I just looked at the Caesars.com website for the Seven Stars benefits and specifically about the $500 folio credit which now replaces the Total Rewards Gift Cards.

Recently much was said about how the folio credit could only be redeemed once. But the website says it can be redeemed once per city:

$500 Atlantic City or Nevada Destination Folio Credit
Treat yourself on your next visit to one of our fabulous Atlantic City or Nevada destinations with a $500 folio credit. Dine at any of our celebrity chef restaurants or relax at the spa.

Folio credit good for food, beverage and spa at any of our Total Rewards locations in Atlantic City or Nevada (Lake Tahoe, Reno, Laughlin and Las Vegas). Limit one redemption per Seven Stars member per city.

While I would prefer the return of the Total Rewards Gift Cards, and while I would prefer that the $500 folio credit could be used multiple times in the same city (Las Vegas for me) having it available in multiple cities is better than having it only available once per year.