Perth Racing announce Belmont grandstand to be demolishedWest Australian Racing

IntoIt

Is it a poisoned chalice PR wants to pass to the government? I can hear the sigh of relief from here!

paraletic

Damien Wyer said:

Just thought I would throw this article into the mix, if you didn't know already.

https://au.news.yahoo.com/thewest/a/25262904/perth-property-confidence-collapses/

Didn't read the article but I also see that Finbar is releasing another 100 odd apartments in Northbridge. Crazy stuff....

Legless

on the back of imminent rezoning I see old govy 3 x 1 veneers on decent sized blocks in Coolbellup are being sold for 600k plus :O

thefalcon

where is the money coming from to buy these properties? madness?
saw in the paper the other day, the number of high rises for northbridge is breathtaking.....who is buying them...all +500k....

Rodent

How about this house across the road from the members car park at Canterbury racecourse. $1.4m doesn't get you much!

http://www.domain.com.au/property/sold/house/nsw/ashbury/?adid=2011362161&sp=5

Legless

Seems if a decision has been made it "might" be announced  Monday night at the AGM

https://au.news.yahoo.com/thewest/sport/racing/a/25315960/major-plan-for-belmont-the-best-bet/

RIO

Oh yes...the wonderfully well publicized AGM..Open to full paying members only - yet most criticism is levelled by non-members.

if i waste an hour or two of my time and go to this one it will be wonderful to see
a,) If Ted is there...
b.) all questioned are answered...
c.) Watching people trying to make a statement rather than ask a question.
d.) the interesting way the board explain why they are even more wonderful than last year
e.) what force outside their control has impacted them in a way that no-one could predict.
and
f.) ALL OF THE ABOVE

And they wonder why people don't go???? As a memeber i get one notice of the impending AGM, Generally a month before it happens..... However also as a member i get bombarded weekly with promotional stuff trying to get me (as a fully paid member) to buy tickets for this special day and that special day and the other special day....

There, my very tame rant over...no need to go now..

Edit..only another $83mil the club will need to go into debt for??? or did i read that wrong??? The main reason for selling the land was to get cashed up and never be in debt again!!!! of course the situation has changed and that is out of their control....  E

TheDiva

Was there any further information on what was meant by "the last meeting at the Belmont Park Grandstand"?

Nothing in that latest release? 

DamienWyer

RIP Harvey Crossman. Once considered the next Chairman of Perth Racing, now just another notch on Ted's holster according to this story with Eddie Rigg titled as his 'deputy'.

RIO

I have a copy of the letter and a copy of my request for clarification.. Both will be taken to the AGM and a please explain will be asked for....

Response B, it's not the appropriate time to deal with individual situations like that.

=)) =))

Tivers

Tivers said:

The Diva said:

That or it was just a grammatical error

As I was saying

RIO

now we are getting into what PR are really good at creating confusions.

The option to demolish the old grandstand in early 2015 was mentioned in the article in The West, but not in the press release...So as with the letter, (Last meeting at Belmont Grandstand letter) you need to interpret a few things..PR will judge - after public comment - which line is most popular and then head in that direction..

DamienWyer

Trying to make a developer spend money they don't have, to enforce a deadline in a contract, what sort of relationship is that to have with the entity that is supposed to be making you so much money ?

I think Golden River are looking for an out.

paraletic

Kudos to the club for at least getting the study done. The only thing is blind freddy could have made those assumptions put forward by Deloitte.... At next to no cost.

Off course the business model was rooted.

Yes, burswood peninsula is the place to be with Crown and the new stadium.

Lights, lights would be good here

Time zones into asia are a real plus, lets hope they bet

We did have a good grasp on these things before. But Deloitte probably charged upwards of $100k for the privilege of putting it on their company letterhead.

 

 

TheDiva

Tivers said:

Tivers said:

The Diva said:

That or it was just a grammatical error

As I was saying

would have been pretty easy to nip it in the bud if a grammatical error? But that hasnt been done either?

DamienWyer

paraletic said:

Kudos to the club for at least getting the study done. The only thing is blind freddy could have made those assumptions put forward by Deloitte.... At next to no cost.

Off course the business model was rooted.

Yes, burswood peninsula is the place to be with Crown and the new stadium.

Lights, lights would be good here

Time zones into asia are a real plus, lets hope they bet

We did have a good grasp on these things before. But Deloitte probably charged upwards of $100k for the privilege of putting it on their company letterhead.

 

 

What a flawed report.

The only chance for any income from the football stadium now, is as an overflow carpark. I think and always have, that Packer won't leave a stone unturned in getting people to migrate back towards the Casino after events. The families at the footy will go home via the train and Perth Racing will cease trying to be an all night after game venue, less than six months into the season.

Because the Committee of Perth Racing can't be held responsible for any money lost in this venture, as they are protected by a Constitution written many years ago, they will not be stopped in this madness not matter how far it goes.

DamienWyer

Have been reliably informed by a media source, that another high level resignation will take place in the days following the Perth Cup.

thefalcon

you are well informed, damo....you are 100% correct.
but WHY wait until after the cup...that's got me confused.

RIO

Are you sure its a resignation???? I heard slightly different

DamienWyer

RIO said:

Are you sure its a resignation???? I heard slightly different

I have sent you a message on fb

thefalcon

usually when somebody in an executive position resigns or is, err, sacked its an immediate departure.
but we are talking about PR. :-??

DamienWyer

We are talking about two different people. One is a certainty, the other may be talked down from jumping but I doubt it.

DustyCarpet

Damien is at it again, "I have been informed by a reliable source but I cant tell you who"?

That's something we can all believe I cant wait!

DamienWyer

DustyCarpet said:

Damien is at it again, "I have been informed by a reliable source but I cant tell you who"?

That's something we can all believe I cant wait!

To name either the person who rang me with the story, or the person whom it is about, would be betraying a confidence.

So when it happens, you can be surprised, I will expect it.

DustyCarpet

Has anything you said in the past happened??  I can make up stories from what I have heard at the track on Saturday too. You should go into the media because you sound like them. I have a reliable source HaHa!

thefalcon

dusty, Damien is a fair dinkum good bloke.....he does not spread idle gossip.

DamienWyer

DustyCarpet said:

https://au.news.yahoo.com/thewest/sport/racing/a/25365793/glittering-60m-belmont-blueprint-ready-for-launch/

Okay so $60M for a new grandstand. They have $35M in the bank.

No further income from the Belmont development that has no commencement date according to Golden River (I rang them making them an offer on the land if they were interested in selling).

So 60 less 35 is $25M.

Anyone know how long it takes to repay a $25M loan ?

If I am right on the $35M left in the bank, that means no further work can be done on Ascot as they will have no money for that.

Anyone on the Committee is welcome to clarify.

RIO

you've made no allowance for the $2mil/year they lose in operating turnover and any allowance for fit out of the grandstand.

Lets suggest it takes 2 years to complete ($4mil turnover lose) + fit out of grandstand ($20mil guess) so they may need as much as another 24 mil, so that they can continue to run at a loss of $2mil/year.

I'm so glad I don't have to take a loan out for hat after committing to the members that they would be debt free once the land is sold and we'd never have to go back into debt again...

 

EDIT...they say we wont be taking on anymore debt??????? Do they have a secret fund that members are not aware of??

Jordan

New grandstand looks awesome

RIO

I've seen two artists impressions of previous proposals and they also looked sensational, so I'd expect nothing less.