Charles E. Caldwell ECO/561
Week One 20 July 2010
Lisa R. Browning
University of Phoenix
When one enjoys gambling, many benefits come to a casino owner. Casino owners become very innovative in their ideas to transition customers into clients. When I travel to gamble it normally takes 3 hours to get to the nearest casino arena. Because of the distance my plans are always to stay over and enjoy the gambling scenario.
Because there are many like me who care to stay and enjoy their stay and hopefully win while there, casino owners have enhanced their casinos to ensure that business is consistently received. For example, Casinos have created gambling plans for their customers. One example would be if you play certain games you have the opportunity to get receive a free room or buffet dinners, this allows the customers to feel free to continue and enjoy their time. The downside to this incentive is when gamblers do not come, in this case rooms are not being occupied, food is not being eaten and money is not being made. To eliminate this casino owners have implemented timeframes as to when these rewards can be redeemed. This creates a market for equilibrium, supply and demand for the owner and their business. This benefits consumer such as myself, it allows me to spend more money while knowing that my meals and stay will be compensated based on how much or often I play at the casinos. I have begun to schedule my trips based on when I can use my rewards.
For the business owner’s this keeps frequent players in their casinos even during off peak days and hours. Having a membership gives some type security for the owner and the customers; it’s a benefit for all parties.
In conclusion, the need for equilibrium is in the hands of the casino owners, this is managed through the observation of when business is at a low
