When Michael is getting into bed with the red-headed librarian and pushing stuffed animals off, there are only two or three left on the bed as he throws one into the camera. When it falls off the camera, about a dozen more are back on the bed.
Even if we allow for a suspension of disbelief to move the story along, it must be noted that Nevada strictly regulates its casinos. In short, Michael would not have been allowed to lose so heavily, and Carlos's solution is completely illegal. In real life, Michael should have immediately gone to the police or to the Nevada State Gaming Control Board.