Las Vegas Resort CEO is a Big, Fat Liar!

Now, I was taught, while growing up, that if you can't say something nice about someone, say nothing at all.

However, I recently had the displeasure of talking to a CEO of a gaming company, who in an email and on the telephone told me the biggest lie of the year.

He said that a certain casino property was NOT FOR SALE!  And, because he was so bold in his pronunciation about it, I took him at his word.

Well, about three months pass.  And, in the local news was the headline that a certain casino had sold.

What?

Why would a CEO change his mind?  What enticed him to make the Sell decision?

I am at a loss because my Buyer just wanted at least an opportunity to make an offer to acquire the property.

Well, the CEO's explanation was that the buyer had inquired about the property constantly for about five years.

I had inquired, too.  But, since I was only a broker, the CEO decided to invalidated me as not being a true representation of a qualified buyer!

I had explained to the CEO that my client was already Nevada Gaming Approved, already owned six Nevada casinos, and owned two other casinos out of state.

So, this leads me to believe there was something more to this transaction that doesn't seem -- kosher(?).

I get the feeling that there is a little more than his brief explanation that something is going on behind the scenes. Is it something shady?  I don't know.

But, my question still is: Why not allow for a sales competition to go on in an effort to get the highest and best offer for the property?

Unfortunately, the CEO will never say what the true reason is for just allowing one person/company to bid and then close at a price I feel is below the market price for this property.

My Buyer client said he didn't want to get into a "pissing" war since the deal is done.

So, I am hoping that his company's board is done with this CEO.  Only an idiot would quietly sell a casino property so that only one company was able to make an offer.

In my opinion, he did NOT do what was best for the ownership entity at all!

Just my two cents!

Contacting David Howes is easy -- either by: davidATdavidhowesDOTnet OR call him at: 70 25 01 93 88 AND Follow David on Twitter: @DavidAHowes

ICYMI: Kickbacks are Illegal in Real Estate!

Now, I know this happens.  However, since I don't pay kickbacks, I don't know how agents get away with it; OR, why an agent would even do this in the first place!

But, in the past, I have worked at companies where (a few) agents, for whatever stupid reason, would agreed to pay a Buyer or Seller a kickback for using that agent to sell or acquire a property.

It is stupid.  It is unnecessary.  And, it is only because of the client's greed that they would do this.

In real estate, you are usually splitting the commission with the broker, and sometimes with a partner. So, why would you give any amount of money to either client whether they are the Buyer or Seller?

The Buyer, usually, is getting the benefit of acquiring the property -- in monthly rents.  So, they are making money anyway.
The Seller, usually, is getting the profit for owning the property.  So, they are making money anyway, too!

I just don't understand it.

I work hard for my commission fee.  I deserve to keep as much of it as possible.
And if a Buyer agrees or a Seller agrees to compensate me for helping them navigate a commercial real estate transaction, then I have earned that fee upon the close of escrow or the close of the sale.

And, I will not be held accountable for an action a few deem appropriate when in truth, it is inappropriate and most importantly, illegal!

Just my two cents!


Contacting David Howes is easy -- either by: davidATdavidhowesDOTnet OR call him at: 70 25 01 93 88 AND Follow David on Twitter: @DavidAHowes

Wrote another Purchase Offer for a Las Vegas Resort Casino!

For those who are interested and qualified, I wrote another offer for another Las Vegas Resort Casino Property last week.

Now, I do know that several others will be coming online in the next week to a month or so.  And, in order to receive any information about these properties, your company signatory (CEO or better) must fill out and sign the Non Circumvent, Confidentiality and Commission Agreement (you can find this located in the right column below this post) and email it back to me in order to receive any details on any property.

Also, since the current owner of these resort casinos will be requiring Proof of Funds, you might as well send that to me, too.

The owners have told me, that any offer to purchase MUST include that you as the Buyer must have the financial capability and provide Proof of Funds to close an escrow/sale of the property.

And, the offers must be from people/companies that are either currently licensed - or who are capable of being licensed by the Nevada Gaming Control Board. And, this is ALL prior to release of any property information.

The First is a larger property and it will run you +/-$1.5 Billion.  (That's all I am going to say about this property at this time.)

The Second is another large Resort gaming property that will run you around +/-$500 Million.

The Third is a smaller property that will run you around $110 Million.

AGAIN, if you want any information on any Las Vegas Resort property, click on the Las Vegas Casino Information button just below to the right, print the form, fill it out, have your company signatory sign it, and email it back to me.  Once received, I will provide you with the property details that fit your qualifying capacity.

Contacting David Howes is easy -- either by: davidATdavidhowesDOTnet OR call him at: 70 25 01 93 88 AND you can Follow David on Twitter: @DavidAHowes