The Vancouver Business Thread - Page 83

cairnstone · #**1641** Posted **Mar 17, 2020, 3:11 PM**

Quote:

Originally Posted by Migrant_Coconut

Hell, half of Vegas has crippling construction debt - not a lot anybody can do about that. As it is, even 43% less means that PARQ breaks even overall.

The USA is based on crippling debt and fed backed schemes definitely not a model to follow

misher · #**1642** Posted **Mar 17, 2020, 3:28 PM**

Quote:

Originally Posted by cairnstone

The USA is based on crippling debt and fed backed schemes definitely not a model to follow

We don't follow we lead, our consumer debt is awful and our government debt is not much better.

WarrenC12 · #**1643** Posted **Mar 17, 2020, 3:53 PM**

Quote:

Originally Posted by misher

We don't follow we lead, our consumer debt is awful and our government debt is not much better.

Government debt is in fantastic shape. We need to spend money, primarily at the federal level. You're missing the bigger picture, again.

csbvan · #**1644** Posted **Mar 17, 2020, 3:58 PM**

As small businesses get absolutely devastated by this virus, I have to say, the Parq casino is, quite literally, the last place I care about. Many of this city's best bars, breweries, cafes and restaurants, owned and operated by talented locals, places that create the culture of Vancouver, will barely hang on. They matter.

misher · #**1645** Posted **Mar 17, 2020, 4:36 PM**

Quote:

Originally Posted by csbvan

As small businesses get absolutely devastated by this virus, I have to say, the Parq casino is, quite literally, the last place I care about. Many of this city's best bars, breweries, cafes and restaurants, owned and operated by talented locals, places that create the culture of Vancouver, will barely hang on. They matter.

Everything matters and they are all connected. We cannot pick winners and losers among all Canadians.

WarrenC12 · #**1646** Posted **Mar 17, 2020, 5:09 PM**

Quote:

Originally Posted by misher

Everything matters and they are all connected. We cannot pick winners and losers among all Canadians.

Support the employees directly, not the businesses.

misher · #**1647** Posted **Mar 17, 2020, 5:13 PM**

Quote:

Originally Posted by WarrenC12

Support the employees directly, not the businesses.

That's insane. When businesses disappear we lose employers. We can't just give fish forever, supporting the businesses allow the employees to fish for themselves. We're not a communist nation.

jollyburger · #**1648** Posted **Mar 17, 2020, 5:23 PM**

Yeah, I guess we're officially off topic now.

SFUVancouver · #**1649** Posted **Mar 17, 2020, 5:26 PM**

We need a dedicated COVID-19 thread to isolate and contain all these conversations and keep them from spreading throughout SSP.

Migrant_Coconut · #**1650** Posted **Mar 17, 2020, 5:35 PM**

Quote:

Originally Posted by cairnstone

The USA is based on crippling debt and fed backed schemes definitely not a model to follow

Point is, 100% private-funded casinos (and in the casino capital of North America no less) already have a high chance of failure, so I'm not sure why so much attention is focused on PARQ.

Come to think of it though, it's already funded with tax money, so getting the province involved isn't off the table. No pun intended.

Migrant_Coconut · #**1651** Posted **Mar 17, 2020, 5:36 PM**

Quote:

Originally Posted by misher

Everything matters and they are all connected. We cannot pick winners and losers among all Canadians.

So you want a stimulus package for every business in the entire country? Or are you saying that bailing out PARQ will magically help local businesses?

misher · #**1652** Posted **Mar 17, 2020, 6:58 PM**

Quote:

Originally Posted by Migrant_Coconut

So you want a stimulus package for every business in the entire country? Or are you saying that bailing out PARQ will magically help local businesses?

I'm saying we should support all Canadian companies and people.

Especially when we've instituted certain laws/regulations that are killing specific businesses.

Changing City · #**1653** Posted **Mar 17, 2020, 7:20 PM**

Quote:

Originally Posted by misher

I'm saying we should support all Canadian companies and people.

Especially when we've instituted certain laws/regulations that are killing specific businesses.

Your comments are, as usual, all over the place. All businesses operate under a variety of regulations. Sometimes those regulations change - always for a reason, although clearly not necessarily a reason that you agree with. Businesses learn to adapt or, very occasionally, close down.

If, as you claim, the entire casino business is 'struggling' and now 'being killed', because there are new rules that don't allow patrons to deposit large amounts of untraceable cash to gamble with, then that tends to support the position that money laundering - or something similarly shady - was involved.

The rules don't prevent gamblers depositing large amounts of money, they just have to say where it comes from. "Under the new regime, high rollers must verify the source of their funds if they seek to buy $10,000 or more in chips within a 24-hour period at a casino in B.C. – whether they use cash, bank drafts or certified cheques – before they are allowed to gamble."

You claim to be concerned at the high levels of government debt in one comment, and then suggest that the City of Vancouver should borrow money and increase its debt rather than increase taxes. In case you hadn't noticed, those are contradictory positions.

Migrant_Coconut · #**1654** Posted **Mar 17, 2020, 9:23 PM**

Quote:

Originally Posted by misher

I'm saying we should support all Canadian companies and people.

Especially when we've instituted certain laws/regulations that are killing specific businesses.

Except that again, the laws and regulations have had little to do with said businesses' performance. PARQ isn't special enough to warrant a bailout just for the virus; nationalization (like with TransMountain), maybe.

Alex Mackinnon · #**1655** Posted **Mar 17, 2020, 10:42 PM**

Quote:

Originally Posted by misher

I'm saying we should support all Canadian companies and people.

Especially when we've instituted certain laws/regulations that are killing specific businesses.

They already have. They lowered the interest rates. If they can't make a go of it with stimulus being injected, and lower rates then they might just not have a viable business plan. Their problem.

The casino doesn't really do much for society though, does it? It doesn't have any unique function, or particular societal benefit. It could collapse, and nobody but the debtors and owners would really care. Chances are it would keep running even through insolvency, aside from temporary shutdowns due to Corona.

officedweller · #**1656** Posted **Mar 18, 2020, 6:10 AM**

Allied Properties REIT to buy Vancouver’s The Landing
https://renx.ca/allied-properties-reit-to-buy-vancouvers-the-landing/

SFUVancouver · #**1657** Posted **Mar 18, 2020, 3:49 PM**

That's a great acquisition by Allied. They've really been growing their footprint in Vancouver over the last year, with the purchase of a Railtown redevelopment property, a newly completed office building on Columbia Street in Mt Pleasant, and a couple Yaletown properties, including one with the ability to add additional penthouse floors. They also own the Sun Tower and are doing a major restoration-reno-market repositioning of that property.

Their capital raises over the last few months look highly prescient now, and coupled with a strong balance sheet with declining debt put them in a good position to go shopping right now.

Changing City · #**1658** Posted **Mar 18, 2020, 4:15 PM**

Quote:

Originally Posted by SFUVancouver

That's a great acquisition by Allied. They've really been growing their footprint in Vancouver over the last year, with the purchase of a Railtown redevelopment property, a newly completed office building on Columbia Street in Mt Pleasant, and a couple Yaletown properties, including one with the ability to add additional penthouse floors. They also own the Sun Tower and are doing a major restoration-reno-market repositioning of that property.

Their capital raises over the last few months look highly prescient now, and coupled with a strong balance sheet with declining debt put them in a good position to go shopping right now.

No doubt Mr. Kerfoot was happy to pass on responsibility of managing the building too, now he doesn't need it to access his soccer stadium over the tracks (which is why he bought it all those years ago).

Allied are also joint venture partners in Westbank's Deloitte office under construction on West Georgia.

misher · #**1659** Posted **Mar 18, 2020, 5:00 PM**

Quote:

Originally Posted by Alex Mackinnon

They already have. They lowered the interest rates. If they can't make a go of it with stimulus being injected, and lower rates then they might just not have a viable business plan. Their problem.

The casino doesn't really do much for society though, does it? It doesn't have any unique function, or particular societal benefit. It could collapse, and nobody but the debtors and owners would really care. Chances are it would keep running even through insolvency, aside from temporary shutdowns due to Corona.

Bars, artists, music, etc. don't do much for society too. But they all pay taxes. Governments exist for the taxpayers its not up to them to pick winners and losers. And you know what? Some businesses are essential and most are optional. But we need all of them going strong to prosper.

SFUVancouver · #**1660** Posted **Mar 18, 2020, 5:24 PM**

Quote:

Originally Posted by Changing City

No doubt Mr. Kerfoot was happy to pass on responsibility of managing the building too, now he doesn't need it to access his soccer stadium over the tracks (which is why he bought it all those years ago).

Allied are also joint venture partners in Westbank's Deloitte office under construction on West Georgia.

And funding (in large part) Westbank's Beatty and Georgia office project.