Big Casino Losses and Wallet Torture

[redietz]

I figure we should do the opposite of cherry picking, whatever that is. Poker players might label this "Bad Beats."

I'll start.

I lost two brutal college football totals already this season.

Loss Number One: Had the Under of Arkansas/TCU. Under 58. It's 13-0 at half. Twenty-two points get scored in the last five minutes. I still would have won, but the game goes to overtime, which sinks me.

Loss Number Two: Had the Under 58 of Penn State/Michigan, based on the premise that Penn State cannot hurt Michigan, and Michigan has no real motive to run things up on PSU. Penn State has 50 yards at the half, including minus seven rushing.

With five minutes left, and Michigan with the ball at midfield, it will take two touchdowns to beat me. I lose 49-10. Michigan breaks a 40-something run for a TD against a gassed PSU defense. Penn State seems content to run out the clock, then inexplicably throws on third down and gets intercepted and run back to their 10. Michigan scores again with two minutes left.

I guess I could provide photos of the offshore tickets, but no sense sharing the amounts. They were substantial.

Now if someone could come up with a name for this that is the opposite of cherry picking. Maybe cherry stone picking. Naww, we can do better.

[Rob.Singer]

I myself lost $50,000 on the Steelers/Eagles game. I'll
put up a pic of the losing ticket to prove I actually do gamble....naww, what's the point?

[redietz]

I myself lost $50,000 on the Steelers/Eagles game. I'll
put up a pic of the losing ticket to prove I actually do gamble....naww, what's the point?

Actually, Rob, nobody would believe you. Based on what you post here, you never lose.

In fact, I was trying to remember a post wherein you reported losses. Except for when you posted your football betting in advance, there are no posts with you reporting any kind of serious loss.

Jesus, 5,000 posts and no reports of serious losses. The Force must be with you.

By the way, if your post was some kind of dig at me, please spell it out, as it went right over my head.

[coach belly]

Actually, Rob, nobody would believe you.

LOL...textbook pot calling the kettle black quote.

The ditz and and the donkey...dodo birds of the same feather.

[redietz]

LOL...textbook pot calling the kettle black quote.

The ditz and and the donkey...dodo birds of the same feather.

Still waiting for coach to pony up 1K for every claim I made that he asserts is not true. Shall I list them again, coach? Easy money, my friend.

Methinks your wallet is speaking louder than your keyboard.

[coach belly]

Shall I list them again, coach?

Yes, by all means ditz...list them on OAB's baseball picks thread on GF.

Birds of a feather nest together.

[Rob.Singer]

Actually, Rob, nobody would believe you. Based on what you post here, you never lose.

In fact, I was trying to remember a post wherein you reported losses. Except for when you posted your football betting in advance, there are no posts with you reporting any kind of serious loss.

Jesus, 5,000 posts and no reports of serious losses. The Force must be with you.

By the way, if your post was some kind of dig at me, please spell it out, as it went right over my head.

Funny you missed where I recently posted I lost up at Lake Tahoe. But in general, I've rarely lost sessions over the years. And that's exactly why many posters, readers, and players in general hate basically everything about me.....and why I love everything about it and always will.

[Alan Mendelson]

I have never had a winning year with casino gambling.

[james40]

I have never had a winning year with casino gambling.

This is the internet, I've have never lost at a casino. I win each and every time I make a visit, oh and I'm also immortal. I challenge anyone to prove otherwise.

[Alan Mendelson]

Question: why would anyone ever say that they won and never lost? Are they selling books, videos, a course, a newsletter? Do they have a school? Do they give lectures at casinos? Are they hired by anyone to play for a team or a group of investors?

I can think of a dozen or more reasons to say you never won and always lost.

[seemoreroyals]

Between the 2 of us we lose on average between 15 and 20,000 a year. Not bad considering what we get back in return. We use CET as a time share whereby we get close to 2 months free lodging away from home, along with free movies, maid service, meals, several free concerts every year, and for the most part free air transportation, limo transportation, etc.... And we don't have to pay any property taxes, homeowners insurance, maintenance fees, or worry about losing value in our investment.

[Alan Mendelson]

Between the 2 of us we lose on average between 15 and 20,000 a year. Not bad considering what we get back in return. We use CET as a time share whereby we get close to 2 months free lodging away from home, along with free movies, maid service, meals, several free concerts every year, and for the most part free air transportation, limo transportation, etc.... And we don't have to pay any property taxes, homeowners insurance, maintenance fees, or worry about losing value in our investment.

Would you mind putting a $$ value on how you would estimate the value of your comps? I think this would be a very interesting thing to study.

I figure I go to Caesars Palace a minimum of 3 nights a month. So let me do my "math."

Value of hotel room per night: $120 (I am being conservative for an Augustus room)
Movie per night: $15
Maid service: $0 it comes with the room
Taxes, insurance, maintenance fees, losing value in a time share: $0 again. It's included in the cost/benefit of the room

So I come to a nightly "benefit" of $135 X 36 = $4,860

Free meals benefit? I get the 7 Stars benefit for $500 and I am going to estimate that during the course of the year I get other promos worth $250 per month X 12 = $3500 total.

I don't get free limos, and what limos I've had were paid for with comps.

Concerts? At least 4 per year at $500 per concert (two tickets) = $2000.

Special events packages including 50th Anniversary Gala, parties including New Years, and whatever: I'll give a rough estimate of $2,000 during the year.

So I would add up the value of my comps to be: $12,360 which I think comes close to what the cost is to become a 7 Stars Player.

Even if I underestimated the value of my comps by 20% the value would still be under $15,000 which again is about the cost of becoming a 7 Stars.

Two notes:
1. I don't take full advantage of all of the offers I get. There are many shows and weekends when I could stay at Caesars that I don't take advantage of.
2. I play for more than the basic 7 Stars. So each additional dollar I spend going above the core 7 Stars level means that Caesars is probably making more profit than they are giving me in comps.

[seemoreroyals]

Here is an estimate of the $$ value of our comps for the last 12 months. (All estimates on the low side)

1. Rooms $120/night x 48 nights $5760
2. In room movies 20 x $15 per movie 300
3. Free Meals $100 x 48 ( way low estimate ) 4800
4. Free concerts $200 x 10 2000
5. Free airfare $800 x 8 ( airfare for two ) 6400
6. Special events ( 7 star event, local promo giveaways, etc... ) 2000

Total value of comps $21260. I did not add in the limo service but if I did the limo ride to Tahoe roundtrip is worth at least $250 and we do Tahoe at least 4 times a year. The estimate on the airfare is a little low as in addition to the $1200 7 star airfare, and the $750 DL2 airfare we use Northern Nevada air quite a bit, and we get about 1 free airfare reimbursement from American Airlines by using the frequent flyer miles we get by claiming the miles when we use NNA. I am sure there are other perks I am overlooking. I am not factoring in free play because the $15 - 20 K we lose every year is net after free play.

On the concerts I used a lower amount because the local concerts we go to in Bossier City are not worth quite as much as the outdoor concerts we go to in Tahoe for instance. Having said that we are going to Olivia Newton John at our local in November and Donnie and Marie in December. And there is the free cruise we take each year and lots of other stuff that they have not taken away yet.

[jbjb]

You guys wayyyyy over value this stuff. Just because something costs a certain amount, doesn't make it worth that amount.

[james40]

Here is an estimate of the $$ value of our comps for the last 12 months. (All estimates on the low side)

1. Rooms $120/night x 48 nights $5760
2. In room movies 20 x $15 per movie 300
3. Free Meals $100 x 48 ( way low estimate ) 4800
4. Free concerts $200 x 10 2000
5. Free airfare $800 x 8 ( airfare for two ) 6400
6. Special events ( 7 star event, local promo giveaways, etc... ) 2000

Total value of comps $21260. I did not add in the limo service but if I did the limo ride to Tahoe roundtrip is worth at least $250 and we do Tahoe at least 4 times a year. The estimate on the airfare is a little low as in addition to the $1200 7 star airfare, and the $750 DL2 airfare we use Northern Nevada air quite a bit, and we get about 1 free airfare reimbursement from American Airlines by using the frequent flyer miles we get by claiming the miles when we use NNA. I am sure there are other perks I am overlooking. I am not factoring in free play because the $15 - 20 K we lose every year is net after free play.

On the concerts I used a lower amount because the local concerts we go to in Bossier City are not worth quite as much as the outdoor concerts we go to in Tahoe for instance. Having said that we are going to Olivia Newton John at our local in November and Donnie and Marie in December. And there is the free cruise we take each year and lots of other stuff that they have not taken away yet.

Your net loss for the year is $20K and you value your comps at $21K? Is that how I'm reading this?

[jbjb]

Your net loss for the year is $20K and you value your comps at $21K? Is that how I'm reading this?

As I said, they way over value stuff. Rooms are not "worth" $120. More like $10. Movies are worth $1.00 tops, etc.

[RS__]

You guys wayyyyy over value this stuff. Just because something costs a certain amount, doesn't make it worth that amount.

Yes and no. If it's a concert you'd like to see and you would pay $500 for it or however much concerts cost now-a-days, then you can value it as $500. If I go to some stupid concert I normally wouldn't go to, but I would because it's free....if I would pay $150 to go to that concert, then I'd value it at $150.

But then again, I don't have any interest in "valuing" concert tickets, movies, rooms, or any of that kind of stuff. Food I value, but not at the amount it is (ie: $500 in food isn't worth $500). If I was going to Caesars for a vacation or I enjoyed eating fancy food and that's something I would normally do otherwise (ie: if I were to get food even if I didn't have a comp), then I'd value it at face value. I don't care about rooms or movies or maid service or concerts nor most events. Only things I'd value is free-play, food (to a lower extent), and airfare if applicable. I'm not just gonna fly to Harrah's NOLA just because they send me free airfare....if I have something to do there, then sure, but otherwise, no.

[james40]

As I said, they way over value stuff. Rooms are not "worth" $120. More like $10. Movies are worth $1.00 tops, etc.

I don't place a value on comps, the only thing that matters is how much money did I start with and how much money did I end with - in real money, I can't pay my suppliers with comps.

Comps are fictional, they are used to make you feel better about losing.

[jbjb]

Yes and no. If it's a concert you'd like to see and you would pay $500 for it or however much concerts cost now-a-days, then you can value it as $500. If I go to some stupid concert I normally wouldn't go to, but I would because it's free....if I would pay $150 to go to that concert, then I'd value it at $150.

But then again, I don't have any interest in "valuing" concert tickets, movies, rooms, or any of that kind of stuff. Food I value, but not at the amount it is (ie: $500 in food isn't worth $500). If I was going to Caesars for a vacation or I enjoyed eating fancy food and that's something I would normally do otherwise (ie: if I were to get food even if I didn't have a comp), then I'd value it at face value. I don't care about rooms or movies or maid service or concerts nor most events. Only things I'd value is free-play, food (to a lower extent), and airfare if applicable. I'm not just gonna fly to Harrah's NOLA just because they send me free airfare....if I have something to do there, then sure, but otherwise, no.

And this is why the public is duped day in and day out. Again "cost", whether you're willing to pay that amount or not, does NOT equal "worth."

Does this stuff have value? Certainly. But nowhere near what it's listed at.

[Alan Mendelson]

You guys wayyyyy over value this stuff. Just because something costs a certain amount, doesn't make it worth that amount.

Well how do you value a night in a hotel? And how do you value $250 of dining credits? And how do you value a free movie in your room?