Our current financial problems are making most of us regret a lot of the purchases and debts we took on, as well as those politicians roped us into.
Null Space, points out The Bond Buyer's story on troubles brewing in Cincinnati.
Hamilton County has a $13.2 million dollar deficit in the fund for it's NFL and MLB stadiums. The problem is the low growth in sales tax revenue. This deficit could rise to 92 million in 2014.
Of course we have the casino to pay for our new Hockey arena (and everything else our hearts desire) right? Well, Null Space also pointed out a PG article about the very underwhelming casino receipts.
I really don't know much about the Casino's financing and debt obligations but the shortfall is very ominous.
"For the week of August 17-23, the casino generated $4.6 million in gross terminal revenue, placing it fifth among the nine casinos in Pennsylvania. Multiplied over the year, the $4.6 million would produce $242 million in gross terminal revenue, far less the $427.8 million the casino itself estimated for its first year. It's also lower than the $362.4 million projected by the gaming board." Geee that's not much more than half of stated projections and you have to guess that the opening weeks would be stronger than average.
Then there's that minor little BILLION DOLLAR BLACK HOLE IN THE CITY'S PENSION FUND!
I know, it's impolite to shout but people better wake up soon.
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