Thursday, December 29, 2005
THE BIDS ARE IN . . .
And the Bets are On
Today’s papers report -- “Placing Their Bets,” by Suzette Parmley in the Philadelphia Inquirer and “Five Investor Groups Apply for City Casino Licenses,” by Chris Brennan in the Philadelphia Daily News -- that at least five companies will vie for the two available permits for slots parlor operations in Philadelphia, a group that includes some of the usual suspects -- separately, Donald Trump and Foxwoods -- and a few surprises, including an entity calling itself Sugar House Gaming.
Just one question: Any, um, bets how many years the two eventual “winners” in Philadelphia, along with their companions running similar enterprises of state-sponsored theft around this state, will “endure,” under what they no doubt will call “great hardship,” before they start complaining -- and lobbying to the effect that -- they aren’t making, and that they won’t and they just can’t make enough money from slot machines alone, and therefore that they have to, they just must, be allowed to install the full gamut of casino table games in order to earn a decent profit, this ill-defined number cast as a “reasonable return” to “stakeholders,” and a figure I’m sure they will aver is needed to “remain competitive with other ‘gaming’ alternatives in the region,” the region in question extending from Atlantic City, N.J., all the way to Connecticut, north, and Mississippi, south, if not to Nevada, west, and beyond?
I’m giving it two years, tops.
Mark my words now: This has been, is, will be, and will have been a huge mistake from the get-go, one we will regret for decades to come.
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JAMES MARTIN CAPOZZOLA
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James Martin (Jim) Capozzola launched The Rittenhouse Review in April 2002, TRR: The Lighter Side of Rittenhouse, HorowitzWatch, and Smarter Andrew Sullivan in July 2002, and Bulldogs for Kerry-Edwards in October 2004. He is also a contributing member of President Boxer.
He received the 2002 Koufax Award for Best Post> for "Al Gore and the Alpha Girls" (published November 25, 2002). Capozzola's record in the Koufax Awards includes two additional nominations for 2002 (Best Blog and Best Writing), three nominations for 2003 (Best Blog, Best Series, and Best Writing), and two finalist nominations in 2004 (Best Blog and Best Writing).
Capozzola’s experience beyond the blogosphere includes a lengthy career in financial journalism, securities analysis, and investment research, and in freelance writing, editing, ghost-writing, and writing instruction.
He earned his bachelor's degree in political science from the University at Albany and a master's in foreign affairs from the University of Virginia.
Capozzola lives in Philadelphia with his bulldog, Mildred.
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