Re: Gulfstream in Jeopardy - I Talked To a Guy Who Knows A Guy Who Talked to a Guy. And 1031 Exchanges!!! (422 Views)
Posted by: Silver Charm (IP Logged)
Date: January 26, 2025 09:07AM
Look when Stronach tore down we the old building and put the Casino building up he missed the mark. We talked about how good "it used to be there" and we had an outdoor box on the Finish Line. But Stronach was the guy who got the Slot Bill thru legislation. It failed and he tried again. He had Entertainment and Comedy Clubs built into Gulfstream bit it wasn't big enough for somebody good and define good. A friend said Night Ranger "Sister Christian" is $300,000 at the Hard Rock. Whats Springsteen or Rod Stewart?
I heard Belinda Stonach was interviewed and perhaps said the Track has a place just not in the middle of a City. We'll moving to Palm Meadows might temporarily have some fresh Everglades air but it's going to take a full 500 acre Development. Multi Family Rentsl. Residential. Retail. Commercial. Industrial. Hotels. Golf Course. And a Race Track Casino Sports Book. But it's still not a Layup.
You need Investors with 10 year deep pockets. This is about money people. And go to some Big Hedge Fund or Institutional Investor "Investment Committee" and try and sell them on horses having a good place to gaze and get fresh warm air and your ass is laughed out of the room and told to never come back. But if its a $1,000,000,000 initial build out with expansion legs after that. The best investor and most motivated would be Stronach. There is something called a 1031 Exchange in Real Estate and if you roll over a Profit into a "Like Kind Asset" It's TAX FREE.
Somewhere in the middle of this Rooney and his Dog Track would need to compensated if not taken out. Because a Casino like would destroy his place. But don't feel sorry for them. They have owned that property for years with a Rent Paying Tenant (the Dog business) and the value of his Land has gone up and the Dog Tracks are dead if not for Full Card Simulcasting and SLots. And for Simulcasting they can thank Ken Dunn at Calder and Slots Thank Frank. And they are good people but are obstacles and haven't done anything but sit on their Land and business as it slowly dies.....
I heard Belinda Stonach was interviewed and perhaps said the Track has a place just not in the middle of a City. We'll moving to Palm Meadows might temporarily have some fresh Everglades air but it's going to take a full 500 acre Development. Multi Family Rentsl. Residential. Retail. Commercial. Industrial. Hotels. Golf Course. And a Race Track Casino Sports Book. But it's still not a Layup.
You need Investors with 10 year deep pockets. This is about money people. And go to some Big Hedge Fund or Institutional Investor "Investment Committee" and try and sell them on horses having a good place to gaze and get fresh warm air and your ass is laughed out of the room and told to never come back. But if its a $1,000,000,000 initial build out with expansion legs after that. The best investor and most motivated would be Stronach. There is something called a 1031 Exchange in Real Estate and if you roll over a Profit into a "Like Kind Asset" It's TAX FREE.
Somewhere in the middle of this Rooney and his Dog Track would need to compensated if not taken out. Because a Casino like would destroy his place. But don't feel sorry for them. They have owned that property for years with a Rent Paying Tenant (the Dog business) and the value of his Land has gone up and the Dog Tracks are dead if not for Full Card Simulcasting and SLots. And for Simulcasting they can thank Ken Dunn at Calder and Slots Thank Frank. And they are good people but are obstacles and haven't done anything but sit on their Land and business as it slowly dies.....
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