Stop Predatory Gambling

The best house in a really bad neighborhood

by spgadmin

There’s more evidence the era of phony prosperity is over. Forbes runs a story today about how fears that casino visitors’ spending will not bounce back for the rest of this year left shares across the entire predatory gambling sector broadly lower on Tuesday.

Harrah’s issued a statement saying the company’s 2009 third-quarter results declined “due primarily to the impact of the recession on customers’ discretionary spending.” That’s because people are saving more money and Harrah’s business model is based on getting people into debt.

The news was not entirely bleak for all the predatory gambling traders. According to a financial analyst who covers the sector, Boyd’s Borgata joint venture with MGM Mirage in Atlantic City, New Jersey, did better, mainly because “it’s the best house in a really bad neighborhood.”

And it’s a really bad neighborhood where the people who own and promote the predatory gambling trade don’t live.