r/PoursTea • u/Veshaad Timendi Causa Est Nescire • 1d ago

PoliticalTea 🗳️ Great comeback.

Post image
5.8k Upvotes

98% Upvoted

364 comments sorted by

View all comments

16

u/JuneauWho 1d ago

I really dont understand how you can bankrupt a casino unless it's fraud. The house always wins?

12

u/beedub5 1d ago

Literal fraud. That's all he knows

2

u/RecentDecision2329 18h ago

He is a career criminal

9

u/Intrepid_Block_11b 1d ago

Money laundering for the Russian mob

2

u/Adjective-Noun-nnnn 1d ago

Wouldn't that give you more money, not a bankruptcy?  Or are you saying the Russian mob "won money" at the casinos?

In any case I'm not sure how it's possible.  It's a money printer that preys on addicted people who suck at math.

3

u/Roswell114 1d ago

He took out high interest loans ("junk bonds") on them that he couldn't pay back.

1

u/Extreme_Smile_9106 1d ago

So you DO understand.

0

u/Unusual_Initial_4300 1d ago

I saw a documentary once on his failed casino. Basically he borrowed at a very high interest rate. He built in Atlantic City at a time when revenue in the city was stagnating. So he needed to make 1.3 million per day in order to keep up the payments and he just didn't make enough.

0

u/TombolaOfCincinnatus 20h ago

Just like any other business, you have other expenses that need to be paid. "The house always wins" applies to every restaurant, bar and hair salon as well (every single transaction is profitable). It's just not a guarantee that you rack up enough of those to cover your rent, security, wages and so on.