to win more than if I "wasted" it on fancy drinking and dining because I at least had the chance to win more.

 

I can't participate because I'm too conservative. So if you make me spend it all, I'm spending half the stake in gold coins (after checking spot gold prices). Buy a nice watch secondhand from a reputable shop (little or no depreciation) very nice dinner at Joe's Stone Crab (think 10 lbs cracked) and spend the rest at a FP $5 JOB machine.

Upon return home:
I'd have the gold close to par
Nice watch that shouldn't depreciate much
Memories of stone crab nirvana
Huge slug of comps to use on future trips
Most of the stake from playing FP video poker

Told you..... Way, way too Conservative

 

I actually like these three categories that Auggie suggested. To be completely honest, I would probably just gamble it away and take the comps that come with playing at a higher level.

 

I'm going to be no help at all, because my immediate reaction is "Take the money and run!" Doesn't matter how many nights are left in your trip - leave at once. That amount of money is funding for more than a few future trips. I'm not about to take the chance on blowing it on this trip. If I had to, I'd spend a bit on something of tangible value that would last the rest of my life, like a good watch, but most of the money is coming home with me.

 

To be honest $25,000 and $50,000 is great but after taxes it really doesn't amount to much.
I would definitely up my budget for the next few trips and probably upgrade the room.
Essentially the win wouldn't produces anything significant but maybe lots of little things.

 

My instinct would be to keep the bulk of it intact and bring it home. To celebrate, I would probably do a fancier restaurant on my bucket list that I normally couldn't afford. And I might invest in a fancy purse or something like that. But the bulk would just come home with me.

 

I would start off with a nice watch and then head out to a nice steakhouse for a good meal. After dinner was over I'd go to the blackjack tables and play at a level that I've never been at before.

Edit - I too would upgrade my room to a decent suite. Nothing over the top, but if I have to spend that money then I'm going to at least get a suite at Cosmo overlooking the fountains.

 

This a college student right? If so the only answer is hookers and blow!

For me, I would probably upgrade to a silly suite (Parlor at the Wynn or Penthouse at Cosmo, etc) do a bunch of great dinners and gamble higher than my level to run up some comps.

 

Remember Brewsters Millions? Where Richard Pryor had to spend $30 million in one month with nothing to show for it at the end. This is like the poor man's version of that.

 

25,000 one dollar bills..... for tipping Elmo and Spider-Man on the strip of course.