This was originally a comment on Blinders' excellent post analyzing the juice at the Venetian WPBT tourney. If you haven't read that post, go do that, then come back here. I'll wait.
No argument here. And if the guy who set it up isn't going to argue, Blinders must be right on, right? And I'm being sincere, the juice on all the live tournaments in Vegas is ridiculous, and our private event was no different.
A couple of points as to why I went with a high-juice event which are outside of the simple percentages.
1) Nobody wanted to host us. The MGM does not have a large enough facility to host our event. The Imperial Palace, Harrah's, Bally's and Paris wanted to turn us over to their banquet division and treat us like a corporate meeting, with rental on all the tables, chairs, rooms, etc. We could have likely had a juice-free tournament under those circumstances, but there would have been a separate facilities charge that we all had to pony up for. The Orleans was not an option, and Caesar's wasn't interested.
The Venetian at that point became the only game in town, and I felt fortunate that they waived their typical $40 per person juice (plus the $10 toke) for a private tournament in favor of a $25 per person juice (plus the $10 toke).
2) I set the buy-in and suggested the juice. When we were first at Caesar's a couple of years ago, I remember looking down at my ticket and realizing that I was paying 27% juice on my initial $80 buy-in. I figured if I could keep the house portion (not counting toke) down around 20%, I'd be doing pretty good. 20% of $125 is $25. Mission accomplished. So actually, given that logic, we had a low-juice tourney compared to a lot of the daily tourneys in Vegas.
3) They allowed us to modify their standard structure. The changes weren't huge, but we did pay for the privilege of having a 75/150 level and another level in the middle rounds that I don't remember (maybe 300/600). Allowing us to skew the structure for more play early counted for a lot.
Good read on the 9-hour time frame. I think very few of us (you and I are two) expected it to be midnight when we finished when we walked into the Venetian on Saturday. I don't take any of your analysis of the juice as a slam on me or my efforts to set things up, I agree with all your statements and the comments and just added these few things to make sure everyone knew what went into my decision to have the tourney there. Let's face it, it was all about the comfy chairs and hot waitresses. The ones Don tried to bean with beer bottles :)!
I know everyone had a good time, and I certainly wouldn't play in a tourney with that kind of juice very often, so it is a good thing we only get together a couple times a year.
I can't decide if I said anything in here to piss anybody off, so somebody insert a comment under this one in my name to fire somebody up :).