Eric has boondoggeled this public company.
I was expecting a professionally run business with foresite and business suavy. Instead we get small mind thinking of drunken little boys who think it's only as easy as putting T & A's on a dance floor, to music.
More shops with the same mindset means more pitiful results.
Go ahead management. After 6 years, show me a return on the invested dollar. I'm waiting for an inteligent reply.
This has been an unproductive investment for the past 5 years, but the company has made progress, even if the stock price does not reflect it. Their decision to enter the Vegas market was a disaster. It was poorly timed, and way too expensive. However, at the time, most people thought it was a great opportunity (me included). Hind sight is always 20-20.
If you gave mgmt back the $15-20 million lost in Vegas, the company would be in a completely different position. That Vegas loss would have funded another 10 clubs in this timeframe. I'm holding on for the long term.
Eric has made mistakes, but now is not the time to be short this stock. Now with revenues ramping and such a good report last quarter. Even if you are totally right about Eric doing a poor job, it will sell for 1.5 book and low teens. Its a cash cow and investors love that flow. Im a huge buyer at these levels.