As casinos proliferate, I see anecdotal evidence that the bankrupcy filing rate correlates with how far one lives from the closest gambling hall. Has anyone done actual research on this?? It seems intriguing.
PERSONAL FINANCE
A Safe Bet?
Casinos are luring seniors with cheap meals and free buses. How to get in the game without losing your nest egg.
Published Dec 4, 2008
From the magazine issue dated Dec 1, 2008
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Whether lured by cheap bus rides or $1.99 breakfast deals, seniors account for up to 80 percent of weekday casino business, according to Debra Hilgeman, marketing director of Boomtown Casino in Biloxi, Miss. "They're rarely high rollers, but they're high frequency," she says.
While many seniors go to casinos for a fun afternoon out, those who've seen their portfolios shrink need to be especially careful. Michael Shackleford, a Las Vegas-based gambling strategist, says it's possible to spend the day at the casino without going broke. His first rule: "It is definitely not smart to play slots," most older gamblers' game of choice. Bingo, on the other hand, is a smarter bet. "It's a slow-paced game," he says—so even if you're losing, it's more controlled. Doug Walker, an economist at the College of Charleston, says to steer clear of roulette because the odds are less favorable than other table games. And while blackjack and craps can be the most profitable for players, that's only if you know how to play. "Don't play a game too long if you don't understand it," he warns.
© 2008
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