Venetian/Palazzo SANDS reaps what they sow.....Who didn't see this coming?

I continue to get a monthly email (blast) offer, that sucks. Delete!

It will only get worse for them now that convention season is winding down.

Hi CLV, I'm a bit behind on the reading but was SO HAPPY to see this.

Where's MoneyLA and his support for Shelly's great marketing decision now?

You didn't have to go to Harvard to see this coming. He took a stand with analysts a while back in an effort to shake up the stock by saying that comps were off the table except for the biggest customers. He either didn't see or expect the obvious implications of alientating your core customers in what is obviously a down market.

Maybe he can remarket the place and sell future customers on the fact that they'll have more leg and aisle space in the casino? How about buy four rooms and get the fifth one free? LOL

Asia's floating the boat right now. I don't know this market but on the surface, it seems that it may be subject to over-development.

Let's see what next quarter's figures look like as the trade show season slows.

Dan

Agree Fedomalley.

And if my crystal ball is any indication, next quarter will be worse than this one......

I was there last week. I stayed at the Encore, comped with an entry to the
baccarat tournament. After the tournament the table minimums started at $300 and it
was standing room to try for a seat.

I went next door to visit my old favorite V/P. I had dinner at the Grand Lux for old time sake, but refused to gamble there. The place seemed very busy. I learned that the conference center was packed with a large
financial services conference of some sort.

I went by the high limit salon. Empty.

So there you have the two contrasting business models. Wynn comping the high rollers (and wannabes)
Sheldon going for the corporate crowd.

After being comped at Aria, Bel,Cosmo, and Encore, I don't feel bad about moving on from Ven.

Vindication.

While I am not a fan of SA or LVS, and I think the way they failed to honor their comp policy was borderline civilly liabile, the casino hold #'s year to year are heavilly weighted to baccarat play. Same goes for all the high end casino table game numbers. The fluctuations can be drastic to bottom lines.
I think the jury remains out on the LVS cut off all the comps that return next to nothing in play strategy.

Anyone who thinks that the new comps policy is not affecting the Venetian/Palazzo is just delusional. When all the smoke clears the overall numbers will tell the tale. In a nutshell- a dumb move Sheldon.

Just look at earnings reports for other major Las Vegas Strip casino companies Wynn sees nice increases, MGM Resorts looking up sees recession letting up
CET properties doing better while Venetian/Palazzo down 47%. They are lucky to be getting the uninformed convention customers because I and all the
gamblers I know except poker players have crossed Venetian/Palazzo off the list of properties they will go to.

I love it. Except for using my gold card to go into the lounge, I haven't set foot inside the V/P. It's a joke how they send the $129/night offers in email still. CET has gotten my play (and $)!