349 to 1Posted: July 6, 2018
The more people examine the latest accounts the more sceptical they become.
This is how one member views the 2017 City Tatts accounts:
“Let’s see if I have this right”
“This bloke Veloz has delivered a net profit of $745,000. But he has been selling off the poker machine licences and that makes up $700,000 of the $745,000 profit”
“So really he’s managed to make a profit of $45,000 for the year”
“THAT’S WHAT ONE POKER MACHINE MAKES!”
“Let’s put this into perspective”
“According to the accounts he’s now down to 302 machines. We don’t know how many he sold during the year but let’s say he started with around 350”
“So if I understand this correctly, of the 350 machines he started with, the profit from 349 went to paying him, paying his “executive” team, paying the rest of the staff, paying for promotion, paying for building maintenance and other overheads”
“And that leaves one machine to make a profit for members”
“That’s 349 to 1”
“There’s something wrong with these odds”
Food for thought.
City Tatts Information Desk