Gulf Stream slots lose money

[SentToStud]

Originally Posted by GPK

http://www.drf.com/news/article/90051.html

They lost $50 Million last quarter on revenue of $115 Million. How the F can you do that??? Put me in, coach.

Despite owning something like 2% of Magna's parent company shares, there is some kind of wacky "voting shares" deal there where he basically controls the Board. He recently brought in a Russian Mafia Oil Baron in to help run the company which is worth $10 Billion +.

Frankie takes down $50 Mil+ a year. He's a wiz at the auto parts business but has failed at racing as well as building a giant theme park, starting an airline and high end real estate development.

It doesn't look good for the upcoming meet.

[sumitas]

May as well open up Hialejah and build his coveted condos at GP.

[phystech]

I hope the MD General Assembly comes to their senses and allows for an auction of slots licenses in MD instead of just giving one to Magna - assuming the creeps are even capable of passing a slots bill.

Word from Frank yesterday on the first day of hearings on the new bill submitted by Gov O'Taxey (D) is that he's going to have to shut down Pimlico if he doesn't get slots.

When you consider the giveaway to Joe DeFrancis he agreed to when he first bought part of MJC, there's almost no way he can make any money for Magna. I think I've read he will have to give 65% of net profits from slots revenue to Joe and his band of thieves for the first five years slots are in place.

When you make deals like that, it's no wonder Frank's other racing assets are going down the tubes.

[pointman]

And I thought that Donald Trump was the only idiot that could lose money running a casino.

[MISTERGEE]

dont they already have on site automated teller machines? maybe if they gave a crap for the guy who plays $10,000 a day on the ponies instead of the kissin ass of the nickel slot player they may do a bit better!

[bogeydaman]

According to the Isle of Capris Casino's website (Pompano Park) the following is a recent press release.
-- In Florida, favorable legislative changes helped to improve operating
results. Daily win per unit during the last week of August was $223,
and the Company's Pompano property continues to lead the three Broward County racinos with a market share of approximately 54%.

Don't know the Greyhound track's numbers, but I would be fairly certain they exceed Gulfstream Park's numbers.

Both of these facilities design are much better than Gulfstream and there should be no surprise generating larger revenue that GP (not even including the Hard Rock Casino).

[SentToStud]

Average gross take per machine for quarter ending September 30:

Gulfstream $74
Mardi Gras (Hollywood Dog Track) $167
Isle Casino (Pompano PArk) $214

In January and February, Gulfstream averaged $326.

Gaming lobbyists claimed the three would average $500 per machine per day, year round. Experts now say Gulfstream got hurt by not having $.01 machines.

http://www.baltimoresun.com/news/bal...3.story?page=1

[Danzig]

Originally Posted by SentToStud

They lost $50 Million last quarter on revenue of $115 Million. How the F can you do that??? Put me in, coach.

Despite owning something like 2% of Magna's parent company shares, there is some kind of wacky "voting shares" deal there where he basically controls the Board. He recently brought in a Russian Mafia Oil Baron in to help run the company which is worth $10 Billion +.

Frankie takes down $50 Mil+ a year. He's a wiz at the auto parts business but has failed at racing as well as building a giant theme park, starting an airline and high end real estate development.

It doesn't look good for the upcoming meet.

new math??

[ELA]

Originally Posted by Danzig

new math??

If not, rhetoric?

Eric