I see the Vegas casinos as being loose collaborators in a great
experiment. Even in the midst of an uncertain economy, Vegas
visitation is at an all-time high; room occupancy percentages are
higher than they ever have been; convention bookings are up, etc.
etc. So, they collectively reason, do we have to offer good deals
any more? Is our potential clientele going to come even if we jack
up the price of EVERYTHING (including the gambling, as in lousier
odds and higher limits)? Gee, let's find out!
They tripled the price of show tickets---and still they filled the
showrooms.
They sent room rates to the moon---$200-$300 a night at the
megatoilets--and still they booked up completely.
They destroyed the game of blackjack by shuffling after every hand
and cutting the pay for a blackjack to 6-5---and still the tables
are full.
They kicked the limits up on the table games so that you can't find
a $5 table on a weekend---and people brought more money to play with
and maxed out the ATMs.
They pioneered the $35.95 buffet (at the Bellagio) and the $14 club
sandwich (guess where)---and the lines to get in stretched hundreds
of feet into the casino.
Gradually it dawned on them that they could stop every car at the
state line, drag the occupants from their cars, beat them senseless,
and take all the cash they had on them---and people STILL would
come, because people want to gamble, no matter what.
Actually, the first glimmer of this came with the California Indian
casinos, which dealt a blackjack game where you had to PAY .25 to
get dealt a hand, EVERY hand, win, lose, or push; the slots returned
45%, and if a jackpot was ever accidentally hit, it was ruled
a "malfunction" (though you were still free to sue the casino in
tribal court!!!!), and STILL they flocked into the casinos.
So naturally, the next wave of destruction was aimed at the locals
market. Stations followed a scorched-earth strategy, buying up and
destroying competitors. Coast decided to obliterate fullpay VP and
see what would happen. Well, guess what? Those casinos are still as
crowded as ever. The same people who used to glom onto the FPDW are
now happily playing NSUD---or worse. Realistically, the only reason
to set foot in the Gold Coast is to make a football bet and have a
75-cent hot dog. But the place is packed nonetheless.
So the upshot is, the casinos have discovered with surprise and glee
that they don't HAVE to offer value; the morons will still climb all
over each other to get in the doors to play 6-5 blackjack, 91%
return dollar machines, and pay $20 for a sandwich, salad, and cup
of coffee. They will book those $279 weekend nights at the Bellagio,
because hey, this is VEGAS.
The pendulum will eventually swing back the other way when more and
more visitors realize just how much their bargain Vegas vacation has
cost them (plus memories of getting RAPED at the tables and
machines), and they decide that next year, it's time to visit Cousin
Winnie in Paducah and dine on her "secret recipe" meatloaf. In the
meantime, management will be able to impress stockholders at the
annual meetings with some ASTOUNDING profit figures.