Las Vegas buffets

[Old new guy]

Interesting theory. I wonder how this would fit with the supply/demand theory most economists subscribe to. More choice usually leads to lower prices as suppliers compete for customers, especially if one given supplier has such an inferior product as you describe.

But this is why it works for Vegas. If the consumer doesn’t realize/care it’s an inferior product, then he will continue to happily buy it.

[lij45o6]

Interesting theory. I wonder how this would fit with the supply/demand theory most economists subscribe to. More choice usually leads to lower prices as suppliers compete for customers, especially if one given supplier has such an inferior product as you describe.

I don't think S&D goes good here. They behave almost paradoxically to that of S&D. Vegas had a monopoly and shit was cheap? Now? Shit's expensive with many options elsewhere?

Also, didn't a bunch of corporate joints start a shit-ton of projects during the housing bubble? 2008 happened and a lot of people lost money. Guess people changed and saw value in their money and are being much more pickier with goods and services. You can see with year-by-year an increase in revenue for all services on the Strip, except for gaming...

Subscribing to one idea and saying that's the problem is a bit reductionist. Overbuilding, 2008, people preferring quality over quantity, ect...Those are where I would start.

Also, the bean counters seem to love to "cut costs"...by adding expensive shit in-house to "stop losing money." Example: recent visit to a casino. Saw their tables. Had a 10-key on the dealer left. All buy ins, cheque outs, fills, and player's cards are done at this little terminal. Every time a customer plops down mid game, it took about 2 minutes for the dealer to put them in the system. Now, what the fuck is the pit boss doing? Fuck if I know! Now you got a system that takes a few rounds every time a player needs to interact with the dealer. Need to rebuy? 2 minutes. Could have dealt a round or 3 taking peoples money. Now tie this to all other tables, even craps/roulette.

But, it makes tracking shit easier for the casino right? Think of all the savings they are finding by not having the pit boss making subtle mistakes here and there!

But this is why it works for Vegas. If the consumer doesn’t realize/care it’s an inferior product, then he will continue to happily buy it.

Kinda sounds like a Veblen good?

[21forme]

Another example. Table games opened in the Phila area, with outstanding rules due to PA law. What did AC do? They made their games worse.
Probably half of AC's biz comes (came) from Phila.

[Old new guy]

Kinda sounds like a Veblen good?

Sort of. I don’t think most people go to Vegas because it’s expensive. It’s just an expensive experience they are willing to pay a premium for, like many other things. Obviously, a lot of it is a unique experience that you can’t get anywhere else. And for most people, the gambling is just a part of that experience that they budget for. They are willing to spend so much on food, attractions, shopping, and gambling. And the results of the poor gambling rules are really pretty negligible for the usual short term trip. So what if they get paid a total of $100 less for all the blackjacks they hit on they trip? Doesn’t bother them. They were figuring they’d lose all their gambling budget anyway. So, it’s really a great business decision on the corporations’ part. I don’t think improving the blackjack or roulette rules would noticeably attract many more visitors/gamblers.

[G Man]

Another example. Table games opened in the Phila area, with outstanding rules due to PA law. What did AC do? They made their games worse.
Probably half of AC's biz comes (came) from Phila.

All AC has to do is to offer the same rules that will attract players. They have the ocean on their side which is a great "plus" for kids and wives! Also, I'm probably not the only player who likes to get the fresh air of the ocean in between sessions.

[UNCBear4SJ]

I don't think S&D goes good here. They behave almost paradoxically to that of S&D. Vegas had a monopoly and shit was cheap? Now? Shit's expensive with many options elsewhere?

I suspect an economist would differ with you. S&D nearly always applies, but sometimes what is being supplied has been redefined. I've only a few basic economic courses under my belt filled out with a regular intake of Freakonomics podcasts, but I suspect what might be happening is the Strip is now dominated by only two or three corporate owners. That makes for very little true competition. Other smaller companies then charge similar prices because they can get away with it since there isn't really much competition.
From the casino corporations' standpoint, they may not even view the gambling as their primary "product" anymore, so not really looking to drive the business there. But rather, they now generate most their profits from overpriced buffets and show tickets. A generation now views going to Vegas as an entertainment and gorging/partying opportunity, so price their expectations accordingly. The opportunity for gaming is only a side show to them and the corporate suits, who have cultivated this, take advantage of it and squeeze it for all its worth. YMMV.

[Koz84]

As someone who traveled to Vegas from Australia on average once a year pre-pandemic, I always found the buffets to be value for money. My favourite go-to was Main Street Station. Exceptional quality and well priced. Any updates on their pricing these days? I know they've only just reopened.

[G Man]

Any updates on their pricing these days? I know they've only just reopened.

https://www.lasvegasadvisor.com/buffet-restaurants/

[BJGenius007]

https://www.lasvegasadvisor.com/buffet-restaurants/

Why do most casinos eliminate dinner buffet?

[Norm]

Probably hired an efficiency expert for $60,000, and he flipped a coin.

[UNCBear4SJ]

Why do most casinos eliminate dinner buffet?

There once was a thing called coronavirus
that rose up and gave some a health scare bite-us
Most buffets were closed
When some health orders rose
Now many suits wait with views over-cautious.

[UNCBear4SJ]

My favourite go-to was Main Street Station.

I agree many of the Station Casinos buffets were the exception with good pricing and reasonably good food quality. Unfortunately, the current Stations CFO has stated publicly he doesn't like buffets and doesn't foresee Stations reentering the buffets market.
https://www.ktnv.com/news/las-vegas-...l-never-return

[Koz84]

https://www.lasvegasadvisor.com/buffet-restaurants/

Oh, wow. $25.99?! Disappointing.