gambler
gambler
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January 18th, 2010 at 5:09:27 PM permalink
Let's say you were planning a 5 day long trip to Las Vegas. You are planning on bring up a bankroll of $10,000 in travelers checks.

Your host casino offers you a free $150 (cash) with the rule that you can only play in their casino if you accept their offer. Would you take their deal?

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This is the senario that one of my friends Ann posed to me. Ann's bank is charging her $150 for $10,000 of travelers checks. Her other option is to take send her host casino $10,000 in front money or get a line of credit for $10,000. If it makes any difference, Ann's host casino is the Mandalay Bay.

While Ann likes playing at different places, she is also happy giving all of her action to the Mandalay Bay. Ann plays good basic strategy blackjack (0.5% house edge) at about $100 a hand or craps passline/come (1.41% house edge) at about $50 per roll with full odds behind. I estimated that her $150 savings would give her a therotical 4 more hours of blackjack or 4 1/2 hours of craps. Please check math below:

Blackjack - ($150 / 0.5%)/($100 * 70 hands per hour) = 4.28 hours

Craps - ($150 / 1.41%)/($50 * 45 points per hour) = 4.72 hours

I know Ann has to make her own decision, but do you feel this value is worth it you? Personally, I think it would be for me.
FinsRule
FinsRule
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January 18th, 2010 at 5:46:17 PM permalink
I live in St. Louis. Within a 30 minute drive, I can get to seven different casinos. When I go to Vegas, the best part is being able to walk around, see the sights, eat great food, and do whatever I want, because I'm on vacation.

There's no chance I would take the deal.

But if your friend is content with spending the whole trip at Mandalay (I can think of much worse places to spend 5 days), then I guess it's ok. Not my kind of Vegas trip though...
joenunz
joenunz
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January 18th, 2010 at 5:58:02 PM permalink
(long time reader, first time poster...)

How many hours of action would be required? I assume Ann would not be wearing an electronic ankle bracelet that would alert her host Ann is at Caesar's.

If it's as many hours, (or a few more) as she would normally spend at her "base" casino then it's a good deal.

If this is a theoretical question where she PHYSICALLY couldn't leave Mandalay then forget it.

There's nothing worse than staying in the casino when you just KNOW a dealer 6 is going to turn into a 21 when you have a $350 hand (that started at $50 with splits and doubles...)
Insurance is closed.
gambler
gambler
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January 18th, 2010 at 6:45:05 PM permalink
In Ann's case, the $150 is the cost her bank is charging her for $10,000 of the travelers checks. If Ann takes out a line of credit for $10,000 with the Mandalay Bay, it would cost her $0. Therefore, it is almost the same as if the Mandalay Bay gave her $150 to play only at their casino.

She is not required a minimum time playing, but she is fairly hardcore and plays 8 hours or so a day. So 8 hours * 5 days = 40 hours during her trip. Of course Ann can walk around to other casinos, but if she does not take up travelers checks she can not play at them.

While I am expressing this as a hypothetical question, it is an actual thing that my friend is considering.
joenunz
joenunz
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January 18th, 2010 at 6:50:51 PM permalink
Quote: gambler

... She is not required a minimum time playing, but she is fairly hardcore and plays 8 hours or so a day. So 8 hours * 5 days = 40 hours during her trip. Of course Ann can walk around to other casinos, but if she does not take up travelers checks she can not play at them.

While I am expressing this as a hypothetical question, it is an actual thing that my friend is considering.




I think this scenario is definetly NOT worth $150! Either way good luck and enjoy Ann!!
Insurance is closed.
DJTeddyBear
DJTeddyBear
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January 18th, 2010 at 7:36:05 PM permalink
I've never had a casino credit account but....

Is there any requirement to play the credit money only at their casino?

What's to prevent you from taking out a marker, and taking the cash to another casino?
Superstitions are silly, childish, irrational rituals, born out of fear of the unknown. But how much does it cost to knock on wood? 😁 Note that the same could be said for Religion. I.E. Religion is nothing more than organized superstition. 🤗
RonC
RonC
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January 18th, 2010 at 8:22:44 PM permalink
I got a free cashier's check from my bank and deposited the 5K @ Planet Hollywood on arrival. They had me fax a copy of it to them and they verified it with bank before I arrived.

I took markers and played there until it was not fun...losing and the atmosphere was "weird" that weekend...then I just took markers and went elsewhere to play.

I would think this would save the $150 and allow her freedom to play wherever...
Wizard
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Wizard
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January 18th, 2010 at 8:34:55 PM permalink
I would get the line of credit and stick mostly to the Mandalay. Your friend will get treated a lot better by sticking to one property, wherever it may be, than spreading her action around. If she gets restless at the Mandalay, she can cash small amounts of chips (like $500 or less) without getting questioned about markers at the cage. Basically, for high rollers, my advice is keep your play wherever you're staying, use a line of credit, and do non-gambling activities outside of your home property if you get restless to leave. Switching to another property to change your luck will not help. If you're tired of losing, stop playing. Finally, 1.5% for traveler's checks is much too high. I'd take my chances carrying cash before I did that.
It's not whether you win or lose; it's whether or not you had a good bet.
RonC
RonC
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January 18th, 2010 at 8:40:56 PM permalink
The Wizard is 100% correct--I didn't get treated as well at P Ho as I would have had I played everything there. The fact is that I left not necessarily to change my luck (though it did change when I left), I left because the entertainment I was buying with my gambling dollars was not a good value. I lost at other properties, too...but I had a lot more fun. I left because I felt all I would be doing by remaining at P HO that night would be chasing comps or losing my session money too quickly.
RonC
RonC
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January 18th, 2010 at 8:42:35 PM permalink
The Wizard is 100% correct--I didn't get treated as well at P Ho as I would have had I played everything there. The fact is that I left not necessarily to change my luck (though it did change when I left), I left because the entertainment I was buying with my gambling dollars was not a good value. I lost at other properties, too...but I had a lot more fun. I left because I felt all I would be doing by remaining at P HO that night would be chasing comps or losing my session money too quickly.

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