The US economy is so bad… even lottery sales are collapsing

Gambling V
January 2015ECONOMYFor what appears to be the first time on record, Powerball Lottery Sales declined year-over-year. As the following slides show, lottery sales declined 19% in FY14 vs FY13 and even more stunningly reflective of a nation whose disposable income (and hope) is in such short supply, sales in the first half of FY15 are down 40% from the first of FY14. As LaFleurs concludes, this will make it very challenging for most Lotteries to manage their budgets… –Zero Hedge
Casinos going bust: ATLANTIC CITY (AP) — Atlantic City has lost nearly half its casino revenue over the past eight years as competition in nearby states cannibalized its market and drove four casinos out of business. Figures released Wednesday by the state’s Gaming Enforcement Division show the casinos took in $2.74 billion in 2014, down 48 percent from a high of $5.2 billion in 2006. The decline would have been greater without the $122 million that Internet gambling provided last year. Four of Atlantic City’s 12 casinos closed in 2014 — The Atlantic Club, Showboat, Revel and Trump Plaza. In 2014, Atlantic City’s casinos took in 4.5 percent less than they did in 2013. Excluding casinos that closed last year, the surviving eight gambling halls saw their revenue increase by nearly 8 percent, to $2.48 billion. –Press of Atlantic City
Las Vegas troubles: Caesars Entertainment Corp.’s largest unit is preparing to file for bankruptcy protection as soon as Thursday, the final gambit of a years long attempt to salvage a soured buyout. Caesars Entertainment Operating Co.’s Chapter 11 filing would launch the final stage of Apollo Global Management  LLC’s effort to save some of its $1.7 billion investment in the company, which it took private in 2008 with fellow buyout firm TPG. A Chapter 11 petition would follow months of contentious negotiations with creditors, a who’s who of Wall Street investors. The unit’s collection of casinos and hotels, including much of the Las Vegas Strip’s iconic Caesars Palace, is expected to operate normally as it works to persuade a judge to approve a restructuring plan that would transform it into a real-estate investment trust. –WSJ
This entry was posted in Age of Decadence, Austerity, Banking Crisis, Bankruptcy, Boom and Bust Cycles, Disillusionment, Economic Collapse, Economic Hardship or Loss, Financial market turmoil, Greed and Corruption, Hierarchal Control, Hoarding Resources, Infrastructure collapse, Social Meltdown, Squandered Resources, Struggle for Survival, The Pyramid Model, Widening gap between rich and poor. Bookmark the permalink.

3 Responses to The US economy is so bad… even lottery sales are collapsing

  1. Dennis E. says:

    This is just a signal that the foundation of the US economy has major cracks in it. Also, another signal is the story about the closing of major retail stores in the Country such as J.C. Penney, Maceys, Sears and others. This is a signal you and I must not ignore. Clearly it is time to pay out
    debts, learn to live without certain items or cut back and lives within ones means. It is not a sin to prepare. But do prepare for the worst because based on what is being said, the next economic
    setback could be worst than 2008.

  2. Joseph Sonny Skies says:

    I live in New Jersey and never wanted the casinos built…all it brings are desperadoes from everywhere trying to get lucky or bust and glitzy sophisticrats that have no clue of the beach, the water, the animal or plant life or anything of Earth nature..and then of course our political morass of allowing so many casinos to be built that there is not enough betting to go around and then to be even more diluted as other areas less than 100 miles away build betting houses which they can do because they are OTHER jurisdictions. As for lottery tickets I often see sales go up when the economy is bad [ people get desperate!] and go down when the economy is better.

  3. niebo says:

    Shortly after the “lottery” came to my state, I was in a gas station, in line behind an elderly black woman, and, in front of us, a young man ordered a few scratch-offs then stepped aside to scratch the windows. As she stepped up to pay, the attendant asked the lady, “Would you like to buy a lottery ticket?” The woman smiled and shook her head, “If I earn a dollar, and I keep a dollar, then, when I need I dollar, I have a dollar, so, no, thanks, I don’t gamble.”

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