John Healy – the Club Patron!

Since our recent blog mentioning former City Tatts Chairman John Healy the phones have been ringing hot with more juicy details.

The most constant tale describes Healy as a “wolf in sheeps clothing”. Apparently Healy had a roving eye. One of his gym disciples describes him as a “lecherous pervert”. This despite Healy acting as the devout family man and committed Christian.

Healy loved to sit in one of the club’s restaurants for hours – almost daily. He would order a free meal and eat. He would also pretend to read the newspaper or a book but ….. really he was just looking. He would position himself at the best vantage point to ogle the female staff. He didn’t think they knew. They knew alright, as the gym crew can confirm. Some of the female staff felt sorry for him because he seemed like everyone’s grandfather but truth be told he was just an old pervert.

The men’s gym is abuzz about Healy’s lecherous ways and we can report that not all in the gym approved of this, or his rorts, but let it go because they didn’t want to be seen as troublemakers.

Given that Healy was such a pervert is there any wonder why Guilfoyle was able to get away with everything he did?

We are also hearing more about a little arrangement in the gym whereby he would receive a nice regular cash bounty for doing absolutely nothing. Nice work if you can get it, and we will tell you all about it shortly. We just need to confirm the details because even we found it hard to believe.

City Tatts Information Desk

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The committee have always been the real problem

Remember the blogs about Guilfoyle’s team of “executive” misfits? This collective team of imbeciles would attend his meetings and leave shaking their collective heads such was the level of studidity this fool displayed.

The really sad thing is that he seemed to believe his own bullshit. Even his “executive team” thought he was mad and were laughing at him behind his back.

Now if the “executives” were laughing what were the committee doing? Were they laughing too or were they captivated by this imbecile’s ramblings?

This is a very pertinent question because the nucleus of the same committee is still there. If they believed Guilfoyle’s nonsense so easily it only stands to reason that they swallow whatever Marcelo Veloz is telling them. Is it any wonder that a Chinese developer has control of the club’s land thanks to a deal that Veloz and the committee did? It is only a matter of time before this goes bad.

Wouldn’t you think the old adage “once bitten twice shy” would apply?

Apparently not at City Tatts.

Coty Tatts Information Desk


The cracks start to appear

You really should have a look at the latest accounts.

There are two very important things you will learn about how the club is going.

First, profit from poker machines is down from $19 million to $17 1/2 million. That is very significant.

Second, the net profit for 2017 is $745,000 but that is only after including a $700,000 profit on the sale of poker machine entitlements. So really they are operating at breakeven.

Putting these two facts together means the cracks are starting to appear.

Remember this was the first full year of Marcelo Veloz and it is clear he has no answers. Although to be fair the real damage was done by Tony Guilfoyle over the previous ten years.

This is exactly what the property development was meant to hide. On the original timetable construction was supposed to be underway by now. If that had happened the drop in trading due to years of mismanagement might not be noticed or could be brushed off as unimportant. In fact the committee could have blamed the property development for the poor trading during 2017 by claiming they were winding down to prepare for construction.

But because there is no construction that excuse is not available.

City Tatts Information Desk


Key management personnel – Will Corbett!!

Just who is running City Tatts now?

It definitely isn’t Marcelo Veloz because all his time is taken up rorting and thieving just like he did at Dooleys. And when he’s not rorting and thieving he’s trying to gift the club to a Chinese developer.

So who is actually in charge?

It’s not Daniel Graham because he needs a map just to get to work each day and when he is there he is a stumbling bumbling mess.

It might be Will Corbett, although if you saw him on display in the club before the Mardi Gras you wouldn’t think so.

Prior to heading out to the parade Corbett was parading around the club in little tight shorts and no shirt. Yes, you heard that right, this imbecile was parading around the club prior to the Mardi Gras preloading on booze before meeting his “mates”, dressed like an Oxford St tramp.

Now with all the bars and clubs in Sydney to choose from this idiot went to the one he works at for pre Mardi Gras drinks. Why? It doesn’t make sense. What’s that saying, you don’t shit where you sleep? So why go to where you work and behave like a total wanker? We can advise it was to load up on free booze.

What a total lack of respect and dignity this idiot displays towards the club, the members and fellow workers.

Next year maybe the committee will organise a float for the Mardi Gras. Come to think of it, that’s not a bad idea and something we could advise on.

City Tatts Information Desk


The Spanish Club – The future of City Tatts

Now that we have a better guide to how club property deals play out, thanks to the Spanish Club in Liverpool Street, we can set out the likely scenarios for how the City Tatts property deal will go.

Scenario 1 – Sell site with planning permission

Chinese developer buys for $25 million, gets Stage 1 DA (eventually), sells “as is” for $75 million. Sale terms “not disclosed” for “commercial reasons” ie. to hide the profit.

Scenario 2 – Complete the development

Complete the development – probably around 2027

Chinese developer has mortgage over all parts of completed development

Club, already struggling from falling membership and years of construction, is pushed to the brink by the additional $10 million it borrowed to fit-out it’s own floors

Chinese developer accepts newly constructed retail space as payment for fit-out loan

Retail space which was rented for $300,000 pa. for use as TAB/Cafe/Shop is suddenly leased to international premium retail chain for $2 million pa.

Club, now struggling even more, agrees to give up one floor to the Chinese developer as part payment of remaining loan

Chinese developer immediately leases floor at rent indicating floor is worth twice the valuation used in loan repayment

One by one, club floors are handed over to the developer as loan repayments

Club closes – for good

 

It’s not often you get to see a fraud play out in slow motion in public.

City Tatts Information Desk


$140 million !!!

Believe it or not, the City Tattersalls Club building is now worth $140 million.

At least that is the opinion of Preston Rowe Paterson according to the latest accounts.

This means that the value of the club’s building has gone from:

  • $62 million at December 2014, to
  • $82 million at December 2015, to
  • $140 million at December 2017

Could this be right?

During that time Patrick Campion, Tony Guilfoyle and Marcelo Veloz tried repeatedly, and failed repeatedly, to obtain even a Stage 1 DA. So we can be certain their efforts could not have produced any increase in value.

And there has been no general increase of that magnitude in Sydney CBD values that could explain it.

So what could have caused the dramatic increase?

Then consider the various deals Patrick Campion agreed to for the club’s site.

In December 2013, when the value was $62 million, Campion agreed to let Mirvac build 250 apartments on the site and keep all the profits, for $25 million.

In April 2015, when the value was heading to $82 million, Campion agreed to let a Chinese developer build 250 apartments on the site and keep all the profits, for $25 million.

In February 2018, when the value was $140 million, Campion agreed a “new” deal whereby the Chinese developer could build 250 apartments and keep all the profits, for ….. $25 million.

Does this make sense?

Or, to put it another way, is Campion a complete fool or is he working for the developer?

City Tatts Information Desk


Mary McKillop revalues City Tatts property

In an exclusive scoop we can confirm that Mary McKillop was behind the sudden increase in the value of land and buildings at City Tatts.

A spokesperson for Preston Rowe Paterson confirmed that Mary McKillop appeared before the team preparing the valuation for City Tatts. “Yes, they were just about to issue the report showing no increase in value when Mary appeared and said it was worth $140 million. It did seem a bit strange at the time but I suppose Mary would have a better idea of CBD property values than us“.

The spokesperson added “We can’t recall this happening before when valuing a property but you come to expect strange things at City Tatts“.

The spokesperson finished by saying “We are open to doing valuations on the same basis for other clients although obviously there will be an extra charge for increases in valuation due to divine intervention“.

City Tatts Information Desk