The cartoon was never released theatrically due to the financial failure of Looney Tunes: Back In Action; it received a direct-to-video release as part of the Australian DVD edition of Back In Action (from which Sam reprises his role as a casino owner). It was later included as part of The Essential Bugs Bunny DVD set.
The title is an obvious parody of Hunter S. Thompson's book Fear and Loathing in Las Vegas and the epononymous film.
Bugs is living in his rabbit hole just outside of Las Vegas, when Yosemite Sam builds a casino over it. Being given the option to gamble or get out, Bugs tries his luck. At every game he plays (blackjack, roulette, slots) he seemingly cannot lose, much to Sam's consternation. By the time he leaves with a sum total of $8,042,123,297.55, Sam is down to his last quarter. After reprimanding a group of cheaters, he notices that a lucky medals, four leaf clovers, horse shoes or rabbit's feet are not allowed, and realizes he's been duped.
Bugs has meanwhile used his new found riches to buy a luxury hotel suite. Sam follows him shooting and Bugs is forced to win a prize car to outrace him; Sam meanwhile drives a giant boat, complete with cannons. The two race out of Las Vegas all the way to Hoover Dam. There is a conveniently placed slot machine, which Sam uses his last quarter to play. He "wins" and the screen reads H2O, causing the dam to burst.
Sam phones Bugs, who is atop the now empty dam, to tell him, "I hate you, rabbit." Porky ends the film with his usual "That's all folks!"