Comment 85896

By mrjanitor (registered) | Posted February 05, 2013 at 16:39:07

Actually for Hamilton to get $5 million close to $200 million will be wasted in a casino.

We have reliable information that we can expect 10% more in hosting fees so $5,000,000 for Hamilton is a perfectly defendable figure.

1) We get 5.25% on the first $65,000,000 of slots.

.0525 x 65,000,000 = $3,412,500 for Hamilton

2) Subtract that $3.4 million from the $5 million and we find that we need another $1.5 million to arrive at $5 million in hosting fees

5,000,000 - 3,412,500 = $1,587,500 needed to reach $5,000,000

3) We get 3% on the next $135 million from slots. So how to get $1.5 million from the lower payment tier?

Unknown Gross Slots Revenue x .03 = 1,587,500

Unknown = 1,587,500/.03

Unknown = 52,916,667

4) Therefore Hamilton needs another $52,916,667 at 3% hosting fee payment

5) $65,000,000 + $52,916,667 = $117,916,667

Hamilton needs $117,916,667 to be spent in slots to get $5,000,000 back

This does NOT include the money lost at gaming tables, of which Hamilton gets nothing. If $80 million is estimated to be lost at table games than we are pretty close to having $200 million sucked out of our economy to get $5 million back. EVERY YEAR.

And Bratina justifies the relocation by throwing around a ONE TIME figure of the $200 million in construction costs. The man does not understand basic math.

Comment edited by mrjanitor on 2013-02-05 16:41:19

I am the love child of Karl Marx and Ayn Rand

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