Big Show and I used to laugh when we'd get offers in the mail from Venetian as we used the quality of the offer to indicate the amount of pain the company was in. When times were good, they'd offer us $25 match play (that's like a free $25 bet, basically). Recently, the offer includes free rooms almost without restriction, as well as match play of $50 to $100. In other words, they've been much more aggressive with their comps, understandably.
Today I got an email from MGM, offering a free flight. "Stay are ARIA or VDARA and your next round trip flight is free!" The terms are here, obviously there is some fine print, and you basically have to stay there twice - on this trip, when you earn the free flight (up to $350, actually) and on the return trip where you use the free flight as well. Interestingly, the rates they are offering for the hotel on this promotion are pretty cheap as well: $99 for weeknights, $169 for weekends.
In any case, I'd say this is a pretty aggressive comp, indicating misery in Vegas.
-KD
disclosure: NO positions in LVS, MGM, WYNN, BYD or any other Vegas stocks.
3 comments:
Brother!
The wife and I were toying with the idea of a Bahamas trip in October. She did the online thing, and we even are a favored guest at our place of preference. The price for a LONG 4 day weekend seemed tooo big, but she got an email 30 minutes later that cut in half the price! We are now booked and going.
I do not go to Vegas. The two times I have been there were on a freakout road trip (we slept in the back of a converted truck), and for a friend's wedding years back.
Yet somehow Wynn got my info and sent some sort of marketing blurb in the mail the other week. Wynn!
FD: no direct positions, though I believe I am net long equity beta and duration
Misery? You don't know the half of it. It is so bad Vegas Rex left town.
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