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When Your Casino Goes Bankrupt

With the United States’ economy in such deplorable condition, it was almost guaranteed to happen: some casinos have gone bankrupt, and others are at risk of doing the same. Let’s face it – gambling establishments depend on folks having disposable income to essentially throw away on playing their luck, and that’s a commodity that Americans have less and less of, these days. Gas prices are through the roof, the real estate market is in shambles, Wall Street is on bump ground, and consumers are the ones feeling all the ill effects. Given a choice between playing a slot machine or buying groceries, food on the table will win every time.

Over the summer, the Greektown Casino of Detroit, Michigan, filed bankruptcy. Casino gambling fans probably wondered how this was even possible, given the brisk amount of business that was apparently going on. Even with a steady stream of gamblers, casinos sometimes fall into bad debt. This might have more to do with basic operations than income. Oftentimes, a casino’s expenses are so high that even a minor dip in playership could have a detrimental impact. The Greektown did not publicly release the causes for its bankruptcy, so any speculation about the reasons should be regarded as such.

You may wonder if it is “safe” to play the slot machines or other games at a bankrupt casino that has remained open. In fact, it’s a great time! If anything, the troubled establishment will be seeking new ways to court players, and may be handing out perks right and left.

Back to September 2008 Archive.