Wednesday, May 21, 2008

Casino Funding Found

The Apollo Strategic Value Fund LP is apparently an investment fund that likes to gamble on gambling. They purchased Harrah's in 2006 (a deal that closed in January). Closer to home they tried and failed to team with Forest City for a Station Square casino and then yesterday dumped 150 million in to Barden's North Side Casino. It is overwhelming to me the amount of money that is floating around the city of Pittsburgh as a result of this Casino, simply overwhelming. 800 Million Dollars? I don't doubt that all that money will be flowing back in to the investors pockets followed by much much more... but I would love to see the math that is used to project Casino Revenues. For Example, how much, on average, do they expect each resident of Allegheny County to gamble and lose?

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