US Casino Business Has Seen Better Days
It seems as if some industries in the United States just can’t get a break. Take the casino business for instance there are far fewer Asian gamblers now that there are huge casinos in China. And in places like Las Vegas, Orlando, and Atlantic City they are completely challenged due to the negative comments made by Congressman, Senators, and even the President of the United States about resort type corporate get togethers, seminars, symposiums, and banquets outings.
Indian casinos have taken a big hit due to recession. There are just fewer high-roller gamblers out these days. And now the latest huge lawsuit in Harrah’s Casino in Las Vegas, where supposedly the casino was giving massive amounts of alcohol and even prescription painkiller drugs to one of their high-rollers, with three luxurious suites, over a three-month period, stated the lawsuit complaint.
In fact, this one guest supposedly spent something like $117 million over those three months in gambling losses. Turns out the $117 million represented 6% of Harrah’s Las Vegas casinos profit for that quarter. Now that’s scary, that is if the lawsuit is real, and the claims are reality based.
The claim stated that Harrah’s Casino knew he had a gambling problem, was almost out of money, and they kept him intoxicated and gambling until he ran out of money, which is actually against the law as per Nevada gaming commission rules. Whether or not this is true, it is all over the financial media. And this is the last thing Las Vegas needs right now, or any of the publicly traded casino stocks. Indeed, I hope you will please consider this.