--- In vpFREE_NewEngland@yahoogroups.com, "Mark" <mark.mentone@...>
wrote:
--- In vpFREE_NewEngland@yahoogroups.com, "steviemcc1"
<steviemcc1@> wrote:
>
> --- In vpFREE_NewEngland@yahoogroups.com, "Mark" <mark.mentone@>
> wrote:
> > I take the cash, I'm earning slightly less than .18% cashback
> > and .36% comps.
> >
>
> The math would suggest a .357 cashback and .714 in regular
comps.
I do
> not know why you divided those numbers in half.
>
Here's why. The promotional e-mail said you can redeem Wampum
points
at the rate of 10 points equal $5. So you've actually got to put
$280 through to earn one dollar in cash.
And, as I understand it, the cash balance is not a separate
account.
You are allowed to redeem up to half of the Wampum points you
earned
on machines to get cash. Those points come off your account and are
no longer available for comps. That is why I also cut the comp rate
in half.
More feedback appreciated.
-MARK M.
The cash balance is a separate account, but you don't have to redeem
the cash. I talked to them on this. They will convert the "cash"
back to points when you run out of points. So if you never redeem
for cash, then nothing changes from before; you still get the same
1/140 ie. .714% rate as before. It's just that whatever you do take
for cash, you're just getting half of what you'd normally get on
points.
Say you put in $14000 and earn 100 points. Normally, you could go to
one of their stores and buy a $50 pair of shoes, and then buy another
pair of $50 shoes. You can still do that. Now you have the option
to buy one pair of $50 shoes, and receive $25 in cash. In that case,
you're getting .714% back on $7000 and .357% back on the other $7000.
Obviously, you're better off not taking the cash unless you reallty
run out of things to spend your points on; even with the gas cards
they did not charge double. But there will always be some people who
will be in a rush to leave and not coming back for a long time who
will opt for cash. Some people have asked why the CT casinos don't
give cash back and I was against it because I knew the return would
be far lower than their points give. The merchants brunt some of the
cost of points because I think they only get ~80% of what the points
yield in dollars. While prices in the mall are obviously inflated,
it would cause patrons to balk if they truly charged double for
everything. E.G. if Mohegan Sun charged $6/gal for gasoline, it
would probably make the cover of USA Today and be the brunt of Jay
Leno's jokes for the next month. At least Foxwoods is giving you the
option.