But it sounds like they were using accounting practices where that liability was created when the tickets were manufactured, rather than when they were issued to customers.
And shredding the tickets now has removed some of that liability from their books.
Adult me wonders how long they've been sneaking the ground up tickets into the "pizza" dough...
Surprisingly the pizza wasn't too bad.
The actual party experience was really well done.
(psst. just don't tell the hipsters that think this is a new place.)
65 shipping containers,
= $35,076 per container
I wonder where the bulk of this cost comes from. Transport? Legal fees (for the petition)?
The tickets were created, the vendor wants to get paid, but CEC doesn’t want the product and is in bankruptcy so they are trying to pay ~$1MM less than full price to settle with the vendor and keep the tickets from being sold to someone else.
When casinos gave up coins in the slot machines I think they did themself a disservice. The noise and excitement from dropping coins and the feeling of having a bucket full of them was an important part of the experience. I wonder if patrons of Chuck E. Cheese will care. I certainly enjoyed carrying around a bucket of tickets when I was a kid. And enjoyed seeing what other people were winning. E-points sounds less fun to me...
I get a sense that the vice industries (gambling, porn) are often a bit more consevative with changes and/or data driven in their decisions, so I suspect they have some interesting data on how people react to coin rewards vs. electronic rewards. I'll bet their data says the various electronic versions earn them more money
If you're an old fart that can remember living without electronic devices, then you'll probably have a natural affinity to a more physical type of reward. You might even be able to remember going outside to play.
While this doesn't quite have the satisfaction of tubs of tickets, it is significantly easier to manage for the parents. And it makes it more possible to save tickets from multiple trips for larger prizes, should your kids possess the appreciation for delayed gratification (mine never did at that age). But I will say this -- I don't think my kids or their friends had less fun with the transition away from individual tickets.
Today's youth are trained to appreciate digital points as yesteryear's children appreciated coins and tickets.
I still wasn’t putting enough in and the pile smelled like a sewer until I picked up a bag of shred from the street :)
I worked at a Dave & Buster's as a tech. We were required by corporate to destroy any redeemed tickets, usually by shredding them. The shredder would go on the fritz because it was not designed to run 8hrs a day 7 days a week. When it did they would bag and bleach the tickets. Eventually I heard that they had outsourced the destruction to a mobile document shredding company.
Presumably the difficulty stems from the fact that outstanding tickets in the wild can still be redeemed. There's got to be a cardboard/paper recycler that would be interested in the containers and would be willing to find an expedient way to invalidate them.
Because they have the CEC name on them, and any company trying to use them in now on the hook for every CEC ticket ever issued to potentially be redeemed.
(this joke is for the Murdoch Mysteries/Jonny Harris fans)