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Free Food, Free Booze, Free Love and Free Lunches.
| December 19th, 2011 at 4:48:01 AM permalink | |
| s2dbaker Member since: Jun 10, 2010 Threads: 34 Posts: 1215 | I'm trying something different for my trip to Vegas in February. I'm eschewing the comps and paying for my hotel room. The difference between the comp rate and the quoted rate without "logging in" is so small that it's not worth the obligation to gamble. I'm sure I'll end up gambling but it won't be at the host hotel. |
| December 19th, 2011 at 8:29:47 AM permalink | |
| pacomartin Member since: Jan 14, 2010 Threads: 547 Posts: 6211 |
I think it is difficult to do a "bottom up" calculation. Try looking at it from the "top down". Gaming revenue has a very high profit margin compared to most things you sell. Now FY2010 (year ending on 30 June 2010)was a pretty awful year for Vegas, but look at the numbers: Average revenue for the Vegas strip revenue (per occupied room night ) for 2010 was: $80.90 from pit games $98.06 from slot machines $7.67 from race,sports, and poker Room rates (including comps) average $112.20 per day. Employee payroll per room night averaged $30.86 Out of those rooms 23.7% of the value were comped, and an additional 3.1% were comps for other little freebies. ====================== Two years previous room rates were $149 per day and gaming revenue was at least 25% higher (per room basis). You also didn't have as many new casinos with high finance costs. ====================== Now if you have a family resort in Branson, Florida or Hawaii you are just selling the room. You are not giving away 24% of the rooms, but the profit margin is still pretty thin. People are spending money on food and shows and rides, but nothing has that huge profit margin of a casino. And people who win big in casinos are more apt to spring for an expensive meal. Wine loved I deeply, dice dearly -Edgar, betrayed son of Gloucester in King Lear |
| December 19th, 2011 at 8:44:22 AM permalink | |
| DeadRats Member since: Dec 13, 2011 Threads: 4 Posts: 51 | Colorado November 2011 Slots AGP $52,178,939.82 Table Games $6,394,559,44 Hell of a difference, Paco? |
| December 19th, 2011 at 9:36:18 AM permalink | |
| FleaStiff Member since: Oct 19, 2009 Threads: 75 Posts: 4829 | >Average revenue for the Vegas strip per room. >$80.90 from pit games >$98.06 from slot machines >$7.67 from race,sports, and poker Okay so thats about a hundred and eighty dollars a night per room and it shows that the hotel can "give" a room away and not have to worry about whether they play slots or table games because it just doesn't seem to matter all that much. I just wonder if anything is "lost" in the averaging. If you measure income per Head in Bed or Per Room, you are attributing all such income to someone who was physically in the casino and physically spending the night in the hotel. We know that alot of gamblers wander to other casinos and others go directly to a different casino. >Room rates (including comps) average $112.20 per day. Assumption: a Comped Room results in 112 dollars being gambled that otherwis >Employee payroll per room night averaged $30.86 Major figure in the actual cost of a room. Sure a part of the mortgage payment should be allocated to that room, but that is fixed. So Comping a room is really cheap... and the important part is what sort of free-spending gambler do they give the room to and does he do his gambling at their casino or some where else? |
| December 19th, 2011 at 12:46:15 PM permalink | |
| pacomartin Member since: Jan 14, 2010 Threads: 547 Posts: 6211 |
Well since only 23% of the rooms are comped, we would presume that they don't comp rooms to the average player. You need to be somewhere above that. But if the average player(s) loses roughly $180 per hotel room night, and the "rule of comps" is roughly 1 to 3, then a room actually costs llittle more than $60 a day you can see how the casino could almost make out with a free room for an average player. The difficulty with the casino business (or all business in America) is the inordinate amount of debt that most places are carrying. Since much of that debt is not from construction, but from buying and selling existing businesses, there are a handful of people who sold out at the right time sitting on tons of cash. Wine loved I deeply, dice dearly -Edgar, betrayed son of Gloucester in King Lear |
| December 19th, 2011 at 3:14:55 PM permalink | |
| EvenBob Member since: Jul 18, 2010 Threads: 231 Posts: 6406 |
Thats in Vegas. In the Indian casino hotels, during the week its 90+% that are comped. They build the hotels so they can comp the locals with free rooms. On weekends they have paying customers, but during the week the hotel would be empty but for comps. I've stayed in Vegas hotels since 1975. The best room I ever saw was at 4 Winds in MI. Two big flat screen TV's, one opposite the bed and one in the sitting area that had a couch and two recliners. The bathroom had a huge tub that was also a whirlpool. The shower was tiled on all the walls, floor and ceiling, was 6' by 6', and had 3 showerheads. One on the ceiling, and one on each of two walls. You could have a party in there. The room had a fridge, a micro wave, a big coffee machine that you couldn't steal because of its size. I never wanted to leave. One casino owner to another: "It would be so much easier if we could just hit them over the head, steal their money, and throw their bodies in the creek." Al Swearengen, Deadwood |
| December 20th, 2011 at 8:25:33 AM permalink | |
| teddys Member since: Nov 14, 2009 Threads: 100 Posts: 2725 | FleaStiff, I can't tell you how much I enjoy your posts. You can certainly turn a phrase. "If you can make one heap of all your winnings / And risk it on one turn of pitch-and-toss / And lose, and start again at your beginnings / And never breathe a word about your loss..." -Rudyard Kipling |
| December 20th, 2011 at 11:41:35 AM permalink | |
| FleaStiff Member since: Oct 19, 2009 Threads: 75 Posts: 4829 |
It seems the WeLuvLocals.com site is no longer issuing new coupons. I think it was both a website and a facebook application. I can't find the site that has people playing non=money slot machines but earning PseudoPoints at their favorite casino. The facebook app and website from Troy Fleet about Locals Gaming that purports to analyze Comp Rates and judge various locals casinos throughout the world is off to an ambitious start in trying to capture and deliver players but its a marketing oriented site rather than being run by gamblers. |
| May 21st, 2012 at 6:58:36 AM permalink | |
| FleaStiff Member since: Oct 19, 2009 Threads: 75 Posts: 4829 | The following is reposted in honor of the official 8pm opening of the Margaritaville Casino in Biloxi, MS: Their official policy is to blatantly announce that free play is not free, it comes from overly tight games that pay for the "free" ones. So they have loosened all slots by thirty percent and abandoned all Free Play.
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| Bovada is the only Internet casino endorsed by the Wizard. Here are my reasons why and my promise of support. |