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Billionaire Tilman Fertitta said Monday at CNBC's "Power Lunch" that he was acting "very conservatively" in the face of fears of a global slowdown.
"I think most American companies are acting conservatively," said Fertitta, a tycoon of restaurants, hotels and casinos, who also owns the Houston Rockets of the NBA.
Fertitta said: "We had a great race of eleven years here, and history is always repeating and we are going to get better results. [a recession]. "
While retail sales are up and consumers are spending money, Mr Fertitta said: "This is not as robust as before."
According to data released last week, the US consumer confidence index dropped to 92.1 in August, making it the lowest reading index of 2019. Economists surveyed by Refinitiv predicted that the preliminary reading of consumer confidence in August would be 97, down from 98.4.
"Remember, everyone fills his tanks, you can not buy as many new cars, you can only buy a lot of new TVs, you can not lose so much in a casino, so at some point the consumer is I think we're coming to the end, "said Fertitta, also host of CNBC's" Billion Dollar Buyer ".
Despite President Donald Trump's dismissal of fears of recession on Sunday, Fertitta tackled current global economic problems and their potential impact on the United States. "There is a global problem right now, every city and every person I've talked to [in Europe] m said [their] activity is down about 20% this year. "
"If there is a whole problem of the world economy, as it is happening now, it will totally affect the United States and make it fall because of all our exports," he added.
The owner of restaurants and casinos reiterated: "If you are going to make a big jump there, this paddle will take you back now because a recession is coming in. It may not come until 2021, 2022 or 2023 but another The story is always repeated. "
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