While I was in Vegas, I was reading an article about the other gambling mecca in the United States, Atlantic City. And, Atlantic City, the reason i even read the article was because it was about the closing of the Trump Plaza casino and after this casino closes, the Taj Mahal will be the only remaining Trump property in Atlantic City. But I did not even realize until I read it that this is the fourth major casino to be shutting down in Atlantic City this year. This year!
Four big casinos shutting down. And all this talk about this recovery, the recovering economy, why are all these casinos shutting down?
Again, it occurred to me that this more of an example of this bifurcated economy, where you have some people doing really well, maybe very wealthy people, people who are levered up, that own assets, that own stocks, real estate. But the majority of americans are hurting as they are suffering from higher food prices, higher electrical bills, higher rents. they are on the losing end of the QE (quantitative easing) stick.
Related stocks: Las Vegas Sands Corp.(NYSE:LVS), MGM Resorts International(NYSE:MGM), Monarch Casino & Resort, Inc.(NASDAQ:MCRI), Boyd Gaming Corporation(NYSE:BYD)
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
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