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Casino companies ponder Wall Street crisis

Oct 7, 2008 4:58 PM

Gaming Insider by Phil Hevener |

A Wall Street friend tells of top officials at one of the larger casino companies who were recently scanning the news reports of chaos and trauma in the financial world, wondering what it all meant.

Did it mean they would have trouble accessing the company’s sizeable line of credit? Was all that money – it ran well into nine figures – suddenly beyond reach? It was an example of the questions being pondered by working stiffs everywhere, except in this case on a much, much larger scale.

They decided to try and find out. They would ask for all of it.

No, no, on second thought, anything that dramatic might sew the seeds of panic that there was no reason to sew.

What they would do is ask for a small percentage of what was available.

And they did. And the bank delivered. Test completed. This was a relief. But what about the money, what would they do with it?

Probably pay it all back before the company has to report its next quarter.