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City by the Lake.org, The Voice of Michigan City, Indiana _ City Talk _ Blue Chip revenues stagnant as casinos decline statewide

Posted by: Tim Jan 22 2013, 07:01 AM

http://thenewsdispatch.com/articles/2013/01/21/news/local/doc50fb35fa77998639832813.txt

MICHIGAN CITY — Statewide, casinos had another disappointing year in 2012, with adjusted gross revenues falling short of the previous year’s pull by about 3.5 percent, or a difference of almost $100 million, according to Larry Rhoades, assistant accounting director of the Indiana Gaming Commission.

But Blue Chip Casino, Hotel and Spa, had a relatively flat year; its adjusted gross revenues were up – but only just slightly – by about $250,000, or “a rather negligible amount,” according to Rhoades.

Ted Bogich, vice president and general manager of Blue Chip, was also quick to point out that increased revenues do not necessarily indicate an increased profit for the casino.

“In general, what gets reported by the (Indiana) Gaming Commission, those are revenue numbers – they’re not profit numbers ... that’s just gross gaming,” Bogich said.

*
Bogich added that Boyd Gaming, the public company that owns Blue Chip, does not discuss its finances any more than necessary to protect the viability of its stocks.

However, Bogich acknowledged that new casinos in southern Michigan and the possibility of even more casinos coming into play in Illinois have stiffened the casino’s competition.

Elsewhere throughout the state, Rhoades said other casinos are also feeling the “hurt.” He said 2012 revenues were particularly impacted by new casinos in Ohio, which bit away at the revenues of their competitors in Indiana.

With the possibility of new casinos in Illinois and Michigan, Bogich said Blue Chip is trying to be proactive about the competition.

“We have really transformed Blue Chip to be a regional gaming and entertainment destination, which is different from how our property was positioned before,” Bogich said. “By doing that, we’re really able to expand the reach to places as far away as Chicago, southern Indiana and Michigan, predominantly, but even as far away as Wisconsin. We’re also focusing on improving the quality and quantity of amenities – four bars, live entertainment with a headliner at least once a month. ... That has helped us remain more competitive.”

In 2012, Indiana tax revenue from admission and wagering taxes on the Blue Chip Casino was about $50.5 million.

At a time when Michigan City receives about $10 million annually in taxes from the casino, in this case, what is good for the casino is also good for the city.

However, with the speculation that casino revenues will continue to fall statewide in the future, it is too early to tell whether Blue Chip will remain resistant to the “negative trend.”

Some have reasoned that state legislators could eventually respond to the increased competition from other states by lowering taxes on Indiana casinos.

Bogich said he believes state legislators will continue to monitor casino revenues and act accordingly.

“Certainly any business would like the ability to compete on a fairly level playing field. ... But that’s not necessarily the case,” Bogich said. “In Michigan, you also have Native American-owned casinos. ... We think as the legislation meets this year and the year after, we will see what happens and will try to do what can to make sure we remain competitive.”
____________________________________

I hate these places. Been to Las Vegas a couple of times. As I'm not a pro-level gambler every person in ANY type of service job - be it waiter or black jack dealer or what ever - looked at me like I had SUCKER written on my forehead. It would be interesting to know how many people in MC have lost their homes to gambling.


Posted by: Southsider2k12 Jan 22 2013, 09:24 AM

Yeah, the casino was never my thing. Maybe if sports betting were legal in Indiana it might be different, but I never was a slot machine kind of guy.

I like the clubs better than anything else up there.

Posted by: diggler Jan 24 2013, 06:45 AM

IPB Image

Indiana’s Gambling Lock Loosened by Competition

By STEVEN YACCINO

January 23, 2013

HAMMOND, Ind. — There is Las Vegas. There is Atlantic City. But when it comes to listing popular American gambling locations, another powerhouse often gets overlooked: Indiana.

The Hoosier State, better known for cornstalks than jackpots, has for years been considered one of the largest gambling states when it comes to casino revenue. Here in the northwest, less than an hour’s drive from Chicago, where five floating casinos crowd the Lake Michigan shoreline, the industry has been thriving in what the American Gaming Association currently ranks the third largest commercial gambling market in the United States.

Since the mid-1990s, Indiana casinos have filled state coffers with more than $10 billion in taxes and have drawn millions of visitors across state borders to try their luck at Indiana slot machines.

But Indiana’s luck may soon be running out. Citing a shaky economy and the growing threats of casino expansion in the neighboring states of Illinois, Kentucky and Ohio, a state report predicted 2012 “will be remembered as the relative calm before Indiana braces for the looming storm of interstate competition for gaming revenues.” The state’s incoming tax revenue from riverboat gambling alone is expected to dip by $73.6 million by 2015, a decrease of about 15 percent.

Admissions numbers in Indiana dropped after an Illinois casino opened in 2011. Even more competition could follow in Chicago as a debate continues over whether to allow casinos in the city and its south suburbs.

The same could happen if Kentucky approves casino gambling in the coming years. Last February, a ballot measure was proposed on the issue, but it died in the State Senate. Gov. Steven L. Beshear, a Democrat, has said he may try again.

But Hoosiers seem most frightened of what is happening in Ohio, which opened its first three casinos in 2012. The new competition has already been blamed for layoffs at Indiana casinos along the border. A fourth Ohio casino, the closest to Indiana, is opening in Cincinnati in March. A similar story has been playing out across the country: more states are pursuing casinos as an untapped revenue stream, diluting a market that early adopting states, like Indiana, once dominated freely and relied on financially.

“We have the rhinoceros by the tail,” said Scott Pelath, the Democratic minority leader in the Indiana House of Representatives. “Continuing to hold on is a necessity.”

Gambling contributes about 5 percent of total revenue to the state’s general fund, the third biggest revenue source after income and sales taxes. “Those are not dollars we can do without,” Mr. Pelath said.

Indiana has outgambled its neighbors in this swath of the Midwest since its first casino opened in 1995. In those early years, riverboat casinos were forced to leave the shore while gambling took place. That requirement faded, along with the charade that permanently docked casinos had to look like boats at all — though they are still required to be on water.

The sites now range from rundown riverboats to newly renovated venues like the Horseshoe in Hammond, which spent $500 million on upgrades in 2008 in anticipation of new competition from Illinois. Displaying crystal chandeliers and floating on a barge, it now hosts Word Series of Poker circuit events and has 24-hour shuttles to Chicago.

“We focus on controlling those things we can control,” said Dan Nita, the general manager at Horseshoe. “We wanted to raise the cost of entry to our competition, so new owners and operators would have to think twice before investing.”

The Horseshoe’s owner, Caesars Entertainment, considers Hammond its second highest grossing location, next to Caesars Palace in Las Vegas.

Industry officials attribute the success of Indiana’s 13 casinos, at least until now, to their ability to attract out-of-state visitors, which make up more than 50 percent of all admissions.

“It’s become such a part of the fabric of this state,” said Ed Feigenbaum, who runs Indiana Game Insight, a newsletter that tracks the state’s casino industry. “But the gravy train, if you’ve noticed, is starting to slow down considerably.”

The grim forecast has renewed a fierce debate among politicians in Indianapolis about how to keep the tax revenue and casino jobs from disappearing, with no easy solution in sight.

“Most observers will say Indiana will never regain the total numbers of dollars it was used to getting,” said Ernest Yelton, executive director of the Indiana Gaming Commission. “I think the goal, more realistically, is to minimize the amount of dollars that is going to be lost."

On Wednesday, state senators gathered at the Capitol for a committee hearing to debate a new bill that some legislators and industry leaders believe would help keep the industry viable in the years ahead. The plan would allow casinos to move inland and reduces taxes owed to the state, a proposed investment that would give the gambling facilities more flexibility and financial incentives to stay competitive, said State Senator Phil Boots, a Republican and sponsor of the bill.

But it is not without controversy. Some Assembly members in the Republican-dominated legislature are unlikely to support any form of gambling expansion in Indiana. Other critics point to an impact study released by a state agency this week estimating that Indiana could lose up to $230 million in tax revenue as a result of the proposed policies over the next two years, far exceeding the predicted losses if things stayed the same.

Still, the bill passed out of the Senate’s public policy committee with unanimous support on Wednesday. It must be approved by an appropriations committee, where it is expected to meet some opposition in its current form, before it can be called for a floor vote.

“We have been a partner in this process,” said Mike Smith, president of the Casino Association of Indiana, who backs the legislation. “We need to give a little to make sure we don’t lose a lot.”

Posted by: Tim Jan 24 2013, 07:04 AM

This is what gets me -

Gambling contributes about 5 percent of total revenue to the state’s general fund, the third biggest revenue source after income and sales taxes. “Those are not dollars we can do without,” Mr. Pelath said.

Really? So Indiana can't survive without taking people's money? Because that's exactly what these places do. If you happen to be a pro gambler that's one thing - but the average Joe Lunchpail doesn't stand a change against an industry that has refined the art of taking your cash.

Posted by: Ang Jan 24 2013, 08:20 AM

Amen!
I went to Four Winds over the weekend. I had $20 to play penny slots.....it was a short evening.

I don't go to casinos often, like Southsider, I go for the clubs and night life, not the gambling. I suck at it. I think I would get more enjoyment out of throwing my money in the back yard fire pit and watching it burn.

Same difference.

Posted by: indianamaniac Jan 24 2013, 09:35 AM

QUOTE(Tim @ Jan 24 2013, 07:04 AM) *

... an industry that has refined the art of taking your cash.


In a capitalistic society, are there any industries still in existence that haven't "refined the art of taking your cash"?

McDonalds, movie theaters, public utilities, retail?

Posted by: Southsider2k12 Jan 24 2013, 09:49 AM

QUOTE(indianamaniac @ Jan 24 2013, 09:35 AM) *

In a capitalistic society, are there any industries still in existence that haven't "refined the art of taking your cash"?

McDonalds, movie theaters, public utilities, retail?


Newspapers?

Posted by: indianamaniac Jan 24 2013, 10:33 AM

QUOTE(Southsider2k12 @ Jan 24 2013, 09:49 AM) *

Newspapers?


Touche...

Okay, still in existence and not a decade or two away from extinction in their traditional form...

Posted by: Southsider2k12 Jan 24 2013, 12:04 PM

QUOTE(indianamaniac @ Jan 24 2013, 10:33 AM) *

Touche...

Okay, still in existence and not a decade or two away from extinction in their traditional form...


I think the distinction falls in the exploitation of an addiction, at least for most.

Posted by: indianamaniac Jan 24 2013, 02:33 PM

QUOTE(Southsider2k12 @ Jan 24 2013, 12:04 PM) *

I think the distinction falls in the exploitation of an addiction, at least for most.




Then why don't we go after every bar in town? They have been making bank off of alcohol addictions for YEARS...

Posted by: Southsider2k12 Jan 24 2013, 02:49 PM

QUOTE(indianamaniac @ Jan 24 2013, 02:33 PM) *

Then why don't we go after every bar in town? They have been making bank off of alcohol addictions for YEARS...


I don't know about you, but plenty of bars in City could kill for the reputation that the Casino has.

Posted by: Tim Jan 24 2013, 03:59 PM

QUOTE(indianamaniac @ Jan 24 2013, 09:35 AM) *

In a capitalistic society, are there any industries still in existence that haven't "refined the art of taking your cash"?

McDonalds, movie theaters, public utilities, retail?


Wow - if I spennd 550 yen at McDonald's here I get a Big Mac set in return.

If I blow $500 at the casino playing Black Jack what do I get in return?

Posted by: indianamaniac Jan 24 2013, 05:37 PM

QUOTE(Tim @ Jan 24 2013, 03:59 PM) *

Wow - if I spennd 550 yen at McDonald's here I get a Big Mac set in return.

If I blow $500 at the casino playing Black Jack what do I get in return?



If I pay a cover to see one of your concerts, what do I tangibly have to show for it afterward?

If I pay to see a movie, what do I have to show for it?

Posted by: Tim Jan 24 2013, 07:01 PM

QUOTE(indianamaniac @ Jan 24 2013, 05:37 PM) *

If I pay a cover to see one of your concerts, what do I tangibly have to show for it afterward?

If I pay to see a movie, what do I have to show for it?


Good point. So, you're saying that someone loses the mortgage payment but they got to play black jack for 10 minute so it all works out?



Posted by: indianamaniac Jan 24 2013, 07:26 PM

QUOTE(Tim @ Jan 24 2013, 07:01 PM) *

Good point. So, you're saying that someone loses the mortgage payment but they got to play black jack for 10 minute so it all works out?


It is a form of entertainment. The reason that you are expected to be 21 years of age to participate is because you are an adult and should reasonably be expected to partake within your means.

I can go to a movie and spend 40 dollars, is it the movie theater's fault if that money was supposed to be earmarked to pay the water bill?

You know, I get it why people like to blame the casino for all of society's ills. It's easy to do.

Posted by: Tim Jan 24 2013, 08:40 PM

QUOTE(indianamaniac @ Jan 24 2013, 07:26 PM) *

It is a form of entertainment. The reason that you are expected to be 21 years of age to participate is because you are an adult and should reasonably be expected to partake within your means.

I can go to a movie and spend 40 dollars, is it the movie theater's fault if that money was supposed to be earmarked to pay the water bill?

You know, I get it why people like to blame the casino for all of society's ills. It's easy to do.


I get what you're saying. The liquor store analogy works as well. Should we close all liquor stores because some people end up hopeless alcoholics? I have a deep hatred for the gambling biz world from a couple of trips to Vegas. I also get that the casino has done a lot for MC financially. It just seems to me they've done it, in part, by building their business on the backs of people who lost their shirt at the casino.

Posted by: indianamaniac Jan 24 2013, 09:08 PM

QUOTE(Tim @ Jan 24 2013, 08:40 PM) *

I get what you're saying. The liquor store analogy works as well. Should we close all liquor stores because some people end up hopeless alcoholics? I have a deep hatred for the gambling biz world from a couple of trips to Vegas. I also get that the casino has done a lot for MC financially. It just seems to me they've done it, in part, by building their business on the backs of people who lost their shirt at the casino.


If you're going to place hatred upon the casino industry for making money off the backs of others then you may as well hate anyone who makes money, including all of Wall Street...

Posted by: Tim Jan 24 2013, 09:15 PM

QUOTE(indianamaniac @ Jan 24 2013, 09:08 PM) *

If you're going to place hatred upon the casino industry for making money off the backs of others then you may as well hate anyone who makes money, including all of Wall Street...


Come on - how many people are addicted to the stock market, or buying stocks?

Posted by: ChickenCityRoller Jan 24 2013, 09:24 PM

I have no trouble blowing the money I made on my own. I never go to the Casino. I've shouldn't say NEVER as I've been to the Blue Chip maybe ten times since it opened, usually with a group where someone else was driving.
I have never been to the New Buffalo Casino but I hear there are some nice restaurant up there. I won't go just for the restaurants.
The best casino experiences I had was when I was an 18 year old kid, living in Tahoe City, working as a ski bum. We would go to Incline Village, the oldest casino's in the country. Underage, getting sloshed for free while playing 25 cent roulette was a helluva a kick!

Posted by: Tim Jan 24 2013, 09:32 PM

"getting sloshed for free "

Okay - I'm down with the getting sloshed part. But when I was in Vegas it was FREE DRINKS WHILE GAMBLING and it would take them so long to bring your drink back you'd lose more money while you were waiting than if you'd have just bought the damned drink. Total racket.

Posted by: indianamaniac Jan 24 2013, 10:58 PM

QUOTE(Tim @ Jan 24 2013, 09:15 PM) *

Come on - how many people are addicted to the stock market, or buying stocks?


It's not always about being addicted to something.

You say you hate that the casino built their business off the backs of people who lost their shirt at the casino. If you use that train of thought, then you can look at just about any industry as taking advantage of others. Let's spend all of our time hating utilities for it costing so much to use essential gas and electricity, too.

In regards to Wall Street, I would be willing to say that many more people have been parted with more money through legal and illegal actions by investors on Wall Street than have ever been "swindled" of their money by a casino.

Posted by: Tim Jan 25 2013, 12:58 AM

QUOTE(indianamaniac @ Jan 24 2013, 10:58 PM) *

It's not always about being addicted to something.

You say you hate that the casino built their business off the backs of people who lost their shirt at the casino. If you use that train of thought, then you can look at just about any industry as taking advantage of others. Let's spend all of our time hating utilities for it costing so much to use essential gas and electricity, too.

In regards to Wall Street, I would be willing to say that many more people have been parted with more money through legal and illegal actions by investors on Wall Street than have ever been "swindled" of their money by a casino.


Your opinion is noted.

Posted by: Southsider2k12 Jan 25 2013, 06:56 AM

QUOTE(indianamaniac @ Jan 24 2013, 10:58 PM) *

It's not always about being addicted to something.

You say you hate that the casino built their business off the backs of people who lost their shirt at the casino. If you use that train of thought, then you can look at just about any industry as taking advantage of others. Let's spend all of our time hating utilities for it costing so much to use essential gas and electricity, too.

In regards to Wall Street, I would be willing to say that many more people have been parted with more money through legal and illegal actions by investors on Wall Street than have ever been "swindled" of their money by a casino.


I think the parrallel between utilities and gambling is a weak one. There is a basic cap of how much electricity you can use in a month. As far as I know, NIPSCO isn't lending anyone more money to plug in more items. I haven't seen NO LIMIT GAS FURNANCES yet either. Also even if worse come to worst, NIPSCO still leaves you with your house.

Posted by: Tim Jan 25 2013, 07:00 AM

QUOTE(Southsider2k12 @ Jan 25 2013, 06:56 AM) *

I think the parrallel between utilities and gambling is a weak one. There is a basic cap of how much electricity you can use in a month. As far as I know, NIPSCO isn't lending anyone more money to plug in more items. I haven't seen NO LIMIT GAS FURNANCES yet either. Also even if worse come to worst, NIPSCO still leaves you with your house.


Exactly. No idea how someone could equate paying your NIPSCO bill and blowing the mortgage payment at Blue Chip as one in the same.

Posted by: Ang Jan 25 2013, 09:02 AM

Well, I hate NIPSCO.
Not all utility companies in general, just NIPSCO.

When I was a very little girl, slot machines were legal in IN and the VFW had some. My grandpa was the grand poobah at the VFW during the time slot machines were outlawed. He disabled them all but one, a nickel machine, which he kept in his basement. I would save my nickles for our Sunday visits to the grandparents house. Grampa would let me play on the machine with my saved nickles, and he taught me how to gamble responsibly. He taught me at a young age how not to give up all your money to the one armed bandit. As a result, I consider myself responsible when it comes to gambling. I don't go unless I can spare the money (similar to going to a movie or dinner out), I give myself a spending limit and when it's gone, I'm done. If I win, great, that money goes in a different pocket to be kept for something else.
Everyone should have the lessons my grandpa taught me.

Posted by: indianamaniac Jan 25 2013, 11:14 AM

QUOTE(Southsider2k12 @ Jan 25 2013, 06:56 AM) *

I think the parrallel between utilities and gambling is a weak one. There is a basic cap of how much electricity you can use in a month. As far as I know, NIPSCO isn't lending anyone more money to plug in more items. I haven't seen NO LIMIT GAS FURNANCES yet either. Also even if worse come to worst, NIPSCO still leaves you with your house.


The parallel being drawn is not of that concerning necessary expendatures vs. discretionary income as it's obvious that you're taking it.

The parallel being drawn is one that should illustrate how harboring "hatred" toward a business because it makes a profit off of individuals who are voluntarily patronizing said business is basically suggesting that one should hate anyone with a profit motive, including those industries that provide services that are essential, i.e. utilities.

I continuously read you folks talking about "blowing the mortgage payment" and "exploitation of an addiction" which quite frankly shows a disconnect in rationale.

"Blowing the mortgage payment" refers to someone who doesn't understand the concept of living within their means, something that anyone could fall victim to within any other industry. Who has driven more people into debt, casinos or banks and credit card companies? Using Tim's rationale, we might as well be pissed off at any business making a profit.

"Exploitation of an addiction" suggests that the only reason casinos are in business is to take advantage of people. Not all individuals who go to casinos have addictions. If we're going to start going there, then let's start calling for the boycott of every alcohol company, tobacco company, and credit card company as well.

We live in a capitalistic society that also prides itself on personal freedoms. You don't have to patronize a business, but hating on a business that employs over 1,000 people at a time when jobs are tough to come by and pumps millions of tax dollars into the community just seems hypocritical.

Posted by: Southsider2k12 Jan 25 2013, 01:01 PM

QUOTE(indianamaniac @ Jan 25 2013, 11:14 AM) *

The parallel being drawn is not of that concerning necessary expendatures vs. discretionary income as it's obvious that you're taking it.

The parallel being drawn is one that should illustrate how harboring "hatred" toward a business because it makes a profit off of individuals who are voluntarily patronizing said business is basically suggesting that one should hate anyone with a profit motive, including those industries that provide services that are essential, i.e. utilities.

I continuously read you folks talking about "blowing the mortgage payment" and "exploitation of an addiction" which quite frankly shows a disconnect in rationale.

"Blowing the mortgage payment" refers to someone who doesn't understand the concept of living within their means, something that anyone could fall victim to within any other industry. Who has driven more people into debt, casinos or banks and credit card companies? Using Tim's rationale, we might as well be pissed off at any business making a profit.

"Exploitation of an addiction" suggests that the only reason casinos are in business is to take advantage of people. Not all individuals who go to casinos have addictions. If we're going to start going there, then let's start calling for the boycott of every alcohol company, tobacco company, and credit card company as well.

We live in a capitalistic society that also prides itself on personal freedoms. You don't have to patronize a business, but hating on a business that employs over 1,000 people at a time when jobs are tough to come by and pumps millions of tax dollars into the community just seems hypocritical.


You've built this on a false equivalency. How many people out there like their credit card, alcohol, or tobacco companies? Heck the tobacco industry had a 12 figure damage settlement lodged against it for what it did to people's lives in exploiting their addictions. I'd call that "going after" them.

Posted by: Tim Jan 25 2013, 04:07 PM

QUOTE(indianamaniac @ Jan 24 2013, 09:08 PM) *

If you're going to place hatred upon the casino industry for making money off the backs of others then you may as well hate anyone who makes money, including all of Wall Street...


Are you seriously trying to tell me how to feel about someone or some thing?

Let me know how that works out for you.

Posted by: indianamaniac Jan 26 2013, 01:51 AM

QUOTE(Tim @ Jan 25 2013, 04:07 PM) *

Are you seriously trying to tell me how to feel about someone or some thing?

Let me know how that works out for you.



I'm not trying to tell you how to feel about someone or some thing... I'm just pointing out the misguided ignorance in your "deep hatred for the gaming biz"...

Hate away...

Posted by: Tim Jan 26 2013, 02:34 AM

QUOTE(indianamaniac @ Jan 26 2013, 01:51 AM) *

I'm not trying to tell you how to feel about someone or some thing... I'm just pointing out the misguided ignorance in your "deep hatred for the gaming biz"...

Hate away...


It's only misguided in your opinion. Not mine.

Posted by: Southsider2k12 Mar 12 2013, 02:22 PM

Pence is trying to stop other states from adding more gambling.

http://posttrib.suntimes.com/18807392-537/pence-lobbies-against-indiana-gambling-expansion.html

Posted by: diggler Mar 12 2013, 02:49 PM

It was alot more fun when the MOB ran Vegas. Atleast it was HONEST

Posted by: Southsider2k12 Mar 13 2013, 05:57 PM

QUOTE(diggler @ Mar 12 2013, 03:49 PM) *

It was alot more fun when the MOB ran Vegas. Atleast it was HONEST


And way less corrupt.

Posted by: diggler Apr 9 2013, 06:47 AM

IPB Image

Broke And Broker: US Casino Spending Tumbling Back To Great Recession Levels

Submitted by Tyler Durden on 04/09/2013

Need yet another confirmation showing the US consumer has entered a phase of terminal retrenchment (in addition to all the other ones of course)? Above is a chart of Casino gaming spending in the past 15 years. What the chart shows is quite clear: at a drop of 4.3% Y/Y, far below the cyclical rises in 2011 and 2012, discretionary spending allocated for proceeds one can "afford to lose" is back to Great Recession levels, and sliding lower.

As Bloomberg Brief summarizes, Gary Loveman, CEO for Caesars Entertainment, said the company felt the impact of curtailed consumer discretionary spending in their most recent quarterly results. Loveman noted that his company’s strategy was implemented “against the backdrop of ongoing uncertainty in the macroeconomic picture in this country and consumer weakness in the U.S. economy that negatively affected discretionary consumer spending and ultimately our gaming results."

On the other hand, with most of the gambling these days taking place in your retail brokerage screen with bets on when the Fed's record high house of superglued cards finally comes tumbling down, perhaps consumers have merely changed their definition of gambling. It was once known as "investing."

Posted by: Tim Apr 9 2013, 08:05 AM

"As Bloomberg Brief summarizes, Gary Loveman, CEO for Caesars Entertainment, said the company felt the impact of curtailed consumer discretionary spending in their most recent quarterly results. Loveman noted that his company’s strategy was implemented “against the backdrop of ongoing uncertainty in the macroeconomic picture in this country and consumer weakness in the U.S. economy that negatively affected discretionary consumer spending and ultimately our gaming results."


What a load of crap. How about Americans are tired of throwing their money down the toilet at establishments who have refined the art of theft?

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