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By 24/7 Wall St. Thursday, Feb. 12, 2009
Casino gambling is part of the American Dream. "The World Series of Poker" gets better ratings than the Super Bowl. But, even the gaming industry is in trouble. The people who have visions of making millions on one roll of the dice are out of work.
Dow Jones reports that the overall take on the Las Vegas Strip was down 23% to $474 million in December. (Read "25 People to Blame for the Financial Crisis".)
The madness of gambling is based on the belief that either the player will win or somehow come up with the money if he loses. Since gamblers frequenting casinos rarely win, the real issue is their ability to pay off debt. Las Vegas has become ...