Cramer’s ‘Mad Money’ Recap: Cashing In Casino Stocks
With the gambling industry facing a serious downturn, it’s time to sell casino stocks, Cramer says.
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Gambling casinos history:
- Up to the 1960s, Nevada was plagued by teamster financing, hidden ownership, employment of individuals of questionable character and background, and the clear links to organized crime.
- Pathological gambling is recognized as a medical disorder by the American Psychiatric Association and has elements of addiction similar to alcohol and drug addiction.
- The MGM Grand, situated on the a Las Vegas strip has come up with a brand new slogan to promote the casino, "Think of all the New Year's resolutions you'll break." Some say it might even rival the famous Las Vegas catchphrase, "What happens here, stays here."
- Gambling became legalized in Vegas in 1931 by Mayme V. Stocker and J.H. Morgan who was issued Clark County Gaming License No. 1.
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