Thanks for the thanks and yes, we pretty much leave the Member Rewards Book negotiations until the latter part of the year, primarily for the reason you cite.
As anyone who lives here or who reads Today's News on a regular basis will be well aware, Las Vegas is in a constant state of flux, with shows and restaurants opening and closing, personnel moving on, and brand new attractions coming online all the time. This has been especially true over the past few years, when the recession cut through this city like the Grim Reaper's scythe, and you could never be sure from one day to the next what old favorite would bite the dust -- not just at the restaurant or show level, but with even whole casinos like the Sahara shutting up shop.
Staff changes, which are a common occurrence in Las Vegas, can be as significant, with a solid deal forged with a GM in the spring not being worth the paper it was printed on by the fall, by which time they've either quit, or been promoted, or fired, or laterally moved to another property, leaving in place a successor who's hell-bent on eradicating anything inherited from the previous incumbent, just out of principle.
From past experience, therefore, we've learned not to count any chickens (or even lay too many eggs!) early in the year, although that's not to say that we aren't constantly on the lookout for ideas for good deals, and cementing our relationships with those in a position to boost the MRB. The Member Rewards Online program, which we really launched in earnest this year, has also been a good way to start up new relationships and give potential MRB partners a chance to dip a toe in the waters and get a feel for how our program works and who our members are.
We won't deny that the explosion of Groupon and the like has been a mixed blessing, both familiarizing businesses with the coupon concept on a platform that elevates it from the cliche of little old ladies clipping deals out of the papaer, but also sometimes leaving a bad taste in their mouths when they experience the "hit-and-run" customer who uses a discount, never to return. It will be interesting to see how much this affects our negotiations this year, both positively and negatively.
For our part, it's that time of year when we do start ramping up our MRB efforts, and we'll continue to aim high on all fronts, in an effort to bring our members the types of offers that they simply can't get from any other source, especially not packaged together for one low annual charge of just $37 for an online membership, which also comes with access to the monthly newsletter, plus all the MRO deals. Beat that, Groupon!
