But Mr. LaLoggia says the company may benefit from a recent takeover wave in the publishing industry.
The 62-year-old financier rode the takeover wave to became head of one of Canada's foremost dynasties.
Other business executives find this explanation of the takeover wave satisfying, though academic economists are waiting for econometric models and more rigorous proofs.
The financial engineering in the casino industry is but a ripple of the takeover wave sweeping through corporate America.
This was largely defensive: low stock prices spawned a takeover wave.
They are moving at a faster pace in their acquisitions than American raiders ever did, even at the height of the takeover wave.
But the takeover wave is only part of a major change facing the airline industry.
Regional brewers are plentiful and acquisition prices, which soared in the takeover wave of the 80's, have since plunged.
More often, however, the deals are done to help clients, many of whom have already been swept up in the current takeover wave.
The takeover wave also appears to be causing a widespread misallocation of corporate resources, especially of managerial talent, time and energy.
