I had a host on there for spend back in 2013/14, who I kept until ~2018 when she left, even though I had no status on the game anymore.
However, I got removed from the host programme unless I made level 7 again at that same time, too.
I think you can get L7 for about $600 if you grind and collect your bonuses etc. I know it's much more expensive to maintain as you have to get 45k points to retain, as opposed to the 33k points to obtain.
I got a $500 gift card for 6m LPs in 2017 and a $600 gift card for ~9m LPs a couple years ago, but not sure it would be worth paying up, to hopefully get a gift card of the same value.
Probably just easier to use the Konamis which require no stay, and the 2 night comp stays, along with Camleot $100 off voucher and NYNY $50 bar credit.
The HGS rewards are another way to turn them into cash, as you can cash the HGS points in for freeplay.
I got the 250,000 one last November for the HGS event, and cashed it in for ~$800 of freeplay which I span through a machine and used to gamble the rest of my trip.
Well, until I got to the Wynn on my '7 night free stay', and lost my ass in the slots all week