MGM recent comp earning downgrades

MGM Resorts has recently (on 3/1/2023) nixed their 2X Tier Credit earning promo, which was initiated in Feb. 2022 to dissuade player backlash due to a previous players club tier and points downgrade at that time. They are now promoting yet another 'feel better' / buffer promo for daily tier credit earning bonuses in order to cushion this new downgrade (valid through July 31, 2023). In terms of theo loss, the base earning rate now before any bonus tier credit earning is 8TC's earned per $1 theo loss (it was 16 TC's earned per $1 theo loss with the now defunct 2X promo, essentially cut in half regarding earning rate). So, they're going to offer TC bonuses based on a 24 hr gambling period..dig deeper into your bankroll per day and they'll reward players for it ( uh-huh). Below is a link that describes the new daily tier credit bonus accelerator promo...for those interested. It's a fluffy thing..flowers, butterflies, and your favorite song playlist 24/7 ( not). The downhill gougefest now moving with progressive intensity, looks like.

I will say that our comped room type and availability on offers has been noticeably upgraded ( more suites at more places,etc.), which they apparently added to further reduce the customer backlash from this recent players club downgrade. Yeah,well..I have wool in my eyes, or what? C'est la vie ...we might consider Reno / Tahoe next trip ( knowingly aware that it ain't Vegas).

https://www.mgmresorts.com/en/mgm-rewards/daily-tier-status-accelerator.html

Reno/Tahoe ain't Vegas in so many good ways. Especially if you visit in the summer and aren't baked to a crisp, the way you would be in Vegas. Plus...everything's (much) cheaper, the gambling is (much) better, the people are (much) friendlier, and in general, you won't feel like you're being squeezed by some giant boa constrictor of a corporation until your eyeballs pop out.

I'm sure you're aware that the Vegas megatoilets have it carefully calculated that your expected losses will be 4-5 times the value of whatever goodies you receive, so you're better off ignoring all those room offers. You'll also find that X amount of play in Reno generates 2X-4X the amount of goodies that the same amount of play generates in Vegas--even if the properties are owned by the same giant casino megatoilet corporation.

The primary reason to visit Vegas nowadays isn't the gambling--that's horrible now--but "events" like the Get Drunk and Dance in Front of an Oncoming Truck Festival, the Vegas Vultures Lacrosse Championships, The World Janitorial Jamboree, the World Dog-Beating Festival, etc. etc. That, and maybe the (fat) chance to dance with all the underage bimbettes maxing out Daddy's credit card at Sleazer's. If that doesn't do much for you, then maybe Reno is the ticket.

Oh, and it doesn't get the press that Vegas does, but Reno is a terrific and much cheaper dining destination.

Ignoring the obvious weather difference, how does Reno/Tahoe compare to Laughlin?  

I can't afford bimbettes ( including the ones wearing dentures) of any persuasion anymore. Most of them can't sing well, anyway..and Penelope Pantyless ain't ever been what she's cracked up to be ( according to my wife, anyway). I've got a decent amount of Free Play and Resort Credit 'value' amount offers left at MGM, and I'm gonna use them up because I essentially already paid for them; I might split a couple trips between Reno / Tahoe and Vegas..pack some balogna sandwiches and some suds and put on the high roller costume, etc. We'll see.

The average age of visitors to Laughlin is seventy. If that's not enough comparison...

Laughlin is a relative bargain destination, but not as much as it used to be. In particular, weekend room rates can be almost as high as Vegas. The food in Laughlin is expensive and lousy (you can find decent grub in Bullhead City, not within walking distance, across the river). Gambling is OK in Laughlin but better in Reno.

If you want to take a break from gambling, you can spend a day (or days) in Tahoe. There's nowhere to go and nothing to see near Laughlin.

There's international air service to Reno. Laughlin has a small regional airport, and while I don't know if there are any direct commercial flights there, I suspect not.

Thanks Kevin.  I think Reno sounds waaaaay more appealing.  I may take a jaunt to Reno - I've mostly ruled out Vegas this year, unless some price improvement miracle happens on rooms and flights.  

Tommy 

Here's an article ( linked below) involving a couple of MGM Execs attempts to explain the cost gougefest ongoing at their properties in Vegas during a conference event they spoke at recently. The convention business downswing due to Covid was highlighted as a causative element, which on the surface sounds plausible since Vegas has always been somewhat dependent on the convention business for survival.

A sample of their ( or the article author's) wool-pulling statements include..

- "All of this has led to low prices for tourists and business travelers"

- "That has been slowly changing, especially for major non-business tourist events like March Madness, the  NFL Draft, and the Formula 1 race" ( a race weekend where Caesars, MGM, and the other Strip operators may break pricing records).

- " Rising prices and a rebounding convention business don't mean the end of Las Vegas as a value destination for tourists" according to MGM COO Corey Sanders.

-" Although Las Vegas has largely returned to normal after its Covid disruptions, room rates at many Caesars and MGM properties remain below historic norms. That's at least partially because the convention business remained soft in 2022 and not having those huge blocks of rooms booked led to the casino operators generally keeping prices low. That's expected to continue through 2023, according to COO Sanders."

- " Fewer rooms booked for conventions generally means lower rates across the Strip".

- MGM senior Vice President Sarah Rodgers made it clear that MGM understands that the Las Vegas Strip must maintain its status as an affordable vacation destination.

- "We still offer a relative value. That gap has tightened a little bit. Some of those drivers that have allowed us to sustain that are things like continued programming, improved product, and the suite offering  that we have. So we're comfortable that we still offer relative value. " That was foggy / clear as mud, ehh?

- Much of the increase in traffic at Harry Reid International Airport in Las Vegas is attributable to economy carriers, meaning the travel costs to get to the US casino hub are, broadly speaking, tolerable for a broad swath of customers."

The only thing is, most customers aren't seeing anything on the Vegas ground remotely in line with what they are presenting / prevaricating / offering here. They didn't share what their recent annual bonuses might be, either ( not that anybody would expect them to; a few inquiring minds would like to know, though..just for fun).

The factual  Average Daily Room Rate (ADR stats from LVCVA) indicate that the highest ADR's in Vegas history were recorded in 2022 ( particularly Sept., April, and May) and 2023; the latest available stat ( Jan 2023) shows an ADR of $191.62, which is 32% higher than Jan 2022 and 22.4% higher than pre-covid ADR's in 2019. These stats are in direct conflict with what these prevaricators said about Vegas room rates, of course.  The reality on the consumer ground is quite a bit different than what they portend / pretend / etc...as anybody who has actually visited is vividly aware of. I guess their misleadings/ blow softenings are just part of their daily job responsibilities, so they can in fact receive those annual bonuses, etc. The recoupe / gouge mindsets continue. Though it's completely unrealistic, it would be refreshing if one of these resort execs would just hold a factual press conference and announce " we're going to continue to progressively/ metaphorically kick you in the nuts, folks".  I'd buy said exec a Daniel Webster cigar.

True, higher squeeze costs are happening everywhere else outside of Vegas..and some of the debacle is of course fueled by the customers themselves who can't / won't say no to the gouge. Excuse the rant , but this is just one of my personal pet peeves...had to let it out of its cage ..again. *l*. Somewhat hypocritically perhaps, the SO and I will be in Vegas in April ( just to be honest about it) *l*...with a refreshed mindset regarding who / what these resort execs are ( not new, just unpleasantly refreshed).

Cartoon article link = https://www.thestreet.com/travel/mgm-shares-good-news-for-las-vegas-strip-tourists

I recently killed my plans to go to Vegas in April--and I have six free nights, spanning a weekend if I wish. I'm just tired of paying the jacked-up prices for every goddamn thing and the gradual snuffing out of decent gambling everywhere. Hell, you can't even find a TEN dollar table any more, let alone a five dollar one. And decent video poker? HA!

And yeah, yeah, I know there are still a few bargains, a few decent plays, etc. But it seems like every time I visit, one of those deals winks out. I'm getting weary of driving across town to the Golden Commode and finding a smoking crater where the Deuces machines used to be, or finding that the 60,000 points I accumulated last year at Mississippi Mudflats are now insufficient to buy an order of french fries.

I guess like you, the most irritiating aspect for me is how these spin doctors will blithely babble about value and then out of the other sides of their mouths, cheer about record profits. The former can't exist with the latter, boys and girls, unless Vegas actually does turn back into a "value destination."

  The sadest and most troubling aspect of what they say is that many people believe their obvious lies.

David...and/or the consumer populace just hasn't hit / banged their heads on the wall enough yet ( they don't care, ie..still trying to outrun Covid effects..get in the truck/plane and let's go, etc.). It is a tad sad if one thinks about the last three post-Covid years and its effects for any length of time..easier not to, I guess. I'll choose the latter *l*.

Kevin.. Yeah, the opportunities to mine out the very limited few 'value' plays in Vegas are indeed scant. Then the resort conspirators just propagate more crap..immensely irritates me and most other old-school Vegas patrons. BTW, Treasure Island still offers 3:2 games with tolerable rules at $10 early weekday mornings ( up until about 11 AM or so, depending on when the lemming crowds show up). At least those were the conditions during our last trip ( we'll see if that holds up next month). I still hold onto that perhaps semi-delusional hope that the old axioms of economics will eventually emerge and some of that old Vegas value will return..despite the incessant lies and misdirections from the resort reps. We'll see.