I think it was half off the initiation fee and and a hundred bucks off other stuff like personal training, etc..
I have gotten no less than 3 fliers in the past few months from LTM advertising discounts. This is the first year I have had LTM trying to lure me with discounts. I don't think these guys can skirt the recession we are in.
I've been an investor of LTM since they IPO'd, but one that doesn't mean I believe 100% in management. Strong industry trends can drive the success of a company even more than strong management. In fact, if a company happens to hit the market during the sweet spot of the growth curve (for fitness - overworked and overweight population doesn't seem to be changing), it covers a lot of sins of management (recall the tech boom). BA was a visionary early on (development of the big box) but has he really built upon it? Is the personal training revolutionary? The spas? The cafes? I think he tends to focus too much of the company's resources on pet projects and hobbies (owning their own jet, for which he pilots I hear; running multiple restaurants, etc.). I would rather he focus on just building more boxes in rich demographic markets.
Again, I think it's a great concept that hit the market before others and has a lead on others trying to capitalize on their success. Their product isn't revolutionary, though. More Gold's Gyms and national players started to build 75k+ centers 5 years ago. All it really takes is a lot of capital at $25-30M per center.
LTM's greed is gonna catch up with them. Rather than keeping rates affordable, they jack prices during positive swings in the economy and cash out ridiculous stock options, and are still acquiring clubs rather than build new to differentiate.
Another thing: LTM's upper management is mostly inexperienced lifers who have come ground-up with the company, and have no other experience. They don't know what they're doing and aren't looking for outside help (besides the new COO who was taken from Grand Holdings, who came to help take them public). Watch... it'll catch up with them.