Harrah's WSOP ripoff

[LouKadeez]

Do you realize that besides the cash cow that the WSOP has become, Harrahs ( and I assume all casinos in the US ) is allowed to charge itself the full retail price for anything served to the players. For example, all sodas this year are charged at a rate of $2.25. I assume that this becomes a charge, for tax purposes, against profits. Why aren't they forced to charge themselves only for the cost of the drinks. Why are they allowed to charge US for the profit that they didn't make. The drinks never stop flowing. You do the math.

[tourney guy]

Lou - You obviously do not understand how WSOP, or gaming in general, works.

1) WSOP is NOT a cash cow. If I told you what RIO makes to the bottom line for WSOP, you would be shocked.

2) Each department is essentially independant. WSOP and conventions, even though operating under the same company's roof, are separate business entities.

Thus, if the convention staff charges $2.25 for a coke, it goes in the coffers of the convention department, not the WSOP department.

If the covention guy does not make enough money for drinks, he is gone. He doesn't care about you, that is for sure, but he has goals of what he has to make in order to keep his job.

Lou, what is so hilarious to me is the simple notion of supply and demand. You can complain all you want about $2.25 cokes, but if you and the rest of the clowns who go to WSOP CONTINUE TO BUY $2.25 COKES, YOU ARE GOING TO CONTINUE TO PAY $2.25.

The days of Benny Binion are long, long gone, and people like you have a decision to make. You are either going to play WSOP or not. If you do continue to play, your complaints on a weblog are essentially useless.

Don't you see what a sucker you sound like??

[LouKadeez]

There is no charge to the players for any drink!!!! Only to the US government.

[tourney guy]

NO - WSOP department allows the cocktails to be comped.

The convention staff is not going to give the drinks away for nothing.

Therefore - WSOP has to pay the convention department whatever to convention department charges.

Which is one reason why WSOP is not the cash cow you think it is.

It is not a symbiotic relationship between departments.

So - you can thank the WSOP for buying you a $2.25 coke while you are playing.

[Sweet James]

[ QUOTE ]
Lou - You obviously do not understand how WSOP, or gaming in general, works.

1) WSOP is NOT a cash cow. If I told you what RIO makes to the bottom line for WSOP, you would be shocked.



[/ QUOTE ]

You're clueless. The broadcast rights alone from ESPN earns them MILLIONS. Then you factor in the rake on all the tournaments, the added casino business, and the increased hotel occupancy and you have TENS OF MIlLIONS in revenue.

[5_year_old_bully]

Lou,

*** You are ignoring this user ***

[censored] moron

[olivert]

[ QUOTE ]
[ QUOTE ]
Lou - You obviously do not understand how WSOP, or gaming in general, works.

1) WSOP is NOT a cash cow. If I told you what RIO makes to the bottom line for WSOP, you would be shocked.



[/ QUOTE ]

You're clueless. The broadcast rights alone from ESPN earns them MILLIONS. Then you factor in the rake on all the tournaments, the added casino business, and the increased hotel occupancy and you have TENS OF MIlLIONS in revenue.

[/ QUOTE ]

1. The WSOP tournament itself does NOT make money. Tournament poker is at best a break-even business.

2. While there is a "rights fee" in the TV contract between ESPN and Harrah's, that does NOT mean that Harrah's is getting any CASH from ESPN. ESPN is bartering advertising slots with Harrah's for Harrah's to pimp its casino properties. Further, Harrah's has to compensate ESPN because the "official sponsors" Harrah's signed purchase ESPN TV ads via an integrated deal with Harrah's.

The WSOP didn't start making money until 2005.

[FBP]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
Lou - You obviously do not understand how WSOP, or gaming in general, works.

1) WSOP is NOT a cash cow. If I told you what RIO makes to the bottom line for WSOP, you would be shocked.



[/ QUOTE ]

You're clueless. The broadcast rights alone from ESPN earns them MILLIONS. Then you factor in the rake on all the tournaments, the added casino business, and the increased hotel occupancy and you have TENS OF MIlLIONS in revenue.

[/ QUOTE ]

1. The WSOP tournament itself does NOT make money. Tournament poker is at best a break-even business.

2. While there is a "rights fee" in the TV contract between ESPN and Harrah's, that does NOT mean that Harrah's is getting any CASH from ESPN. ESPN is bartering advertising slots with Harrah's for Harrah's to pimp its casino properties. Further, Harrah's has to compensate ESPN because the "official sponsors" Harrah's signed purchase ESPN TV ads via an integrated deal with Harrah's.

The WSOP didn't start making money until 2005.

[/ QUOTE ]

You make some pretty big statements there, but without a source they're pretty close to worthless.

[Cornell Fiji]

Olivert himself is a source. IMO he is one of the most underrated posters in the forum.

[Primerib]

Let me clear some things up.

If WSOP did not make money, why would Harrah's have it? The WSOP makes an absolute killing for the RIO, and the company as a whole, as do the circuit events.

While general tournament poker is designed to drive people through the door for live play, the event itself makes a profit. Please remember that the majority of the tournament staff are temporary employees that have the majority of their wages paid from the prize pool.

There is some truth to the separation of departments, but the entire event makes a tremendous amount of money for the property. I assure you this is not a guess.

Having said that, why would anyone think that amenities at the most populated poker event in the world be cheap? the gentleman that suggested market demand is correct. I find it trite that paying for a soda spurred you to title a post a ripoff.