Depends upon how much they are giving away. Ask your host what it takes to be invited to their special events. A reception beforehand and a full-blown awards banquet afterwards. Many people like the excitement of a Vegas weekend, and a slot tournament gives them some chance to recoup their normal losses. For expert video poker players, the question becomes what games the casino offers and what the slot club is worth.
Few people do.
Most people play it at a much lesser rate. Even though I would be a theoretical favorite in such a scenario, I would avoid such a situation.