Cosmo dosen't want gamblers!!!
Started by synthpop101 on Friday, 15th June 2012 11:36 am
In recently comparing the changes at all the different players clubs, Cosmo has to be the WORST for gamblers.
Mind you, my last dozen trips to Vegas I've played at the Cosmo, stayed there and generally love the place. But after these recent Identity Club changes, I have to really think twice.
Cosmos new earning rules:
5 IDENTITY POINTS - For every $1 spent on hotel, dining, shopping or spa, which is equal to $5 Resort Credit for every $100 spent.
1 Identity Point - For every $20 wagered on table games.
1 Identity Point - For every $1.50 wagered on reel slots or $7.50 wagered on video poker.
Doing the math....
To get a $5 Resort Credit (500 points) you can:
A) Spend $100 on hotel, dining, shopping or spa = 500 points
B) Wager $750 on reel slots = 500 points
C) Wager $3,750 on video poker = 500 points
D) Wager $10,000 at the tables = 500 points
Anyone looking to get comps can see this is not the place.
So it's clear that they are going after the F&B market.
Last response by howardpark 19th June 9:47pm
michstatemark responded on Friday, 15th June 2012
Cosmo is a Day/Night Club with a hotel attached and oh, by the way, also dabbles a little in gaming.
If you really want it to be anything other than that, get used to disappointment.
jammoral replied on Tuesday, 19th June 2012
I agree last time I went ther , the gaming areas were empty or people were jus sitting there waiting for someone. The lines were fro teh clubs. Did you all see the way the guys/girls were dressed there, big difference from the other resorts.
damania responded on Friday, 15th June 2012
I don't see why they can't be more lenient on gambling comps and have more favorable gambling odds on slots and lower minimums on tables to attract more gambling. It's a shame to leave the gambling floor empty.
CWatts26 responded on Friday, 15th June 2012
I almost signed up for the player's card last summer before I went... glad I made the right choice.
BillDonovan responded on Friday, 15th June 2012
There seems to be a lot of posts and discussion about what the player's cards get for you, or don't get for you, at the different casinos. In our opinion, all the bloody player cards do is cloud the waters really. Trying to get people to focus on what they might get "free" for gambling and losing money.
Sure it is nice to get some things comped. But is that really why we go to Vegas? For us, we don't participate with the player cards, as we prefer to try to stay off the radar. As our focus is to try leave Vegas with more cash than we brought with. As we see that as the bottom line. Not whether the casino mgmt gave us a "free" room, or some drinks, or some meals, or what our points level is with what is essentially a frequent gamblers card. Instead focusing on a bank roll, and trying to increase that bank roll with every Vegas trip.
In our opinion, if you get too caught up in what the card reward levels do or don't do for you, you lose focus on the bottome line. And isn't that what the Casino wants you to do?
vespajet replied on Saturday, 16th June 2012
So you would rather overpay for your room and other things like meals? To me, that sounds crazy and I would think that maximizing the value one gets out of their trip budget is better for one's bottom line. I don't feel as though being a member of a casino's players club changes the way I gamble in the least bit. I was already planning to gamble there anyway, why not get something out of it win or lose? I don't care about obtaining a certain level within a casino's players club as I know I don't gamble enough to ever reach the next level of a players club program. I'm a member of Delta's SkyMiles frequent flier program yet I only fly a handful of times a year and will never earn enough miles in a year to reach Silver Medallion status. I earn enough miles from my flights and the non-flying activities I get miles for to be able to get an award ticket every few years. Players clubs work in much the same way. While there will always be a segment of their membership that will achieve the higher tiers of a casinos players club, the bulk of their members are more casual players that don't cost the casinos as much money even though their numbers are larger.
While free rooms are great for one's budget, I don't go out of my way for them. Last December I could have had free nights at Harrah's, Imperial Palace, Flamingo, Rio, and Bally's but opted to stay at Caesars Palace because the Total Rewards rates there for that weekend were less than what I paid per night to stay at the Golden Nugget several months earlier. Caesars is typically out of my price range even at Total Rewards rates as their cheapest rooms even on weekends can go for $200-250+ a night.
The majority of players club cards I have are for casinos that I do the majority of my gambling at anyway. I don't do much gambling at MGM Resorts properties so I don't even have an Mlife card. Same with the Venetian/Palazzo, so I don't have a Club Grazie card. I do have a few players club card that I hardly use (Royal Players Club [Four Queens], Trop Plus [Tropicana], Club Cortez [El Cortez]) and pretty much joined them based on some promotion they were running. I got my Identity card back in December and did use it because I spend a decent amount of time over at Cosmo my last trip.
mstokes responded on Friday, 15th June 2012
The only players club that's worth anything to me is Total Rewards. I know many people don't care for it, but since I live so close to Atlantic City and go there often I get pretty good comps. I usually gamble in AC about once a month at a Total Rewards casino, and in doing so I get good comps that I just use for my yearly Vegas trip.
StudiodeKadent responded on Saturday, 16th June 2012
Cosmo could easily get more gamblers. It isn't hard. All they need to do is convert the ground floor high-limit table games section into a green-chip Midi-Bac/S17 BJ/Single-zero-roulette area, and make the main floor BJ games 6deck ASM rather than 8deck ASM.
And be more generous with the comps.
This is pretty elementary casino management stuff. They need to compete with Aria and Bellagio. For some reason they refuse to do so...
Honestly, I'm hoping MGM sells the Mirage to Penn National (or Ruffin) and then buys the Cosmo and fixes the gambling conditions.
vespajet replied on Saturday, 16th June 2012
Cosmo is an example of what resorts seem to focus on more and more. With casinos becoming more and more common all over the country, they've shifted their focus away from gaming revenues being the engine that drives the machine to non-gaming revenue (dining, retail, entertainment, rooms). This is why there are so many clubs in Las Vegas now, as there are more than enough suckers who will overpay for bottles of booze. If they can get the punters to play a little blackjack or slip a few 20s into some machines along the way, it's a plus. Casinos used to want to keep folks in the casinos as long as possible, now they want them to linger longer in their restaurants, clubs, and shops. If a space isn't realizing it's revenue potential, they'll close it and replace it with something that might. Just as casinos will change the layout of their gaming floor, they do the same thing with non-gaming spaces.
HedgedBettor replied on Sunday, 17th June 2012
MGM ain't buying anything. If they sell Mirage it will be to help repair the massive hole in their balance sheet, their outstanding debt is well above their market cap (not bothering to look up more detailed numbers)
StudiodeKadent replied on Monday, 18th June 2012
Sure, Cosmo's business model is F&B based. But the problem is that they're MAKING substantial profits on F&B and their nightclub already and they are STILL having overall losses. If you can't make a profit out of an F&B-based business model when you have arguably the best or equal-best restaurant, bar and nightclub setup in the city, then I think we'd all agree there is a problem with the underlying business model.
Simply making their gambling conditions competitive with the near competition (Aria and Bellagio) is a relatively easy thing for Cosmo to do, and it will improve their bottom line certainly over the long term.
Cosmo has utterly amazing potential, and I have affection for the place. But Cosmo seems determined to completely ignore a significant source of potential revenue.
You're right that MGM is very unlikely to be buying anything any time soon. I was simply pointing out that if Cosmo had the same gambling conditions and comp levels as the MGM casinos, I'd like the place a lot more.
alexanbo replied on Monday, 18th June 2012
I don't think Cosmo is necessarily bleeding as much cash as you think. Granted it is a bit fishy that they are trying not to have to post results, but when they did most of their losses were coming from depreciation on stuff they already spent money on.
To top that off DB was using the depreciation losses to offset money made in other of their investments.
As to the original post, it's worthwhile to note that those aren't the only comps you earn, just the automatic part of them. The table games numbers are flexible too depending on which game you play.
Malibugolfer responded on Monday, 18th June 2012
I wonder what Cosmopolitan's return per square foot is on their restaurants and club space?
The place is hemorraging money doing what their doing now so, like Kadent said, they should totally go for increasing their casino floor take.
Maybe their current clientel would be too clueless to appreciate $10 s17, rsa etc. blackjack, single zero roulette and low limit midi-bacc but there are many who would find out in no time.
Vegas needs more executives who have actually made bets in a casino rather than accountants and lawyer stiff shirts.
Aok1981 responded on Monday, 18th June 2012
First of all I couldn't agree more with the overall points being made... However, I think Cosmo is banking on having amenities that are so " superior " that the younger gaming crowd just won't care that the rules are shitty. I am an early 30's multiple black chip bettor who prefers to play double deck, and when my host first moved from the mirage to Cosmo I told her I would try it out. At first the younger vibe and rmodern design had me overlook the less than stellar gaming conditions. The talon room was a bit like a library but the lower level high limit room was loads of fun. However, like all new and shiny things they begin to lose their luster. When they changed their double deck game to h17 and no rsa's a month ago i told her I had had enough. I hope they eventually come around and realize they are losing a huge potential revenue source by not having competitive rules, but right now they are too concerned with their "brand"
howardpark responded on Tuesday, 19th June 2012
The Cosmo Casino feels like one long corridor. I'm convinced the casino would do better but offering gambling in some of the out-of-the-way spaces on the second and third floors. Its hard to get "lost" in Cosmo, they need people to waunder around, not just walk through.