“Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.” — Ayn Rand

I’m heading off to Las Vegas for an industry conference and trade show. Five days of meetings followed by four nights of hanging out at the casinos. To some, this is the ultimate business trip. For me personally, I would rather be home this week.

I’m not a big fan gambling. Perhaps it’s because I’ve never really had a lucky night of playing Black Jack or Slots. After losing $100, I’m more tempted by the all-you-can-eat buffet rather than the sight of an ATM machine. Addictions come in various forms.

Gary Lange, PhD, of Palm Springs, California, a psychologist and state-certified gambling counselor, speculates that a combination of genetic predisposition, personality type, and environment create the blueprint for the addicted gambler. Also, living within 50 miles of a casino doubles the likelihood that an individual will develop a gambling disorder, he says. “In Palm Springs, there’s an exploding problem among retirees who have not one, but five casinos within a 50-mile radius. Add loneliness, boredom, or chronic pain to the mix, and you have an explosion.”

Alexandra Marks of the Christian Science Monitor adds, “The most recent (study) has found that when a casino comes to town, personal bankruptcies do decrease slightly, but only in the short term. After it’s been up and operating for nine years, then personal bankruptcies increase at a rate of 2 percentage points each year, compared with counties where there is no gambling.”

“What this suggests is that in a lot of communities, the full impact of bankruptcy and the negative consequences of gambling are yet to be felt,” says Edward Morse, a law professor at Creighton University School of Law in Omaha, Neb. “This is especially true as casinos continue to proliferate.”

Addictions aside, I’m sure there are many people that enjoy Las Vegas in moderation. Some even win big. I’m told that Uncle Sam also shows up to congratulate these folks. “That’s why the bells go off when you hit the slots,” says John Shelk of the American Gaming Association. “So we can get someone there to get your tax information.”

“In some cases, Uncle Sam even gets his cut (25 percent on most winnings, up to 33.33 percent for certain noncash payments) before you get your payout. That’s the case for winnings of more than $5,000 from any sweepstakes, wagering pool or lottery; withholding also is collected on proceeds that are 300 times or more the amount of the bet. Gambling winnings from bingo, keno and the slots are not generally subject to withholding, but you’re still required to provide your tax ID. If you refuse, the casino can assess backup withholding of your jackpot at a 28-percent rate.”

I guess what happens in Vegas stays in Vegas… including the withholding tax. Wish me luck. I have a long week of work ahead of me.