Even though it’s only 3.5 months old, the Lucky Dragon Casino in Las Vegas is making waves across the industry as it announced the addition of more VIP gaming space in coming months.
The casino, which opened on December 3rd launched with an authentically Asian angle and their strategy appears to be paying off quickly both in terms of revenue and new customer acquisition. Perhaps the most innovative (and smartest) decision the casino has made was to implement the highly popular rolling chip comp program that’s the standard in Macau.
In a nutshell, this program allows players who buy-in with more than $10,000 to wager with dead chips which easily allow casino operators to track volume of play. For example, say you buy-in with $10k, you will receive $10k worth of dead chips which have no monetary value. As you bet the dead chips, if you win you will receive “real” chips and if you lose the chips will be taken away. Once you are out of dead chips, you can either buy more to keep playing or cash out your winnings. Casinos offer dead chip players an incentive on the rolling (wagering) of these chips and it usually comes in the form of a cash back rebate percentage on volume.
This is by and large the preferred method of comps for Asian gamblers who tend to value cash in hand over soft comps like dining and free hotel rooms. Although there are some casinos that currently using this program (The Rio is one of them according to legendary casino host Steve Cyr), no property in Vegas is touting this as their main comp program and marketing it so heavily.
This style of rewards combined with the various other elements the property has implemented to appeal to the Asian gambling public seems like a recipe for success over the coming years. Some of the other methods the casino has used in its marketing strategy to remain authentic include both Chinese and English signage, a multi-lingual staff covering a wide range of Asian languages and dialects, and of course a barrage of Asian cuisines tailored to different tastes.
It will be very interesting to see how this property shapes up over its’ first year of operations, but early indicators suggest that Vegas has another winner!
Image Credits: VitalVegas.com