Neil Bluhm, chairman of SugarHouse Casino, said a $100 million loss in revenue from a second casino in Philadelphia would put the Fishtown property under significant financial distress.

That would wipe out 75 percent of SugarHouse's cash operating earnings, a key measure for lenders.

"Anything near the numbers that the proponents have used would result in our property not being worth its debt," Bluhm said.

Cannibalization would like have an even harsher effect on Harrah's Philadelphia, Bluhm said.

However, pressed by commissioner David Woods for a SugarHouse estimate of how much business it would lose to a second casino, Bluhm and his expert witness, Steve Rittvo, chairman of Innovation Group, said they did not have an estimate.

"We really don't know," Bluhm said. "We know there's going to be serious cannibalization."

Another commission Keith R. McCall asked how the gaming board members could ignore the willingness of the five applicants to invest money in a second casino.

"We sat here for three days listening to experts, experts who are going to put up millions and millions of dollars. How do we respond to them?" McCall asked. "All of what you have said makes perfect sense to me and probably all us up here. It makes perfect sense."

Bluhm said that most of the applicants are relying mostly on money raised by investment banks.

However, the backers of Live! Philadelphia, for example, are using their own money.