It's not a cheap shot.
First of all, to get the $500 of free play you have to lose $500. Then it's a gamble whether or not on the next TWO trips, you will even make back the original $500 you lost.
Frankly, I would use this if I were a local but I would still try to win on my initial $500. Why would you play to lose to get $500 in free play later on two trips that you'll maybe get 99% return on? Sounds stupid.