Stop Predatory Gambling

Philadelphia leads way against “Quicksand credit” at casinos

by Les

Casino-Free Philadelphia, a vocal and effective citizens group against government’s policy of predatory gambling in that city, is hosting a meeting TOMORROW, Saturday, Sept. 10 from 1:30 to 4:30 PM at their Center City office, 714 Market Street, Suite 3. The meeting is a strategy session to plan out their newest campaign, fighting the quicksand credit that Philadelphia’s SugarHouse Casino uses to drive people into debt. If you live in the region, please make every effort to attend.

Here’s info from their email about the event:

“SugarHouse casino, as well as most other casinos in the country, offer their customers unlimited lines of credit, which can only be used to gamble at the casino. There is no interest on the line of credit, and it must be paid back in 30 days. The casinos call this a “convenience” so you don’t have to carry large amounts of cash to the casino — but they’ll happily give you more cash than you have. Having access to a line of credit makes a person more likely to keep playing — making SugarHouse’s billionaire investors richer.

Billionaire investors tried payday loans to make money, but people saw through that scam. Then they tried sub-prime mortgages, and brought down the global economy. Now they’re pushing quicksand credit.”

We applaud Casino Free Philadelphia’s work to spotlight quicksand credit because it represents another major reason why government needs to get out of the predatory gambling business. To learn more about why it is a failed policy and the central role that predatory gambling plays in America’s debt culture, please visit this section of our Research Center.