Originally Posted by noah_the_donkey

Loss leaders and blunders in Vegas history, according to UNLV:

[ ] City Center ($9.2 billion in construction costs)
[ ] Cosmopolitan ($3.9 billion in construction costs)
[X] Riviera (1000x Odds on Craps)

Originally Posted by verrive

On an unrelated note, you guys have an outside marketing firm?

On the tables games page the dealer has a 20 and is in the middle of locking up some guys bet it looks like and everyone is cheering

Originally Posted by dmbfan41cn

I assume noah_the_donkey = Noah Acres?

Mr. Acres - this thought pattern is very concerning.... what is your definition of "technically?" Do the math (as others have even accurately pointed out in this thread)!!! You are SIGNIFICANTLY minimizing the house advantage on the game.... do you think that you have just stumbled upon some stroke of genius that other casino executives have never considered?

The only justification for this type of promotion is that you anticipate increased foot traffic as a result of the 1000x odds which would translate into increased slot coin-in and/or increased wagers via additional bets on the craps table or other table games with a more favorable HA... to which I ask - have you done or reviewed research studies which confirm such a correlation?

The answer is an obvious and clear NO. I am a dual MBA/Masters in Hotel Admin student with a concentration in gaming and casino management at UNLV and it's funny that I just stumbled upon this thread... this evening we spent 40+ minutes of class time discussing this very promotion and my professor (one of the most knowledgeable and respected people in the global gaming industry who will purposely go unnamed ITT) showed the precise calculations and mathematics behind how poor of a business decision this promo is. I've read countless articles and research studies exposing the falsified myths of justifying similar loss-leaders on the casino floor (bingo rooms, match-play promos, etc) via statistical analysis. This little new promo idea of yours is no different.

I wish you the best of luck, and hope for the continued improvement in gaming profitability for the Riviera and the rest of Las Vegas as a whole. Unfortunately, with continued ill-advised business decisions by executives such as 1000x craps the recovery of the Las Vegas gaming industry will continue to struggle.....

Originally Posted by KenoVictoryLap

totally wrong.

he's 28, not a kid.

Originally Posted by KenoVictoryLap

Go the picture of the steakhouse. The dude is eating shrimp but is apparently drinking wine straight from the bottle, as he doesn't have a glass.

Originally Posted by P0nzi

i dont know anything about craps
what exactly does this 1000 x odds thing mean (people are saying house still has the edge)

Originally Posted by rwesty

How are the financial transactions generally handled for large amounts? Say you want 10k to gamble with at the craps table. Is the most common way to show up with cash and wait and have them count it out? Or do you wire money to the casino that they verify and give to you at the table? Or some other method?

How about 200k?

Originally Posted by eco74

House has zero edge on the odds bet and their normal house edge on your pass line bet.

You have your main bet on the pass line- which you have to- and you're allowed to back it up with true odds (meaning it pays off at exactly the odds of your number hitting, hence zero house advantage). Most casinos allow your odds bet to be 3x, 4x or 5x your pass line bet, depending on what number you're trying to hit. Riviera allows 1000x your pass line bet.

Originally Posted by rwesty

How are the financial transactions generally handled for large amounts? Say you want 10k to gamble with at the craps table. Is the most common way to show up with cash and wait and have them count it out? Or do you wire money to the casino that they verify and give to you at the table? Or some other method?

How about 200k?

Originally Posted by browser2920

Another common way (if you have the money in your bank account) is to set up a credit account with the casino's cashier before you go. They have an application, and they check the balances in your bank account. Then they give you a credit line, for example $25,000.

Then when you go up to the craps table, you just say "give me a marker for $5000", and show your drivers license and players card. They print out the marker that you sign, and then give you the chips.

This is a real convenient way to play. If you win, you just give them the chips back, they give you the original marker, and you tear it up. If you lose, you have a set amount of time after you go back home, usually between 2 weeks-1 month, to send them a check for the markers. If you don't, the markers function just like a check from your checkbook, and they cash it themselves against your account.

This way you don't have to wire money or carry large amounts of cash and get an interest free loan until you get home and pay.

Originally Posted by Jinxed_Choker

Ironically the first time I seen this was at the Riviera a few years ago playing greenchip double deck blackjack. One of the reasons I remember through all the alcoholic daze is that the guy who took out the marker for $500 would instantly payoff the marker once he was >$500 but soon as he was bust he would take out another $500 marker. He must have did this 6 or 7 times in the span of 3 shoes. If I wasn't really geeked about getting drunk (and up money at the time) I might have been pissed about the stall in the game.

Avg. Expected Loss Per Bet = $2.5
Avg. Hands Delt an Hour = 140
Avg. Hands Delt per hour at said table = 60
Avg. Theoretical Loss at table/h = $150

All that money I was saving compounded with the fact that I was getting drunk at the same rate as I normally was it was an +EV move...simple math really

Originally Posted by KenoVictoryLap

Go the picture of the steakhouse. The dude is eating shrimp but is apparently drinking wine straight from the bottle, as he doesn't have a glass.