How a math wizard led Caesars down a path of debt
September 28th, 2014 at 5:14:38 PM
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https://www.baltimorebrew.com/2014/09/12/part-3-how-a-math-wizard-from-harvard-led-caesars-down-a-path-of-expansion-and-debt/
No, not our Wiz :p
In a nutshell, that’s the story of Gary W. Loveman, chairman, president and CEO of Caesars Entertainment Corp.
Loveman’s models and analyses told him that repeat slot players, not high rollers, were most profitable. The challenge, he determined, was to build customer loyalty.
So he established a “Total Rewards” program where gamblers inserted plastic cards into slot machines to record their play, allowing them to pile up points to get perks.
No, not our Wiz :p
In a nutshell, that’s the story of Gary W. Loveman, chairman, president and CEO of Caesars Entertainment Corp.
Loveman’s models and analyses told him that repeat slot players, not high rollers, were most profitable. The challenge, he determined, was to build customer loyalty.
So he established a “Total Rewards” program where gamblers inserted plastic cards into slot machines to record their play, allowing them to pile up points to get perks.
Craps is paradise (Pair of dice).
Lets hear it for the SpeedCount Mathletes :)
September 28th, 2014 at 8:17:02 PM
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The mathites like to think they are always the smartest cat in the room, but hubris is often their undoing, so this comes as no great surprise. Remember, it was the mathites behind LOng Term Capital Management with their supposed "sure thing" derivative trade that nearly collapsed the global economy, hey hey.
" Life is a well of joy; but where the rabble drinks too, all wells are poisoned!" Nietzsche
September 28th, 2014 at 8:42:52 PM
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From the comments section:
Loveman of Harrah's--the last Hurrah of the math cartel
Behold the math mafia!
He isn't your run of the mill gangster,
nor a silly prankster,
he's a professor
from Harvard's venerated Square,
a man who looks like
a giant teddy bear,
who derived a formula
to keep gamblers returning
to play and lose
without them ever knowing
that they were being snowed
and bribed--
by a numbers cartel.
The giddy theme,
was expansion--
on the Vegas strip--
a building of mansions--
the last hurrah
before the fall of Harrah's
and the demise of Caesars
is the sale of la-de-dah
to mayors and governors--
sitting atop cities with empty coffers.
Sticky fly traps--are laid
without a lick of consideration--
for the sucker best known as average citizen--
in the cross hairs of Loveman's
life time calling--
you undergo a crystallization,
a callous, calculated reduction,
of your human foibles to equation--
But when X doesn't equal Y,
because of recession
or because of some other reason,
even as folks leave taking their purses with them--
Loveman relies on stochastic distribution--
to devastate businesses with debt accumulation..
while he spins his theories with numbers abundant--
His fat ass on the apex
of a teetering pyramid,
in charge of greed for his corporation,
living large he leads his followers to connivance,
first spend what you don't have in your pockets,
then sell bonds to service the debts that are swelling,
and when the bond holders come for their money,
Tell them, "I simply don't have any.
A law in the books exonerates me honey!"
Go international while you're at it,
Go Gangnam Style in South Korea,
Your gangman, hangman, Loveman trademark,
kneaded with plenty of pontifications,
bring it to Tokyo to the Ginza,
( it seems everyone has a weakness for glibness )
On Loveman this is my final stanza,
I accept it will never be a famous contata--
To a city near you he comes--
bearing gifts and graft he comes--
spinning carols and jingles he comes--
with his number theory he comes--
O gangman--Loveman-- he comes,
O hangman, gangman-- he comes....
Usha Nellore
Loveman of Harrah's--the last Hurrah of the math cartel
Behold the math mafia!
He isn't your run of the mill gangster,
nor a silly prankster,
he's a professor
from Harvard's venerated Square,
a man who looks like
a giant teddy bear,
who derived a formula
to keep gamblers returning
to play and lose
without them ever knowing
that they were being snowed
and bribed--
by a numbers cartel.
The giddy theme,
was expansion--
on the Vegas strip--
a building of mansions--
the last hurrah
before the fall of Harrah's
and the demise of Caesars
is the sale of la-de-dah
to mayors and governors--
sitting atop cities with empty coffers.
Sticky fly traps--are laid
without a lick of consideration--
for the sucker best known as average citizen--
in the cross hairs of Loveman's
life time calling--
you undergo a crystallization,
a callous, calculated reduction,
of your human foibles to equation--
But when X doesn't equal Y,
because of recession
or because of some other reason,
even as folks leave taking their purses with them--
Loveman relies on stochastic distribution--
to devastate businesses with debt accumulation..
while he spins his theories with numbers abundant--
His fat ass on the apex
of a teetering pyramid,
in charge of greed for his corporation,
living large he leads his followers to connivance,
first spend what you don't have in your pockets,
then sell bonds to service the debts that are swelling,
and when the bond holders come for their money,
Tell them, "I simply don't have any.
A law in the books exonerates me honey!"
Go international while you're at it,
Go Gangnam Style in South Korea,
Your gangman, hangman, Loveman trademark,
kneaded with plenty of pontifications,
bring it to Tokyo to the Ginza,
( it seems everyone has a weakness for glibness )
On Loveman this is my final stanza,
I accept it will never be a famous contata--
To a city near you he comes--
bearing gifts and graft he comes--
spinning carols and jingles he comes--
with his number theory he comes--
O gangman--Loveman-- he comes,
O hangman, gangman-- he comes....
Usha Nellore
"It's not called gambling if the math is on your side."
September 28th, 2014 at 9:42:24 PM
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From the link: "So he established a “Total Rewards” program where gamblers inserted plastic cards into slot machines to record their play, allowing them to pile up points to get perks."
This makes it sound like he invented the players card. Is that true? Somehow I doubt it.
This makes it sound like he invented the players card. Is that true? Somehow I doubt it.
$1700, 18, 19, 1920, 40, 60,... :/ Thx 'Do it again'. I'll try
September 29th, 2014 at 4:25:32 AM
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Quote: EvenBobLoveman of Harrah's--the last Hurrah of the math cartel
In case anybody didn't know, this is to be sung to the tune of the Star Spangled Banner.
the next time Dame Fortune toys with your heart, your soul and your wallet, raise your glass and praise her thus: “Thanks for nothing, you cold-hearted, evil, damnable, nefarious, low-life, malicious monster from Hell!” She is, after all, stone deaf. ... Arnold Snyder
September 29th, 2014 at 6:07:36 AM
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Should I feel sorry for all the misfits who play stupid casino games with no chance of winning? Whose foul is it that they were born here in US and all they are capable of doing is some primitive jobs. Their only hope is to win in a casino? Give me a break, they have nobody to blame, but themselves, least is Loveman.
