Which means, things are JUST about to pick up.
Stay tuned.
Showing posts with label MLife. Show all posts
Showing posts with label MLife. Show all posts
Thursday, August 18, 2016
2016 Trip 2 is imminent!
It's almost here.
Which means, things are JUST about to pick up.
Stay tuned.
MiniHam is ready.
Which means, things are JUST about to pick up.
Stay tuned.
Wednesday, March 23, 2016
Spring Trip 2016: Dinner at Craftsteak
When we were planning the trip for my Mom she had two requests:
1. She wanted to see the Bellagio (Ocean's 11 being her favorite Vegas movie)
2. She wanted to eat at Tom Colicchio's Crafsteak (Mr. Colicchio being one of her favorite chefs)
Taking the 2nd item 1st, here is the recap of our dinner at Craftseak. (In MGM Grand)
First, MiniHam decided to stop for a picture in front of Caesar's. Then he tried a little gambling at Whiskey Down prior to dinner.
After a trip down the Strip to MGM, cocktails (not pictured, although on my next trip I'm going to write more about Whiskey Down which is a great place) We finally settled into our table.
Now that we had the menu, it was time for appetizers.
Once done with the salad course we moved on to Entrees.
Then on to dessert..
For our wine selection I ordered a Tenuta San Guido, Guidalberto 2012 which was priced at $125, when he brought the wine the sommelier brought out a 2002 Tenuta San Guido which retails at $550. When I pointed out the error to him he was more than polite. I've had that particular wine and find it lackluster for the price. All in all I prefer the Guidalberto which is a much better wine for value.
Now that the pictures are done let's talk about it just a bit.
The best meal that I've ever had was eaten at Craftsteak a few years back. That meal included the same short ribs, but prepared as raviolo in a brown butter sauce. I also had the braised prime New York Strip and creamed spinach. That was the first time that I've ever had the Monkey bread and it's so good that I'll never really enjoy a cinnamon roll again. During that meal we had the perfect combination of waiter, assistant waiter and sommelier, it was the most enjoyable dining experience of my life, that I did not cook at home.
Fast forward to this trip and it was just as enjoyable. The wife and I have eaten at restaurants all over the world, from 3 Michelin star palaces to glorified dives. We've found outstanding food in all locations. Saying that I realize that there are more accomplished chefs in Vegas (Robechon anyone?) or restaurants with more status (Nobu, and several others) but when you consider service, food quality and value for money Craftsteak is just about at the top for me. All of the appetizers, especially my warm frisee salad with duck egg, were excellent, the entrees were outstanding, Colicchio's short ribs are a destination meal, and oh that Monkey bread.
Next time you're in Vegas I suggest you get a reservation (strongly recommended, it's always busy for dinner) dress up (dress is business casual) and give it a try.
Don't forget the monkey bread.
1. She wanted to see the Bellagio (Ocean's 11 being her favorite Vegas movie)
2. She wanted to eat at Tom Colicchio's Crafsteak (Mr. Colicchio being one of her favorite chefs)
Taking the 2nd item 1st, here is the recap of our dinner at Craftseak. (In MGM Grand)
First, MiniHam decided to stop for a picture in front of Caesar's. Then he tried a little gambling at Whiskey Down prior to dinner.
 |
| MiniHam and My fat arm in front of Caesar's |
 |
| No pockets, this is a problem. |
 |
| MiniHam checks the menu |
 |
| He liked Whiskey Down quite a bit. |
 |
| The wife's: Caprese salad with hazelnuts |
 |
| Mine: Warm Firsee salad with duck egg |
 |
| Mom's spinach salad. |
 |
| The wife: Strip Steak |
 |
| Me: Braised Short Ribs |
 |
| Fingerling potatoes and gratin potatoes |
 |
| Creamed pea tendrils and mixed carrots. |
 |
| Monkey bread - House signature dessert |
 |
| Coconut and orange basil gelato |
 |
| Not too bad for 4 people. |
Now that the pictures are done let's talk about it just a bit.
The best meal that I've ever had was eaten at Craftsteak a few years back. That meal included the same short ribs, but prepared as raviolo in a brown butter sauce. I also had the braised prime New York Strip and creamed spinach. That was the first time that I've ever had the Monkey bread and it's so good that I'll never really enjoy a cinnamon roll again. During that meal we had the perfect combination of waiter, assistant waiter and sommelier, it was the most enjoyable dining experience of my life, that I did not cook at home.
Fast forward to this trip and it was just as enjoyable. The wife and I have eaten at restaurants all over the world, from 3 Michelin star palaces to glorified dives. We've found outstanding food in all locations. Saying that I realize that there are more accomplished chefs in Vegas (Robechon anyone?) or restaurants with more status (Nobu, and several others) but when you consider service, food quality and value for money Craftsteak is just about at the top for me. All of the appetizers, especially my warm frisee salad with duck egg, were excellent, the entrees were outstanding, Colicchio's short ribs are a destination meal, and oh that Monkey bread.
Next time you're in Vegas I suggest you get a reservation (strongly recommended, it's always busy for dinner) dress up (dress is business casual) and give it a try.
Don't forget the monkey bread.
Wednesday, March 16, 2016
Gambling News: MGM PGP It's bad.
Judging from the scuttlebutt around various Las Vegas Message board the recently announced MGM Profit Growth Plan is starting to cut into gambling compensation in a big way. Anecdotal evidence, again from the chatter boards, reveals that the cuts are starting hot and heavy.
1. Reduced comp percentages: This is the option that really seems to be getting everyone's goat, because theoretical-based compensations somewhere around 40% of expected loss has been the law in Las Vegas for a while now. Like free-parking, which we'll get to in a minute, 40-45% is almost viewed as a constitutional right by the seasoned high-roller. It's hard to tell just how far the exact rate has fallen but there are reports that it could be by as much as 10%.
2. Death by 1,000 cuts. - A poster on the VegasBoards forum noted that MGM has cancelled the Sirius XM radio service in their luxury fleet of courtesy cars, have cut the schedules of experienced dealers, as well as implemented a series of other cuts that can only be viewed as gambler unfriendly.
3. Raising comp prices. Call it the third prong in the gambler-pitchfork that is the PGP, by raising comp prices, (there is a good discussion on this here) In effect, MGM has decided to reward the players less, reduce how much they can get, and charge them more for getting it.
The effect of this is driving more players to less networked casinos like The Cosmopolitan or Wynn/Encore who, while still making cuts, are not doing so with the speed of MGM.Left out of consideration, for the most part, is Caesar's who really doesn't have anything in it's profile that can really cater to the modern high-end player.
MGM does have hotels that can compete however, in the form of Bellagio and Aria but the company seems content to abandon the deep-pockets gambler in return for courting the younger, clubbing crowd that both don't get, and usually don't ask for, compensation.
There are also rumors that the casinos are altering the calculations on their theoretical loss calculations downward. It's going to be difficult to determine whether or not this is actually taking place because they are treated as trade secrets and not readily available. According to one recent report, they are also loss-amount restricting the loss payback to $100K, which is awful.
In the short-run there's no reason to think that this is going to get better before it gets worse. The more casinos clamp down on the players the less revenue comes from the gaming floor. This is acceptable to the casinos because 1. They're currently making up for the lost revenue in retail (both club and store-front sales) 2. Room renovations mean that they can charge higher rates to millennials, who don't gamble as much, don't ask for free stuff, and just come to Las Vegas to party.
It's not that the millennials aren't gambling, it's that they don't do it very often, seriously. The typical millennial gambler in Las Vegas is stopping off at a black jack table, craps, roulette or even slots for fun. They're typically with a group of friends and are willing to blow $200-$300 on a lark. The ones with a bigger bank-roll aren't any more serious, but they might think they are, and can waste thousands per night making hunch plays. For this they typically do not get either rated, or comped for an entire weekends play.
Casinos, being managed by unoriginal people, are both struggling with this and adapting poorly to it by over-correcting the opposite way. Back in the Aughts and during the so-called great recession, you could roll into Vegas with $4000, generate some play and walk-out, just, with a Jr. Suite and a limo ride to the airport. Back then the resorts were selling the adventure. High-end wine prices were reasonable, though not cheap, and high-rollers* were treated with style and panache. The dream was real.
Today, at MGM properties especially, you're thrown into a mechanical world of algorithms and theoretical formulas. For the most part discretionary comps have been removed from the discretion of the host, and upgrades are an auto-fee rather than a perk. They're cutting down on the rate you earn and making it more expensive to redeem. It's the classic vice that players are stuck in.
At the end of the movie Casino, a must-watch if you haven't, Robert DeNiro's character is bemoaning the changes that Vegas underwent in the late-80's. He finishes up by saying this: "Now a high-roller walks into a casino with a briefcase holding a Million Dollars and a pimple faced kid asks him for his ID." The problem for the high-roller is this: Where else are you going to go?
*It's not right to call high-rollers 'whales'. In fact, using that term will get you branded a 'noob' by those in the know. In fact, there are only around 20-30 true "whales" in the world. And even they don't call themselves "whales". If someone identifies themselves as a whale, they are lying.
1. Reduced comp percentages: This is the option that really seems to be getting everyone's goat, because theoretical-based compensations somewhere around 40% of expected loss has been the law in Las Vegas for a while now. Like free-parking, which we'll get to in a minute, 40-45% is almost viewed as a constitutional right by the seasoned high-roller. It's hard to tell just how far the exact rate has fallen but there are reports that it could be by as much as 10%.
2. Death by 1,000 cuts. - A poster on the VegasBoards forum noted that MGM has cancelled the Sirius XM radio service in their luxury fleet of courtesy cars, have cut the schedules of experienced dealers, as well as implemented a series of other cuts that can only be viewed as gambler unfriendly.
3. Raising comp prices. Call it the third prong in the gambler-pitchfork that is the PGP, by raising comp prices, (there is a good discussion on this here) In effect, MGM has decided to reward the players less, reduce how much they can get, and charge them more for getting it.
The effect of this is driving more players to less networked casinos like The Cosmopolitan or Wynn/Encore who, while still making cuts, are not doing so with the speed of MGM.Left out of consideration, for the most part, is Caesar's who really doesn't have anything in it's profile that can really cater to the modern high-end player.
MGM does have hotels that can compete however, in the form of Bellagio and Aria but the company seems content to abandon the deep-pockets gambler in return for courting the younger, clubbing crowd that both don't get, and usually don't ask for, compensation.
There are also rumors that the casinos are altering the calculations on their theoretical loss calculations downward. It's going to be difficult to determine whether or not this is actually taking place because they are treated as trade secrets and not readily available. According to one recent report, they are also loss-amount restricting the loss payback to $100K, which is awful.
In the short-run there's no reason to think that this is going to get better before it gets worse. The more casinos clamp down on the players the less revenue comes from the gaming floor. This is acceptable to the casinos because 1. They're currently making up for the lost revenue in retail (both club and store-front sales) 2. Room renovations mean that they can charge higher rates to millennials, who don't gamble as much, don't ask for free stuff, and just come to Las Vegas to party.
It's not that the millennials aren't gambling, it's that they don't do it very often, seriously. The typical millennial gambler in Las Vegas is stopping off at a black jack table, craps, roulette or even slots for fun. They're typically with a group of friends and are willing to blow $200-$300 on a lark. The ones with a bigger bank-roll aren't any more serious, but they might think they are, and can waste thousands per night making hunch plays. For this they typically do not get either rated, or comped for an entire weekends play.
Casinos, being managed by unoriginal people, are both struggling with this and adapting poorly to it by over-correcting the opposite way. Back in the Aughts and during the so-called great recession, you could roll into Vegas with $4000, generate some play and walk-out, just, with a Jr. Suite and a limo ride to the airport. Back then the resorts were selling the adventure. High-end wine prices were reasonable, though not cheap, and high-rollers* were treated with style and panache. The dream was real.
Today, at MGM properties especially, you're thrown into a mechanical world of algorithms and theoretical formulas. For the most part discretionary comps have been removed from the discretion of the host, and upgrades are an auto-fee rather than a perk. They're cutting down on the rate you earn and making it more expensive to redeem. It's the classic vice that players are stuck in.
At the end of the movie Casino, a must-watch if you haven't, Robert DeNiro's character is bemoaning the changes that Vegas underwent in the late-80's. He finishes up by saying this: "Now a high-roller walks into a casino with a briefcase holding a Million Dollars and a pimple faced kid asks him for his ID." The problem for the high-roller is this: Where else are you going to go?
*It's not right to call high-rollers 'whales'. In fact, using that term will get you branded a 'noob' by those in the know. In fact, there are only around 20-30 true "whales" in the world. And even they don't call themselves "whales". If someone identifies themselves as a whale, they are lying.
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