I was feeling whimsical this morning. And, looking at this list, many of the things I like best are free (though a couple, I admit, by virtue of being abstract).

10. Affordable housing. To many locals, including myself, who bought a couple years ago, this is probably painful. But right now it is also absolutely true as you can buy homes for less than the material and labor it took to build them.

9. Fake happy casino employees: Or, what could be more mundanely called great customer service.The resort corridor is packed with fake smiles of casino employees who always seem delighted to serve you. I don't know if these people are having a good day or a bad day. They just do their jobs fantastically in a really efficient and cheerful way that, by and large, puts customers first and helps tourists have great times. Vegas might be the last truly great customer service location in the country.

8. The diversity. Vegas is often and fairly mocked for investing billions into creating a tacky fantasy of middle America's take of life amid the wild and naughty libertines. And I will leave those higher issues to architecture experts, sociologists and anthropologists. I only want to say that whomsoever the fantasy was meant to reach, the Vegas experience has proven to have worldwide appeal. Sit in a casino and you will hear nearly every language spoken at some point. That diversity is part of the community for residents as well. The cast of Cirque's "Love" alone has brought to Vegas residents from 14 countries.

7. Strippers. I wonder if any city with a comparable population has as many strippers? You don't have to go near a strip club. If you are a local you know the experience of a woman in designer pink sweats (generally a tattoo slightly visible on the lower back -- affectionately known as the "tramp stamp") carrying a lunchbox-style case while buying her items with a thick wad of $1 bills. Anyway, the huge numbers of strippers here definitely adds to the quality of life in Vegas. I have been entertained by the drama they can create in resorts; I have seen tourist friends who fall in love with them (extra entertaining); and, most important, they toss lots of cash (earned from tourists) into the Las Vegas economy.

6. Penn & Teller. I can't say I knew much about them when I first saw their Vegas show in 1999 (then at MGM Grand). I had just moved here and expected some sort of magic show with jokes. Perhaps that was for the best, because the surprise experience of these mad scientists, carnies and performance artists is one from which I have never fully recovered. I keep wanting every Vegas show to be as good, but none really get there. With their cable series and their ever-evolving Rio production show, Penn & Teller are the resident geniuses of Vegas.

5. Looking down on things. The Strip is simply gorgeous to look at during the evening. And the best views are, unsurprisingly, the high ones. Amazing sight lines can be expensive like at the Foundation Room at Mandalay Bay or more affordable and accessible like the top of the Stratosphere. But the best view is the one when your plane lands the right way and you see the Strip reaching up below you and your heart starts beating faster.

4. House of Blues at Mandalay Bay. Whether Guns 'N Roses or Old 97's or bands no one has heard about yet are playing, House of Blues has consistently been the best concert venue in Vegas. Because it is so familiar to locals and tourists, HOB can never get the credit it deserves for the many ways the venue has made Las Vegas a great place to visit and live. And, while the ironies abound, I love going to a casino for the gospel brunch on Sundays at House of Blues. I am pretty sure that (outside of Elvis tribute shows) this is the only gospel you will find on the Strip. 

3. Listening. I know people watching is the more obvious pleasure. But stand in an elevator or wait in a taxi line and you will overhear the most amazing conversations. I have heard people decide on divorce in a taxi line and once overheard two people awkwardly talking on an elevator quite obviously right after one had rejected the other's marriage proposal. So, the next time you are in Vegas, if you can ignore all the glittering lights for a moment to listen, you are sure to be entertained.

2. Entertainers: I don't mean the kind you find in the local telephone book. I mean the showkids who dance and sing and go to auditions. Spend any amount of time on the Strip and you will run into them. This town is always brimming with young, creative and talented people. You will never find more competitive amateur karaoke than in a Las Vegas locals' bar. And, thanks to all of the lounge bands, nightclub dancers and other acts that work as window dressing for tourists, these talented young people are able to earn a good living in Vegas that does not involve waiting tables. To give one example, Venetian headliner Wayne Brady started out working as a young nobody in the '90s doing two shows at MGM's long-gone theme park.

1. Change/no change. John Peel famously offered of the Fall: "They are always different, they are always the same." How true is that of Las Vegas? People talk about old Vegas and new Vegas. And, when the current economic crisis ends, we may be in a new, new Vegas era in which the town is owned by bankers (gag). But the owners --- mob, Howard Hughes, corporations or bankers -- and buildings--- Desert Inn or Wynn -- may change but Vegas has never really changed. Vegas remains fundamentally the place where hardworking adults can come have fun for a few days before heading back home to reality.

Photo by Sarah Gerke

There seems to be parallel realities in Vegas right now. On the one hand, for tourists, things seem almost eerily normal. In fact, better than normal. Room rates have dropped so low that you can find stays at Strip resorts cheaper than budget motels on lonely highways -- with show tickets, gambling coupons, and/or a food credit tossed in for good measure.   

Certainly, some shows are closing: "Stomp Out Loud"  announced its demise as a going concern at Planet Hollywood come January. They hope to find another theater. And many smaller shows have not weathered the economic downturn. One show at the V theater at Planet Hollywood was closed within a week of opening. But other shows quickly take their place, and so no showroom remains empty for long.

In short, Vegas remains much the same place: full of conspicuous consumption, parties every night and carefree fun for all (or those with enough cash). This weekend, the ticket to have is the Madonna concerts at MGM. The top ticket price is a not very budget-conscious -- $375.  In short: There have been a few issues that noticeably affect the tourists in Vegas.

Meanwhile, in the parallel world, the last few months, weeks and even days have been among the most difficult that Las Vegas locals have seen for our economy. Strip revenues and visitor counts have been dropping for more than eight months. The result is now coming into full view almost by the day.

Vegas lacks a Plan B that posits an area without ever-increasing growth. We need more people always coming to exist. Things don't have to drop for Vegas to feel pain. Here is why: New tourists are needed to fill all the new resorts opening -- M, Aliante Station,  Encore, City Center (with six towers), Fontainebleau and even the new tower at Caesars. Meanwhile, near the Strip are the recently opened Palms Place and Trump. I am leaving out MGM's Signature and others. But the point is clear: Even if the number of tourists simply doesn't rise, everyone in Vegas knows bad times are ahead.

From the big gambling companies to the individual employees who live off shifts and tips, these are dark days. All of the major Strip resorts have already done some layoffs (except Wynn, which has to staff its new Encore) on account of the economy. In addition, many workers remaining have seen their hours cut substantially. Almost every local business depends on the casinos in some way. Both of our local newspapers have reported staff cutting at their competitor's parent company. You know that story.

This is on top of Vegas already being ground zero of the foreclosure crisis. As Buffet readers know, I bought my own condominium in February 2007. The other night I walked through my complex and counted eight moving vehicles. Of the owners of the two other units in my building, one has already moved out of state. A renter has moved into the unit. The owners told me before they left that the rent is less than their mortgage but it will allow them to wait out the economy.

A short tour of the agony of the big companies include MGM-Mirage having issues funding the final phase of their gigantic City Center and the Las Vegas Sands (owner of Venetian and Palazzo) admitting they may default on debt. Meanwhile, the malls attached to both the Venetian and the Palazzo are for sale as the parent company teeters with financial issues. Fontainebleau has not opened yet but Moody's just downgraded its debt.  Harrah's has just announced quarterly losses. The Tropicana is in bankruptcy, and I have not even gotten to the Cosmopolitan, where the developer lost the project to bankers months ago. So, behind most smiles in Vegas these days there is a lot of anxiety. Yet, those with jobs are extra grateful to still be standing, and with fewer customers to serve, I've actually noticed an improvement in customer service in my travels on the Strip. Of course, eventually tourists are going to notice. The Riviera, for example, announced it is taking a year off from the badly needed renovation of the property to save money.

So, the one sure thing is that the future guarantees some amazing deals for tourists (and, with gas prices down, why are you reading this in California?). But for locals this is a harrowing economic time, no matter if you are a big player such as Steve Wynn about to open a new casino (Encore) or just a front-line worker hoping to keep working 40 hours.

Vegas only knows how to grow and we are still growing, but no one knows if all those rooms will attract people as has always been true in years past. As elsewhere, these are interesting times and even in a fantasy city such as Vegas it turns out reality exists.

Photo: Sarah Gerke

It is one of the most stunning and troubling symbols of Las Vegas compared to the rest of the country. You notice it the minute you get into McCarran International Airport. No, I am not talking about the slot machines. I am talking about the people sitting at them smoking cigarettes. According to the Las Vegas Sun, "McCarran International Airport will become entirely smoke-free by Friday — a dramatic transformation for the smoker-friendly airport."

Has the world come to an end? Anyone see men on horseback? How could this happen in the land where freedom of vice is more or less a right?

This year Nevada voters were asked to choose between two different anti-smoking initiatives. Rather than come out and pitch the less restrictive initiative as more business friendly, it was advertised as being the best choice for banning cigarette smoking indoors. It wasn't. The other initiative was not only more restrictive, it was also backed by many of the well-known health advocacy groups. The cynicism of this willful confusion flopped, because given the choice of how to best limit smoking, well, the Nevada public proved adept by voting for the more restrictive initiative. Therefore, the real issues are only coming out now: bars that serve food feel forced to choose between continuing to do so or keeping smoking at their slot machines. That pretty much means goodbye food.

Anyway, the point is that this issue was never debated before the election because the tavern owners and other backers of the less restrictive initiative tried to confuse voters, and that made them look as stupid as they thought the voters were. No credit to myself here. I didn't vote. But the real strategy that allowed this anti-smoking initiative to pass is an exemption offered in the more restrictive initiative: casino floors are not affected by the measure. Obviously, this is still Las Vegas.