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Loss Rebate

Discussion in 'Comps' started by Naturaleight, Mar 11, 2013.

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  1. Naturaleight

    Naturaleight High-Roller

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    I know high end properties like Bellagio and Wynn won't do a loss rebate unless you start hitting the 100K's mark before they even begin mentioning loss rebates. But I'm wondering about lower tiered properties, also off the strip.

    I usually tend to bring 20-30K with me, and end up losing 10K or all of it per trip. Is there a property that would consider doing loss rebate on that kind of bank roll? What about a really desperate property such as Hooters?

    I have absolutely no experience with loss rebate so if this is a stupid question forgive me.
     
  2. natedog666

    natedog666 17 and 20 Expert

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    The lowest loss rebate I've heard at those strip hotels you mentioned is 5% for 50k. So 2500 + 3500 airfare so 6k off.
     
  3. mbely1000

    mbely1000 Tourist

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    I once received a 5% rebate on a $20K loss at Mandalay Bay. I didn't even have to ask for it, my host just offered.
     
  4. paperposter

    paperposter VIP Whale

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    i was at harrahs in reno and lost 20 grand so i asked and they have a two tired set up 125 k then 250 k for rebates
     
  5. JDinTN

    JDinTN MIA

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    Did he give you cash or freeplay? I lost $20,000 on a trip a few years ago. My worst trip ever. All I got additional to my normal comps was a host telling me they had my loss at "only" $14,000 -- as if I had $6,000 in my pocket I forgot about.:grrr:
     
  6. Bane

    Bane Tourist

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    Nothing is set in stone.

    Rebates can be negotiated. Though the terms for international players are often more generous than those granted to domestic players.

    Once you receive the terms in writing you can use them as leverage with other casino directors.

    If you reasonably believe your play warrants a rebate for a given property do not be afraid to push them on it. If they cannot provide a cash rebate they may be able to structure it as something else dependent on your play.
     
  7. Naturaleight

    Naturaleight High-Roller

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    Did you receive any other comps? A friend of mine had a similar experience, except he wasn't staying at the hotel and didn't eat or drink anything. He just walked in, lost a large amount of cash, and they gave him 5% cash back. But I believe the amount was closer to $50K

    So I guess what everyone is saying is that everything is negotiable. I will see if I can strike a deal.
     
  8. shifter

    shifter Degenerate Gambler

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    5% is the best you can hope for as a domestic player at that level. They give you a discount on your marker or cash if you pay with FM.
     
  9. mbely1000

    mbely1000 Tourist

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    Cash. I had brought $10K in cash and lost all of that, then took out $10K in markers and lost all of that. He only required that I pay back $9K on the marker. Although I can't say that after losing $19K it made me feel any better. I still have PTSD after that ass kicking.
     
  10. mbely1000

    mbely1000 Tourist

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    My suite and all of my room charges got comped, including tips. Although I was so fucking shell shocked after dropping $20K that I was too dazed to take advantage of many comps that I could have gotten. Fucking brutal trip.
     
  11. mbely1000

    mbely1000 Tourist

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    I wonder if Antoine Walker was smart enough to negotiate a loss rebate?

    Watanabe's rebate could buy a small island.

    Here is the real ass kicker, loss rebates are considered income for tax purposes.
     
  12. Bane

    Bane Tourist

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    mbely1000 you were comped generously for your level of play. I was going to say nice work arranging it until I saw you didn't even ask, your host just offered.

    That is a host you want to keep a good relationship with because he actually did go outside the norm. Cash comps are always the hardest and your host gave it to you for moderate play without you even asking. The tips he picked up are a cash comp as well and is also a bit generous for your level of play.

    Are his initials MM? That is my host at MB and he is pretty good but I rarely stay or play there.
     
  13. LAV

    LAV Tourist

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    CET will give you a 5% loss rebate for losses of $10,000 or more.
     
  14. Naturaleight

    Naturaleight High-Roller

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    Why are casinos more generous on loss rebates when it comes to paying back markers?

    Does anyone currently know of any LV property offering better than 5% rebate on a loss in the 5 figure mark? I heard the M resort will give you 5% back on a loss of $5,000+ but not sure of the details. Some places deduct RFB out of it, some do not.
     
  15. Tellafriend

    Tellafriend High-Roller

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    NOPE, there are not ANY that I've heard of. It won't be long before the 5% is limited to $100k everywhere in my opinion.

    Oh, and now they are starting to take your express comps for that and any airfare allowance. Way to go MLife.
     
  16. Bane

    Bane Tourist

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    Do you have this confirmed? It will be very distressing if this is true.

    I was told I would no longer accrue express comps because my current balance is above the new 10k threshold. I was never informed of a change where they would deduct any rebate from that balance.

    If that is the case I would rather spend my express comps on anything at all before reaching the loss threshold. I could take a page out of shifter's book and pick up everyone's tab at restaurants. At least I'd get the karma points and personal joy.

    I know in the past they have done this with the airfare allowance so I would be less surprised if that part has become policy.
     
  17. JDinTN

    JDinTN MIA

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    Is this for all CET properties nationwide? Including the ones in Tunica?
     
  18. Naturaleight

    Naturaleight High-Roller

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    I think he's right.
    https://www.mlife.com/pages/march_31_program_changes.html
     
  19. natedog666

    natedog666 17 and 20 Expert

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    Wow, the way I read #1 is that if you are on any program, they don't let you get *any* express comps. So that applies to any loss discount program with airfare reimbursement.

    But then again, usually players on the program have enough primary comps to not care about ECs anyways...I think? Shifter would know...
     
  20. Bane

    Bane Tourist

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    Yes but my concern is all it does is effectively reduce my comp rate. The ECs I do not use are not worthless to me if I can use them at some point if the need arises. But under this scenario they are simply taking it out of my one pocket and putting it into another. Therefore it is not quite a rebate.

    I would be happy if shifter or others who have crunched the numbers can tell me I am wrong.
     
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