Caesars wraps up $18 billion bankruptcy case

http://www.msn.com/en-us/money/companies/caesars-wraps-up-dollar18-billion-bankruptcy-case-eyes-future/ar-AAlXg6h

 

Shareholders Approve Proposed Caesars Merger

 

Well, IMHO, that means that comps will really go to s**t!!!!! Did anyone notice that after they first "cleared" the bankruptcy they stopped aggressively trying to attract business?

 

They aren't done. This process is expected to complete in October.

 

For me, when they declared my offers were cut in half. I think most everyone was stuck in that trap. My offers took a blow in January 2014. It wasn't until a few weeks ago, after I never went back after that, did they finally send me a "Come Back" offer. It was good enough to get me back in the door. So maybe they are trying again?

I know a lot of folks that got the same "You are a VIP, we miss you" offer.

 

I've never gotten much FP from CET (tops was $50 one time) but I've had comped rooms most any time at damn near every property in LV and at Harrah's Reno since I started playing in Reno eight or nine years ago. I played one day at Flamingo over Christmas when we stayed there this past year and still my calendar is loaded with COMP rooms.

I am planning on trying to use up the 15K in RCs I have banked up over the years on this trip though. It seems like more and more places at CET are turning to the 2:1 redemption. If I never did another CET property after this trip, I wouldn't miss it.

 

I peaked out at $450 in free play. Most recently Dec of 2014 right before they declared. Me, and it seemed like half the members on these boards, saw their free play get cut in half. I was booked and they tried pulling my free play from me. I had to fight tooth and nail to get them to honor it. They dropped me to $225 (half) and that went to $150 and soon $100 and eventually $0 until now.

I didn't reduce my play, I stopped playing all together when they cut free play. My rooms were always there for free. After all, they wanted me on property and gambling. They just didn't want to give me anything to do so beyond the room.

As for the 2:1, that trash started in Atlantic City years ago. I'm actually shocked it took Vegas this long to do it as well. $5 through a slot = 1 penny for food. At a non-CET owned place, it would Take $10 of coin to equal 1 penny at 2/1. MGM's Mlife gives you 1 penny in free play + 1 penny in express comps (for food/drinks) so $9.00 in coin (no specialty) on a slot would get you 3 pennies of free play AND 3 pennys to eat with. So 6 cents VS Total Rewards 1 cent.

I just hope MGM doesn't copy them!

 

My offers never changed.

 

You might have been in the vast minority of Total Rewards player out there that didn't see that happen 2 1/2 years ago.

Here is my thread when they refused to honor my full free play after they filed for bankruptcy. That lead to the discussion of the current Free Play offers being cut in half immediately following that.

I'll link where others started figuring it out as well. Nearly every CET player that posted said theirs were cut in half just like mine. And by the end of the thread people were reporting that their free play disappeared all together. I post in a few different forums, and it was the exact same story there. I just wont insult Sonya with a link to those LOL

https://www.vegasmessageboard.com/forums/index.php?threads/cet-reneged-my-free-play-on-a-reservation.116156/page-7

pleepleus: This last trip, I got the free play, but the future free play offers are so reduced, it's not even worth trying booking a room anymore.

newmans: I'll pipe in. My offers went down 50%. You're now 6 for 6.
Not just free play, but gift cards etc.
As an aside, my play increased over the year(confirmed by my host). My freeplay should have gone up, but in fact is 50% of a year ago(when it was based on a lower ADT

peachiekeehn: Mine are down 50% as well

justmare: I went from diamond to 7 Stars last year, too. I ended the year with 206k tier credits earned over 18 days of play. My offers were consistently $700 - $850 free play -- they are now $400. I actually didn't even GET my regular monthly free play offers for March/April, but every offer (and much fewer than in the past) that have a gift card or free play option beginning in March are $400. They were still normal in January/February with the exception of the available dates being slashed to almost nothing and for VERY few weekends.

joaks: Mine were cut in half and also have much more specific dates that vary by property. My ADT hasn't changed since my last visit was in May, and neither had the quality of the offers right up until March 1st. My host tells me they aren't allowing stacked offers anymore either. And I'm not seeing any food comp offers at all past March. I still have 50 vegas offers past March, but they only consist of the 1 well restricted FP offer and the rest are tickets, gospel singing, free nights, etc.

jgates8: My FP has been cut in half - it was only about $75 anyway - so down to $30 to $40 offers.

easy_money: Wow, ok... So I waited a bit longer to throw in my 2 cents cause I wanted to wait until I get more updated offers to comment. But I'm seeing more and more folks stating their offers have been reduced at 50% give or take. I'm not going to say my play has been consistent. My play last year was a bit lower than the previous year, but not significantly. But the drastic drop for FP/casino play doesn't justify for my play. For me, the last 2 years of FP was always $700. Now I'm getting $40/$35 FP\casino play, the same as Grid and Newmans mentioned above. The 2 trips last year I chose CET cause the FP of $700 was attractive. But to get me in the door with the $40/$35 FP is going to be a tough sell for CET. Good luck with that. So I may be forced to give MGM and/or Cosmo a try next time around.

ETC...

 

I didn't realize MLife had that high of a reward back. Nice.

What turned me off to MLife was that they own three casinos in Reno - we were one?? off from top-tier at Silver Legacy, an MGM property in Reno. When we came to LV for the first time, MLife said they don't even own casinos in Reno! They wouldn't match us or even give us one-up on MLife. Other than that one visit, I don't think we've been in an MGM casino in LV since, though we did continue to use their properties in Reno.

Frankly, I'm happy with downtown and Boyd. Sure, it's low-rent all the way for their properties overall but I love that everything is so close down there.

 

Yup, as far as point comps go, Mlife is by far the most fair on the strip. You just have to avoid those specialty slots. I feel your pain on Reno. I looked to go, I was Platinum with Mlife. I reached out to Circus Circus there and they said they couldn't even view my level of play to give me a room upfront. Same with Circus Circus in LV.

The one thing Total Rewards does well, is their ability to cross pollinate between all the properties they own.

 

Must be a lot of people parking. lol

 

Oops. Shoulda checked under the mattress when settling with creditors. But they agreed to the payout soooo..... psssttt hey mister can you spare some change? Small loan? Wanna get ahead of the curve on a hot tip?

 

I wouldn't scoff at the value of the hotels and the land underneath them. I think it'd be interesting to know the lease terms. I would assume they would be 100+ year leases, but if they less... that could get interesting down the road.