Exhaustung the supply of suckers

When a business derives its profits by creating Gamblers and Gambling Addicts, sucking discretionary income from the local economy and ultimately destroying the lives and financial futures of families, the supply runs out - eventually, leaving in its wake crumbling cities, rampant crime, nothing you'd want to emulate.

Hence, the Casino Vultures are forced to look for continued expansion, smaller facilities (Slot Barns) and say whatever they have to in order to sell a bad product.

Maybe the capital markets have finally figured out that Casino Capitalism was just that.


Harrah's Entertainment cancels planned flotation
Harrah's Entertainment, the biggest casino company in the world, has pulled its plan for a $500m (£313m) flotation just a day after General Motors roared back on to the US stock market.

The company, which owns the London Clubs International chain in the UK and Caesars in the US, said it would now not be pursuing the flotation because of market conditions. The decision is a blow to private equity firms Apollo and TPG Capital who combined to buy Harrah's for $30bn in January 2008.

Harrah's, which posted a loss of $187.1m in the last quarter, had said that part of the money it planned to raise would be used to pay for the completion of a 660-room hotel tower in Las Vegas, as well as building casinos in Cincinnati and Cleveland.