It sounds like a George Lopez joke. “Times are so bad that I saw an Anglo day laborer standing outside Home Depot the other day.” Except it’s true.
Trump Entertainment is about to run out of the third extension of its debt payments. Station Casinos is offering its investors as little as 10 cents on the dollar in a pre-packaged bankruptcy. Wynn Resorts is cutting staff hours and bonuses to avoid layoffs. MGM Mirage may see a default rate of 30% on its City Center condominiums. Harrah's long-term debt has doubled. There are no more traffic jams on the Strip. Oh... and the Borgata Hotel in Atlantic City had to settle a $70 million sexual harassment lawsuit brought by its beverage servers. In short: times are tough.