Airlines have tried targeted offers in the past. It didn't work out well in the last few years due to the viral effect of the internet, because a narrowly targeted offer suddenly became public knowledge.

The usual result is that the profitable customers (who didn't get the offer) is upset that the program is rewarding people who didn't earn the comp to begin with.

The only way Harrah's has gotten away with the targeted offers is because their program is still small and low-profile. If their program ever gets to the point of one of the major FF programs, they'd have the same problems.

Last time I was in Vegas, I saw billboards saying some casinos are trying to band together to create a player's club card which can be used at multiple casinos. Presumably the data is shared along with some revenue sharing.

Conglomerate programs like that will likely to be the future trend, and they'll end up running into the same barriers and problems as FF programs.