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Foxwoods Casino and its Portents

March 15, 2012
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Foxwoods Casino and its Portents

Casinos, like convention centers, over-expand, cannibalize each others’ customers, and eventually end up in the hole. Let exhibit A be Foxwoods, in Ledyard, CT. The New York Times Sunday mag chronicles its troubles this week. With $2.3 billion in debt (and a probable $600 million haircut for investors), Foxwoods, which is the largest casino...
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Nearly $4.3 Million Seized by Feds in Maryland from Online Gambling Payment Processors

January 13, 2010
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On Jan. 11, the last of 10 bank-account seizure warrants filed in connection with the ongoing federal probe of online gambling were returned to U.S. District Court in Maryland. The latest returns—for three warrants, all seeking funds from accounts held by a payment-processing company called HMD, Inc.—brought in $1,547,559.33. Earlier, in late 2009, returns...
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All the Money in the World-and Then Some

September 18, 2008
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All the Money in the World-and Then Some

NPR’s Morning Edition this morning reported on the causes of insurance giant A.I.G.’s downfall, letting us know that credit default swaps were “a $70 trillion business.” Reporter Adam Davidson says the credit-default swaps business soured and forced A.I.G. into an effective U.S. government receivership, which was announced late Tuesday night. But consider: Does $70...
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