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They mention Tulalip casino in the article. Tulalip's catch phrase is "Tulalip is the #1 place for fun!" I know this 'cuz I've seen the commercial about 40 times. It's ironic that for 240 people, it's not really that much fun.
Another point they bring out is that no new casinos are forecasted for the next five years. I think casinos are a lot like Cerberus and Chrysler. These people know money. It's what they do. And they (The casinos) are saying for the next five years, this economy is forecasted to SUCK. That should alarm you. It alarms me.
It does alarm me, 70. Unfortunately, there are far too many, including here on the financial forums, that see nothing to be alarmed about!
As for casinos, we have the biggest in the world here in a neighboring state, Connecticut - Foxwoods and the Mohegan Sun. We've visited both. News is that Foxwoods has laid off about 700 thus far. Both report gaming and attendance down.
What's coming is not going to be pretty. Time for folks to get serious about this.
It doesn't alarm me and I don't really care about the casino business... I will be flying over there (free flight), and stay there for 3 days (free hotel), go to shows (free tickets), and eat (free buffet vouchers) on New Years... the casino is paying for everything, I just need to show up... I go there for FUN! I got to have some fun before they go out of business...
I hope that some of those new mega-hotel casinos fail. The company that demolished the old Stardust deserves to have its new project fail. Without gambling bringing in the dough and a decrease in conventions I think that Vegas has indeed rolled snake eyes.
Anything depending on discretionary spending is going to take it in the shorts as the wheels continue to come off of the economy. Tourism, gambling, recreation, luxury goods, jewelry, etc.
I agree that the folks running casinos are pretty wise about cash flow. I expect discretionary spending to drop quite a bit in the next year or so as there are a lot of folks with job uncertainty. The only gambling I do is in the stock market, and I'm nibbling at values I see but have been storing up for a long winter otherwise.
Location: Georgia, on the Florida line, right above Tallahassee
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Originally Posted by Asheville Native
Anything depending on discretionary spending is going to take it in the shorts as the wheels continue to come off of the economy. Tourism, gambling, recreation, luxury goods, jewelry, etc.
But he expects the economy will continue to shed jobs and credit will remain tight for some time. He said the recent frugality trend will continue due to deflated household wealth, and business spending will be slow to bounce back as well.
"We continue to expect economic activity to bottom out, then to turn up later this year," said Bernanke in prepared testimony. "Even after a recovery gets under way ... we expect that the recovery will only gradually gain momentum and that economic slack will diminish slowly."
We've got 7 months left in the year......For the economy to stabilize and for the rebound to occur. He's starting to remind me of Lawrence Yun.
ode to casinos
rows and rows of slot machines ---- cleverly disguised toilets where people throw wads of money and flush without end.
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