According to the American Heritage Dictionary,

Wastrel:

NOUN: 1. One who wastes, especially one who wastes money; a profligate or spendthrift. 2. An idler or a loafer; a good-for-nothing.

Horace Liveright, the book publisher of the 1920's, is usually recalled in literary memoirs as a charming wastrel, a gambler who always saw a winning bet as a chance to raise his stake in whatever game he was losing at.

-- Christopher Lehmann-Haupt, "Disastrous Life of a Pioneer in Hype", New York Times, July 27, 1995.

The word 'Wastrel' appears in the title of several novels [see below] and was the name of a Van Heflin film many years ago.