Stretching Your Casino Dollars by Bill Burton
I attended a party
the other night and the topic of conversation turned to an article
that appeared in a national newspaper. According to the article, fear
of an uncertain economic future is creating a new cultural mindset
where less is more and people are devising ways to cut back on their
spending. The article said that for years it was a status symbol to
keep up with the Joneses, but now the Joneses are cutting back on
little luxuries and other people are following along.
This started a
lengthy discussion about the state of the economy and most of us
admitted that we were making a conscious effort to cut back on our
spending. We all agreed that it was easy to forgo making any major
purchases such as cars or houses, but it was harder to give up those
little things that we took for granted when we had a little more
disposable income.
Everyone had some
suggestions for saving money by cutting back on non-essential items or
just changing their spending habits. We shared our ideas with each
other and talked about the changes we have made. One friend said that
he had given up buying his daily gourmet coffee from a well-known
national chain and was now brewing his coffee at home. He figured that
he was saving at least $50 a month making this one change in his
routine. He said he also buys soda from the supermarket and brings a
can to work instead of purchasing it from the vending machine, which
saves him even more money each day. Although it was more convenient to
purchase his drinks from the vending machine he was paying more than
twice the price.
One couple said
that they used to love going out to a movie twice a month but the
increased price of the movie tickets along with the expense to drive
to the theater forced them to seek an alternative. They decided to
subscribe to one of the mail order movie rental services and they are
spending about a quarter of the amount they used to spend when they
went out.
I told the group
that I have given up on buying bottled water and have opted instead
for an inexpensive filter on my kitchen faucet. This not only saves me
money but it helps with the ongoing energy problem and helps cut down
on the environmental impact of discarded plastic bottles. I recently
read that it takes 41 million barrels of oil a year to make, transport
and refrigerate the bottles of water that we consume in the U.S. and
30 million of these plastic containers end up in the landfills each
day.
One friend said he
had given up purchasing fast food lunches in favor of bringing
something from home. The change had not only saved him money, but
eating healthier meals helped him lose weight. Another couple said
that they were saving by shopping at the local discount store instead
of the more expensive shops at the mall.
It was interesting
that most of us had found some alternatives for cutting back on
expenses without giving up our favorite item completely. While there
are several alternatives you can choose to cut back on the amount you
spend for coffee, movies and other items you buy, I started wondering
what could be done if your favorite form of entertainment is visiting
the casino?
Players Cutting
Back
I recently ran a
poll in which I asked my readers if the economy had changed the number
of times that they visited the casino in the last few months.
Fifty-two percent of those that responded said that they have gone
less, and another 13 percent said they are planning on cutting back on
their visits in the future. An increasing number of players are just
not going to the casino and the impact of the decision is being felt
in casinos in every part of the country.
For years the
gaming industry was considered to be recession-proof and part of the
reason for the expansion of casinos across the country was due to the
fact that many states voted to allow gambling as a way to ease their
budget deficits without raising taxes.In 1970,
Nevada
was the only state with legalized casino gambling
and took in about
$550-million in revenue. By 2006 there were casinos in 37 states
taking in over $58-billion. There was a steady revenue growth each
year during that time, however, recent revenue reports from the
casinos over the last six months is showing that no business is immune
to the current recession as millions of people are forced to cut back
on their spending.
Frank Fahrenkopf,
CEO of the American Gaming Association, which represents casinos and
manufactures, conceded that, “Anything that hurts consumer spending
will have an impact on us. Many players feel that the only way to
spend less at the casino is to just cut back on the number of visits
that they make to the casino.”
This is probably
the most obvious alternative, but it does not mean that you have to
give up going to the casino all together. Of course if you need the
money for bills or other living expenses you should not gamble, but as
long as you have some money set aside to spend for your casino
entertainment, there are ways to cut back on your spending to stretch
your money.
Transportation
For most of us the
rising price of gasoline has had the greatest impact on the pinch we
feel in our wallets. The majority of players who visit the casinos
drive there for a few hours or a few days. In the past most of us
never gave a thought about hopping in our cars and driving to the
casino. However, with the price of a gallon of gas almost doubling in
the last year, it has certainly added to the cost of driving anywhere,
and for many of us this is the primary reason to cut back on the
number of our trips to the casino.
One way to save
some money is to carpool with your friends if possible. Instead of
meeting your friends at the casino you should meet at a central
location close to where you live and ride together. This will not only
save you money on gas, but it is also eco-friendly and good for the
environment. Consider it your contribution to help decrease global
warming. I always find it is more enjoyable to have some company when
I take a trip. My friends and I will take turns driving or split the
price of the gas.
Some casinos offer
shuttle busses and you may find it is cheaper in the long run to take
the bus. Some of the bus shuttle services also offer other incentives
such as discounted food vouchers or match play coupons.
Once you arrive at
the casino you can save a few dollars by self parking instead of using
the valet. Although many casinos offer free valet parking you still
have to tip the attendant. If you have to fly to your casino
destination, the price of an airline may be your biggest expense.
Because of the price of fuel, the airlines have increased the fares
considerably. One way to save money on airfare is to use one of the
online booking services such as Orbitz, Travelocity or
CheapBooking.com. There are several websites and it pays to shop
around. Another way to save money on airfare is to be flexible with
your travel dates and time. If you book your ticket for off-peak hours
in the middle of the week you could save hundreds of dollars on your
airfare.
I used to fly to
Las Vegas from the east coast for a three-four day stay several
times a year. This year I am planning on taking fewer trips but
spending an extra day or two on each trip to cut back on the total
amount I have to spend for my airfare.
Lodging
The price you pay
for your hotel room can also be a considerable expense. If you don’t
play enough to earn a comped room there are still alternatives that
can help you lower your expenses. Hotel rooms are most expensive on
the weekends, but many casinos offer discounted rooms during the
mid-week. If you can plan your casino stay Sunday through Thursday,
you usually can save some money. Many of the casinos are feeling the
effects of the recession and they are starting to offer discounted
room rates. The best place to find the room deals is to check out the
casino’s website. You can also check one of the online booking
services you used for your airfare. You might also get a better deal
if you look into one of the vacation packages that offer airfare and
lodging together.
Playing the Games
We love to win, but
our main reason for playing the casino games is entertainment and the
money we spend gambling is usually our biggest expense. One way you
can decrease the amount you spend is to play at lower limits. If you
normally play dollar slots, drop and play the quarter machines. If you
play quarters, go down to nickels or penny slots. Unless you play a
progressive slot machine, you can cut back on the number of coins you
play on each spin. Playing one coin per
line will stretch
your gambling budget.
Over the last few
years most of the slot machines have been converted to the coinless
ticket in, ticket out machines with bill receptors. This is convenient
because you no longer have to handle dirty coins when you play.
However, as with many things that we find convenient, it can be more
costly in the long run. For some players the convenience of the
coinless slots can be more costly. When you used to hand feed coins
into a machine, you were playing at a much slower rate. This means you
were risking less money against the house edge. Now however, when you
feed a bill into the receptor you just start playing credits which can
be played at a very fast rate. Slow down your play. Instead of
slipping a $100 bill into the machine, use a smaller denomination.
This will slow you down. It will also give you a natural breaking
point. If you have to keep reaching in for bills to put in the machine
it may be time to take a break. Don’t play more than one machine at a
time. Playing more than one machine just exposes you more to the house
edge. In the long run you will just lose your money faster.
The coinless
system is also costly to some players who are now more inclined to
play off the credits instead of cashing them out. When a player gets
down to their last dollar of two they may find that it is more
convenient to play off the credits instead of cashing out. Before when
you cashed out coins, you could slip them in your pocket and walk away
but when you are paid with a voucher you must take it to the cage or
redemption kiosk and convert it back to cash. You can stretch your
gambling budget by resisting the temptation of playing off the credits
instead of taking the time to redeem your vouchers.
Besides, most
vouchers are good for 30 days, so if you are staying at the casino you
can slip the voucher into your wallet and use it for your next playing
session. Playing off a dollar or two in credits may not seem like much
but if you play a lot of slots this can add up to quite a bit during
the year.
If you play tables
games, choose the table with the lowest minimum bet. Your main goal
when you play is for entertainment and you can stretch your playing
time by betting less money on each hand. Many casinos raise their
minimum bets during the busy times such as the weekends or evenings.
If you can plan your casino visits for the off- peak times you will
probably find lower table minimums.
Dining
Dining at the
casino can also be a large expense if you always eat at the higher-end
restaurants. One way to cut your expenses is to choose dining options
that are less expensive. Instead of the steak house try the café or
choose the buffet or food court. If you are going to the casino for a
day trip you might want to have a big breakfast at home before you go
and then you can get through the day with a light lunch. If you are
going for the evening it will be less expensive to have your dinner at
home before you go.
Entertainment
The price to see a
show at the casino has increased dramatically over the last few years.
If you are visiting
Las Vegas
you can purchase tickets from one of the half-priced discount brokers
on the day of the show. You might not be able to get discounted
tickets for the hottest show in town, but there are still many great
shows to choose from. Don’t forget to check out some of the free shows
in the casino lounges. There have been several entertainers who made
their way from the lounge to the show room.
Comps
One way to cut your
expenses is to redeem the comp points that you earned for food,
lodging or shows, but if you get caught up in the comp game it can be
costly. The issuing of comps is one of the greatest marketing tools
that the casinos have devised. Everyone enjoys being recognized and
made to feel important. Players want to be appreciated and comps are a
way of doing this. It’s a business
decision and giving
high-end comps is a way that the casinos have of rewarding some of
their biggest customers. It is also a way to entice players to play
longer and bet more. You have to remember that casino comps are just a
rebate based on the money you spend. Play the games at your level,
have fun and take whatever comps come your way.
Be Creative
These are just a
few suggestions for stretching your money at home and at the casino.
I’m sure if you give it some thought, you will come up with some
creative ideas of your own that you can use to cut back on your
expenses and save some money. There is no rule saying that some of the
money you save in one area can’t be used for something else. Cutting
out that morning latte may save you enough so you can play your
favorite casino game a little longer.
— Bill Burton is
the Casino Gambling Guide and columnist for the Internet portal
About.com located at: www.casinogambling.about.com. He is the author
of “1000 Best Casino Gambling Secrets” and “Get the Edge at Low Limit
Texas Hold’em” available online at www.billburton.com. He is an
instructor for Golden Touch Craps: www.thecrapsclub.com.
