Thursday, March 29, 2012

Think of the Lives Destroyed by Foxwoods Casino

Legalized gambling is, essentially, a means by which the proprietor can print their own money. It is nothing less than a guaranteed cash cow. Except when people fail to understand that gambling is a bubble, not a constant line going upwards. The Foxwoods bubble has peaked, and now revenues are going down. Couple all of that with extremely poor decisions and heavy borrowing against future receipts, and you have no way out of the dive. As soon as the recession hit, they knew their gambling receipts were going to flatten. But they didn't stop trying to expand and they didn't stop living as if revenues were never going to fall.

Later in this piece, someone brings up the idea of being "realistic" members of our society. If you've been living off the fantasy that legalized gambling is a good idea, you are going to have to come back to reality.
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