Set a budget for gambling. Don't go over it, and don't waste it all your first day. A blackjack table can empty you of your money within minutes. Craps is even worse. Bet on a football game, it gives you hours of entertainment with an exact limit to what you spend. Pai Gow is the best table game to play for hours, the nature of the game means you push half the time.
Look for the plenty of free things to do. Plan an event every night. Club night one night, dinner and a show, walk the Strip. For your walk the strip night I suggest you start at Bellagio and see the free fountains. The walk two hotels down to Mirage and watch the free volcano. Walk across the street to a little dive casino called Casino Royale. Get dollar margaritas and play some dollar roulette. Then walk down to Treasure Island and watch the free pirate show. This lets you walk the strip, gamble, drink, and people watch for very little money and in one night.
Don't come out on the obvious holidays. 4th of July, New Years Eve, boxing match nights. The room rates are sky high, you can't get into any clubs and it takes forever to get anywhere. Come in mid-week and you can skip the 3 hour line to get into the best clubs.
Drinking can destroy a budget in no time. My girlfriend and I wandered in to Bellagio when we first moved here just to see what it was like and to get a drink. After ordering two Long Island Iced Teas I received a $50 bar tab. I learned that a flask is your best friend. Your first night make a trip to the store, taxi cab if you have to. Get cases of beer and bottles of liquor along with food. Get your drink on before you go out. You can still get a drink where ever you go, but doing 3 rounds of shots at a night club can cost you $300 for $15 worth of liquor.
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