The Venetian Poker Room has fired the first shot in what could very quickly become a "rake war" in Las Vegas. Beginning immediately the rake on all "mid limit" Hold'em tables at the Venetian is being reduced. The key reduction is from a maximum $4 to only $1 at the $8/$16 and $15/$30 tables.
Here is the information the Venetian released yesterday and is formally introducing today at its Deep Stack Extravaganza Tournament.
$8/$16 and $15/$30 Limit Hold'em
April/May: $1 Rake
June/July: $2 Rake
Aug thru Dec 2007: $3 Rake
$30/$60 and $60/$120 Limit Hold'em
April/May: $2 Time Collection
June/July: $3 Time Collection
Aug thru Dece 2007: $4 Time Collection
The question remains as to whether the Venetian will be able to retain players this promotion will draw over the next several months. Clearly, other rooms are going to be paying attention to just how effective this rake reduction will become. Most likely to feel the loss, if any, first are: Bellagio, Caesars, The Mirage and The Wynn. These are precisely the "Big Rooms" that the Venetian was meant to compete with.
Will they respond with reduced rakes themselves? Or will they ignore the Venetian move? Stay tuned for round two of The Rake Wars.