Demoralized
Senior member
- Jul 20, 2013
- 294
- 3
- 76
The brothers will reap another windfall with an IPO that’s expected to value Red Rock at $4.3 billion including debt — less than half what it was worth in 2007. Most of the $496 million in net proceeds — assuming 27 million shares price at midpoint of the expected $18 to $21 range on Tuesday — will go to the Fertittas.
Red Rock plans to use $460 million to buy out Fertitta Entertainment, the brothers’ privately held management company.
The management company in 2011 signed a 25-year deal with the casino. The brothers will be paid out for the full contract in the IPO.
Red Rock is also paying off all the debt of the brothers’ company, including a $30 million loan for a 2011 Gulfstream jet that will be transferred to Fertitta Entertainment, filings show.
Critics of the deal — namely unions unhappy that Red Rock has kept out organized labor — point out that none of the IPO cash will go to pay down debt.
“It is alarming that potential investors in Red Rock’s second-class IPO are being asked to buy out an insider management company at a high, $460-million valuation, instead of paying down company debt or funding new growth initiatives,” said Ken Liu of Unite Here.
So in other news, dont any of you want to talk about how so many of you underestimated OSP?
OSP fought decently, but must have gassed later. He should have just let it all go in he fourth and fifth.
I thought OSP had a chance, not a good one but a chance.
I thought OSP had a chance, not a good one but a chance.
I was counting on Jones being rusty and not himself. However DC is in trouble.
So in other news, dont any of you want to talk about how so many of you underestimated OSP?
I dont think Jones has finished anyone since Chael.
Holy shit you are right! I wonder if that Gustafsson fight has turned Jon Jones into a giant chicken. Then again he has constantly ducked fighters throughout his professional fight career. He was constantly running away from both the Machida and Gustafsson rematches, and he has prevented both from happening yet so far.
I dont think its fear, but ego and arrogance. It seems like he tries to beat people his opponents at their strengths. And the other is the step up in competition. Glover, DC, and Gus are probably the best guys he has fought. I thought the OSP fight would go to a decision because Jones would try to out strike him, but OSP is pretty durable and doesnt really lose to stoppages. Jones would let OSP hang around while he tried to embarrass him. Jones proving he's better at his opponents strengths seems more important to him than just winning by any means.
Jones didnt exactly dominate OSP in the first 3 rounds of the fight. He was winning sure, but not dominating.
If DC was man enough to fight. There's to many convenient injuries these days.Maybe, maybe not. If DC was fighting that night, there is a good chance he would have taken Jon Jones to the cleaners.
Holy Carp, and he fought on and on!
If DC was man enough to fight. There's to many convenient injuries these days.
I guess jones wasn't hurt. I hope he looks better than he did against OSP.
he was getting confidence in his striking.
DC would have destroyed JBJ.