194 Pitt Street Hoax: 2 – The cost to the Club

194 Pitt Street has been a millstone for City Tatts since 2007

It has been the biggest single drain on the Club’s finances since then.

Back in 2007 City Tatts owed about $10 million to the bank, which it could comfortably repay over time.

194 Pitt Street cost $9,250,000, plus $500,000 in stamp duty, and the Committee borrowed the entire amount. The annual interest bill was $740,000 and with other building expenses the total holding cost was $800,000 every year.

But because the building never produced any additional income, the $800,000 had to come out of existing earnings. So not only were they unable to repay any of the $10 million borrowed for 194, they could no longer repay the existing bank loans – because the entire profits of the Club were now going in interest.

Without 194 the existing bank loans would be repaid by now.

And that only begins to describe the disaster.

The building itself had serious problems that were bound to be very expensive to fix. Heritage and fire requirements were just some of the major issues. The fact that 7 out of the 8 floors are still idle after 9 years is the best indication of the work required.

Most of this was concealed from members, and the portion that was mentioned was downplayed.

City Tatts Information Desk

Advertisements

194 Pitt Street Hoax: 1 – What it would do for members

When the Committee decided to buy 194 Pitt Street, they needed members approval.

Their main pitch was what the building would do for members.

Basically, none of the promised benefits have materialised.

The cafe and restaurant never happened. In fact, they got a very swift rejection from Sydney City Council.

The new admin offices never happened.

And the terrace for smokers was later duplicated at the Silks street frontage, proving that it could have been there all along.

The only part of the building ever to be used, the ground floor, only highlighted how dishonest the Committee had been. The poker machines installed in 194 were just moved down from the Masquerade area. This farce was later exposed by Tony Guilfoyle himself when he started selling poker machines. That showed that Silks could easily house all the poker machines that were needed.

It’s simple.

The only reason Guilfoyle wanted to buy 194 Pitt Street was for the property development he always dreamed of.

City Tatts Information Desk


Francine Binns and Annette Niven – Decision to run for committee

Ok, so Binns & Niven got elected and you can’t understand it?

But back up a bit.

If their election is hard to understand, what about their decision to run in the first place?

If anything, this is stranger than the election result.

What would possess two people who are completely unknown to members to believe they could be elected to the committee? If you think about it there is no reason for them to even stand.

But they did stand – and were elected first time!

The only explanation is that they were told “if you stand you will be elected”, not “might be elected”, not “a chance of being elected” but “will be elected”.

And who would have told them that?

Presumably, Linda Fitzhardinge.

City Tatts Information Desk

 


Corrupt Campion Chairman Communication

June 23rd, 2017

Thank you to City Tatts Information Desk who provided members with an honest assessment on the Land & Environment Court judgement rejection of our proposed development. In fact they accurately predicted this a year ago (see Guilfoyle’s property development is dead).

Your Board has decided not to read and consider the judgement in detail but instead to obtain more expensive advice on the ruling. We already spent $5 million up to December 2016. But that was before we enlisted a small army of “experts” to prepare and present our failed attempt at the LEC. So we are now up to $6 million – with nothing to show for it. We will continue to spend money on more failed attempts, until it’s all gone.

Although the overall outcome was disappointing, and by that I mean total failure, there were some positive elements from the judgement. In particular the court did not investigate the financial aspects of the deal agreed with the developer, because if they did we would be in deep shit.

The Court’s major issue was with heritage items in the Lower Bar (just like Mirvac told us two years ago) and this will be an impossible barrier to any future development. Tony Guilfoyle was determined that a development would happen! Unfortunately he proved to be even more incompetent at property development than he was as CEO, which is not easy. However we feel it is only right that the board continue his path of destruction.

Our Chinese developer is keen to keep up the facade that he will lodge a new development application. But then, he was “quietly confident” about the last development application, which would have meant we would not need a new one. We are looking at all available options, except the only one that makes sense: drop this corrupt property development before we all end up in jail. I will continue to deceive members as usual.

Tweedledee (Patrick Campion)

Chief Liar

City Tattersalls Club

 


One Big Happy Family

A MEETING HELD RECENTLY  AT THE CLUB OFFICE

JAN ELLKS:  “Marcelo, Pat Campion and Linda Fitzhardinge are here for your 10 o’clock meeting”

MARCELO VELOZ: “Send them in Jan”

MARCELO: ” Pat, there is something I have to explain about my departure from Dooleys and the leaked information about my sacking for theft”

PAT CAMPION: ” There is no need to explain anything Marcelo, we knew you were a bit shifty but , until now, we didn’t realize you were one of us. Welcome to the club”

MARCELO: “But Pat, how are we going to deal with it and how are we going to explain it to the members?”

PAT: “Don’t worry about it, we are experts at handling our gullible members. We’ll put our “denial and/or justification” strategy in place and blame the usual “disgruntled members” for making false claims. We know Dooleys will be reluctant to officially confirm your sacking because, just like us when we sacked Guilfoyle and his girlfriend, they will not only be trying to protect their club and the club industry but themselves, as they are also criminally responsible for the theft, corruption and the cover up. So don’t worry Marcelo, even though you got Dooleys for plenty, it is insignificent compared to the millions that Guilfoyle rorted over the years”

MARCELO: ” There is another problem that might have to be dealt with from Dooleys.    I became “friendly” with a receptionist and it didn’t end well….”

LINDA FITZHARDINGE: ” Marcelo, Marcelo you worry too much. Guilfoyle had multiple affairs with club employees, including Michelle, Lisa-Faye, Tania and, of course, Kirsty. He paid them inflated salaries with regular unjustified pay increases. Guilfoyle even organised overseas “study trips”, paid for by the club, so he could meet up them. On a five week American family holiday with his wife and five kids he even fabricated a golfing  component to the vacation, as an excuse, so he could meet up with Tania and Kirsty who, coincidentally, were in America at the club’s expense on one of these study trips. But you can’t blame men for being men, Jan and I always had a soft spot for him”

MARCELO: “Thanks to both of you, I feel a lot more at ease now that we have had this meeting today”

PAT: ” Marcelo, we worked very closely with Guilfoyle on things that were mutually beneficial but in the end we discovered that he got too greedy. He also made the cardinal sin of involving one of his girlfriends in the schemes. We were left with no other option than to call a special board meeting, sack both of them on the spot and ask committee members Hurley and Berry to escort them off the club premises. We then had to agree to an acceptable payout to stop him from rolling over and implicating us in the corruption. We obviously could not disclose this amount to the members because they were fed the spin that Guilfoyle departed because we could not agree to the terms of a new contract. So if you’re ever questioned on Guilfoyle’s departure you must support our version and not disclose the payout. Marcelo don’t make the same mistakes as Guilfoyle”

MARCELO: “You both can rest assured that you have my loyalty”

PAT: ” Today’s meeting confirms that we made an excellent choice in appointing you”

MARCELO: “Thanks Pat, thanks Linda”

 


Dramatic drop in gaming

There was one amazing statement at the AGM in May.

Apparently, revenue from poker machines is down 13% for the first four months of the year.

Could this be right?

There has never been a drop like this, even under that imbecile, Guilfoyle.

Or is this just Marcelo Veloz clearing the decks, to make his own tenure look better?

It has always been a mystery how the poker machine profits could be so steady during Guilfoyle’s time, year after year, while membership dropped continually.

If this drop is real, the club is in a death spiral.

City Tatts Information Desk

 


Look at the absurd position Campion has got himself in

Just stop and consider the absurd position Patrick Campion has got himself in.

After finally getting rid of the worst CEO in the club industry, he found the worst possible choice to replace him.

Clearly, hiring Marcelo Veloz was an act of desperation, but now Campion is stuck with him.

He must be regretting this every day but instead he has to defend him.

In other words this is a re-run of his relationship with Tony Guilfoyle.

Campion’s problems all began because he was too weak to tackle Guilfoyle. Then when members called on him to take action he couldn’t bring himself to admit he was wrong – and instead gave more support to Guilfoyle in a feeble attempt to hide his mistake.

All this did was dig a bigger hole for himself.

Which is why members are treated to hilarious performances at the AGM where Campion is forced to:

  • Talk up Marcelo Veloz – even though he is only there because the previous golden boy was sacked without notice!
  • And talk up the property development, with more lies about how well it is going – even though the whole property development is a protracted disaster all caused by Guilfoyle

City Tatts Information Desk