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The Plight of the Casino

An article in the Wall Street Journal from a year ago illustrates how the proliferation of casinos is not the answer to our public revenue problems. This excerpt from today’s Harrisburg Online demonstrates how the credit crunch is further stunting the anticipated windfall:

A Sub-Prime Mess of Another Sort??…construction workers and others are preparing to walk away from the Pittsburgh-to-be casino – Majestic Star – as the license owner – Don Barden – delayed and delayed a requirement to present a $780-million financing package to the State Gaming Control Board…contractors have not been paid for work performed in April and MayMoody’s Investor Service – the national credit rating firm – reported this week that the Mount Airy Casino Resort – the Pocono Mountain casino owned by indicted Louis DeNaples - is a “very high credit risk” according to the Wilkes-Barre Citizens Voice…the Philadelphia Inquirer reports Susquehanna Financial Group decided to suspend its investment rating of Penn National Gaming sending a message that a deal to acquire the Berks County gambling giant by Fortress Investment Group and Centerbridge Partners may be jeopardized…

 

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  • James Kester (Outside The Bag, errr… I mean Box)

    I’m sure some of the infrastructure investment
    money is a contained “earmark” in the conservative budget that was passed, on the day of $144/bbl oil.

    Thank Goodness there was not a government shutdown!

    I like to refer to it as an “earwhig”.

    So I guess my bicycle ride from North Hills to
    South Hills to my “hypothetical job” is going to depend on me buying a new Titanium Bike for $3,500.00, so I can get there at the 20% pace that Mr. Holloway went 50 miles in. (was kool by the way)

    I don’t think I can do in 1:39.

    But, will I have the same police escort and
    vehicular traffic cooperation that they did?
    Is that cost included in the $2 Billion (delta) Pa Budget?

    And, are the folks that commute to the state office buildings in Harrisburg, Pittsburgh, and Philly
    going to be “biking” it (daily)?

    Or is the Majestic Star going to become part of the
    Pittsburgh River Transit Fleet?