Central Scrutinizer Posted March 13, 2013 Report Share Posted March 13, 2013 Hi, StoneSoup, keep in mind this is a GoGo bar, so there will be another income stream based on barfines. This could add up quite a bit to the bottom line. Having said that though, I'd still not touch this with a barge pole Sanuk! Don't forget the bar gets half the price of the lady drinks. Also those ping pong balls guys buy and throw to the girls, the bar makes money off that too. (He said sarcastically.) Link to comment Share on other sites More sharing options...
Specialist Posted March 14, 2013 Report Share Posted March 14, 2013 On a somewhat-related note: Hustlers, the pool hall in the basement of the Times Square building (I think) is for sale. The owner is getting up in years, and has decided he wants to sell it and do something else. My first reaction is that I'd want to go over the books with a VERY fine-toothed comb. I've never seen the place not quite busy, all (or nearly all) tables in use. The sign mentions that they are one year into a 3+3 lease, which is a term I don't know, meaning (I think!) that I should NOT get involved in the business. Link to comment Share on other sites More sharing options...
torrenova Posted March 18, 2013 Report Share Posted March 18, 2013 On a somewhat-related note: Hustlers, the pool hall in the basement of the Times Square building (I think) is for sale. The owner is getting up in years, and has decided he wants to sell it and do something else. My first reaction is that I'd want to go over the books with a VERY fine-toothed comb. I've never seen the place not quite busy, all (or nearly all) tables in use. The sign mentions that they are one year into a 3+3 lease, which is a term I don't know, meaning (I think!) that I should NOT get involved in the business. Thai leases are often written as 3+3+3 where the second and third parts are essentially options to renew. These can be upon payment of key money or not. They can be legally valid, or not ! The reason behind the system is that leases over 3 years have to be written up on the back of the chanote and as such, are legally binding. The income received under those leases is also obvious for the tax authorities to see. As many landlords would rather not pay tax, they want leases of less than 3 years. Key money is essentially rent hidden from authorities, brown bag money if you will. Link to comment Share on other sites More sharing options...
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