What happens in Vegas stays in Vegas. This was one of the maxims that Michael Andrew Rosenfeld came to learn over the years. Having grown up beneath the glittering Las Vegas strip, and immersed within a wagering culture partially based on the "don't ask, don't tell" mantra, it did not take long for Mr. Rosenfeld to appreciate the presence of a soft, white underbelly that exists far beyond the neon lights. Mr. Rosenfeld is here to fill in the blanks, and to expose some of the best-kept secrets that often go unnoticed by the public.
Boasting a Master of Science in Investigative Journalism from Columbia University, Mr. Rosenfeld is no stranger to pulling back the curtains, and getting to the heart of the matter.
"I truly feel that investigative journalism has always been in my blood. Even as a kid, I enjoyed taking things apart to determine how they worked, and to fix any potential faults. While I didn't always succeed," he unabashedly admits, "the journey was worth the destination."
Considering the fact that Michael Andrew Rosenfeld was also exposed to the scintillating Vegas nightlife at an early age (he grew up on its outskirts), it made sense to turn his attention to Sin City soon after graduating. This led him on a wild ride that was rife with a number of surprises along the way.
"One of the first things that I noticed about Las Vegas as an investigative journalist was hiding in plain sight. The house always wins, and this maxim wasn't lost on the average visitor looking to spend a hefty holiday paycheck. Even though the odds were never on their side, the allure of Vegas itself seemed to supersede any sense of fiscal rationality."
He backs up these observations with real-world facts; citing house edges as high as 5% when playing high-denomination slots. In other words, players don't seem to mind that the cards are stacked against them even before arriving.
Michael Andrew Rosenfeld also is not afraid of laying his own cards on the table when it comes to how greed enjoys a top-down prominence throughout Las Vegas. We asked him to elaborate on this position, and he cited a famous situation that was already mentioned on his social media channel.
"Consider the case of Terrance Watanabe; an American businessman, and famous high-roller at Vegas Casinos," he begins with an air of almost pity. "This man lost a staggering $204 million while gambling at Caesars Palace. Not only was this a massive amount of money, but the casino allowed him to place exorbitant wagers even after knowing that he was highly intoxicated."
He goes on to state that while a rather extreme example, this is by no means an aberration. While Mr. Watanabe may have been able to recuperate some of these funds thanks to his multimillionaire status, the same cannot be said for the average customer with a limited bank account.
"Still," he states with a slight shrug. "This is simply how Vegas has always operated. It's built into the fabric of the city itself."
Many Las Vegas casinos are known for "comping" out their guests; especially those who take out high markers. The goal here is to encourage customers to play for sizeable stakes; sweetening the deal with perks such as show tickets and free rooms. However, Michael Andrew Rosenfeld states that these amenities come at a price.
"Even high-rollers who display the air of James Bond will sooner or later succumb to house odds. This can ablate a bankroll in the matter of an evening. I doubt that even the fanciest of accommodations will make up for such an immense loss."
Michael Andrew Rosenfeld observes that this type of compensation makes sense from a longitudinal perspective. The costs associated with comping high-rollers is hardly comparable to the money that they may eventually part with; especially when combined with plenty of liquid courage while on the felt.
We wanted to conclude by asking how Michael Andrew Rosenfeld personally felt about the approaches taken by Las Vegas casinos, and his answer came as a slight surprise.
"I don't feel that these are necessarily 'evil' establishments," he confidently claims. "After all, the writing is on the wall for those who choose to read it. Anyone who adopts a more conservative playing style can also have a great deal of fun, and perhaps even walk away with a tidy sum of money."
He chose to summarise his stance with a simple phrase: "buyer beware".
