Another sign of the bad economy

[disneysteve]

We live about an hour from the Jersey shore. While we are not beach and ocean lovers, we do enjoy the boardwalk, the arcades, the rides and such. There is one arcade that is open year-round and has a club for regular customers. They run weekend promotions throughout the year that usually consist of giving you a certain amount of prize points just for coming, matching the points you earn that day up to 10,000, sometimes giving coupons for free food at their restaurant, giving double or triple points on the various games and giving you a 10% discount on prize redemptions.

We were all set to go there yesterday for one of these promotions. We were literally about to walk out the door when I took the flyer off the fridge and read it more carefully. There would be free food and a point giveaway when you arrived. BUT there was no matching of points you earned. Also, instead of the various games having double points all day, the double points were staggered. So from 11-1, there was double points on video poker. From 1-3, on slot machines. From 3-4 on coin pushers. That meant that during most of the day, most of the games would be paying the normal amount of points. When the games were double points, they'd probably be mobbed since it would only be certain games during certain times and everybody would want to play during the double points time.

Needless to say, we changed our minds and didn't bother going.

My wife and I went to the casino instead and played games for real. I won $85 and we got a free lunch on comp points, so a good deal all around.

[MoneyTrev]

Originally Posted by disneysteve

We live about an hour from the Jersey shore. While we are not beach and ocean lovers, we do enjoy the boardwalk, the arcades, the rides and such. There is one arcade that is open year-round and has a club for regular customers. They run weekend promotions throughout the year that usually consist of giving you a certain amount of prize points just for coming, matching the points you earn that day up to 10,000, sometimes giving coupons for free food at their restaurant, giving double or triple points on the various games and giving you a 10% discount on prize redemptions.

We were all set to go there yesterday for one of these promotions. We were literally about to walk out the door when I took the flyer off the fridge and read it more carefully. There would be free food and a point giveaway when you arrived. BUT there was no matching of points you earned. Also, instead of the various games having double points all day, the double points were staggered. So from 11-1, there was double points on video poker. From 1-3, on slot machines. From 3-4 on coin pushers. That meant that during most of the day, most of the games would be paying the normal amount of points. When the games were double points, they'd probably be mobbed since it would only be certain games during certain times and everybody would want to play during the double points time.

Needless to say, we changed our minds and didn't bother going.

My wife and I went to the casino instead and played games for real. I won $85 and we got a free lunch on comp points, so a good deal all around.

Haha, nice story.

They probably didn't do it because of bad economy, probably the chances to win on other games were not favorable. They couldn't take the loss.

[disneysteve]

Originally Posted by MoneyTrev

They probably didn't do it because of bad economy, probably the chances to win on other games were not favorable. They couldn't take the loss.

I'm not sure what you mean by that. The games they offer are the same ones they've offered for years. The only thing that has changed is that the promotions are now less generous than they always had been before.

I'm curious - are you posting from outside the US?

[ruth333]

I would say that everyone is tightening up their promotional belts. I miss the old days.

[kork13]

Originally Posted by ruth333

I would say that everyone is tightening up their promotional belts. I miss the old days.

...with the exception of car companies. watch the tube for a few minutes and they're practically begging for sales. what is it for GM right now? "employee pricing" with additional cash back... shoot, if you've been needing a car, now's the time.... yikes...

[disneysteve]

Originally Posted by ruth333

I would say that everyone is tightening up their promotional belts. I miss the old days.

The problem is this becomes a vicious cycle. Fewer people are coming so they cut back on the promotions. Now that the promotions aren't as good, even fewer people come, making the situation even worse. It's too bad they can't continue the usual promotions to prevent losing even more business.

We were literally ready to walk out the door when I noticed the change. We took off our coats and didn't go. I feel bad if they aren't doing well, but I'm not going if they don't make it worth my while.

[MoneyTrev]

Originally Posted by disneysteve

I'm not sure what you mean by that. The games they offer are the same ones they've offered for years. The only thing that has changed is that the promotions are now less generous than they always had been before.

I'm curious - are you posting from outside the US?

Yeah, the promotions are not as generous because of tough economic times. That's what I meant.

Yes, i'm posting from outside the US. Just north of you guys in fact =)

[mom-from-missouri]

People can't afford to gamble, so less are coming. Therefore they are taking in less so can't afford to give as much away...

[Joan.of.the.Arch]

Two of our casinos already did some serious layoffs. I think that was about three weeks ago. Well, I'm at least glad to know that not all customers are the stereotypical gambling addicts, but people who know when to stop.

[Investing First Steps]

Of course this vicious cycle is the basis of the "business cycle." All these trends continue to be self-fulfilling until everyone's on the pessimist boat and the cycle reverses. Of course that's what fractional reserve banking is supposed to solve...