Blood, Sweat, And Tiers: Caesars Rewards Targeting The Elite Of The Elite

Billing it as “the peak of Caesars Rewards,” casino giant Caesars Entertainment Inc. has announced a new rewards tier for which qualifying, according to some number crunching from the Las Vegas Review-Journal, begins with an estimated $1.5 million in customer spending.

That’s roughly the amount one would have to spend on gambling (land-based or online), lodging, dining, entertainment, and partner purchases to reach 300,000 credits. And it still wouldn’t guarantee anything. As last week’s announcement on the Caesars website details in describing the tier it calls Olympus, “Members have until December 31, 2026 to earn 300,000 Tier Credits and become eligible for consideration.”

It is an “invitation-only tier,” so, a customer can spend that $1.5 million and potentially not receive an invite. The initial group of members will be notified in January.

What are the perks of Olympus status? Members will earn reward credits 40% faster than in existing tiers (including the current top tier, Seven Stars) and will “enjoy suite upgrades, an enhanced annual retreat, as well as access to highly curated member-only events including the Founder’s Party at Caesars Palace Las Vegas in March 2027.”

The first Olympus Rewards cards will be issued Feb. 1, 2027.

Very important to the casinos

As countless analysts have observed of Las Vegas amid the slight tourism decline and the international travel complications over the past 18 months or so, business in Sin City very much reflects the “K-shaped economy.” Higher-end casinos are doing just fine financially thanks to the presence of big spenders while those properties that cater more to the middle class have been negatively impacted.

As Discerning Capital Managing Partner Davis Catlin told the Low Rollers podcast in June, “The average guy showing up and playing and losing 500 bucks just doesn’t move the needle anymore in Las Vegas. … Somebody told me there’s like 200 ultra-VIPs in the U.S. that these guys go after. And, if Wynn can steal someone from MGM, or MGM steals someone from Caesars, that’s more impactful — one of these ultra-VIP guys who’s willing to lose 5 million bucks in a weekend, that’s worth more than 100,000 people across the rest of the month.”

As it seeks customers with the bankroll to “ascend to Olympus,” as the website encourages, Caesars clearly is looking to attract some of these “ultra-VIPs” Catlin was referring to. Olympus status is for the top 1% of the top 1% of Vegas visitors — the customers who can single-handedly make up for about an 11% decline in tourism volume over the last two years.

Caesars Entertainment has ownership stakes in nine properties on the Las Vegas Strip. The announcement of the new rewards tier comes at a potentially transformative time for the company, with Fertitta Entertainment working on a takeover deal with a $17.6 billion total value.