Silver Dollar Casino Sold - Calgarypuck Forums - The Unofficial Calgary Flames Fan Community

VladtheImpaler · 12-16-2009, 03:16 PM

Happened to pick up a Metro while waiting for my haircut today, and noticed the Frank Sissons casino has been sold to the Century group (I believe - going from memory) for $10.6M. These guys already have a casino in Edmonton. The only reason I care is that this might mean another poker room in town.

SeeGeeWhy · 12-16-2009, 03:28 PM

Based on that price, my guess is that it pulls in ~30MM a year in revenue.

Why does the paper get to announce what it sold for? Are the current or previous owners a public comapny?

arsenal · 12-16-2009, 03:39 PM

Hopefully the make some changes to it. It seriously is the worst casino in calgary. I understand the reasoning behind making the casino hard to get out of. But it also as a side effect, makes it hard to find what you are looking for.
Not to mention it is pretty much out in the middle of no where.

On a side note, why card rooms only legal in the context of a casino? If you ran just a card room, and still followed the same rules (x% to charity, x% to govt, x% to card room owner), wouldn't that make it legal?

Bring_Back_Shantz · 12-16-2009, 03:44 PM

Quote:

Originally Posted by arsenal

Hopefully the make some changes to it. It seriously is the worst casino in calgary. I understand the reasoning behind making the casino hard to get out of. But it also as a side effect, makes it hard to find what you are looking for.
Not to mention it is pretty much out in the middle of no where.

On a side note, why card rooms only legal in the context of a casino? If you ran just a card room, and still followed the same rules (x% to charity, x% to govt, x% to card room owner), wouldn't that make it legal?

I'm fairly certain there wouldn't be anything stopping you from opening a card room
However, there are a few problems with opening an exclusive card room.
Specifically, getting the license to open a casino (which I'm sure it'd be classfied as) isn't exactly the easiest thing in the world to do. If you're going to go to all the hassle of getting a casino license, why would you stop at just cards? There's a lot more money to be made with slots than there is in hosting poker.

The Goon · 12-16-2009, 03:45 PM

I saw Restless Heart, Blackhawk, and Little Texas a couple of years ago in the then-under-renovation bowling alley. The look on the lead singer for Blackhawk's face was completely "I can't believe it's come to this."

yads · 12-16-2009, 03:46 PM

Quote:

Originally Posted by arsenal

Hopefully the make some changes to it. It seriously is the worst casino in calgary. I understand the reasoning behind making the casino hard to get out of. But it also as a side effect, makes it hard to find what you are looking for.
Not to mention it is pretty much out in the middle of no where.

On a side note, why card rooms only legal in the context of a casino? If you ran just a card room, and still followed the same rules (x% to charity, x% to govt, x% to card room owner), wouldn't that make it legal?

You could apply for a license yes, but you would have to meet all of the AGLC regulations. It's tough enough running a successful poker room in the context of a casino. Good luck when that is your only revenue source.

Prototype · 12-16-2009, 03:47 PM

IIRC, it has been sold for almost 2 years now, just some of the conditions (naming, percentages, etc) have been reciently completed. Frank's name is the only thing Frank has done for the Casino for that time, except collect a cheque.

I could be wrong, but I had a little inside info on the transaction.

fredr123 · 12-16-2009, 04:13 PM

Quote:

Originally Posted by SeeGeeWhy

Based on that price, my guess is that it pulls in ~30MM a year in revenue.

Why does the paper get to announce what it sold for? Are the current or previous owners a public comapny?

The owners who bought the casino from Sisson declared bankruptcy in April 2009: http://www.calgarysun.com/news/alber...71751-sun.html

My guess is that the figures from the sale were probably available in court documents and therefore public information.

Sisson sold the casino in 2007 for $22M. Now, the current owners are selling of $10.6M. Yikes. http://www.calgaryherald.com/busines...754/story.html

I_am_Beast · 12-16-2009, 05:09 PM

The stampede casino is going bankrupt and the Elbow is up for sale for 44 mill.... that includes all the land.

VladtheImpaler · 12-16-2009, 05:27 PM

Quote:

Originally Posted by I_am_Beast

The stampede casino is going bankrupt and the Elbow is up for sale for 44 mill.... that includes all the land.

Have our Asian friends deserted the city?

Prototype · 12-16-2009, 05:34 PM

Quote:

Originally Posted by fredr123

Sisson sold the casino in 2007 for $22M. Now, the current owners are selling of $10.6M. Yikes.

I knew he sold it earlier... thought he was still in the fold... bizzare that the new owners are bailing already. Funny that people still call it "Frank Sisson's".

Wookie · 12-16-2009, 05:37 PM

Quote:

Originally Posted by I_am_Beast

The stampede casino is going bankrupt and the Elbow is up for sale for 44 mill.... that includes all the land.

Stampede Casino is already bankrupt, has gone into control of the receiver, Deloitte and Touche effective August 17th. I had a look over the sale documents/financials/etc. It's probably into the DD stage of a sale and close to closing.

Didn't know about the Elbow. How'd (where, if available) did you hear about that?

TRIX · 12-16-2009, 10:17 PM

yeah I would like to know as well, since I went to high school with a grandson of the owners, I should ask him next time I see him

Wookie · 12-16-2009, 10:30 PM

Also heard the flames owners are trying for the stampede casino - but there have been other bids. So guess it isn't in the DD stage just yet.

burn_this_city · 12-16-2009, 10:55 PM

I hope they drive a bulldozer through that dump. It makes cash casino look like the Venitian.

Julio · 12-17-2009, 12:45 AM

Quote:

Originally Posted by Wookie

Stampede Casino is already bankrupt, has gone into control of the receiver, Deloitte and Touche effective August 17th. I had a look over the sale documents/financials/etc. It's probably into the DD stage of a sale and close to closing.

Didn't know about the Elbow. How'd (where, if available) did you hear about that?

Bids for Stampede Casino (it had been owned by the same guys who own the Deerfoot Inn and Casino) closed today. I can see it going for more than 10 million for sure, but a lot less than what it was paid for a couple years ago.

TRIX · 12-17-2009, 01:46 AM

the new stampede still overcharge for drinks and such? havn't been there since....long time ago

elbow is okay...don't mind the food at all

killer_carlson · 12-17-2009, 06:38 AM

wow.

I'm shocked to hear that casinos are going belly up. Blown away actually.

That's really interesting.

VladtheImpaler · 12-17-2009, 07:10 AM

Quote:

Originally Posted by killer_carlson

wow.

I'm shocked to hear that casinos are going belly up. Blown away actually.

That's really interesting.

Could it be that we simply have too many? For a city of $1M, with no tourist traffic other than for 10 days in July, we have a LOT of casino options...

Wookie · 12-17-2009, 08:16 AM

Quote:

Originally Posted by Julio

Bids for Stampede Casino (it had been owned by the same guys who own the Deerfoot Inn and Casino) closed today. I can see it going for more than 10 million for sure, but a lot less than what it was paid for a couple years ago.

Oh good,
Well, $25m is owed IIRC, it's a fantiastic building/location/improvements. Just maybe built a little to early in the development cycle of the area. I wondered about the lease. I never saw a copy of it or what they were paying, but thought with what dicks the stampede board can be if that wasn't one of the major reasons they couldn't survive. They signed that lease around the absolute PEAK!

Quote:

Originally Posted by TRIX

the new stampede still overcharge for drinks and such? havn't been there since....long time ago

elbow is okay...don't mind the food at all

As soon as Doilette took over they dropped prices to match elbow

Quote:

Originally Posted by killer_carlson

wow.

I'm shocked to hear that casinos are going belly up. Blown away actually.

That's really interesting.

Well so far only Stampede has gone under. The company who owned Silver Dollar went under I'm sure some of their assets were fine. The lower sale price is just reflective of the times and how foolish they might have been with their 2007 purchase.

Quote:

Originally Posted by VladtheImpaler

Could it be that we simply have too many? For a city of $1M, with no tourist traffic other than for 10 days in July, we have a LOT of casino options...

I'd wonder that too!