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im staying at excaliber and plan on playing there plus the MGM, baileys, IP, as well as 1 nite somewheres downtown. will be there for 4 nights...
...my secondary goal is to play alot of rooms and get the lay of the land.

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I would think that's perfect for a 1st timer in Vegas. It is a $40 min/$200 max buy in game, so there's a little wiggle room (I don't like the $100 buys, many more all ins). While there are some short stacks at each table at MGM, still enough money usually to play with.

I just got back from the $1-2 at MGM and took $2,000 over 3 days. That does mean I did get some good hands and they held up, but I was also patient enough to allow those good hands to come over 30 hours of play.

I didn't try the $500 game, maybe next time. I'm curious on the play at that game.