They've just "updated" this info. Now, you can earn 300 points and get $35 free play in a given month--and you can do it twice. 300 points takes $2400 coin-in at VP, making this a comfy 1.5% boost to your play--in addition to the points being worth another 0.9%.
The new news, however, is you can also do this separately at Binion's! The VP there isn't as good, but if memory serves, they do have 8/5 BP--still a nicely positive play.
Makes for a killer downtown coupon run. I highly recommend Whiskey Licker at Binion's.