Re(4): Magic city,Calder,Miami and Zjaialai Posted on August 1, 2019 at 07:54:33 PM by zjaialai56
Also Al. You're looking at it from a simple cash in cash out which is far from the way it is. So Miami built their casino, they started clearing 65 percent of 7m a month after tax, the card room money was funding the boleto and salaries were ridiculous in the jai alai department. They took out a 180m loan to fund the casino and a 35m loan for back pay of jai alai, future operating expenses etc. So they were 215m in DEBT clearing around 2.5 a month from the slots area and losing 3.75 or so m a year on year round live jai alai at miami and having the drag of ft. P as well at about 500k or so a year. It would have taken them three qyarters of forever to be cash positive with the tax and interest they had on them so you saw what happened, they were hostilly taken over by the financier.
So, now the financier is in the place for 215m, minus any repayment which was minimal. And they did ANYTHING they could to cut jai alai because it was STILL losing 1.5m a year seasonal. So they asked 330m for the buildings, hoping to atleast get something out of their investment after 5 years as they saw that they'd NEVER be cash positive. They took 255, which after capital gains and such, is piss in a bucket for the time and effort they put into running the joint. It's not the sun moon stars and quasars you think it is.. It's Extremely EXPENSIVE to run a casino. But you look at it as oh jai alai doesn't cost much look at those revenues. It's smoke and mirrors just reading the report.
Find the earnings report of a publicly traded company that holds a florida racino and have a look.
Pompano 120m yearly clean, - 35 percent tax or 28 haven't seen any updates, - 6mil for loss on racing , license fees, 10k month to Roberts, slots rentals.. 1000 of them!! Salaries for HUNDREDS of employees outside of racing including genmanager, ops manager, assistant manager, poker shift managers, poker floor manager, 50 dealers, 10 brushes, 20 to 30 cocktail waitresses, servers, bussers, slots managers, slot attendents, slot technicians, EYE IN THE SKY personnel, marketing director, crew and marketing LOSSES.. Those jaguars aren't FREE!!! COMPS, buffet losses, ticket voucher system losses, players club salaries and losses.
YEP AL! ALL fun and games!! Everyone just stacking cash as high as the eye can see!!! No.
Then you have security costs, costs of cart drivers, property maintence costs, porters, groundskeepers, valet parkers, electricity... See where we're going... Debt from casino buildout and costs for tote and tv systems maintence, contracts on simulcast partners..