I’m not totally sure that this is news, but I’m going with it today anyway–otherwise, I’d have to post my usual thoughts on the lower AC revenue numbers. Caesars Palace has raised its table limits to what it says are the highest in town (but which may not in fact be). From the LVRJ:
The granddaddy casino of high-limit gambling on the Strip is doing some Old Vegas-style marketing to get its name into the ears of the new breed of big-money gamblers.
On Monday, Caesars Palace raised its blackjack and line bets at craps to $50,000 per hand, which it is touting as the highest posted limits in town.
“It’s kind of like what the Horseshoe did in the old days when they’d hang the sign over the craps table claiming the highest limits anywhere,” long-time casino observer Phil Hevener said. “It’s certainly going to attract some notice. The push in competition for high-end table game business is pretty fierce at this point.”
The venerable casino has been increasingly sharing much of its high-limit play with Wynn Las Vegas, The Venetian and Bellagio, said Gary Selesner, president of Caesars Palace.
aesars executives believe the new limits could bring back some of the high-end players the property “hadn’t seen in a while.”“Caesars Palace has historically had among the highest limits in Las Vegas,” Selesner said. “Now we can claim the highest limits in Las Vegas. This is an opportunity to put Caesars Palace back as a leader in this part of the market.”
The betting limits for blackjack is up from $10,000 per hand. Players will also have the option to bet three hands at $25,000 per hand.
In addition to the $50,000 line bets, craps players can bet $25,000 and $30,000 on place bets, up from $5,000 and $6,000. “Hard way” players can now wager $10,000.
Caesars also raised the betting limits on roulette, going from $500 to $3,000 for “any way” wagers, including single numbers, splits and quads.
State gaming regulators were notified of the increases, but the change does not require regulatory approval.
ReviewJournal.com – Business – CAESARS AIMING HIGHER
Alan Feldman of MGM Mirage raised an interesting point later in the article–one that I mentioned to the reporter in our conversation: that many casinos offer higher limits to marker players on a case-by-case basis anyway. So while the “posted limits” at Caesars may indeed be the highest in town, I doubt that a major player with a credit line at the Bellagio would be told to take his action elsewhere if he wanted to play blackjack for $60,000 a hand over a set period.
In short, it’s a gimmick, but it’s a good gimmick. 99% of the players out there wouldn’t be able to bet the minimums at the tables with higher limits. But I think it enhances the average gambler’s experience to know that, somewhere in the casino, someone is betting more than they make in a year on a single hand of baccarat. Caesars has some great amenities–the Forum Shops and the Colosseum are two that stand out–but it’s a very competitive market, and I think that this is a good move. At the very least, it got the RJ to run a story touting the property’s high end play, so it’s already paying for itself.
Speaking of the money aspect, I hope that the soon-to-be private equity owners of Harrah’s have read a good primer on volatility in the casino environment, because this kind of high-end play can lead to big wins but also big losses for the casino over the short haul.