I first heard the word "breakage" in the context of casino operations during a discussion with a slot manager at the Palms. Concluding a rant about the undesirablility of video poker players (as opposed to reel slot players) he said, "and there's no breakage."
What he meant, in a gross overgeneralization, is that video poker players use their players cards, take advantage of free play offers and promotions, and use all the points they earn.
Breakage occurs whenever a casino doesn't have to provide something a player has been offered or is entitled to. It's a huge source of casino profits.
Much, perhaps most, breakage is the "fault" of players. The casino sends out room offers, dining credits and free play that can be used only on certain dates. The customer can't make it to the casino while the offers are valid, so they go unused. Breakage.
But another kind of breakage is, in my opinion, manipulative at best and deceptive at worst. This occurs when casinos set things up so it's almost impossible for them to give players what they promise.
A simple example is a drawing or tournament with an advertised prize amount. But the time frame for claiming the prizes is so restrictive that the casino knows a percentage of the money will be forfeited. A few years ago, many casinos would mail prizes to guests who couldn't personally claim them after a drawing or tournament. Now it's not uncommon to require winners to claim within as little as half an hour.
Another way to create breakage is to design a drawing or promotion so that the biggest prizes do not have to be awarded. An easy want to do this is to provide more prizes than there are winners, and have each winner pick a prize. Let's say a casino advertises a drawing with 10 winners and a top prize of $10,000. But each winner has to select an envelope from a total of 20, only one of which contains $10,000. In my opinion a casino operating such a drawing should be allowed only to advertise the top prize guaranteed to be awarded as the top prize. In this case that would be the 11th-highest prize, because the 10 highest prizes might not be selected. The top potential prize ought to be allowed to be mentioned in advertising only if it is made clear that this prize might not be awarded. The usual "win up to $10,000" in a case like this is at best misleading.
There are ways to set up a promotion so that the creation of breakage is achieved with great subtlety. Let's look, for example, at the weekly seniors drawings at the Silverton.
The casino holds three drawings each Monday for players 50 and older, at 2, 4 and 6 p.m. There are 15 prizes at each drawing, ranging from $50 free play to $1,000 cash. A player can win at one, two or all three drawings each week. Tickets are earned on Mondays only based on amount of coin-in. All tickets remain in the drum for all remaining drawings that day.
But every senior is entitled to a free entry. Part of Silverton's seniors day promotion is a half-off buffet or entree at the cafe. To get this discount, players have to swipe at a kiosk. With the discount they automatically get an entry into the drawing.
Players need not be present to win, but must claim their prize within two hours of each drawing. Those who are serious about these drawings time their play on Mondays to end just before 2 p.m., wait for the results of that drawing, come back just before 6 p.m. to check the results of the 4 p.m. drawing and wait for the results of the final drawing.
How many people who come for a cheap lunch and have one ticket in the drum are going to check the results of all three drawings? Not many, I'm sure. I wouldn't. Same for casual players who might earn a few tickets. And plenty of people are going to have things to do that keep them from checking, even if they have good reason to do so.
I participate in these drawings almost every week and usually win at least a couple of times a month. Winners have to sign a sheet of paper on which all the winners' names are listed. Signing for the 4 p.m. drawing just before the end of the two hours claiming period, I often have seen that only a few of the 15 winners have shown up to get their prizes.
It's important to understand that even a promotion designed to create breakage, and even one that's deceptively advertised, can be an advantage play. And the Silverton, for example, undoubtedly would provide a much smaller prize pool on Monday if the rules provided that all prizes had to be awarded.
Nonetheless, I agree with Michael Gaughan, owner of South Point, whose philosophy is that casinos ought to give away what they say they are going to give away.
Showing posts with label Silverton. Show all posts
Showing posts with label Silverton. Show all posts
Sunday, November 29, 2015
Sunday, November 22, 2015
Multiplier madness
Thanksgiving is approaching, and many casinos are offering point multipliers for play on the holiday, meaning it will be a very long workday for me.
Point multipliers are one of the most common casino promotions. They can be quite valuable for both the casino and for players who know how to take advantage of them.
To understand point multipliers, you first have to know what points are, and that isn't as easy as it might seem. Basically, points are a form of reward for play given by casinos. But what they can be used for and how they are earned vary considerably among casinos.
What follows is a look at the Station Casinos point system, which is very similar to the Boyd Gaming casinos system. These are the to major chains of locals casinos in the Las Vegas area.
At Station properties, which include the Fiesta and Wildfire properties, points are earned (technically) at a rate of one per dollar of coin in on most machines. I say technically because all players are entitled to three times points all the time. Chairman, president and platinum players get this multiplier automatically; gold and preferred players must swipe their player card at a kiosk to activate it. Points on 100 percent payback games are earned at a rate of $1 coin in per point. These games are inelgible for multipliers.
Points may be redeemed at a rate of 1,000 per dollar for comps, free play or cash. Players get a discount at the buffet when paying with points of up to 50 percent, depending on card level.
The video poker game I usually play at Station and Fiesta properties is "not so ugly" deuces wild, which pays back 99.7 percent. This game is basically break even with the usual three times points, which add 0.3 percent to the return.
Stations offers various point multipliers besides the every day three times. Some are available to anyone who shows up and swipes a player card; others are for invited guests only. Some are "mystery multipliers," the value of which is revealed when the the player's card is swiped at a kiosk.
In my experience, these multipliers range from four times to six times points on video poker. "Public" multipliers on reel slots range up to 10 times. I don't know what multipliers reel slot players get from their mailers, but I wouldn't be surpised if someone who plays penny slots exclusively were to get more than 10 times points. These games hold at least 10 percent of money played through, and 10 times points at Stations is worth 1 percent.
Any multiplier above the everyday three times must be activated at a kiosk. The multiplier is based on a 0.1 base, not on 0.3. So a six times multiplier is worth 0.6 percent. This makes the not so ugly deuces worth 100.3 percent instead of the usual 100 percent even.
What this is worth is dollars depends on the denomination you play and on how fast you play. Let's say you play dollars (the highest denomination of this game at Stations properties) at max coin, meaning you're betting $5 a hand. Let's further assume you play a fast 800 hands an hour, meaning you put through $4,000. Multiplying this amount by 100.3 shows that you're earning $12 an hour from this play, not counting other benefits the casino may give you, such as future free play in a mailer, gifts, food coupons, drawing entries, etc.
One good thing about Station multipliers is that there is no limit on the amount of points you can earn. The Boyd casinos, Station's main competitor, offers higher multipliers (as much as 50 times on reel slots and 30 times on video poker), but with limits. At Boyd downtown properties (the California, Fremont and Main Street Station) the limit is usually 100,000 total points, with the multiplier. At Boyd's Coast Casinos (the Gold Coast, Suncoast, Orleans and Sam's Town), the limit is usually 10,000 base points multiplied.
But the good news is that some of these properties offer games that can be positive with multipliers at much higher denominations than Stations, including not so ugly deuces at up to $5 at the Fremont and full pay jacks or better (99.5 percent payback) at up to $5 at the California, Gold Coast and Sam's Town.
At some other locals casinos, including the M, South Point and Silverton, base points are worth 0.3 percent. At these casinos, two times points is equal in value to six times points at Station and Boyd properties. South Point doesn't offer point multipliers very often, but when it does, there is no limit on points earned and there are some good games, including $2 not so ugly deuces, to earn them on. Tbe M offers very frequent multipliers of two times on video poker and, in my experience, 12 times on reels. The problem here is that the games are tight, the best return before points being 99.4 percent on Ace$ bonus poker. Silverton has not offered multipliers on video poker for some time but goes to at least 10 times on reels.
These casinos' point systems are all similar in that points can be used for cash back, free play or comps. In some other systems, points can be used only for cash back or free play, and comps are earned separately from points. Such systems are used by several downtown Las Vegas casinos, including the Golden Nugget, D and Four Queens. Also at these casinos, points are generally earned at a rate of one per $10 of coin in and redeemed at a rate of 100 points per dollar, for a rate of 0.1 percent.
Before taking up a casino's offer of a point multiplier, it's a good idea to read the fine print in your mailer or at the players club. Write down your points balance before you start playing, and the number of base points earned. Then check on the machine or a kiosk or at the players club to make sure you got the proper multiplier.
A final word of advice: Some casinos, including South Point, do not look kindly at those who play only on point muliplier days. Over the years, some who made that mistake at South Point found when they returned that their player card no longer worked.
Point multipliers are one of the most common casino promotions. They can be quite valuable for both the casino and for players who know how to take advantage of them.
To understand point multipliers, you first have to know what points are, and that isn't as easy as it might seem. Basically, points are a form of reward for play given by casinos. But what they can be used for and how they are earned vary considerably among casinos.
What follows is a look at the Station Casinos point system, which is very similar to the Boyd Gaming casinos system. These are the to major chains of locals casinos in the Las Vegas area.
At Station properties, which include the Fiesta and Wildfire properties, points are earned (technically) at a rate of one per dollar of coin in on most machines. I say technically because all players are entitled to three times points all the time. Chairman, president and platinum players get this multiplier automatically; gold and preferred players must swipe their player card at a kiosk to activate it. Points on 100 percent payback games are earned at a rate of $1 coin in per point. These games are inelgible for multipliers.
Points may be redeemed at a rate of 1,000 per dollar for comps, free play or cash. Players get a discount at the buffet when paying with points of up to 50 percent, depending on card level.
The video poker game I usually play at Station and Fiesta properties is "not so ugly" deuces wild, which pays back 99.7 percent. This game is basically break even with the usual three times points, which add 0.3 percent to the return.
Stations offers various point multipliers besides the every day three times. Some are available to anyone who shows up and swipes a player card; others are for invited guests only. Some are "mystery multipliers," the value of which is revealed when the the player's card is swiped at a kiosk.
In my experience, these multipliers range from four times to six times points on video poker. "Public" multipliers on reel slots range up to 10 times. I don't know what multipliers reel slot players get from their mailers, but I wouldn't be surpised if someone who plays penny slots exclusively were to get more than 10 times points. These games hold at least 10 percent of money played through, and 10 times points at Stations is worth 1 percent.
Any multiplier above the everyday three times must be activated at a kiosk. The multiplier is based on a 0.1 base, not on 0.3. So a six times multiplier is worth 0.6 percent. This makes the not so ugly deuces worth 100.3 percent instead of the usual 100 percent even.
What this is worth is dollars depends on the denomination you play and on how fast you play. Let's say you play dollars (the highest denomination of this game at Stations properties) at max coin, meaning you're betting $5 a hand. Let's further assume you play a fast 800 hands an hour, meaning you put through $4,000. Multiplying this amount by 100.3 shows that you're earning $12 an hour from this play, not counting other benefits the casino may give you, such as future free play in a mailer, gifts, food coupons, drawing entries, etc.
One good thing about Station multipliers is that there is no limit on the amount of points you can earn. The Boyd casinos, Station's main competitor, offers higher multipliers (as much as 50 times on reel slots and 30 times on video poker), but with limits. At Boyd downtown properties (the California, Fremont and Main Street Station) the limit is usually 100,000 total points, with the multiplier. At Boyd's Coast Casinos (the Gold Coast, Suncoast, Orleans and Sam's Town), the limit is usually 10,000 base points multiplied.
But the good news is that some of these properties offer games that can be positive with multipliers at much higher denominations than Stations, including not so ugly deuces at up to $5 at the Fremont and full pay jacks or better (99.5 percent payback) at up to $5 at the California, Gold Coast and Sam's Town.
At some other locals casinos, including the M, South Point and Silverton, base points are worth 0.3 percent. At these casinos, two times points is equal in value to six times points at Station and Boyd properties. South Point doesn't offer point multipliers very often, but when it does, there is no limit on points earned and there are some good games, including $2 not so ugly deuces, to earn them on. Tbe M offers very frequent multipliers of two times on video poker and, in my experience, 12 times on reels. The problem here is that the games are tight, the best return before points being 99.4 percent on Ace$ bonus poker. Silverton has not offered multipliers on video poker for some time but goes to at least 10 times on reels.
These casinos' point systems are all similar in that points can be used for cash back, free play or comps. In some other systems, points can be used only for cash back or free play, and comps are earned separately from points. Such systems are used by several downtown Las Vegas casinos, including the Golden Nugget, D and Four Queens. Also at these casinos, points are generally earned at a rate of one per $10 of coin in and redeemed at a rate of 100 points per dollar, for a rate of 0.1 percent.
Before taking up a casino's offer of a point multiplier, it's a good idea to read the fine print in your mailer or at the players club. Write down your points balance before you start playing, and the number of base points earned. Then check on the machine or a kiosk or at the players club to make sure you got the proper multiplier.
A final word of advice: Some casinos, including South Point, do not look kindly at those who play only on point muliplier days. Over the years, some who made that mistake at South Point found when they returned that their player card no longer worked.
Sunday, May 17, 2015
In praise of the buffet
Let's get this out of the way: Some people are not fond of buffets. I've never had a discussion with any of these people, but I guess their objections are these:
1. When I go out to eat, I want to be waited on.
2. There's too much food; it's an incitement to gluttony.
3. The quality of the food is not that good.
I can't argue with No. 1. That's a matter of personal preference, and if you just don't like the concept of a buffet, I can respect that.
For some people, No. 2 is a legitimate concern. Some people will sometimes eat more than they should, given the opportunity. I have been known to do this myself.
No. 3 is sometimes true. It is also sometimes true for sit-down restaurants. In both cases, the problem is with the individual establishment, not the concept.
Now, here's what's great about at least some buffets, particularly those in casinos:
1. Value. Often the buffet is expected to be a loss leader whose purpose is to get people in the door. In Las Vegas, Station Casinos appears to have adopted this approach. Add to this the fact that appetizers, accompaniments, desserts and soft drinks (sometimes even beer and wine) are included for one price, and the value is hard to beat. Some very good dinner buffets can be had in Vegas in the $15 range, which won't cover a sandwich, soft drink and dessert in most cafes.
2. Discounts. At most casinos, anyone with a player's card gets a dollar or two off the price of a buffet. At many, those with higher-tier cards get bigger discounts. Coupons with substantial savings are available from various sources, including the Las Vegas Advisor and American Casino Guide. And a buffet comp is the easiest food comp to get.
3. Speed. Since you don't have to wait for your food to be prepared, you can get out quickly. Getting in can be more of a problem. If you have a VIP-level player's card, you can get right in at many casinos. Many have shorter lines for those with comps than for customers who pay directly, rather than through their casino play.
4. Variety. If you're with a group of people who are in the mood for different cuisines, a good buffet can satisfy them all. If you want to mix Italian, Chinese and Mexican food in one meal, the buffet is the place. Also, the buffet offers a no-risk opportunity to try dishes you might not want to pay for individually at a sit-down restaurant.
5. No limits. If you want the soup and the salad, go for it. If the first portion wasn't enough, take a little more.
6. Healthy choices. As my brother recently said, "The buffet can be the worst place to eat, or the best place to eat." Most have salad bars, lots of fruits and vegetables, and other healthy options. I recently decided to make a serious effort to lose weight and improve my diet. I have found that my favorite buffets allow me to do this. I have found that the Asian stations often offer tasty and healthy choices. Some buffets have Mongolian grills. My move there is to load up a bowl with vegetables and have it cooked without any meat. With a cup of brown rice, this can serve as a main course.
Buffet rules:e Take a new plate every time you go to the line. No eating while serving yourself food. No taking food out of the buffet. Certain violations to this last one are sometimes tolerated, such as eating a piece of fruit or ice cream cone on the way out. But concealing and removing food could lead to great embarrassment if you're caught, and the presence of surveillance cameras in casino buffets means you could be caught. I would not risk it.
Buffet strategy: Survey the entire buffet before taking anything, even if you've been there before, even if you've been there recently. Take only a little bit -- some things aren't as good as they look, and if it is good, you can always go back for more. Look for opportunities to combine items from different stations. Also, some types of items may be scattered, such as soups at the salad bar and ethnic stations, such as Chinese.
Odd fact: At many buffets, the station with Mexican food is labeled "International," not "Mexican." I have no idea why.
Tipping: I generally tip 10 to 15 percent, minimum of a dollar, If I take an unusually long time or use a large number of plates or otherwise make more work for the server, I'll leave a little extra. If the buffet is exceptionally cheap, I'll tip a little more. If I have something custom-made, such as a plate at the Mongolian grill or an omelet, I'll leave a dollar.
Favorite and least favorite buffets: The best -- and priciest buffets -- in Vegas are on the Strip. I haven't tried them all, but of those I have, my four favorites are the Wynn, Bellagio, Caesars Palace (Bacchanal Buffet) Aria and Mirage.
Off the Strip, one of the best -- and again, priciest -- is Studio B at the M Resort. Friday, Saturday and Sunday dinners and Saturday and Sunday brunches are $40. The good news is that you can get a free buffet by earning same-day slot or video poker points. That $40 weekend buffet requires 2,000 video poker points, which is $2,000 coin-in. On that casino's best video poker games with skillful play that's an average loss of less than $20 -- a very good deal. Weekday dinners and lunches require fewer points, and the requirements for points earned on slots are considerably less than for video poker.
For the money, I don't think you can beat the buffet at Green Valley Ranch, which also has one of the most attractive dining rooms. Dinner there is $15, more on Friday and Saturday specialty nights. Another good buffet in an attractive room is at the Silverton. Unless you are a diamond or platinum player, expect to wait on line on Mondays, when seniors get two buffets for the price of one, and on other days when similar promotions are in effect.
My favorite low-end buffet is Fiesta Henderson, where dinner every night and brunch on Saturdays and Sundays is $9. This buffets features a Mongolian grill and the best fried chicken I've had anywhere in town. My spouse says the turkey breast is exceptionally good. There's a good salad bar and usually several vegetable selections, but not much in the way of fruit.
At the higher end of the price spectrum, the Rio offers a seafood buffet that is quite good but pricey. The Rio also has a comprehensive buffet, the Carnival World. The last time I ate at the Palms buffet, not recently, it was quite good and extensive, much improved since the George Maloof days (about the only thing there improved since new management took over).
At the places I play regularly, my least favorite buffets are at South Point and the Gold Coast. (The Orleans, under the same ownership as the Gold Coast and only about a mile away, has a better buffet.) The difference between a mediocre buffet like these and a good buffet is the difference between being able to find something to eat and being overwhelmed by all the attractive choices.
Final note: A comprehensive listing of Vegas area buffets, including hours and prices, can be found at LasVegasAdvisor.com.
Saturday, February 7, 2015
Evaluating a new offer from the Silverton
My February mailer from the Silverton contains a new "bonus offer" that requires some evaluation to determine whether it's worth pursuing. I've decided to share this process to give anyone interested an idea of the considerations involved, which are more complex than they might first appear, as well as the math, which is not as difficult as it might first appear (if I can do it, almost anyone can do it).
The offer is simple: "When you earn at least 60,000 slot point during the month of February, we'll give you $105 in Free Slot Play!"
First, we have to know how much coin in is required to earn 60,000 points. For the Silverton, that's an easy calculation: $1 coin in earns 1 point on most video poker. Remember, coin in is money run through the machines, including recycled wins, not money actually inserted.
Next we have to figure the cost of playing $60,000 through. The best video poker game at the Silverton is 8/5 bonus poker, with a maximum payback of 99.17 percent. For simplicity and to account for less-than-perfect play, let's use 99.1 percent as our payback percentage, giving the house a hold of 0.9 percent. We multiply that by $60,000 to get the cost of playing enough to get the bonus. The answer is $540. So far, it looks like a lousy deal -- lose an expected $540 to get $105 in free play.
But there's more to consider. Points at the Silverton are worth 0.3 percent and can be used for free play, which is a cash equivalent if we're going to play at that casino anyway. 0.3 times 60,000 is 180, so we reduce our expected loss by that amount: $540 - $180 = $360. We're closer, but still quite far from from profitability.
The next thing I would consider is how much coin in I would play at the Silverton anyway to continue to get a mailer and take advantage of promotions. My records for recent months show that I played an average of less than $30,000 a month at the Silverton. I'm assuming I would play about my usual amount without the bonus offer, so I'm going to figure the cost of the additional play to see if the bonus offer is worthwhile. Let's use a round number of $35,000. Again, we multiply by the house's hold of 0.9 percent, giving us a gross cost of $315.Than we multiply $35,000 by the value of the Silverton's slot points, 0.3 percent, to get an offset of $105. We subtract that from $315 to get $210, which I would consider the approximate actual cost of earning the $105 in free play. This amount might be further offset by getting more free play in one or more future mailers because of the additional coin in. But this possibility isn't enough to sway me to play at a loss.
If the numbers had come out in favor of taking up the offer, I would have considered one more factor: the time required for the additional play. At the Silverton, 8/5 bonus poker is offered in many forms, including 10-play and 100-play that allow a lot of money to be put through in relatively little time. I'm not going to figure out exactly what I would have played, but if the offer had been profitable, I'm sure I could have made it work out time-wise. At other casinos, time might be much more of a factor.
I like the kind of offer the Silverton made, sometimes called a "points challenge," but not the specific numbers. This offer doesn't work for me, and I doubt it will work well for the Silverton, either. It doesn't seem realistic to me to expect many players to more than double their usual amount of play at a casino, unless that usual amount is very small. Setting rewards, possibly on a sliding scale, for increases of, say, 20, 35 and 50 percent, probably would get a better response.
The offer is simple: "When you earn at least 60,000 slot point during the month of February, we'll give you $105 in Free Slot Play!"
First, we have to know how much coin in is required to earn 60,000 points. For the Silverton, that's an easy calculation: $1 coin in earns 1 point on most video poker. Remember, coin in is money run through the machines, including recycled wins, not money actually inserted.
Next we have to figure the cost of playing $60,000 through. The best video poker game at the Silverton is 8/5 bonus poker, with a maximum payback of 99.17 percent. For simplicity and to account for less-than-perfect play, let's use 99.1 percent as our payback percentage, giving the house a hold of 0.9 percent. We multiply that by $60,000 to get the cost of playing enough to get the bonus. The answer is $540. So far, it looks like a lousy deal -- lose an expected $540 to get $105 in free play.
But there's more to consider. Points at the Silverton are worth 0.3 percent and can be used for free play, which is a cash equivalent if we're going to play at that casino anyway. 0.3 times 60,000 is 180, so we reduce our expected loss by that amount: $540 - $180 = $360. We're closer, but still quite far from from profitability.
The next thing I would consider is how much coin in I would play at the Silverton anyway to continue to get a mailer and take advantage of promotions. My records for recent months show that I played an average of less than $30,000 a month at the Silverton. I'm assuming I would play about my usual amount without the bonus offer, so I'm going to figure the cost of the additional play to see if the bonus offer is worthwhile. Let's use a round number of $35,000. Again, we multiply by the house's hold of 0.9 percent, giving us a gross cost of $315.Than we multiply $35,000 by the value of the Silverton's slot points, 0.3 percent, to get an offset of $105. We subtract that from $315 to get $210, which I would consider the approximate actual cost of earning the $105 in free play. This amount might be further offset by getting more free play in one or more future mailers because of the additional coin in. But this possibility isn't enough to sway me to play at a loss.
If the numbers had come out in favor of taking up the offer, I would have considered one more factor: the time required for the additional play. At the Silverton, 8/5 bonus poker is offered in many forms, including 10-play and 100-play that allow a lot of money to be put through in relatively little time. I'm not going to figure out exactly what I would have played, but if the offer had been profitable, I'm sure I could have made it work out time-wise. At other casinos, time might be much more of a factor.
I like the kind of offer the Silverton made, sometimes called a "points challenge," but not the specific numbers. This offer doesn't work for me, and I doubt it will work well for the Silverton, either. It doesn't seem realistic to me to expect many players to more than double their usual amount of play at a casino, unless that usual amount is very small. Setting rewards, possibly on a sliding scale, for increases of, say, 20, 35 and 50 percent, probably would get a better response.
Monday, April 23, 2012
A surprising find
Across Blue Diamond Road from the Silverton, just west of Interstate 15, is a bigt truck stop and gas station. The building has a sign saying "casino" but that isn't surprising because, in Nevada, many gas stations, as well as convenience stores, drug stores, supermarkets and other businesses have small casinos inside.
A couple of weeks ago my wife stopped for gas at the truck stop across from the Silverton. She went inside to pay with cash and much to her surprise she saw a table games pit with two blackjack tables and a live poker table. The blackjack games were both single deck with blackjacks paying 3-to-2. The minimums were $5 and $10.
A couple of days ago we were in the area and needed gas, so we stopped there. I went inside and saw that the casino was much larger than most in other kinds of business. There was even a players' club window. I checked one of the multi-game video poker machines and found, at $1, 9/5 jacks or better, 8/5 bonus poker and 15/9 "pseudo not so ugly" deuces wild. These are not the best games around but they are not the worst, either, and could even be profitable depending on players' club benefits, which I did not look into during this visit.
The point of this story is that despite the spread of casino gambling throughout the United States, Nevada and Las Vegas are still, and likely always will be, different because of the dominance of gambling in the economy and the culture here. Other states may have major casinos that rival those in Vegas, but where else can you play video poker while waiting for a prescription to be filled? Or a a few hands of blackjack while your truck's oil is being changed?
A couple of weeks ago my wife stopped for gas at the truck stop across from the Silverton. She went inside to pay with cash and much to her surprise she saw a table games pit with two blackjack tables and a live poker table. The blackjack games were both single deck with blackjacks paying 3-to-2. The minimums were $5 and $10.
A couple of days ago we were in the area and needed gas, so we stopped there. I went inside and saw that the casino was much larger than most in other kinds of business. There was even a players' club window. I checked one of the multi-game video poker machines and found, at $1, 9/5 jacks or better, 8/5 bonus poker and 15/9 "pseudo not so ugly" deuces wild. These are not the best games around but they are not the worst, either, and could even be profitable depending on players' club benefits, which I did not look into during this visit.
The point of this story is that despite the spread of casino gambling throughout the United States, Nevada and Las Vegas are still, and likely always will be, different because of the dominance of gambling in the economy and the culture here. Other states may have major casinos that rival those in Vegas, but where else can you play video poker while waiting for a prescription to be filled? Or a a few hands of blackjack while your truck's oil is being changed?
Backed off
Last week I was backed off while playing blackjack at the Silverton. It was the third time I have been backed off but the first time in at least three years, a pretty good record considering how much blackjack I have been playing.
For the unfamiliar, being backed off means being told you can't play. It is the most common way (but not the only way) casinos deal with blackjack players they believe can beat them legally in the long run. (Cheaters are a whole different story; in Nevada, they are considered suspected criminals and treated as such.)
For card counters, the vast majority of advantage blackjack players, being backed off is part of life. Card counters make their money by putting out bigger bets when the count indicates the remaining pack of cards is rich in aces and those with a value of 10. A card counter can be detected by observation by someone competent at card counting. A few pit bosses can count, but the vast majority cannot and are not expected to detect card counters as part of their jobs. For the most part detection is the province of the so-called eye in the sky. Surveillance is allowed to use computer programs to help detect counters; apparently an observer enters the cards played and the bets made and the computer determines whether the player being watched is raising his bets when the count rises. Incidentally, players are not allowed to use any computing or mechanical device to aid their play in any way. Doing so is considered cheating in Nevada and could lead to liability for a crime.
Obviously surveillance doesn't track every blackjack player looking for card counters. So when one gets backed off, the question always is: What could have caused it? In this case, I have a couple of theories. First, the Silverton is a pretty low-roller place. The highest minimum for blackjack I have ever seen there is $25, and I have never seen more than one table with this minimum. By playing at this table I was making it far more likely that I would be watched than if I had been playing at a $10 table and betting mostly red chips.
Another factor was that I was varying my bets with the count, though not to the full extent my system calls for because suspected I was likely to be watched at this casino. In retrospect, the small adjustments I made probably provided no meaninful cover and I should have just gone all out and made as much money as I could.
Another tip-off that a player is counting is that he is winning, which I was on this partiuclar night. After about a half hour of play I had about two and half times as much in front of me as I had bought in for -- a nice win but nowhere near off the charts. This may have been a factor, especially in light of my won-loss history at that casino. I haven't reviewed my records but I remember having a couple of fairly big wins, and I would guess that I am ahead there for this year, the only period in which I have played there with any regularity.
I made it easy for the Silverton to track my wins and losses by always presenting my players' club card when I played there. I almost always play with a card because I want the comps and benefits that come with playing. At the Silverton and some other casinos, these include free bets that add considerably to the value of the game. I would not have played regularly at the Silverton without the incentive of the four free bets a month my play was earning (the amounts varied but this month were $20 each). The reason for that is that the double deck game there had lousy penetration. Until a few weeks ago the dealers did not use a cut card but most dealt out fifty percent of the cards or not much more. Lately they have been using a cut card and it has been placed consistently in the middle of the two decks, which is about as bad as it gets. (Good double deck penetration is about 75 percent of the cards being dealt out.)
Another way players conceal the amounts they are winning is by "rat holing" or secretly pocketing chips. I have never done this, mostly for fear that it would do more harm than good if I were caught. At the places I usually play and the amounts I usually play for, I don't think rat holing has been necessary. Maybe I'll have to re-think that.
Of course, the most important thing we can do to avoid being detected is to keep our sessions short, generally meaning to less than an hour. I'm sure length of session was not a factor in my back-off at the Silverton because I had been playing only about a half hour when the pit "critter" whose native language obviously is not English delivered the news: "You cannot play table games here." (Why the Silverton would not want me to play any table game other than blackjack is a compete mystery.)
In one respect the Silverton's back off was favorable -- casinos sometimes wait until a player has incurred a
big loss to lower the boom. Had I been allowed to play another twenty minutes I might have given back much of the money I had won.
In another resepect, though, the back off came at a bad time. The Silverton is running a series of drawings this month, and my wife and I have been playing video poker there every day -- way more than we normally would -- to make sure we accrue the maximum number of tickets for each week's drawing. Normally what happened to me would be irrelevant to this, but the Silverton has an unusual provision in the rules for all of its promotions that gives it the right to disqualify anyone it deems an "advantage player." I will be very interested to see if the casino tries to inoke this rule if I win a prize in the drawing. Stay tuned for further developments.
For the unfamiliar, being backed off means being told you can't play. It is the most common way (but not the only way) casinos deal with blackjack players they believe can beat them legally in the long run. (Cheaters are a whole different story; in Nevada, they are considered suspected criminals and treated as such.)
For card counters, the vast majority of advantage blackjack players, being backed off is part of life. Card counters make their money by putting out bigger bets when the count indicates the remaining pack of cards is rich in aces and those with a value of 10. A card counter can be detected by observation by someone competent at card counting. A few pit bosses can count, but the vast majority cannot and are not expected to detect card counters as part of their jobs. For the most part detection is the province of the so-called eye in the sky. Surveillance is allowed to use computer programs to help detect counters; apparently an observer enters the cards played and the bets made and the computer determines whether the player being watched is raising his bets when the count rises. Incidentally, players are not allowed to use any computing or mechanical device to aid their play in any way. Doing so is considered cheating in Nevada and could lead to liability for a crime.
Obviously surveillance doesn't track every blackjack player looking for card counters. So when one gets backed off, the question always is: What could have caused it? In this case, I have a couple of theories. First, the Silverton is a pretty low-roller place. The highest minimum for blackjack I have ever seen there is $25, and I have never seen more than one table with this minimum. By playing at this table I was making it far more likely that I would be watched than if I had been playing at a $10 table and betting mostly red chips.
Another factor was that I was varying my bets with the count, though not to the full extent my system calls for because suspected I was likely to be watched at this casino. In retrospect, the small adjustments I made probably provided no meaninful cover and I should have just gone all out and made as much money as I could.
Another tip-off that a player is counting is that he is winning, which I was on this partiuclar night. After about a half hour of play I had about two and half times as much in front of me as I had bought in for -- a nice win but nowhere near off the charts. This may have been a factor, especially in light of my won-loss history at that casino. I haven't reviewed my records but I remember having a couple of fairly big wins, and I would guess that I am ahead there for this year, the only period in which I have played there with any regularity.
I made it easy for the Silverton to track my wins and losses by always presenting my players' club card when I played there. I almost always play with a card because I want the comps and benefits that come with playing. At the Silverton and some other casinos, these include free bets that add considerably to the value of the game. I would not have played regularly at the Silverton without the incentive of the four free bets a month my play was earning (the amounts varied but this month were $20 each). The reason for that is that the double deck game there had lousy penetration. Until a few weeks ago the dealers did not use a cut card but most dealt out fifty percent of the cards or not much more. Lately they have been using a cut card and it has been placed consistently in the middle of the two decks, which is about as bad as it gets. (Good double deck penetration is about 75 percent of the cards being dealt out.)
Another way players conceal the amounts they are winning is by "rat holing" or secretly pocketing chips. I have never done this, mostly for fear that it would do more harm than good if I were caught. At the places I usually play and the amounts I usually play for, I don't think rat holing has been necessary. Maybe I'll have to re-think that.
Of course, the most important thing we can do to avoid being detected is to keep our sessions short, generally meaning to less than an hour. I'm sure length of session was not a factor in my back-off at the Silverton because I had been playing only about a half hour when the pit "critter" whose native language obviously is not English delivered the news: "You cannot play table games here." (Why the Silverton would not want me to play any table game other than blackjack is a compete mystery.)
In one respect the Silverton's back off was favorable -- casinos sometimes wait until a player has incurred a
big loss to lower the boom. Had I been allowed to play another twenty minutes I might have given back much of the money I had won.
In another resepect, though, the back off came at a bad time. The Silverton is running a series of drawings this month, and my wife and I have been playing video poker there every day -- way more than we normally would -- to make sure we accrue the maximum number of tickets for each week's drawing. Normally what happened to me would be irrelevant to this, but the Silverton has an unusual provision in the rules for all of its promotions that gives it the right to disqualify anyone it deems an "advantage player." I will be very interested to see if the casino tries to inoke this rule if I win a prize in the drawing. Stay tuned for further developments.
Sunday, April 8, 2012
Goodbye, old buddy
One of my favorite ongoing casino promotions, the Wheel of Winners at the Las Vegas Hotel and Casino (formerly the Las Vegas Hilton), is no more. The wheel was a drawing held Thursday nights that offered five people a chance to win from $1,000 to $5,000 each. Weekend drawings with a chance to win $10,000 were also offered several times a year.
The best thing about this drawing was that the tickets were paper, which prevented the ticket inflation that has become rampant since most casinos started doing their drawings electronically. The Wheel favored bigger players because tickets had to be earned, but low rollers got a break because the first ticket each day required less play than the rest of them.
Another good thing about this drawing was the prizes. Most of the big locals' casinos that have drawings offer top prizes of $4,000 or $5,000, but the lesser prizes are often as low as $250 or $500. At a Coast or Station Casinos drawing with five winners, maybe one or two typically win $1,000 or more. At the LVH, everyone called won at least $1,000, and the average was probably well over $2,000.
Finally, the number of participants in this drawing was smaller than for most drawings at the big locals' casinos, so it seemed like everyone had a decent chance of winning. Any individual's actual chance of winning, of course, depended upon the number of tickets he or she had in the drum that week. And, I think, that's what did in the Wheel. There were too many repeat winners, some week after week. I do think the promotion caused regular players to play more than they otherwise might have, to earn more tickets. But it didn't seem to bring in a lot of new business for the casino (probably because it wasn't advertised to the public much outside the property).
The LVH still has a lot to offer in competition with the locals' casinos. It has decent blackjack, sometimes for as little as $5. The video poker is actually better than at many locals' casinos, with many games returning more than 99.5 percent. The race and sports book is the biggest in the world. Locals get 25 percent off at all restaurants, which are excellent. But perhaps most important is the LVH's program of tournaments, which is hands down the best in Vegas, with many of the events free to regular, local players.
Meanwhile, concerning weekly drawings, other casinos have picked up the mantle, at least temporarily. Stations, which for at least a year during its financial difficulties ran no drawings, is now offering them at several properties. Perhaps the best drawing this month is at the Silverton, which is giving away an Audi (actually a gift certificate to a dealer for $32,500) each week. Second prize each week is $5,000, which typically is first place in similar drawings.
The best thing about this drawing was that the tickets were paper, which prevented the ticket inflation that has become rampant since most casinos started doing their drawings electronically. The Wheel favored bigger players because tickets had to be earned, but low rollers got a break because the first ticket each day required less play than the rest of them.
Another good thing about this drawing was the prizes. Most of the big locals' casinos that have drawings offer top prizes of $4,000 or $5,000, but the lesser prizes are often as low as $250 or $500. At a Coast or Station Casinos drawing with five winners, maybe one or two typically win $1,000 or more. At the LVH, everyone called won at least $1,000, and the average was probably well over $2,000.
Finally, the number of participants in this drawing was smaller than for most drawings at the big locals' casinos, so it seemed like everyone had a decent chance of winning. Any individual's actual chance of winning, of course, depended upon the number of tickets he or she had in the drum that week. And, I think, that's what did in the Wheel. There were too many repeat winners, some week after week. I do think the promotion caused regular players to play more than they otherwise might have, to earn more tickets. But it didn't seem to bring in a lot of new business for the casino (probably because it wasn't advertised to the public much outside the property).
The LVH still has a lot to offer in competition with the locals' casinos. It has decent blackjack, sometimes for as little as $5. The video poker is actually better than at many locals' casinos, with many games returning more than 99.5 percent. The race and sports book is the biggest in the world. Locals get 25 percent off at all restaurants, which are excellent. But perhaps most important is the LVH's program of tournaments, which is hands down the best in Vegas, with many of the events free to regular, local players.
Meanwhile, concerning weekly drawings, other casinos have picked up the mantle, at least temporarily. Stations, which for at least a year during its financial difficulties ran no drawings, is now offering them at several properties. Perhaps the best drawing this month is at the Silverton, which is giving away an Audi (actually a gift certificate to a dealer for $32,500) each week. Second prize each week is $5,000, which typically is first place in similar drawings.
Monday, March 19, 2012
When it's good to be old (or at least middle-aged)
Seniors days have long been a staple of locals' casinos marketing, but now is a particularly good time to be 50 or older if you're a gambler who lives in the Las Vegas area. Casinos are competing as heavily as I've seen in my nearly 5 years here for the weekday business of older customers.
These programs differ in details but their staples have been slot tournaments, dining discounts, point multipliers and drawings. Different casinos' programs may be better for some players than others. Here's a brief summary of what's offered. Essential information is often available on signs in the casinos and details can be obtained at the players' clubs.
Sam's Town offers a complete program on Thursdays comprising a $3,500 slot tournament, a $3,000 drawing, 5 times points on video poker and 7 times points on reels, half-price buffet and a free variety show. Low rollers with time on their hands might find value in the slot tournament. The formula for determing the long-term value of (or your average win in) such promotions is the total of prizes divided by the number of entries. In this case it's likely to be less than $5. Another consideration for some is the time it takes to play in the tournament plus the amount of time spent waiting to play. For higher rollers, the point multipliers and drawings can offer more value. Sam's Town recently has added a scaled-down Monday seniors day to compete with the new offering of its neighbor, the Eastside Cannery.
The Eastside Cannery's program, which runs from 10 a.m. to 10 p.m. Mondays, is unusual in that the qualifying age is 55, not 50. Enrollment at the players' club is required. Benefits are a 3 times point multiplier, half-price dining at selected restaurants and, after 300 base points are earned, a card swipe with prizes from $10 in free play to $1,000 in cash. Play on machines in the Classic Slots room does not qualify for the point multiplier.
The Palms also recently added a seniors program, on Thursdays, which includes dining and movie discounts and promotions. At least for now there are slot tournaments and drawings.
Station Casinos, including the Fiestas, have a $3,000 slot tournament at each property and half-price dining with payment in points until 6 p.m. Signs indicated that, as a special for this month, the program also includes a bonus point day, bringing points earned from the usual 3 per $1 coin-in to 10 for reels and 6 for video poker. Let's hope this "special" becomes a regular part of the program, as a point multiplier used to be. And, Stations, how about bringing back the drawings you used to have?
The M Resort has a drawing for seniors at 6 p.m. Tuesdays. The unusual thing about it is that you do not need to play, or activate your tickets, on Tuesday, and you need not be present to win. Tickets can be earned any day of the week and must be activated at a kiosk on the day earned. The winners' names are posted shortly after 6 and all prizes must be claimed at the satellite rewards center by 7 p.m.
The Silverton has two seniors drawings on Monday. Tickets must be earned that day but prizes can be picked up until 6 p.m. Tuesday. There are 50 winners in each drawing, and each winner gets a minimum of $50 and maximum of $500. A player may win twice each week, once in each drawing. Although the prizes are modest (expect $50 most of the time), it appears that this promotion offers an unusually good chance of winning something.
The Gold Coast recently cut the point multiplier on video poker for its Monday seniors day from 5 times to 4 times, but that's still a good deal given that casinos' inventory of strong games. Reel players get 10 times points. A maximum of 10,000 points on video poker and 100,000 points on reels are eligible for promotional multipliers at the Gold Coast. Seniors day there also includes a bingo special and a small video poker tournament.
The Orleans offers 7 times points and a card swipe after earning 50 base points, both from 7 a.m. to 7 p.m. Tuesdays. My prizes from the card swipe have included two dinner buffets, two ticket to Big Al's Comedy Club, 5,000 points and 10,000 points. The great things about this swipe are that, opposed to the slot tournaments and drawings at other casinos, almost no time is involved in participating and everyone wins something.
South Point this month added a $5,200 slot tournament for seniors from 10 a.m. to 4 p.m. Thursdays. This is a relative large prize pool and the tournament could be attractive to more players than those at Stations and Sam's Town, depending on how many people participate.
In addition to gambling- and dining-related promotions, some seniors days include movie ticket specials. Often the qualifying age for these is 60.
A few tips regarding casino seniors programs: As with any casino promotion, these may be altered or discontinued at any time. Most if not all require that you be enrolled in the program, not just that you have a players card and meet the age requirement. Many will put a small sticker on your players card showing that you qualify for discounts and other offers. Beware of time time limits and other restrictions on promotions. This information should be available at the players club.
These programs differ in details but their staples have been slot tournaments, dining discounts, point multipliers and drawings. Different casinos' programs may be better for some players than others. Here's a brief summary of what's offered. Essential information is often available on signs in the casinos and details can be obtained at the players' clubs.
Sam's Town offers a complete program on Thursdays comprising a $3,500 slot tournament, a $3,000 drawing, 5 times points on video poker and 7 times points on reels, half-price buffet and a free variety show. Low rollers with time on their hands might find value in the slot tournament. The formula for determing the long-term value of (or your average win in) such promotions is the total of prizes divided by the number of entries. In this case it's likely to be less than $5. Another consideration for some is the time it takes to play in the tournament plus the amount of time spent waiting to play. For higher rollers, the point multipliers and drawings can offer more value. Sam's Town recently has added a scaled-down Monday seniors day to compete with the new offering of its neighbor, the Eastside Cannery.
The Eastside Cannery's program, which runs from 10 a.m. to 10 p.m. Mondays, is unusual in that the qualifying age is 55, not 50. Enrollment at the players' club is required. Benefits are a 3 times point multiplier, half-price dining at selected restaurants and, after 300 base points are earned, a card swipe with prizes from $10 in free play to $1,000 in cash. Play on machines in the Classic Slots room does not qualify for the point multiplier.
The Palms also recently added a seniors program, on Thursdays, which includes dining and movie discounts and promotions. At least for now there are slot tournaments and drawings.
Station Casinos, including the Fiestas, have a $3,000 slot tournament at each property and half-price dining with payment in points until 6 p.m. Signs indicated that, as a special for this month, the program also includes a bonus point day, bringing points earned from the usual 3 per $1 coin-in to 10 for reels and 6 for video poker. Let's hope this "special" becomes a regular part of the program, as a point multiplier used to be. And, Stations, how about bringing back the drawings you used to have?
The M Resort has a drawing for seniors at 6 p.m. Tuesdays. The unusual thing about it is that you do not need to play, or activate your tickets, on Tuesday, and you need not be present to win. Tickets can be earned any day of the week and must be activated at a kiosk on the day earned. The winners' names are posted shortly after 6 and all prizes must be claimed at the satellite rewards center by 7 p.m.
The Silverton has two seniors drawings on Monday. Tickets must be earned that day but prizes can be picked up until 6 p.m. Tuesday. There are 50 winners in each drawing, and each winner gets a minimum of $50 and maximum of $500. A player may win twice each week, once in each drawing. Although the prizes are modest (expect $50 most of the time), it appears that this promotion offers an unusually good chance of winning something.
The Gold Coast recently cut the point multiplier on video poker for its Monday seniors day from 5 times to 4 times, but that's still a good deal given that casinos' inventory of strong games. Reel players get 10 times points. A maximum of 10,000 points on video poker and 100,000 points on reels are eligible for promotional multipliers at the Gold Coast. Seniors day there also includes a bingo special and a small video poker tournament.
The Orleans offers 7 times points and a card swipe after earning 50 base points, both from 7 a.m. to 7 p.m. Tuesdays. My prizes from the card swipe have included two dinner buffets, two ticket to Big Al's Comedy Club, 5,000 points and 10,000 points. The great things about this swipe are that, opposed to the slot tournaments and drawings at other casinos, almost no time is involved in participating and everyone wins something.
South Point this month added a $5,200 slot tournament for seniors from 10 a.m. to 4 p.m. Thursdays. This is a relative large prize pool and the tournament could be attractive to more players than those at Stations and Sam's Town, depending on how many people participate.
In addition to gambling- and dining-related promotions, some seniors days include movie ticket specials. Often the qualifying age for these is 60.
A few tips regarding casino seniors programs: As with any casino promotion, these may be altered or discontinued at any time. Most if not all require that you be enrolled in the program, not just that you have a players card and meet the age requirement. Many will put a small sticker on your players card showing that you qualify for discounts and other offers. Beware of time time limits and other restrictions on promotions. This information should be available at the players club.
Sunday, May 16, 2010
The value of free play
Those who have been reading this blog know that serious gamblers in general and video poker players in particular often think in terms of percentages, particular the percentage return of a particular game. What we hope to find are advantage plays -- situations where a game returns more than 100 percent. Although some “full pay” video poker games such as deuces wild, joker poker and double bonus pay back more than 100 percent in the long run with optimal play and max coins bet, advantage plays also can be found in combinations of other games, slot club benefits and promotions.
I’m going to describe two current casino promotions to illustrate how this works. In particular, I’ll explain how to put a percentage value on free play, a benefit commonly offered both as a slot club benefit to a casino’s regular players and as part of many promotions. A few casinos still give “bounce back” cash instead of free play, and the principles for putting a value on it are the same.
In the first promotion, the Eastside Cannery on Saturdays is offering a minimum of $10 in “mystery” free play to anyone who earns 300 points. Players may earn a maximum of two free play awards. Some players are mailed postcards entitling them to one free play award and can earn a second; those who do not get a postcard can get two by earning 600 points.
On video poker, the Eastside Cannery awards one point for every $2 coin in. (As noted in an earlier post, this does not mean $2 deposited in the machine; it means money played through, including the proceeds of winning hands.) So two “mystery” free play awards require running $1,200 through a machine. This gets the player a minimum of $20, or 0.167 percent.
The best video poker game at this casino is 16/10 “not so ugly” deuces wild, which returns about 99.7 percent. Slot club points are worth 0.125 percent. If we add the percentage return of the game and value percentage value of the slot club points (0.167, 99.73 and 0.125), we get just over 100 percent, essentially break-even. However, the play involved in taking advantage of this and other promotions is likely to result in a mailer with additional free play and other benefits, making this clearly, but not spectacularly, an advantage play. (For players who got a postcard and/or more than $20 in mystery free play, the promotion itself is an advantage play.)
One caveat: Playing through more than $1,200 “dilutes” the percentage value of the free play, making the promotion less valuable. A typical quarter player probably needs about an hour and a half to earn 600 points, but a dollar player needs only a quarter of the time. Playing longer may or may not be worth the extra benefits, but there’s no way of knowing until next month’s mailer arrives.
A promotion at the Silverton is more mysterious than the Eastside Cannery’s mystery free play. The Silverton has mailed pull tabs to many of its customers. These little cardboard squares have a tab on the front that must be pulled at the casino, in an employee’s presence, to reveal what the player has won. In addition, all players can earn 1,000, 5,000 or 10,000 points in a day to receive a pull tab. The tabs for the different point totals are kept at the players’ club in separate boxes, and presumably the ones for the higher totals have better prizes.
My spouse and I received pull tabs in the mail even though we have played very little at the Silverton in recent months, since the casino took out what had been its best video poker game, $1 16/10 “not so ugly” deuces. We took our first week’s tabs to casino last Saturday. She won $50 in free play and I won $25. We found a good play on the quarter 1/9/4 “pseudo not so ugly” deuces progressives near the Flare (could they have meant “Flair”?) Bar. With the jackpot at more than $1,500, this game, which has a base return of just under 99 percent, was nearly positive. We decided to go for the 1,000 points and another pull tab each, about an hour and a half’s play for me, less for her. She won another $10 in free play; I won another $25.
The value of Silverton points, nominally 0.2 percent, is not the same to all players, because they can be used only for comps, not for cash back or free play. So if someone has no use for the restaurants or rooms there, or already has more points than he can use, the points are worthless. For the sake of discussion, let’s say our progressive was break-even with slot club benefits considered. My wife’s $50 in free play added a full 5 percent to the game’s return for the $1,000 coin-in needed for another pull tab. That’s like a bank account paying 5 percent not a year, but instantly -- a very strong advantage play. Even my $25 increased the return to 102.5 percent, nothing to scoff at (keep in mind that these figures represent the long run return for playing under these circumstances, not necessarily the result of a single session.) The second set of pull tabs yielded $10 for the spouse and $25 for me, in both cases in free play. So for the first day at least, the promotion turned out very well for both of us.
It would have worked out well even if the progressive had just been hit. They are, however, worth 0.2 percent to those who can make good use of them. The best games in the house, not counting our juicy deuces progressive, are 9/6 jacks or better in dollars and a quarter progressive, with the base game paying back 99.54 percent. Add the slot club points but not anything for the progressive and those games return 99.74 percent. The promotion would have been highly positive for us had we been playing jacks instead of the deuces progressive.
The next day we were able to go back and use the second pull tabs we got in the mail. This time my wife got a bottle of wine and I got $25 in free play. It’s hard for us to put a value on the wine because neither of us is a wine expert, and its value to us is probably negligible because with so many casinos giving out wine these days, another bottle is something we don’t really need. The pull tabs we got for earning 1,000 points each were for a free buffet (worth about $15) and for dinner for two at Mi Casa, the Silverton’s Mexican restaurant. It’s hard to put a value on that one because the tab itself doesn’t make clear what’s included, but I’m guessing it’s worth $25 to $40 -- not bad at all. We’ll definitely be back at the Silverton this week with our next set of pull tabs.
Although the amounts of free play, free bets, match plays and other cash equivalents most players receive might not seem like much -- $5 here, $10 there, an occasional $20 or more -- over the course of time it can make a substantial difference in the bottom line.
I’m going to describe two current casino promotions to illustrate how this works. In particular, I’ll explain how to put a percentage value on free play, a benefit commonly offered both as a slot club benefit to a casino’s regular players and as part of many promotions. A few casinos still give “bounce back” cash instead of free play, and the principles for putting a value on it are the same.
In the first promotion, the Eastside Cannery on Saturdays is offering a minimum of $10 in “mystery” free play to anyone who earns 300 points. Players may earn a maximum of two free play awards. Some players are mailed postcards entitling them to one free play award and can earn a second; those who do not get a postcard can get two by earning 600 points.
On video poker, the Eastside Cannery awards one point for every $2 coin in. (As noted in an earlier post, this does not mean $2 deposited in the machine; it means money played through, including the proceeds of winning hands.) So two “mystery” free play awards require running $1,200 through a machine. This gets the player a minimum of $20, or 0.167 percent.
The best video poker game at this casino is 16/10 “not so ugly” deuces wild, which returns about 99.7 percent. Slot club points are worth 0.125 percent. If we add the percentage return of the game and value percentage value of the slot club points (0.167, 99.73 and 0.125), we get just over 100 percent, essentially break-even. However, the play involved in taking advantage of this and other promotions is likely to result in a mailer with additional free play and other benefits, making this clearly, but not spectacularly, an advantage play. (For players who got a postcard and/or more than $20 in mystery free play, the promotion itself is an advantage play.)
One caveat: Playing through more than $1,200 “dilutes” the percentage value of the free play, making the promotion less valuable. A typical quarter player probably needs about an hour and a half to earn 600 points, but a dollar player needs only a quarter of the time. Playing longer may or may not be worth the extra benefits, but there’s no way of knowing until next month’s mailer arrives.
A promotion at the Silverton is more mysterious than the Eastside Cannery’s mystery free play. The Silverton has mailed pull tabs to many of its customers. These little cardboard squares have a tab on the front that must be pulled at the casino, in an employee’s presence, to reveal what the player has won. In addition, all players can earn 1,000, 5,000 or 10,000 points in a day to receive a pull tab. The tabs for the different point totals are kept at the players’ club in separate boxes, and presumably the ones for the higher totals have better prizes.
My spouse and I received pull tabs in the mail even though we have played very little at the Silverton in recent months, since the casino took out what had been its best video poker game, $1 16/10 “not so ugly” deuces. We took our first week’s tabs to casino last Saturday. She won $50 in free play and I won $25. We found a good play on the quarter 1/9/4 “pseudo not so ugly” deuces progressives near the Flare (could they have meant “Flair”?) Bar. With the jackpot at more than $1,500, this game, which has a base return of just under 99 percent, was nearly positive. We decided to go for the 1,000 points and another pull tab each, about an hour and a half’s play for me, less for her. She won another $10 in free play; I won another $25.
The value of Silverton points, nominally 0.2 percent, is not the same to all players, because they can be used only for comps, not for cash back or free play. So if someone has no use for the restaurants or rooms there, or already has more points than he can use, the points are worthless. For the sake of discussion, let’s say our progressive was break-even with slot club benefits considered. My wife’s $50 in free play added a full 5 percent to the game’s return for the $1,000 coin-in needed for another pull tab. That’s like a bank account paying 5 percent not a year, but instantly -- a very strong advantage play. Even my $25 increased the return to 102.5 percent, nothing to scoff at (keep in mind that these figures represent the long run return for playing under these circumstances, not necessarily the result of a single session.) The second set of pull tabs yielded $10 for the spouse and $25 for me, in both cases in free play. So for the first day at least, the promotion turned out very well for both of us.
It would have worked out well even if the progressive had just been hit. They are, however, worth 0.2 percent to those who can make good use of them. The best games in the house, not counting our juicy deuces progressive, are 9/6 jacks or better in dollars and a quarter progressive, with the base game paying back 99.54 percent. Add the slot club points but not anything for the progressive and those games return 99.74 percent. The promotion would have been highly positive for us had we been playing jacks instead of the deuces progressive.
The next day we were able to go back and use the second pull tabs we got in the mail. This time my wife got a bottle of wine and I got $25 in free play. It’s hard for us to put a value on the wine because neither of us is a wine expert, and its value to us is probably negligible because with so many casinos giving out wine these days, another bottle is something we don’t really need. The pull tabs we got for earning 1,000 points each were for a free buffet (worth about $15) and for dinner for two at Mi Casa, the Silverton’s Mexican restaurant. It’s hard to put a value on that one because the tab itself doesn’t make clear what’s included, but I’m guessing it’s worth $25 to $40 -- not bad at all. We’ll definitely be back at the Silverton this week with our next set of pull tabs.
Although the amounts of free play, free bets, match plays and other cash equivalents most players receive might not seem like much -- $5 here, $10 there, an occasional $20 or more -- over the course of time it can make a substantial difference in the bottom line.
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