Quote of the Day

“Suppose Prohibition of alcohol had just been repealed. The hypothetical owner of the first and only liquor store in a state would make a fantastic return on investment. But soon, if there were no government controls, there would be liquor stores throughout the state, as there are few barriers to entry. Excess profits would disappear and returns on investment would descend to normal levels, after a large number went bankrupt and that over-supply disappeared.” — I. Nelson Rose, making an indirect response to Caesars Entertainment CEO Gary Loveman‘s contention (at Global Gaming Expo 2010) that the casino industry can sustain McDonalds-like proliferation.