How a Weekend in Vegas Saved FedEx from Bankruptcy
3 years ago31 Jul
The myths and fairytales associated with Las Vegas are perhaps surpassed only by those stories that really happened in the City of Lights â and often the two are indistinguishable, as the following incredible FedEx blackjack legend showsâŚ
The $60billion-valued Fortune500 company that âdelivers globallyâ but has its headquarters based in Memphis, Tennessee, may not seem like the basis for a remarkable Vegas gambling tale.
Back in its earliest days, however, founder Frederick Smith had run through the $millions that had originally set Federal Express up with an 8-plane, 35-city delivery route.
Down to just $5000, loan applications being rejected and with no way to meet the next weekâs fuel bills let alone wages, legend has it that Smith decided that the bright lights of Vegas was his only option.
The story that has been related ever since was recalled by Smithâs founding executive Robert Frock in his book, âChanging How the World Does Business: Fedex's Incredible Journey to Success - The Inside Story.â
âI asked Fred where the funds had come from, and he responded, âThe meeting with the General Dynamics board was a bust and I knew we needed money for Monday, so I took a plane to Las Vegas and won $27,000.â
I said, âYou mean you took our last $5,000-- how could you do that?â
He shrugged his shoulders and said, âWhat difference does it make? Without the funds for the fuel companies, we couldn't have flown anyway.â Fred's luck held again. It was not much, but it came at a critical time and kept us in business for another week."
On the face of it, not a story to rival Archie Karasâ famous run on Vegas, the poker-playing gambler turning his last $50 into $40million in a jaw-dropping two-year winning spree between 1993 and 1995.
Then again, whereas FedEx got through its bad times on the back of Smithâs blackjack gamble, and emerged as a global leader in its field, Karas lost the lot, and more, ending with a ban from all Nevada casinos for card-marking.
Itâs hard to tell fiction from reality in Vegas â which is almost the entire point of the city â but the tales are amazing whether true or not, verifiable or otherwise.
Hereâs one by âGaming Guruâ Frank Scoblete, courtesy of Casino Playerâs â100 Greatest Events in Casino Gamingâ.
Scoblete describes âA smelly bum, whose wife has just kicked him out of the houseâ taking his $400 social security check and turning it into âbetween $1.3 and $1.6 millionâ in what is described as âa weeklong orgy of good luck at the blackjack tablesâ.
However, the bum is also âthe rudest, crudest, but luckiest bastard they ever sawâ at Treasure Island casino on Las Vegas Boulevard.
After pissing off everybody he could, the inevitable happens and âhe finally blows his incredible bundleâ whereupon legend has it that Steve Wynn himself âsteps in and has him escorted out into the neon night and into the dawn of a new Las Vegas legend.â
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