Richard Lesher Posted January 23 Author Share Posted January 23 Vanguard opened up a new Bingo Location. My worries are now greater. If they do not have the same Pull Tab (mini lottery tickets) sales ratio against traditional bingo games, the operation is going to end up draining money. They will literally be losing money on this operation. 1) They are starting 2024 with a much smaller reserve fund than they did in 2022. 2) The staff payroll appears to be very stacked (and heavy). 3) There is a better than not chance that the new Bingo location loses them money. Link to comment Share on other sites More sharing options...
JimF-LowBari Posted January 23 Share Posted January 23 1 hour ago, Richard Lesher said: Vanguard opened up a new Bingo Location. My worries are now greater. If they do not have the same Pull Tab (mini lottery tickets) sales ratio against traditional bingo games, the operation is going to end up draining money. They will literally be losing money on this operation. 1) They are starting 2024 with a much smaller reserve fund than they did in 2022. 2) The staff payroll appears to be very stacked (and heavy). 3) There is a better than not chance that the new Bingo location loses them money. Next question (to be answered later) is will they be starting games on nights where other more established games are already operating? Link to comment Share on other sites More sharing options...
ironlips Posted January 23 Share Posted January 23 (edited) 1 hour ago, JimF-LowBari said: Next question (to be answered later) is will they be starting games on nights where other more established games are already operating? I think it's necessary to understand the landscape. This is one of the most densely populated and affluent zones in the San Francisco Bay Area. There is no scarcity of gamblers of all types, Bingoites included. Days (or evenings) of the week will matter much less than the size of the pots, I think. That said, Bingo itself is declining overall, even as corps operating expenses increase. To generate sufficient funds, it will be necessary to diversify income sources, as their neighbors to the north have been doing for years. Edited January 23 by ironlips additional info 3 Link to comment Share on other sites More sharing options...
bluecoats88 Posted January 23 Share Posted January 23 instead of bingo halls they should open up some poker rooms. 2 Link to comment Share on other sites More sharing options...
Terri Schehr Posted January 23 Share Posted January 23 43 minutes ago, ironlips said: I think it's necessary to understand the landscape. This is one of the most densely populated and affluent zones in the San Francisco Bay Area. There is no scarcity of gamblers of all types, Bingoites included. Days (or evenings) of the week will matter much less than the size of the pots, I think. That said, Bingo itself is declining overall, even as corps operating expenses increase. To generate sufficient funds, it will be necessary to diversify income sources, as their neighbors to the north have been doing for years. I have no doubt it’s declining. The clientele is dying off. And people my age and younger don't seem to be very interested. I’m not. My mom played bingo a lot but she’s been dead 13 years. 1 Link to comment Share on other sites More sharing options...
greg_orangecounty Posted January 23 Share Posted January 23 31 minutes ago, bluecoats88 said: instead of bingo halls they should open up some poker rooms. They can't even seem to manage Bingo at this point and operating a card room is a whole different level of accountability; background checks, licenses, financial background checks (oops), work permits for each employee, etc. etc. Plus, those types of places have a tendency to attract criminal and corruptive elements, which is the last thing Santa Clara or any youth-based organization needs. I doubt upscale Santa Clara County would allow it anyway. Link to comment Share on other sites More sharing options...
JimF-LowBari Posted January 23 Share Posted January 23 (edited) 1 hour ago, ironlips said: I think it's necessary to understand the landscape. This is one of the most densely populated and affluent zones in the San Francisco Bay Area. There is no scarcity of gamblers of all types, Bingoites included. Days (or evenings) of the week will matter much less than the size of the pots, I think. That said, Bingo itself is declining overall, even as corps operating expenses increase. To generate sufficient funds, it will be necessary to diversify income sources, as their neighbors to the north have been doing for years. I was thinking if people were looking for Bingo on certain night(s) and there already is a place, they would be Bingoing there already. Not like a new place is going to create a full hall of new Bingo fans. Unless Bingo halls in the area can’t handle the present demand and people are being turned away. Caveat is I don’t know how many places there are in SCVs area. Harrisburg had lot of little games run by groups. Then a big money business came in and tried to run the little ones out of business. During that mess PA made bingo halls non-smoking which took a huge bite out of customer base. No idea of current situation And of course bigger pots = less profits which is SCVs weak point Edited January 23 by JimF-LowBari Link to comment Share on other sites More sharing options...
Jeff Ream Posted January 23 Share Posted January 23 5 hours ago, Slingerland said: An ideal partnership with a strong CEO acknowledges that the CEO has to have the ability to be honest with the Board about any weakness they see, including Board members that no longer fit. If they wanted someone to be the public face for them on this whole mess but have no actual ability to shape their future, that's one type of hire, but if Mr Galvin understands the actual dynamics of the situation, he won't be shy about being honest with the Board that they themselves are the ones to blame, and that some falling on swords is in order. You can do it quietly, but there's no question that a fresh Board is in order. you assume people are willing to set aside ego and assume culpability. given the (lack of) actions over the last 4 years, i'm not sure that's gonna happen Link to comment Share on other sites More sharing options...
Jeff Ream Posted January 23 Share Posted January 23 1 hour ago, bluecoats88 said: instead of bingo halls they should open up some poker rooms. thats a whole different can of legal worms thats probably not worth it Link to comment Share on other sites More sharing options...
Slingerland Posted January 23 Share Posted January 23 (edited) 40 minutes ago, Jeff Ream said: you assume people are willing to set aside ego and assume culpability. given the (lack of) actions over the last 4 years, i'm not sure that's gonna happen I assume professionalism, yes. Orgs and individuals who can't embrace that should go do something else rather than be in management. In Galvin's case, he has to recognize where the stink comes from, and make the case to the Board that some of them are going to need to step away. He has all the leverage he needs in having the power to step away himself, which would stick a stake through the org's heart once and for all. The situation out there has gone on long enough, and someone's going to have to be the sheriff. Good management sees where the problems are and addresses them, even if "the problem" is their direct reports one direction or the other. Edited January 23 by Slingerland 1 Link to comment Share on other sites More sharing options...
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