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Alcohol dilates peripheral blood vessels, but has been known to actually. constrict some blood vessels in the brain, lowering the oxygen content. Alcohol dilates peripheral blood vessels, but has been known to actually  constrict some blood vessels in the brain, lowering the oxygen content.
Drinking alcohol in large quantities has a toxic effect on the heart. Alcoholic cardiomyopathy is a form of a condition in which the heart becomes enlarged and the heart muscle thins (dilated cardiomyopathy) due to alcohol abuse. Alcoholic cardiomyopathy causes the weakened heart muscle to pump inefficiently, leading to heart failure.