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From what I've read, Vegas really did it to themselves. It used to be the kind of place where anybody could go and feel like a rockstar no matter how much money they brought with them. The Mafia way of running it was "give everybody a good time so they come back, make your money on the big spenders."
Then private equity and corporate heads got their hands on it and decided to play the min/max game that winds up fleecing everybody. It's just not worth it anymore.