Question of the Day - 17 June 2021

When addicts can't get their fix and the supply suddenly floods the gates, the dealers charge the most they can get until the addicts can't afford to pay the higher prices.  Then the recreational user won't even buy so the dealers have to start lowering their prices until all users of their product return to the fold.

Gambling is no different from any other addiction, remember the Volstead Act or the changes to Marijuana tolerance?

So why do I gamble?     

I'm a poker shark and feeding time right now is considered gluttony.

There's a new type of visitor to Vegas that isn't as interested in the comp game or earning slot points. They don't want to spend time learning and pursuing that, they just want to have fun and laugh-off whatever it costs. In general these are younger adults, they live at a hurried pace and simply won't take the time to find the best deals or avoid the bad deals. And these days there are lots of this kind of visitor, so the casinos, hotels, restaurants, etc have little reason to be competitive, there are so many non-savvy customers that will pay whatever the charge is. The uneducated and uncaring tourists don't seem to mind that they are getting fleeced, and the casinos are not in business to look out for anyone but themselves. The days of doing business like Benny Binion are gone.

I laugh when people write how "greedy" the casinos are.  Like us, every business is out to make money, please the shareholders (opposite of pleasing customers).  I do hope AC is right that some 'correction' will occur in time, but not counting on it.

Personal:  We use a post office box, for us the convenience has been worth the cost.  It has cost around $120 a year for as long as I can remember.  Now this has been doubled!  Doubled!  
I figure Mr. DeJoy used this tactic when he was pressed to increase USPS profit, rather than increasing stamp prices and paying overtime to carriers.  You know how that turned out.  I think he cut out overtime for the employees, and did it right around the holidays with Covid-19 in the mix to make things worse. I am going to complain to my congressman, but have no hope of any relief on that.  Yes, I am as greedy as anyone else, but...doubled?  Plus I don't see any additional staff in our PO.  Grrrr.

Candy

It is not just the casinos that want to extract more cash.  I had no comp offers for the immediate future and I expected that as both my wife and I are lower level players.  I was resigned to paying for my rooms because I have gone to Vegas many, many years on the cuff, however I was not prepared to be charged 4 and 5 times the price for a rental car.  That is where I draw a line.  I will put up with SOME price gouging but not that much.  Bye, Bye Vegas.  We have casinos in Florida too.

I an a Diamond Elite (was a 7 stars but got tired of trying to chase it, and tired of the cost).  My offers are pretty much the same as they were before Covid.  Same suites, same free play, and my host always covered all my food (I do not drink alcohol).  It is harder now to get to these levels as you get less tier and reward points per dollars in.  Play mostly VP and live poker.  Was there in March at Paris and did get pretty lucky on bad VP and left with more than I came with.  That being said, the folks that are just happy to get out of town will pay the higher prices for rooms, parking, resort fees, as they will not gamble much.  And the addicted players will go elsewhere with better odds.  I think the pricing will come down quickly, once the mad rush is over.  The strip has had bad VP long before Covid, and I do not see that changing, or the slot hold.  As for Diamond Lounges, they were becoming black holes, limited drinks, slim food choices before Covid.  I will not miss them. 

I have checked into the Linq 3 different times in the last 60 days. Not once was a separate line for Diamond/ Seven Stars available. If you think that Vegas Diamond Lounges are coming back then you are delusional. CET is doing away with all benefits.

Not big players, but we did play a little at the Hard Rock. My wife was sent an e-mail for 2 free nights at the Virgin Hotel. And this was before 115 degrees was predicted. Thank you very much. Come say hello. We'll be playing the penny slots after I get in the pool before it gets too hot.

Sadly, lounges came from the day of Bill Harrah who wanted his guests to feel appreciated. Caesars and Eldorado executives want to walk around the 2nd floor, unseen. When they do float down the escalators to the gambling floor, they prefer to observe from afar, unseen by the masses they control. And that's exactly the way they see it - the masses they control.

In any market where demand is inelastic (look up the term), suppliers can charge pretty much what they want. For instance, if the price of lifesaving heart surgery doubled, the same number of surgeries would be sold. Or to use an example more in line with Vegas, drug addicts will pay whatever it costs to feed their habits. A third example would be washing machines--if the price doubled, they'd sell just as many.

So what keeps suppliers from charging whatever they want in inelastic markets? Competition. Except in Vegas, there is and has been much more collusion than competition. Everybody's gleefully jumping on the gougewagon.

So why is demand for Vegas inelastic? Because we have a country full of stupid people. We learned that last November. (And yes, one thing does indeed have a lot to do with the other.) Nobody should just bend over and take what Vegas is doing to visitors now. Just say no!

Thankfully I still have offers that are good until August from MGM. I used to frequent CET properties years ago, but even then it seemed like pulling teeth to get any deals from them. Now that they’re being run on the cheap even more so now under El Dorado, I can’t imagine that’ll fly once the rush ends. 

It is called greed. They count on the gamblers coming back despite anything. Big error long term. Wait until new feel wares off 

I find that it's an insult to higher level players right now with no Seven Star or Diamond lines.  I'll put up with no lounge, I never went, I've got more reward points than I'll ever use for food but I will not wait 30 minutes in line for a cup of coffee or a snack. Won't do it. They need to at least give higher level players faster service to keep  us. I'm spreading my play around now. I am less likely to go to Las Vegas from the East Coast if it is a hassle.  They need to know that.

The Tom & Tony Show ( the new mis-management) at CETdoraldo has concluded that its CET costumers are degenerates who will show up, no matter what, because that’s what happened in their one trick pony casino towns they owned before the takeover.  They have thrown out the Total Rewards model that tracked  Harrahs/CET players for years and downgraded the value of its regular, constantly returning  players.  One buffet, few shows, no Laurel Lounges, minimum pours with bottom dollar booze, ElDiablo has spoken.  Yes, they will have a great summer, but gamblers need to be treated well.  Anecdotal evidence: I was in line at Wynn to match my Diamond and three Seven Stars were in line, too.  All had the same reaction.
ElDiablo reminds me of the final part of the movie “Burt Wonderstone”.   Watch the “Tom & Tony Magical Act” as they magically transform an entire audience of Seven Stars at Caesars Palace, only to reappear at Resorts World.

I use to go to Vegas 3-5 times a year from around 1995-2005 before I started having kids.  I had a lot of disposable income back then, but considered myself probably a low tier gambler, little bit of slots, VP, Roulette and Craps.  It was enough to usually get a free room and some free meals back then (I didn't really put any effort into getting comps), airfare was usually cheap as well (paying for that myself).  This summer I decreed that we were going to take one of our family vacations to Vegas because it had been too long.  We started to check airfare and rooms and I just couldn't bring myself to spend that much just to fly there and for a room (knowing how much we would blow there on other stuff plus gambling).  Ended up spending the same amount to rent a house in FL and fly there, but at least I don't feel like I am paying 2-3 times what it should really cost.  Maybe next year I will be back if prices come down.

the whole las vegas scene is the new definition of surge pricing. capitalism at its worst instead of what it could be. so instead of some bang for your buck and a welcome back mentality, the casino corporate suits have gone overboard seeking lost profits.
this approach will eventually catch up with them and then we'll see a kinder (ha), gentler (ha), vegas emerge. one with comps galore, customer service, giveaways, discounted this that and the other, 2fers, buffets, free entertainment in lounges, free parking, free shuttles to and fro, room rates that don't have a dozen add-ons, etc..ah vegas, i knew thee well but alas parting is such sweet sorrow...adios...go knights!! go raiders!!

almost a year ago now. Stayed at a non-gaming "suite" property with relatives who were there on business; played some off-strip poker and VP; and actually went to a CET strip resort for the first time in years, but didn't put a chip on a table. Parking fees were suspended, but soon reinstated "to keep the riff-raff out." If they meant me, it worked.
Before COVID I could usually get comped at a couple of off-strip properties. Now even though I've still got the points, the best they can do is some discount offers. I'm also getting discount offers from a couple of places downtown, but nothing good enough to go yet. Maybe if they offer to waive the resort and parking fees....
OTOH, since that Las Vegas trip I've been comped three times in Laughlin, including New Year's Eve with a great view of the fireworks. There was even a comp offer at one of the same company's Vegas properties, but the place has bad VP.
Best of Luck to Las Vegas on the recovery. 

Caesars Cuts Comps and Perks. They have a few good parts - you have to look for them. 

Above Lucky wrote 'It is harder now to get to these levels as you get less tier and reward points per dollars in.' This is the first I've heard this. Is it true.  How much do you have to put in to get a Tier and Reward credit at CET for VP?  More than $10?

I don't know if it is current info, but the CET website says VP earns 1 credit per $10 played, except on certain machines. 

https://www.caesars.com/myrewards/earn-and-redeem

Caesars Rewards - VIDEO POKER
Earn 1 Reward Credit for every $10 wagered through video poker. Some machines have lower earn rates and these games will be clearly marked with the different rate..

SLOT MACHINES
Earn at least 1 Reward Credit for every $5 you play on a reel slot machine. Some machines have lower earn rates and these games will be clearly marked with the different rate.

Thank you.