100xOdds
100xOdds
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August 16th, 2024 at 5:26:48 AM permalink
https://apnews.com/article/resorts-world-bowyer-ohtani-gambling-vegas-complaint-5f405ef61149d3fffaf4bc8153232697

The Nevada Gaming Control Board filed a disciplinary complaint Thursday alleging that one of the largest casinos on the Las Vegas Strip welcomed illegal bookmaking, people with a history of gambling-related felony convictions and individuals linked to organized crime.

The board asked the Nevada Gaming Commission, which has authority over disciplinary action, to fine the company and take what experts say would be rare action against Resorts World’s gaming license.
(Including forcing out executives or even revoking their gaming license)

The complaint also alleges that Resorts World employees failed to report unusual or suspicious activity and violations of its anti-money laundering program to their superiors.
Craps is paradise (Pair of dice). Lets hear it for the SpeedCount Mathletes :)
MDawg
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August 16th, 2024 at 8:08:55 AM permalink
A big fine maybe. Revocation of license? Unlikely.

I tell you it’s wonderful to be here, man. I don’t give a damn who wins or loses. It’s just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
DRich
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August 16th, 2024 at 12:13:42 PM permalink
Quote: MDawg

A big fine maybe. Revocation of license? Unlikely.



No chance it will be revoked.
At my age, a "Life In Prison" sentence is not much of a deterrent.
RuddyDuck
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August 16th, 2024 at 1:03:21 PM permalink
A news article I found stated Wynn Resorts was hit with the largest fine in Nevada, at $20 million for the sexual harassment case. Do you think this will top it?
mcallister3200
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August 16th, 2024 at 2:21:01 PM permalink
Unless they take into account Wynn and RW’s respective financial conditions at the time, I’d think it’s gotta be at least double Wynn’s fine if it’s based solely on merit. More if they take inflation into account.

If not I’ll interpret it as they know it’s not rare and is/has been happening elsewhere.
jjjoooggg
jjjoooggg
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August 16th, 2024 at 5:30:51 PM permalink
Delete
Born in Texas and lived in Texas my whole life.
jjjoooggg
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August 16th, 2024 at 7:09:36 PM permalink
Quote: mcallister3200

Unless they take into account Wynn and RW’s respective financial conditions at the time, I’d think it’s gotta be at least double Wynn’s fine if it’s based solely on merit. More if they take inflation into account.

If not I’ll interpret it as they know it’s not rare and is/has been happening elsewhere.
link to original post



It is not a good time even for gigantic businesses. Red Lobster has 1 billion in unpaid bills/loans. And filed bankruptcy.

Born in Texas and lived in Texas my whole life.
terapined
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August 16th, 2024 at 10:21:31 PM permalink
Quote: jjjoooggg

Quote: mcallister3200

Unless they take into account Wynn and RW’s respective financial conditions at the time, I’d think it’s gotta be at least double Wynn’s fine if it’s based solely on merit. More if they take inflation into account.

If not I’ll interpret it as they know it’s not rare and is/has been happening elsewhere.
link to original post



It is not a good time even for gigantic businesses. Red Lobster has 1 billion in unpaid bills/loans. And filed bankruptcy.


link to original post


It's a pretty typical story in the business world.
Beloved chain gets popular
Restaurants all over the country
Attracts a big company such as Thai Union borrowing billions to buy the business.
Now the business is saddled with huge interest payments making it unprofitable.
Business is down
Thai Union panics because of difficulty making payments and brings back endless shrimp for 20 bucks. They increase customers but lose money on the offer so it makes things worse losing even more money
Bankruptcy
Another leveraged buyout with poor management decisions ruins a perfectly good company
DRich
DRich
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August 17th, 2024 at 5:29:47 AM permalink
Quote: jjjoooggg

Quote: mcallister3200

Unless they take into account Wynn and RW’s respective financial conditions at the time, I’d think it’s gotta be at least double Wynn’s fine if it’s based solely on merit. More if they take inflation into account.

If not I’ll interpret it as they know it’s not rare and is/has been happening elsewhere.
link to original post



It is not a good time even for gigantic businesses. Red Lobster has 1 billion in unpaid bills/loans. And filed bankruptcy.


link to original post



It mentions reasonable priced shrimp. I find that funny as now I live in Florida and shrimp is so affordable here poor people eat it.
At my age, a "Life In Prison" sentence is not much of a deterrent.
itsmejeff
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August 17th, 2024 at 5:36:52 AM permalink
Organized crime, huh? Does that mean free parking will return?
Quote: terapined

It's a pretty typical story in the business world.
Beloved chain gets popular
Restaurants all over the country
Attracts a big company such as Thai Union borrowing billions to buy the business.
Now the business is saddled with huge interest payments making it unprofitable.
Business is down
Thai Union panics because of difficulty making payments and brings back endless shrimp for 20 bucks. They increase customers but lose money on the offer so it makes things worse losing even more money
Bankruptcy
Another leveraged buyout with poor management decisions ruins a perfectly good company
link to original post


The shrimp had nothing to do with it. Red Lobster was a case of sale-leaseback when it was sold by Darden. The company that was not making a killing was now responsible for rent. If you owned a restaurant--plus the property it sat on--that was barely making money, you would never sell the property with condition of 25 year lease (triple net) with 2% annual increase. Big business do stuff like that though.
jjjoooggg
jjjoooggg
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August 17th, 2024 at 7:19:35 AM permalink
Duplicate
Last edited by: jjjoooggg on Aug 17, 2024
Born in Texas and lived in Texas my whole life.
jjjoooggg
jjjoooggg
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August 17th, 2024 at 7:22:01 AM permalink
Quote: itsmejeff

Organized crime, huh? Does that mean free parking will return?

Quote: terapined

It's a pretty typical story in the business world.
Beloved chain gets popular
Restaurants all over the country
Attracts a big company such as Thai Union borrowing billions to buy the business.
Now the business is saddled with huge interest payments making it unprofitable.
Business is down
Thai Union panics because of difficulty making payments and brings back endless shrimp for 20 bucks. They increase customers but lose money on the offer so it makes things worse losing even more money
Bankruptcy
Another leveraged buyout with poor management decisions ruins a perfectly good company
link to original post


The shrimp had nothing to do with it. Red Lobster was a case of sale-leaseback when it was sold by Darden. The company that was not making a killing was now responsible for rent. If you owned a restaurant--plus the property it sat on--that was barely making money, you would never sell the property with condition of 25 year lease (triple net) with 2% annual increase. Big business do stuff like that though.
link to original post



Long Johns went bankrupt in 1999. Sea Island bankrupt 2010. Rubio’s Seafood bankrupt 2024 with 100-500 mil in debt. Red Lobster bankrupt 2024. Crawdaddy closed 2022. Two George’s seafood bankrupt 2013 and both owners committed suicide by gun.
Last edited by: jjjoooggg on Aug 17, 2024
Born in Texas and lived in Texas my whole life.
jjjoooggg
jjjoooggg
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August 17th, 2024 at 7:57:53 AM permalink
Quote: DRich

Quote: jjjoooggg

Quote: mcallister3200

Unless they take into account Wynn and RW’s respective financial conditions at the time, I’d think it’s gotta be at least double Wynn’s fine if it’s based solely on merit. More if they take inflation into account.

If not I’ll interpret it as they know it’s not rare and is/has been happening elsewhere.
link to original post



It is not a good time even for gigantic businesses. Red Lobster has 1 billion in unpaid bills/loans. And filed bankruptcy.


link to original post



It mentions reasonable priced shrimp. I find that funny as now I live in Florida and shrimp is so affordable here poor people eat it.
link to original post



Shrimp is not affordable for restaurants who buy from vendors like Sysco and Ben E Keith. These vendors that buy food, store food and distribute through salesmen increase costs passed to the restaurants. Walmart does not buy from wholesalers or distributors. They buy direct from a manufacturer and store in walmart warehouses.
Last edited by: jjjoooggg on Aug 17, 2024
Born in Texas and lived in Texas my whole life.
jjjoooggg
jjjoooggg
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August 17th, 2024 at 9:01:09 AM permalink
Quote: itsmejeff

Organized crime, huh? Does that mean free parking will return?

Quote: terapined

It's a pretty typical story in the business world.
Beloved chain gets popular
Restaurants all over the country
Attracts a big company such as Thai Union borrowing billions to buy the business.
Now the business is saddled with huge interest payments making it unprofitable.
Business is down
Thai Union panics because of difficulty making payments and brings back endless shrimp for 20 bucks. They increase customers but lose money on the offer so it makes things worse losing even more money
Bankruptcy
Another leveraged buyout with poor management decisions ruins a perfectly good company
link to original post


The shrimp had nothing to do with it. Red Lobster was a case of sale-leaseback when it was sold by Darden. The company that was not making a killing was now responsible for rent. If you owned a restaurant--plus the property it sat on--that was barely making money, you would never sell the property with condition of 25 year lease (triple net) with 2% annual increase. Big business do stuff like that though.
link to original post



Irony is many fastfood franchisees open locations under these conditions.

Franchise fast food X has a start up cost of 2 mil. Annual profit 150k. This profit is before triple net lease and corporate mandatory periodic remodeling. True ROI isn't 7.5%. And the restaurant building including equipment expires or depreciates in 35 years. The only hope is that the franchisee owned the land with a appreciation of 2% which is negated by the property tax. Closing before 20 year contract will incur penalties for lost royalties. 28% of franchisees transferred ownership or shut down.

Franchise Fastfood Y has start up of 250k. Profit is 50k before rent and taxes. Somehow they will make unexpected repairs.

Local franchise location A opened. 2 years later for sale. Local franchise location B opened. 2 years later for sale.
Last edited by: jjjoooggg on Aug 17, 2024
Born in Texas and lived in Texas my whole life.
darkoz
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August 17th, 2024 at 10:14:23 AM permalink
What does all this have to do with resorts world?
For Whom the bus tolls; The bus tolls for thee
jjjoooggg
jjjoooggg
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August 17th, 2024 at 10:25:00 AM permalink
Quote: darkoz

What does all this have to do with resorts world?
link to original post



Previous poster said the fine should be more than double based on revenue and inflation.
Big companies are not immune to a losing year. A new company is still recouping start up cost. But this is all theory. No one really knows.

Quote: mcallister3200

Unless they take into account Wynn and RW’s respective financial conditions at the time, I’d think it’s gotta be at least double Wynn’s fine if it’s based solely on merit. More if they take inflation into account.

If not I’ll interpret it as they know it’s not rare and is/has been happening elsewhere.
link to original post

Born in Texas and lived in Texas my whole life.
mcallister3200
mcallister3200
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August 17th, 2024 at 10:35:11 AM permalink
Quote: jjjoooggg

Quote: darkoz

What does all this have to do with resorts world?
link to original post



Previous poster said the fine should be more than double based on revenue and inflation.
Big companies are not immune to a losing year. A new company is still recouping start up cost. But this is all theory. No one really knows.

Quote: mcallister3200

Unless they take into account Wynn and RW’s respective financial conditions at the time, I’d think it’s gotta be at least double Wynn’s fine if it’s based solely on merit. More if they take inflation into account.

If not I’ll interpret it as they know it’s not rare and is/has been happening elsewhere.
link to original post


link to original post



No, I didn’t. I said UNLESS they consider that. Based on merit alone considering nothing else would be at least double to me.
jjjoooggg
jjjoooggg
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August 17th, 2024 at 10:39:01 AM permalink
Quote: mcallister3200

Quote: jjjoooggg

Quote: darkoz

What does all this have to do with resorts world?
link to original post



Previous poster said the fine should be more than double based on revenue and inflation.
Big companies are not immune to a losing year. A new company is still recouping start up cost. But this is all theory. No one really knows.

Quote: mcallister3200

Unless they take into account Wynn and RW’s respective financial conditions at the time, I’d think it’s gotta be at least double Wynn’s fine if it’s based solely on merit. More if they take inflation into account.

If not I’ll interpret it as they know it’s not rare and is/has been happening elsewhere.
link to original post


link to original post



No, I didn’t. I said UNLESS they consider that. Based on merit alone considering nothing else would be at least double to me.
link to original post



Double based on inflation and what Wynn financial number? I just now read Resort World is owned by someone else.

I just read it is owned by Genting Group. Maybe the original owner went bankrupt?
Last edited by: jjjoooggg on Aug 17, 2024
Born in Texas and lived in Texas my whole life.
mcallister3200
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August 17th, 2024 at 10:44:32 AM permalink
Based on the merit of the case ALONE I think it’s at least double. At least third time I’ve repeated that.

Was saying only way I can see it being less is because RW has struggled they might go “easy” on them rather than bury them, Wynn was perceived as doing well at the time.

You are nuts.
jjjoooggg
jjjoooggg
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August 17th, 2024 at 10:55:29 AM permalink
Quote: mcallister3200

Based on the merit of the case ALONE I think it’s at least double. At least third time I’ve repeated that.

Was saying only way I can see it being less is because RW has struggled they might go “easy” on them rather than bury them, Wynn was perceived as doing well at the time.

You are nuts.
link to original post



I just read that in 2013, Boyd Gaming sold to Genting Group. I shouldnt care. I dont know who they are.
Last edited by: jjjoooggg on Aug 17, 2024
Born in Texas and lived in Texas my whole life.
itsmejeff
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August 17th, 2024 at 1:00:50 PM permalink
The weird thing about this is that while it involves gambling and thus licensure directly, allowing some criminal guy to gamble at RWLV is going to get much less outside attention than sexual harassment claims. "Me too" is mostly dead now, but it made such allegations more newsworthy. This will be a blink and you miss type of new story unless something really bad comes out of it.
terapined
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August 17th, 2024 at 1:23:01 PM permalink
One of my favorite youtube channels
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billryan
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August 17th, 2024 at 1:46:41 PM permalink
My biggest problem with Red Lobster was that it was too noisy. The tables were on each other, and you had to speak loudly to make yourself heard. Service was always poor, so it attracted the type who valued cheap food more than service. Red Lobster hasn't been on my radar since I left NY in 2016.
The difference between fiction and reality is that fiction is supposed to make sense.
jjjoooggg
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August 17th, 2024 at 3:49:38 PM permalink
Mcdonalds founder did not want to sell fish burgers. He said it was too expensive. He lost a bet. A franchisee said that he could sell more fish burgers than pineapple burgers on lent Friday. Apparently, the franchisee priced the fish burger close to cost or below. After the contest, corporate said that the fish had to be downgraded to a cheaper fish and remove the vegetables. Periodically, mcdonalds will talk about removing the filet o fish. Why would corporate care if the franchisee absorbs any losses.
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DRich
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August 17th, 2024 at 4:15:02 PM permalink
Quote: jjjoooggg

. Why would corporate care if the franchisee absorbs any losses.



In theory, franchises are about consistency. If a customer orders a fish sandwich at one restaurant then orders one at a different restaurant and they don't have it it reflects poorly on the franchise.
At my age, a "Life In Prison" sentence is not much of a deterrent.
billryan
billryan
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August 17th, 2024 at 4:31:40 PM permalink
Quote: DRich

Quote: jjjoooggg

. Why would corporate care if the franchisee absorbs any losses.



In theory, franchises are about consistency. If a customer orders a fish sandwich at one restaurant then orders one at a different restaurant and they don't have it it reflects poorly on the franchise.
link to original post



Exactly. When I'm driving all day, I almost always eat at Mcdonald's because I know how my system will handle it.
The difference between fiction and reality is that fiction is supposed to make sense.
jjjoooggg
jjjoooggg
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August 17th, 2024 at 4:49:40 PM permalink
Deleted
Last edited by: jjjoooggg on Aug 17, 2024
Born in Texas and lived in Texas my whole life.
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