If you are into gambling, there is plenty of that in South Lake Tahoe along with the nightlife. Are you going to be in North or South Lake?
An interesting factoid for you skiers/pilots: I never realized that the Squaw Valley VOR sits on top of the Palisades (some pretty sick cliffs that skiers and snowboarders jump off when the conditions are right). I flew over the VOR on the way to Nevada a couple weeks ago and there it was. I ski there quite a bit and never put 2 + 2 together. In my pre flying (read that younger) days, I had the legs, stamina and lack of brains to hike up there and ski (fall) down the mountain. Didn't realize until I flew over it a few weeks ago what that little building was for!
Back to the topic at hand, if you are going to ski, bring your rock skis or rent. There is enough snow to get your ski legs back but nothing spectacular. The season is still young. Enjoy your trip!