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...most of us armchair movie critics, predicting Oscar winners is a hobby. For Johnny Avello, it's part of his job. Avello, executive director of race and sports operations at Wynn Las Vegas, runs the only sports book in all of Sin City that sets odds on entertainment. TIME caught up with the Poughkeepsie, N.Y. native to get his picks on which movies will win the hardware Sunday night, and what goes into setting Oscar odds in general. (See TIME's Oscar guide...
...Jones reports that the overall take on the Las Vegas Strip was down 23% to $474 million in December. (Read "25 People to Blame for the Financial Crisis...
...madness of gambling is based on the belief that either the player will win or somehow come up with the money if he loses. Since gamblers frequenting casinos rarely win, the real issue is their ability to pay off debt. Las Vegas has become like the rest of America. Visitors to the city were just late coming around to the realization that borrowing has gone out of vogue. If most large American banks were based in Las Vegas they would still be buying toxic paper and lending money for leveraged buyouts...
Legalized gambling was set up in cities like Las Vegas so that the depravity of betting on cards and dice could be contained in one or two cities. The plan was not unlike Prohibition would have been if the only places to drink were Akron and Erie. Confining gambling turned out to be difficult once it became a staple on Indian reservations and on flat bottom boats anchored just beyond the jurisdiction of the local authorities in many river towns...
...would be too easy to say that the Las Vegas culture slipped out of the city and ended up at the lower tip of Manhattan. But, gambling on Wall St. predates the day in 1946 when Bugsy Siegel opened the Flamingo Hotel...