PROFITS and LOSSES in the past 7 years, according to the public financial statements.
INCOME | Country Club St Georges Basin | Vincentia Golf Club |
Poker Machines | $46.2 million | $3.62 million |
Grants and Subsidies | $2.43 million | $100,000 |
SPENDING | Country Club St Georges Basin | Vincentia Golf Club |
Renovations and Maintenance | $12.92 million | $280,000 |
Promotion and Entertainment | $4.99 million | $686,000 |
Promotion Wages | $648,000 (past 5 years) | $0 |
TOTAL SPENDING | $18.558 million | $966,000 |
LOSSES | Country Club St Georges Basin | Vincentia Golf Club |
Bistro | -$834,000 | $0 |
Golf | - $2.43 million | - $1.00 million |
Bowls | - $1.05 million | $0 |
TOTAL LOSSES | - $4.314 million | - $1 million |
Country Club St Georges Basin spent 46 times more on ‘renovations and maintenance’ than they spent at Vincentia Golf Club.
Country Club St Georges Basin gave itself 24 times more in ‘grants and subsidies’ on offer than they gave to Vincentia Golf Club.
Country Club St Georges Basin spent nearly 20 times more in total than they spent on Vincentia Golf Club.
Country Club St Georges Basin spent 7 times more on ‘promotions and entertainment’ than they spent at Vincentia Golf Club.
Country Club St Georges Basin lost over 4 times more on ‘food, golf and bowls’ than was lost at Vincentia Golf Club.
Country Club St Georges Basin has the Paradise Beach Road investment properties lying idle for the past 6 years, purchased for over $3 million.
We leave it your imagination and good nature to consider why Vincentia Golf Club has apparently (according to Management)
been struggling.
Think about it… if you owned and operated two similar businesses in this way then surely you don’t have to be a genius to figure out why the one you have spent almost nothing on in the past 7 years just doesn’t seem to make a lot of money.
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