You know the economy is going bad when casinos are losing money. Times are tough everywhere, and that includes Atlantic City.

Last week the Borgata announced it was laying off 400 people. Just about all of the shore casinos are reporting earnings are off. They’re blaming increased competition from Pennsylvania’s new slots as well as the unpopular smoking ban.

Every day we get hit with more bad news on the economic front. Yesterday two more mainstays reported things are not good. Electronics giant Best Buy reported lousy sales. That follows the move by Circuit City to declare bankruptcy. Sales were even worse at department store giant Macy’s.

But now you know things are bad. QVC is laying off people. The television sales giant located in West Chester announced it would ax 160 workers at their West Chester headquarters and operations center. It’s part of a move that eventually will see the TV retailer shed 900 jobs. Its West Chester sales center will be shuttered.

That’s a huge hit for the region’s economy. QVC started in West Chester. Its operation is actually a popular tourist destination, with people who visit the area wanting to see in person the joint they spend so much time checking out on the tube.

Guess there just isn’t much of a market for Diamonique when things are this tough.

This has all the makings of one grim holiday shopping season.