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CET potential sale and the direct effect to reward credits

Discussion in 'Comps' started by AlPal, Apr 14, 2019 at 2:31 PM.

  1. alexm

    alexm Low-Roller

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    This may be a dumb questions, but is it really possible to devalue the RC more other than by eliminating it? It's already worth 1 penny from a 5 dollar slot pull or a 10 dollar vp poker hand so for 10k coin in it's worth 10 bucks that have to be used before back end comps can be applied. I suppose they could make the return rate 2-1 for everything but that just seems silly. It doesn't seem like it's worth enough now to make it worth angering people by devaluing.
     
  2. alexm

    alexm Low-Roller

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    While I agree with you, I can see people hoarding them for a meal they generally wouldn't want to spend for. Back before I understood the system well I hoarded about 250 points to take my girlfriend to a very nice meal in atlantic city that would not come out of any other budget. I find for people who generally don't save money well, hoarding the credits for something truly unique might make more sense to them.
     
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  3. Nevyn

    Nevyn VIP Whale

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    I mean, you're still spending money on that nice meal regardless, because it could be applied on future trips to things at CET you WOULD otherwise spend money on. If it is an extravagance with cash, it is with RC, too.
     
    Diamond Nevyn faithfully dreams on about love in an elevator
  4. AlPal

    AlPal Low-Roller

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    This has always been my thought as well.
     
    April Group Trip!
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  5. Grid

    Grid VIP Whale

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    You are a long ways away from any changes to the program. The biggest asset CET is holding is their national database of players. Zero chance any new operators would want to step in and kill that fan base by ending reward credits.

    I do see a few possible changes to the program post sale. Since the new owner(s) would need a turn on their investment, and RC's earned by players that didn't spend any money under their watch are suddenly dead money, I can see them devaluing RCs much like Atlantic City does. 2 for 1 at certain places. Maybe even switch to 3 for 1 at non casino owned joints. Maybe it will take more coin in to earn them one day. $10 slots and $20 on VP. Or a reduction in conversion to free play.

    But mostly, just the places you will be able to spend them. I think we will see plenty of properties under their portfolio be spun off and sold. Meaning fewer outlets to redeem. But all of these are very far off in the future.
     
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  6. rgrif57

    rgrif57 VIP Whale

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    When you have a chance to increase your RCs at a 15x rate they do add up fast. We haven't paid for anything in years at a CET property including gift shop buys and still have around $1200 in RCs. We are fortunate in many ways with having Caesars Windsor so close, and if the accumulation keeps up we have a couple of nice things in mind. We are just going to keep an eye on the future and use them when or if we have to.................Rick
     
  7. BlacklabberMike

    BlacklabberMike VIP Whale

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  8. oghuman

    oghuman VIP Whale

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    I still have 280,000, I will use them as needed but won't be burning them, especially on free play. I can get lots of great dinners for me and my friends while they're ironing things out. Whatever they do it will take more than a year to get it figured out. I don't think they will want to alienate their customers from the get go. There is always across the street.
     
  9. Grid

    Grid VIP Whale

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    That is the rub, in many places that have a CET casino, there is no "Across the Street". If any changes are being made, they will be done in test markets that wont garner the most attention. You know how you have to pay for your Diamond Lounge food now? That was a run in the Atlantic City market that they bleed into every other place. Two for one rewards credits? That started in Mississippi.

    I can see reduced value in smaller markets, 3 for 1 for free play. Or, $10 to earn 1 reward credit on slots. They will roll it out in Iowa, who cares about them, then claim it was such a success and that they will soon roll it out coast to coast. They will make you feel better with "more" multiplier days, but we all know its the shaft.

    And for those in confined markets, they have to take the bitter pill. Not every market is LV or AC where you can play down the street. Look at how many CET players are out there! Those same players under to chase Diamond when it was 10,000 points. Or back when the lounge was free for all Diamonds. Its all been reduced, but we keep playing.
     
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  10. oghuman

    oghuman VIP Whale

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    While I agree with you on some points regarding "no across the street", I don't agree about Diamond and having to pay $10 worth of rewards credits. Diamond is practically given away with so many bonuses that never existed a few years ago. The have double tier bonuses in February, Quests, challenges,
    promotions galore. Diamond is so much easier to make as well as Seven Stars. I almost made 7* this April, I'm only 13,000 tier credits away. When I first made it when it was at 100,000 I barely made it at 104,000 before any bonuses existed. Now I make it an May of every year. I'm not feeling sorry for people having to make 25,000 tier for free food and free drinks. The reason they had to do this people used to go to AC and never ate in any restaurants because they ate and drank in the lounges after making minimum tier credits many days a year.
     
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  11. DaiLun

    DaiLun R.C., L.C., and A.A.N.G.

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    You dont get TCs if you pay for them with RCs or get back end comps.
     
    MGM Cotai and others, Macau
    GGWU non-booster event. Dinner at NoMad with a new FGF (and my host)
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  12. Elizakess

    Elizakess Low-Roller

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    I believed all of what you were saying till my experience. They didn’t care about the players. They should have. I wouldn’t go overboard spending but I’d use them first. Think about it even if there is no sale Icahn is unlikely to see those perks as critical. You could have less to choose from. You can use them on your regular trips and bank the money you save for later but if you hoard them and it doesn’t go your way you just out of luck.
     
  13. Lord Suspect

    Lord Suspect Low-Roller

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    I am hoping Eldorado Buys CET. I will use my Reward Credits once we know somebody has made a move and then build on the new operators system and card or cards. I most likely already have a card in the new buyer or buyers players card program and will be preemptive. My current Marquee Rewards (PennNational the buyer) card merger experience to MYChoice (Pinnacle the seller) is a PITA. I have 3 MYchoice cards, for some reason certain states made me get separate cards and I am VIP at Marquee Rewards. The transition is so bad that the Marquee Rewards site has a legal disclaimer to not trust the website and my local casino cannot display my points as I earn them this year while I am playing machines. The local casino has also had problems with free play electronic transfers.
     
    Last edited: Apr 16, 2019 at 5:51 AM
  14. Chuck2009x

    Chuck2009x VIP Whale

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    Imagine taking CETs system, which is gonna dwarf anybody else's, and integrating it into some other system that's ticky-tack by comparison. Now imagine integrating it into 2 or 3 or 4 other different systems.

    Or to put it another way, imagine them taking your cash-equivalent points and trying to figure out how to split them across 2 or 3 or 4 entities. Probably the mothership ends up holding onto all of them and any sold-off properties are on their own.
     
    Last edited: Apr 16, 2019 at 12:06 PM
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  15. Grid

    Grid VIP Whale

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    Once upon a time, you earned Diamond with 10,000 points and you got to eat/drink for free in every Diamond Lounge. Then, they raised the bar to 15,000 and introduced the bonus TC system. Then, the free lounge was no longer free to those earning Diamond, only for those that nearly doubled what it took to be Diamond.

    50% more points to get Diamond. And those entry Diamonds no longer get free grub.

    Point being, they changed the system and many that earned Diamond by playing on the weekends at their locals got shafted. And those that barely made Diamond no longer get the free lounge.

    While some people may benefit from the bonus TC's, not every prior Diamond did. CET knew they had a ton of players that earned less then 1,000 TC's per month logging many visits, that just so happened to earn Diamond the way it was once intended. To purge themselves of these "lower level Grinders" they changed the system to reward those that play bigger, and faster, and push out those that logged many visits slowly building up to Diamond.

    Smart for them, but still a negative change for many.

    While you may have benefited from the new system, not everyone feels the same way.The point is, they changed things and people kept playing. There is no reason to think there would be a mass exodus if they tweaked it a little more. Just like all those players that swore off Boyd after they changed the club. That stock bottomed out under 20 bucks to close last year after the changes. Now, you are lucky if you buy in on a day when it isn't over $30 per share. They are still making their money.

    Be honest, when was the last time a major club changed anything to the benefit of the player? Was it when the Venetian revoked comps to gamblers, and then went with the machine theo (not coin) for comps? When Mlife started with their $10 coin to get a point from $3 per on "specialty" slots? The massive Boyd changes?

    While they may tell us we asked for this, and put their spin on it (like bonus TC's) it is always to their advantage.
     
    Last edited: Apr 16, 2019 at 9:32 AM
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  16. oghuman

    oghuman VIP Whale

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    Yes, it takes 50% more - I don't see the problem with that. There are loads of bonuses now that did not exist prior to the changes.

    Just because I make 7* in May doesn't mean I've benefited, it's quite the contrary. It now it takes another 100,000 tier just to get a $500 folio. It used to be in 50,000 increments that each would give you some perk. Now only 500,000 tier credits to be considered elite and you get nothing extra after you get to 250,000. From 250,000- 500,000 you get nothing. My point was every thing is devalued and practically no one is elite. I have a choice, I can go elsewhere or quit altogether. I choose not to and grind me teeth and try to be happy with what I get.

    They're all out there to make money, and their stockholders expect them to. That's business and if in they have a big deficit they change and improve or they go out of business. Nothing else to add.
     
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  17. rgrif57

    rgrif57 VIP Whale

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    If you are a mid level player it really only takes 8,000 TC to reach Diamond if you achieve 1000TC a day. The 1000 TC bonus is overly fair. We hit 5,000 TC on 1/2 (had a really good day :>) ) and were 1/10th of the way to 7*. We are just over 70,000 TC with only a few stays and if we were back to the 100,000 TC days would probably be around 30-35000 TC. February doubling plus the last quarter of 2018 bonus plus our usual play is over 2500. We are able to take advantage of the bonuses and make 150,000 attainable. Though we usually are not in the 250,000 range and probably won't be ever if the sale goes through. Sorry for going off topic but liked what @oghuman was stating.
    We like 7* and the perks that come with it especially in Windsor on RC multiplier days. I have no idea how the RCs will be affected but we will keep our level of play and use them as we do. We have our daughter and her husband going with us to a really nice meal next month at Windsor. Also like @Grid said I don't expect anything to favor us.
     
  18. sinnerman

    sinnerman Low-Roller

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    My issue is there is so much uncertainty that I am not sure what is going to happen. If CET gets broken up and sold piecemeal to Eldorado and GN, then who gets to keep the Total rewards system. I agree with what was stated above, One possible degradation of TC might be make it 2:1 redemption for everything (with a 3:1 redemption for non casino joints and free play), and then ameliorate that with a 1:1 redemption for SS for regular charges, 1.5:1 redemption for diamond and so forth.

    I guess my fundamental fear was perfectly summarized by @Grid when he said "Be honest, when was the last time a major club changed anything to the benefit of the player? ". My answer is, as they say in court, "Not that I can recall"
     
  19. oghuman

    oghuman VIP Whale

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    Per Seven Stars insider website:

    Caesars Entertainment names Tony Rodio as new CEO
    Former Tropicana CEO Tony Rodio has been named CEO of Caesars Entertainment Corp. Rodio is currently CEO of Affinity Gaming in Las Vegas, and formerly oversaw Carl Icahn’s seven-casino company that was sold last year to regional casino operator Eldorado Resorts and real estate investment trust Gaming and Leisure Properties. A veteran of more than 30 years with the Atlantic City market, he’s held several positions with local and regional gaming businesses. Caesars also has announced the formation of a "transaction committee" to oversee the company’s ongoing efforts in “creating additional shareholder value.” Rodio will be transitioning to Caesars during the next 30 days, the company said. (4/16)
     
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  20. Chuck2009x

    Chuck2009x VIP Whale

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    Great, the year I'm FINALLY gonna get some of them damn free chicken wings!
    upload_2019-4-16_15-8-35.png
     
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