NYC OTB pleads its case

[freddymo]

Originally Posted by philcski

I had no idea it cost $134 million to run 55 insane asylums, err, empty boxes that offer no other services beyond processing wagers. (The remaining eleven locations have virtually no overhead as they are covered by the restaurant/bar.)

With an average of 5 employees on staff at any given time at each location, let's say for argument's sake there's 10 per location. At an average pay level of $50k per employee times 55 locations, that's $27,500,000 in payroll.

Let's say for argument's sake the average rent per month is $5,000 per location (it's significantly lower than that in the outer boroughs.) That's $3,300,000 in rent.

Let's say for argument's sake there are 50 additional employees at headquarters, for human resources, management, etc. at an average wage of $100k per year. That's $5,000,000.

Let's say for argument's sake the cost of business supplies (terminals, website, paper, etc.) is $20,000,000.

WHERE'S THE REMAINING $60 MILLION, GUY???

I am 100% sure they HAVE 134mil in operating expense. Do you think the CPA firm that signs the audit can't justify the operating expense? The question that need be asked is WHY is it 134mil, and what can you do to get that below the 116mil fig.

I know OTC management is full of it ,but it is going to take a lot digging to get to the root of the issues. Maybe Steve could have them on ATR?