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07 November 2008

Casinos Roll a Seven Out

The economy is hitting the pocketbooks of casinos in America. Usually recessions benefit casinos because people like to take what little money they have and try to make their mortgage payment at the craps table. Not this time around. Apparently the massive scale of America's largest corporations going out of business, the rapidly increasing unemployment rate and the sinking stock market are making people think twice about throwing their wallets in casinos front doors.

The Sands Casino in Las Vegas is finding out first hand what Lehman Brothers, Bear Sterns and others did earlier this year. Their balance sheet ratios are not measuring up to the standards of their loan convenants and could be facing closure if they can't work something out with their lenders.

How long will the economic wipeout last? When will the Governements bailout plan begin to work? Or will it work at all?

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