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Definition of Cake-eater
1. Noun. (slang) a lounge lizard This usage of the term dates from the 1920s, when it vied in popularity with 'sheik' to indicate a slick young Romeo who wows the flappers and likes the high life. A Cake-Eater, when he's not trolling for jazz-babies at the local speakeasy, likes to loiter at a girl's house and be pampered, especially by being served his sweetie's baked goods-- and of course some degree of sexual metaphor might be inferred. ¹
2. Noun. (slang) someone of upper-class background, or who has been excessively well-off ¹
¹ Source: wiktionary.com