Quote:
Originally Posted by adonson
. Casinos often don't make much money. Foxwoods, which has the largest poker room east of the Mississippi, went into chapter 11 bankruptcy a few years ago.
That's a little light on details I think.
Foxwoods had borrowed heavily to build a new hotel and conference center plus paid MGM to use their name in the new building, right before the 2008 recession.
In addition, Foxwoods is in the middle of nowhere and faced increasing competition as Massachusetts and Pennsylvania began to permit casinos, pulling away many of their out of state customers who opted to visit newer and closer properties instead.
As far as rake concerns go, I fear it's only going to get worse now. Minimum wages are going up, costs of goods as well. It's only a matter of time before those expenses are passed on to the consumer. We're seeing it in many areas of our lives already.