Americans were outraged to learn that companies such as AIG took bailouts and then turned around and spent hundreds of thousands on luxury junkets. Industries have been cutting down their junkets…but this leads to unintended consequences. The leisure industry, so important to the economies of many cities, is taking a major hit. Mandalay Bay Resort & Casino in Las Vegas lost $131 million worth of business this year. The Four Seasons hotel in Los Angeles has taken a 15 percent hit in its meeting business. This translates into lost jobs for hotel staff and suppliers. Does this change how you think about junkets and their significance? Tell Larry what you think.
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