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Friday, July 10, 2009

More proof of a really down economy

This headline just came off my email, this Friday afternoon, from the Kansas City Business Journal:

Kansas City-area riverboat casinos draw less June revenue, fewer customers

And that, my friends, represents one of the strongest indications yet of how bad our economy is right now.

Sure, restaurant and other entertainment is down and has been for months but this is the first time, to my knowledge, that people are going to the casinos less and gambling away less money.

It isn't because they choose to save this money instead, I don't think, though the one silver lining of this terrible downturn is that the personal savings rate right now is up around 6 to 7%.

I believe less people are going to casinos and gambling because the money just isn't there--people don't have it at home. And they sure aren't going to get credit for it, not in this situation.

It's dark out there folks.

It's dark and what was the old sunshine isn't coming back. Don't look for it.

Links to stories:
http://kansascity.bizjournals.com/kansascity/stories/2009/07/06/daily46.html?ed=2009-07-10&ana=e_du_pap
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aome1_t5Z5y8

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