THE
GOLDEN
RULES
Are higher holds on slots and restrictive table game rules actually turning away players ? BY ROGER GROS
Walking through the elegant Aria casino in Las Vegas , a roulette player settles in at a table for a session . The $ 25 minimum doesn ’ t scare him , so he ’ s comfortable with the limits — both low and high .
Reviewing the attractive gray table top , he notes that at the top of the layout , there is the usual 0 and 00 , but right above that there ’ s another option that is represented by the logo of Aria . Curious , he asks the dealer what the story is with that space . The dealer tells him it ’ s a replacement for the 000 .
The knowledgeable player immediately understands this is not just another way to win , as some of the rookie players seem to believe . It actually adds to the house edge , raising it from an already high 5.26 percent on a 00 wheel to 7.89 percent . Ideally , the players would like to play a single 0 wheel , with a very reasonable house edge of 2.63 percent . But it ’ s hard to find a single 0 wheel anywhere in Vegas unless you ’ re playing in a highlimit pit for at least $ 100 per spin .
The 000 phenomenon has taken over the Strip much like the 6-5 blackjack payoff on the ubiquitous blackjack game , which adds almost 1.4 percent to the house edge for a player using basic strategy . It ’ s now difficult to find a 3-2 blackjack game with a minimum under $ 50 a hand . Add that to increasing holds on the slot machines , and you begin to understand the casino operators that embrace these rules are definitely not giving players the best of it .
BINION BASICS
Roger Wagner has a long history in the gaming business , but his entire career was influenced by the Binion gaming philosophy , which was essentially “ good food , good drinks and a good gamble .” Now retired and author of the book No Work and All Play : Audacious Chronicles of a Casino Boss , Wagner believes casino gambling has changed .
“ I call it the evolution of casino gaming from a value proposition to a pure retail entertainment option ,” he explains . “ Las Vegas in particular , but all of the bricks-and-mortar destination gaming locations , are trending away from that value proposition for their patrons .
“ For Jack Binion , everything was market share . He was willing to lose a little on the low end to make sure the floor was full and exciting . But today the strategy seems to chase off that real low end , because one , it ’ s not profitable , and two , it also competes with your better customer for space at the tables , restaurants and everything else . So maybe there ’ s some merit to it , but nickel-and-diming is what we call it .”
Wagner says that when he talks to Binion these days , they agree that they ’ re glad they ’ re not working now .
“ I don ’ t think it ’ s as much fun anymore ,” he laughs . “ The focus on a good hotel experience with inexpensive food and beverage , and then the best odds and the highest limits you could get anywhere in the industry was the way to go . Jack always believed that a fast nickel was better than a slow dime . He always said he ’ d rather have 10 percent of a big drop and
14 Global Gaming Business SEPTEMBER 2024