Indeed, if you haven't been to Las Vegas for a few years, you may not recognize the urban landscape. Since 1992, the city and surrounding Clark County have grown by more than 320,000 people. A dozen megaresorts have opened along The Strip. Fremont Street has become a downtown pedestrian mall covered by a high-tech, laser-lighted canopy. And the Chamber of Commerce is peddling the place as the "Global Community of the 21st Century."

If you've never been here, the spectacle can be overwhelming. Flying in at night, you see the valley's lights extend as far as the eye can see. The Strip, formally known as Las Vegas Boulevard, showcases architecture that ranges from Roman forums to Egyptian pyramids to New York City Gothic. In all, the city is home to 13 of the world's 15 biggest hotels. The four hotels at Tropicana Avenue and The Strip--the Tropicana, Excalibur, MGM Grand and New York-New York--have more rooms than all of San Francisco.

Las Vegas is, first and foremost, a tourist town. Each year more than 30 million visitors fly or drive here. If they're typical, they leave slightly larger around the waist, having consumed their share of bargain buffets. And, with a few lucky exceptions, their wallets are appreciably lighter. Tourists spend more than $22 billion annually, including $6 billion in wagers of all sizes and odds.