Seeing a classmate misuse his education

Everyone here knows what I think about the Forrest City/Harrah’s numbers for their Station Square application. They worse than worthless. I could potentially excuse this as an honest mistake to favorably shade the numbers if I did not know one of the main communicators and consumers of that study personally.

From this morning’s Post Gazette I saw the following quote in the Belko article:

Abe Naparstek, director of development for Forest City Enterprises, said the developer decided to pay for a full-page advertisement in last Sunday’s Post-Gazette to get its message out to the people of Pittsburgh

“We feel we have a great story to tell and we think that is a good way to tell it. There’s a good part of our story that hasn’t been covered by the media — number of jobs, wages, the fact they’re union jobs, the ability to generate more property tax revenue [than other competitors]. These are messages we want to make sure the public understands,” he said.

I know Abe, he was a classmate of mine in grad school. And I know a decent chunk of his course load as we had several classes in common including our final group project. I know his skill set and his training, and therefore I have to conclude that he is completely and totally full of shit. Those numbers went by someone who should be able to do the same analysis that I did last week, and produce at least a WTF reaction.

I don’t think that the slots parlors have a positive NPV from any of the proposals, but as Pitts Blog and Angry Drunk Bureaucrat have both pointed out, the relevant question is damage limitation. Damage limitation still requires good information, so at this point and given that I have not looked as deeply into the Isle of Capri plan, I am inclined to think that Isle of Capri is closer to reality than Harrah/Forest City, and therefore slightly more worthy of support. Isle of Capri is still most likely a net loser from a regional perspective, but it is less of a probable loser than Harrahs.

Leave a Reply

Your email address will not be published. Required fields are marked *

Connect with Facebook