[jjameson922]

Penn is really over extending itself. Currently they are building a new casino in the city I just moved from. It is being built in an area of town that is very undesirable and the city is within 50 miles of Detroit, which has 4 major casinos. They claim the economy here is terribly bad but you have no idea how bad it can be until you have lived in Ohio where I did. Houses sit on the market for 5-6 years and then when they sell, it's not like you lose any profit, that's gone for sure but in addition you lose an additional $50,000 to $60,000 of what you initially paid years ago. The locals feel Penn doesn't have a prayer of being sucessful there. Even with paying .23 cents on the dollar for the M, with some of their other investments not returning well, it remains to be seen how long they can hold on and to what extent they are able to unload it when the time comes.

[airics]

Originally Posted by jjameson922

Penn is really over extending itself. Currently they are building a new casino in the city I just moved from. It is being built in an area of town that is very undesirable and the city is within 50 miles of Detroit, which has 4 major casinos. They claim the economy here is terribly bad but you have no idea how bad it can be until you have lived in Ohio where I did. Houses sit on the market for 5-6 years and then when they sell, it's not like you lose any profit, that's gone for sure but in addition you lose an additional $50,000 to $60,000 of what you initially paid years ago. The locals feel Penn doesn't have a prayer of being sucessful there. Even with paying .23 cents on the dollar for the M, with some of their other investments not returning well, it remains to be seen how long they can hold on and to what extent they are able to unload it when the time comes.

JJ - i agree 100% on what you are saying .. .also remember that I am from Ohio also.. i can honestly say that imo, Ohio is worse off than Nevada.... I think alot of the issues here are that people don't want to work.. they were making the cushy 40 bucks an hour, went to unemployment getting 30... why should they work for 15?

[kimba01]

It is sad, for sure. But, I am not sure if the casinos are profitable here in Detroit, I think they are. They are sure PACKED when I go there. The one plus for them, though, is all the sports arenas in that area. Draws them in. I will say, there are A LOT of penny machines and you can't ever get on one!

[MadManofBethesda]

Originally Posted by airics

JJ - i agree 100% on what you are saying .. .also remember that I am from Ohio also.. i can honestly say that imo, Ohio is worse off than Nevada.... I think alot of the issues here are that people don't want to work.. they were making the cushy 40 bucks an hour, went to unemployment getting 30... why should they work for 15?

In what fantasy world of yours are people on unemplyment getting $30/hour - which equates to $1,200/week and over $60,000/year?

[airics]

Originally Posted by MadManofBethesda

In what fantasy world of yours are people on unemplyment getting $30/hour - which equates to $1,200/week and over $60,000/year?

correct me if i'm wrong, isn't it 80% of wage?

[airics]

oops, its approximately 60% at 40 an hour, thats 1600 a week.. which in turn is 960 a week.. which is around 50ish a year.. not bad..

[MomMom]

Originally Posted by airics

oops, its approximately 60% at 40 an hour, thats 1600 a week.. which in turn is 960 a week.. which is around 50ish a year.. not bad..

Isn't the maximum allowed weekly limit for unemployment benefits around $400 a week?

[airics]

How Much Will I Get? Calculating Unemployment Compensation | EmploymentLawFirms.com

[airics]

article didn't say of a maximum.. but 400 a week doesn't pay much

[laker51]

I also thought it was 400somethin per week maximim