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LAS VEGAS, Nevada -- Las Vegas Sands Corp. has eliminated free hotel rooms and other complimentary offerings for middle-tier customers at its two Strip resorts, a move one gambling expert called "a terrible thing."
High-end gamblers still receive benefits, such as show tickets and meals.
Company officials said the move was taken to drive the bookings of hotel rooms through group sales and Las Vegas Sands' alliance with InterContinental Hotels, which began marketing The Venetian and Palazzo through its 52 million-member rewards program last fall.
During Las Vegas Sands' fourth-quarter earnings conference call, company Chairman Sheldon Adelson said the elimination of comps has helped sell hotel rooms at The Venetian and Palazzo, resulting in a substantial increase in cash income.
"We know that the subject of comps has been played out all across Las Vegas, but we've taken a different position," Adelson said. "We've essentially cut out all our accounts except the most highly rated players. No more packaging deals to try to be competitive with others. There's no more comp rooms given out. There's no more food and beverage. There's no shopping credits. There's no restaurant credits. There's no showroom credits."
Gambling expert Anthony Curtis, who operates the Las Vegas Advisor website, said he heard rumblings over the past few weeks about the Sands' new comp policy. He said what was unclear is where the company was drawing the cut-off point.
"What happens to your slot club?" Curtis said. "The comp system is a very vast network. I've never heard of not comping the middle market. This could be a terrible thing."
Read entire article here.
High-end gamblers still receive benefits, such as show tickets and meals.
Company officials said the move was taken to drive the bookings of hotel rooms through group sales and Las Vegas Sands' alliance with InterContinental Hotels, which began marketing The Venetian and Palazzo through its 52 million-member rewards program last fall.
During Las Vegas Sands' fourth-quarter earnings conference call, company Chairman Sheldon Adelson said the elimination of comps has helped sell hotel rooms at The Venetian and Palazzo, resulting in a substantial increase in cash income.
"We know that the subject of comps has been played out all across Las Vegas, but we've taken a different position," Adelson said. "We've essentially cut out all our accounts except the most highly rated players. No more packaging deals to try to be competitive with others. There's no more comp rooms given out. There's no more food and beverage. There's no shopping credits. There's no restaurant credits. There's no showroom credits."
Gambling expert Anthony Curtis, who operates the Las Vegas Advisor website, said he heard rumblings over the past few weeks about the Sands' new comp policy. He said what was unclear is where the company was drawing the cut-off point.
"What happens to your slot club?" Curtis said. "The comp system is a very vast network. I've never heard of not comping the middle market. This could be a terrible thing."
Read entire article here.
