It depends on many factors.What are the points for? In some casinos(Harrahs,for example),you bank points for food and merchandise. Once you reach a certain level,you get free rooms without having any points deducted.
You also can get nice gifts just for showing up-last month I got two really nice jackets and over Memorial Day I'm getting a 12 piece BBQ setup,just the perfect gift for my friends new McMansion in summerlin.
Harrahs gives 1 point for every $5 you run thru a slot machine. On 5X day,thats $1=1 point. Other casinos use different measures. Some base their rewards on money in,others on money out.
As a one time deal,its not worth most offers like this. However,doing it regularly can be fairly rewarding.But in and of itself-not really.