boom and bust
We hope you like the current casinos in
Las Vegas, because that's what you can look forward to for the next 10 years or so. No newly built Mount Rushmore facade, no Mini Grand Canyon indoor shopping avenue, no Godzilla-shaped hotel—nothing new to delight the vulgar parts of your optic nerve. The
Wall Street Journal says after a decade in which casinos spent more than $30 billion on expansions, they're now going to pay off debt and focus on "branding, marketing and customer loyalty."
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crime
The
LA Times is reporting that former Fry's executive and accused embezzler, Omar Siddiqui, once gambled away $8 million in a single day. According to the IRS, Mr. Siddiqui financed his gambling by taking at least $65.6 million in kickbacks from Fry's suppliers. He's been charged with money laundering and fraud, and if convicted, he faces 140 years in prison.
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gambling
Las Vegas Sands Corp, the world's largest casino by market value, lost a bunch of money because you people are really good at blackjack, says Bloomberg.
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casinos
Blackjack used to be one of the best bets in Vegas. Easy to understand, with decent odds. The house advantage on a single-deck game of blackjack, under standard rules, was a measly .18%.
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Consumerist
loosest slots in town
Man thinks he wins $1.6 mil at the slots, but then the casino takes him to a backroom and says they're not going to pay because it was a computer error. Because the casino is an Indian one, he might not have recourse through the courts. [ABC]
