How Do the Owners of Four Queens and Binion’s Keep Costs Down?

How do the owners of Four Queens and Binion’s manage to keep costs down at a time when other companies are gouging customers to the bone?

For Terry Caudill, owner of TLC Casino Enterprises that owns the Four Queens and Binion's, it’s not a matter of cost, but of maintaining quality. He made an exception to his no-interview policy expressly to answer your query.

We're grateful for the question and for Mr. Caudill's time and attention. It's a long and very well-thought-out answer (two parts!) and it's not only worth your time to read carefully, but it's also so refreshing to listen to a Las Vegas casino owner talk candidly about the same value philosophy on which the Las Vegas Advisor was founded 40 years ago and has never wavered from.

“That's an excellent question,” Caudill began. “I’m thrilled that somebody’s actually asking a question like that.

"Number one, I'm very very cognizant of and careful about how we deal with our employees, our customers, and our vendors. Whenever we make a decision, we ask ourselves, ‘How is it going to affect our employees, our customers, our vendors?’ Above all, honesty is the number-one thing. We have to be honest with our employees, good news or bad news. We have to be honest with our customers and vendors."

“Another of my beliefs is, value has always been a driving principle for us. I tell my people all the time, ‘I’ll listen to complaints about pricing, because we have to raise prices from time to time. But I don’t ever want to hear complaints about quality.’ First of all, you have to provide the quality. Then you decide if you can provide that in a cost-effective manner.

“I don’t believe in resort fees. They’re a misnomer and a ripoff. Resort fees were originally intended to have things like the spa that people may or may not choose and if they chose to use those things, it was an extra cost. That's not what’s going on today. The resort fee is nothing more than a disguised part of the fee. You don’t get a different set of amenities with or without the resort fee in ninety-nine percent of the cases. A resort fee is dishonest. It’s just trying to hide part of your actual cost.

“With no resort fee, I ask myself, ‘Why aren’t we the first ones to fill up? Why aren’t we a hundred percent full every night?' But I’m not going to change my philosophy. We’re not going to have a resort fee. It’s a ripoff. It’s deceptive.

“The other thing I’m not quite as adamant about. I’ve also stayed away from a la carte. A lot of people have advised, ‘You could make a lot more money if you’d make Hugo’s Cellar a la carte.’ I say, ’Yeah, but that’s not the concept. The concept is, you come in and you pay for a meal. You get a meal.’ You can call me old-fashioned, if you’d like to.

“Another part of our strategy is that we don’t set our policies and procedures on a day-by-day basis. I set operating strategies on a three-to five-year horizon. I’m not saying we don’t have to tweak once in a while, but we try not to have a knee-jerk reaction every time something changes out there in the world. We’re more likely to stay the course with what we believe is the right long-term approach and not make some short-term reaction. It helps us to be more stable, steady, predictable.

“We’re not chasing the last dollar. We’re trying to look at policies and procedures that work for the long term and give people true value. You start to think about your customers: Where do they come from? What are they expecting? They want a nice room. It doesn’t have to be fancy, but it has to be nice and clean. The food doesn’t need to be fancy; I don’t need French sauces. But it has to be good and wholesome. It needs to be good-quality food, a good-quality room. That’s our customer.

“I tend to look at our customer as a Midwestern-value person. They still appreciate a value in the world. When it comes to gaming, I never ask my people on a daily or even a monthly basis, 'Did we win or lose?' I don’t care. I look at trends. If we do it right and follow the rules, all we care about is driving volume. We get our percentage. We don’t need to sweat every single dollar. Letting people win is good business. That’s the best advertising in the world, for somebody to come here and stay, have a nice room, good food, and win a few dollars. They go home and tell their neighbors, ‘Hey, we won money at the Four Queens or Binion’s!’"

Tomorrow: Terry Caudill looks back on four decades in Las Vegas and has some choice words about Formula One and the Super Bowl.

No part of this answer may be reproduced or utilized in any form or by any means, electronic or mechanical, without the written permission of the publisher.

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Comments

thebeachbum Mar-18-2024

Refreshing

Really enjoyed reading Mr. Caudill's response.  I know where I'll be staying on my next Vegas trip.

Robert Mar-18-2024

myhappyplace

The place to stay and play.

Bob Mar-18-2024

Doing Benny Proud!

Good Food, Good Whiskey, Good Gamble...Still!  Thank You Mr. Caudill

Tim Soldan Mar-18-2024

Value

Now if Terry would give LVA a twofer for Hugos, that would be putting his money where his mouth is. It would be a great addition to the MRB.

Tommy G Mar-18-2024

Good Old Days

Very refreshing remarks from Mr.Caudill. We will be visiting in the near future. This takes me back in time remembering downtown how it used to be.I am looking forward to part 2 tomorrow.

Michael Mar-18-2024

Value

If you gamble even a moderate amount at 4 Queens, you can have all or most of your meals comped with points. We primarily play video poker and are extremely happy with the comps we receive for the amount of play we have.

Bridgett Way Mar-18-2024

Great Casino

I love the 4Queens casino-the staff is very friendly/outgoing, great VP play, and they do have good food. I do agree the resort-fee is a big rip-off. They represent integrity, honesty, and excellent customer service!! I have been going there for 20+ years now and have never been disapointed.

Raymond Ray Mar-18-2024

Tim

They are already giving us a great deal at "TOP OF Binion's". They can't give everything away. I'm in my room only to sleep and  shower. I don't need all the things the Resort Fee "GIVES" me. Thank you very much for keeping traveling customers like my self in mind. Looking forward to my next stay in October for my birthday 😎

Daryl Mar-18-2024

Thanks, Mr. Caudill

I enjoyed reading Mr. Caudill's response.  His point of view is refreshing and a reason to want to be his customer and guest.  Good for him!

O2bnVegas Mar-18-2024

Mandate

Should be required reading for every casino CEO everywhere.  Would it have impact, like on the Strip?  Dream on, but they should have to read it anyway.  JMHO.

Candy

Jon Anderson Mar-18-2024

Mr. Caudill is T.H.E. man !!

talk about your exception to "the rule"...love the 4 Queens and Binion's...have rolled a lot of dice in both...played lots of blackjack in both...eaten in both...will continue to do all of the above when possible...so glad there's still a gentleman businessman that gets it and always has...really enjoyed reading his philosophy of honesty with all phases of his business and of course focusing on the big picture in the long run...his businesses will do well and bless his heart for making us old timers feel appreciated...yeah, yeah, yeah his casinos have the math/percentages on their side but there is still much value to be had in his establishments...that can't be said of many places these days in vegas...thank you Mr. Caudill and may you live long and prosper good sir......

AL Mar-18-2024

I totally agree

There are many reasons why I chose to make the Four Queens 1 of the 2, and only 2, casinos in Las Vegas where I stay and play, and I didn't know until today that there was a Mr. Caudill and that he was so staunchly reasonable & good-hearted, with his head "screwed on straight". He is the antithesis of the typical gouger CEO at a Strip casino. As far as I know, the Four Queens offers the best rewards (comps & cash-back) there is for medium-rollers, which is reason for anybody to want to stay-n-play there. I do not like the poor-value Strip, but I love Downtown, and 4Q is an old classic Downtown place. I also appreciate that it's rather small & compact, because at my advanced age, with disabilities that make it hard for me to walk far, I can walk from my room to play or to any restaurant without it being far and tuckering me out. TO MR CAUDILL: The reason why Four Queens isn't 100% booked is because most visitors' minds are glazed over by "Strip-o-mania" and they can't see true value.

Anthony Curtis Mar-18-2024

Yes, refreshing

I really appreciate Terry's taking the time for this and expressing a way of doing business that's all but extinct in the casino world. The no-resort-fee stance is awesome and I agree with his depiction of them, but what I really love is the policy on full meals. Hugo's is amazing and that policy has a lot to do with it.

Hoppy Mar-18-2024

Triple Play

Hugo's, Top of Binion's, and Triple George!!@

Parrothead Mar-18-2024

Love 4Q

And that's why I stay at Four Queens  foe part of every Vegas vacation.

Bob Little Mar-18-2024

bobl

my wife and I have been staying at the 4 queens since 2004.  clean rooms, reasonable prices, good food, great bartenders.  not much more you can ask for.  we are looking forward to our next trip in April

King of the Bovines Mar-18-2024

Best value for your Vegas dollar

I have NEVER had a bad experience at the Four Queens.

And when I get to Vegas, it's either the Peppermill or Magnolia's for the start of the Gluttony in Sin City.

(If it's before 4pm, Peppermill.  After 4 pm, it's time for the Prime Rib.  With real horseradish.)

Now I'm hungry...

Sid Burall Mar-22-2024

Barbara

I also enjoy Mr. Caudill’s response and we are long time fans of the Four Queens. However, when we were in town in February, there were NO coupon books. The front desk told us they had been eliminated, and suggested we tell management about our displeasure. So, Mr. Caudill, what happened to our fun books?

Sid Burall Mar-22-2024

Barbara

I also enjoy Mr. Caudill’s response and we are long time fans of the Four Queens. However, when we were in town in February, there were NO coupon books. The front desk told us they had been eliminated, and suggested we tell management about our displeasure. So, Mr. Caudill, what happened to our fun books?

Question of the Day - 18 March 2024

Comments