Based on Atlantic City, Philly Does Not Need Another Casino!
An article in the Philadelphia Inquirer this week revealed that the Showboat Casino will close in approximately 60 days. On August 31st, almost 2,100 people will be out of work. Last week it was also reported that the Revel had filed for bankruptcy for the second time in two years. The same article revealed that revenues in Atlantic City have taken a nose dive from a high of $5.2 billion in 2006 down to $2.9 billion last year. The proliferation of casinos in Pennsylvania, Maryland and Delaware have all impacted the fate of the gaming business in A.C. Those people bidding for another casino in Philadelphia, including high powered attorney Richard Sprague, seem to be in this for a quick fix. The Revel was the biggest gamble that the decision makers in AC took recently. It was the most expensive casino ever built in the town. It took $2.4 billion to complete this effort to lure high end travelers. The emphasis was supposed to be less on ga...