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Philadelphia Owning a Casino?
ArcticSplash;39390 Wrote:

Oopsie... I am the owner of that site.

Here's an extract:

It was revealed today in the inquirer that Philadelphia Congressional House Representative Bob Brady has casino aspirations. Not for himself, but for Philadelphians. The idea is this: a municipally-owned casino, run by a casino operator. Basically: a contracted-out casino.

The location? 3rd and Packer Avenue (hmm… not that far away from Cheerleaders titty bar).

The purpose? To divert revenues directly into the City of Philadelphia and avoid passing them directly to the state. Basically, a direct source of revenue to the City that it can (sorta) rely on. Brady estimates a low of $50,000,000 annually into the City to help offset pension costs and school district funding.

While that’s noble of him, the School District of Philadelphia earlier this week ran its credit card for the last time and opened up a $265,000,000 bond sale. That is just for this current school year.

As for the SDP’s credit rating?

Moody’s assigns enhanced Aa3 with a stable outlook and underlying Ba1 with a negative outlook to Philadelphia School District’s (PA) $300M School Lease Revenue Bonds, Series 2012 issued through the Pennsylvania State Public School Building Authority

Ba1 and below is junk bonds. The new bond issue that the School District of Philadelphia just put out will likely also be rated Ba1, not Baa3 which is the lowest investment-grade rating possible.

In other words: Investors understand that the School District of Philadelphia has dug itself into such a state that the only real security in buying school district debt is that Harrisburg MAY come in and save it from default.

When the SDP needs to borrow at this level, a casino estimated to only return $50MM to $90MM a year into the City, and split between the City and the SDP, is not going to cover up that big of a hole. The School District is falling into a debt trap that it can’t get out of.

But I do like the idea of a City-owned casino. Personal request: a nickel-slots machine featuring City Council members on the wheels. Please God make this happen.
At face value I like the idea. Digging deeper, I think once the state starts seeing what kind of money it pulls in, they'll set up a monopoly like the liquor control board, driving out privately owned casinos, and end up making stupid rules.

Are any other large US cities doing anything like this?
TheWolff, proud to be a member of since Sep 2012.
What kind of entertainment would they have?
The forum poster formerly known as Emoticon...
Does that mean we can carry a firearm in the casino?Big Grin
Shadowline, proud to be a member of since Sep 2012.

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