I heard a rumour today...

[fish eel]

So you would say that notwithstanding the new pokie tax and the anti-smoking measures, that revenue is down across the board but way below that of a comparable club ? You can substantiate this ?

The last annual report substantiates the fact revenue is down. Well down. In the vicinty of the figure Ram mentioned. The pokie tax doesnt impact on revenue, so is irrelevant when talking about revenues.

Granted, the smoking ban may have impacted, but, IMO, the club is just not a great place to visit. I've been there on weeknights for dinner and it has been like a ghost twon....

I really couldnt care about comparable clubs because I'm not a member comparable clubs - but I am of Parramatta Leagues Club.

 

[Gronk]

The last annual report substantiates the fact revenue is down. Well down. In the vicinty of the figure Ram mentioned. The pokie tax doesnt impact on revenue, so is irrelevant when talking about revenues.

Granted, the smoking ban may have impacted, but, IMO, the club is just not a great place to visit. I've been there on weeknights for dinner and it has been like a ghost twon....

I really couldnt care about comparable clubs because I'm not a member comparable clubs - but I am of Parramatta Leagues Club.

So how do you know we are performing poorly and it's not an industry wide situation ?

 

[fish eel]

So how do you know we are performing poorly

Because I read the annual report.

and it's not an industry wide situation ?

Industry wide or not. Revenue in my club is down. Saying it is happening elsewhere isn't going to make the club perform better.

I went to dinner their a few weeks back. Mid week. It was like a ghost town.

 

[TheRam]

Interesting and thanks for the update. So which licensed clubs are doing well and maintained their revenues in this new tax environment ?

No problem glad to help. Sorry I do not have a list of clubs that make a profit as that is not my job, but obviously there are ones that do, or are you not aware of this basic fact either. If that is the case, for you and DF's benifit, here's a tip THERE ARE CLUBS THAT MAKE MONEY.

Moreso to the point though, it is DF & the board's responsability to be on top of all of the possible obstacles that may come their way. When it was sunny weather for decades they didn't make the decisions or do the right things that would safe guard us from a winter that would one day come, as it always does, or don't you get that either? Clearly they weren't up to it and are floundering now.

 

[MarkInTheStands]

No problem glad to help. Sorry I do not have a list of clubs that make a profit as that is not my job, but obviously there are ones that do, or are you not aware of this basic fact either. If that is the case, for you and DF's benifit, here's a tip THERE ARE CLUBS THAT MAKE MONEY.

Yeah and up until 2007 we were one of them

Moreso to the point though, it is DF & the board's responsability to be on top of all of the possible obstacles that may come their way. When it was sunny weather for decades they didn't make the decisions or do the right things that would safe guard us from a winter that would one day come, as it always does, or don't you get that either? Clearly they weren't up to it and are floundering now.

Theres $40 Million in equity in the club. What do you call that? Chump change?

 

[fish eel]

While on the club, how are the leasing of the offices going?

 

[Avenger]

Theres $40 Million in equity in the club. What do you call that? Chump change?

That only gives you capacity to borrow, it is not liquid. It is only fully realised if the asset is sold.

 

[MarkInTheStands]

That only gives you capacity to borrow, it is not liquid. It is only fully realised if the asset is sold.

Hey no doubt, I know that, but still the reference was that the club had not saved for a rainy day when the sun was shining. These would have to have also increased in value over the last 10 years of however long we have had them yes? Making money of the extra money in effect?

 

[Avenger]

We can go on about this for weeks but I am of the view that times will change once we jag another premiership. A premiership will mean increased sponsorship, revenue at the gate etc.

Daniel Anderson's appointment is a step in the right direction and is Fizgerald's likely retirement in the near future.

 

[spiderdan]

That only gives you capacity to borrow, it is not liquid. It is only fully realised if the asset is sold.

.....if it's sold for its listed value. equity means nothing if no-one is willing to pay that value.

 

[TheRam]

Yeah and up until 2007 we were one of them



Theres $40 Million in equity in the club. What do you call that? Chump change?

MITS, when you speak do you make sounds like a Goose, cause you sure write like one. My little old mother is sitting on equity worth millions, but that doesn't make her John McGrath, all she had to do was buy a house over 50 years ago. ;-)

 

[junior009]

Don't dare say anything negative about the club....not while MITS is on patrol.

 

[planeteels]

*sits in the peanut gallery watching*

 

[TheRam]

Don't dare say anything negative about the club....not while MITS is on patrol.

Cool and thanks...but I think I can take him. :lol:

 

[MarkInTheStands]

Yeah your right Ram. they have nothing, what was I thinking. They only have $40 million worth of Real Estate in the immediate area. (No not just the Leagues club), So yeah pittance.

 

[fish eel]

Yeah your right Ram. they have nothing, what was I thinking. They only have $40 million worth of Real Estate in the immediate area. (No not just the Leagues club), So yeah pittance.

Who says it is worth $40 million Mark?

The property market is quite uncertain at the current moment.

Have the Bakers Mew been leased or is it sitting idle costing money?

 

[MarkInTheStands]

Who says it is worth $40 million Mark?

The property market is quite uncertain at the current moment.

Well you seem to be putting so much stock in last years annual report, and that is where it is reported.

Have the Bakers Mew been leased or is it sitting idle costing money?

I have no Idea I live in a different Part of the area and am not often around, Can you answer the question?

 

[fish eel]

Well you seem to be putting so much stock in last years annual report, and that is where it is reported.

I'd suggest the property market has changed drastically since last year if that is where the valuation comes from. Particuarly commercial property.

In any case, as hasd been said, that equity only helps if you want to borrow or in the event of a firesale.

I have no Idea I live in a different Part of the area and am not often around, Can you answer the question?

Last time I noticed, there were still the big for lease signs up.

 

[Suitman]

My question is....

Do we own all that property outright or do we have borrowings against it?

Suity

 

[MarkInTheStands]

I'd suggest the property market has changed drastically since last year if that is where the valuation comes from. Particuarly commercial property.

In any case, as hasd been said, that equity only helps if you want to borrow or in the event of a firesale.

But that was not Ram's assertion. I was merely stating the club did put money away for a rainy day. Ram says they didn't, I say they did. I would think most would be happy it was in something like property, instead of invested in stocks or other options. Sure, not as nice as having it sitting in a bank account, but if it was I am sure we would hear more complaints about not maximizing the ROI on that money and it not reaching its potential profitability. Who knows how much it is worth, it might have gone up it might have gone down, I guess we will find out in April, but again I am only refuting a claim the Ram has about the club not saving for a rainy day. I don't refute that we would have to sell those properties to get back their potential value, that is understood.

Last time I noticed, there were still the big for lease signs up.

Thanks for that Dorothy Dicks. So why do you think that is?