Being leased a table for $1500 a month....

[Wesker1982]

Haha, thanks for all the help. People actually do go out to the bars when its 50 below zero believe it or not, drinking is pretty popular here, not much else to do. I actually got lucky in this deal, good timing and a few connections.

I haven't gone over everything with the owner yet, but I am pretty sure he wants to give discounts on drinks or free drinks for winning with certain hands (7-2 or something along those lines, encouraging maniac play I guess). I think what he wants to do is just keep a tab for the table drinks and add it at the end of the month, not sure yet though.

Chips and cards are included in the $1500. I might buy a new set of kems or copags though since I am not sure if they have regular index, when I played there they were always using jumbo index kems.

Other than drinks, $1500 should be the only expense. But I will definitely consider hiring another dealer as long as profits are as good as you expect. [img]/images/graemlins/laugh.gif[/img]

As you can tell, I am just a little apprehensive and overwhelmed with all of this, since I refuse to get a normal job, my life depends on this! [img]/images/graemlins/grin.gif[/img]

[youtalkfunny]

Don't kid yourself, you're buying a job here. This thing is not going to run itself.

If drinks are on you, and you're paying retail (or close to it), then we have another equation entirely. It's WAAAAY past my bedtime, and I'm in no shape to try to guess how much all those drinks are going to cost you, but it will be substantial.

[Wesker1982]

Oh yeah, for sure, I plan on putting a lot of effort into it. What I meant by a normal job is a job that doesn't involve poker.

Not all drinks will be on me, not many even at that, just whenever someone wins with 7-2 or maybe hit quad aces or some other stuff that doesn't happen often enough to worry about.

My bed time too. ZZZzzzzzZZzzzzzzz

[Acemanhattan]

I didnt read any of the responses, but this is going to be a great gig for you. I do think you should hire someone to split the dealing with you, (do 1/2 on 1/2 off or something) hire them as an idependant contractor who is workign for tips, because that is really alot to handle, runing a rail and running a game all night. Youre gonna prob be making at least (im being real concervative) 12 bucks a down (1/2 hour) in tips for yourself, if you get in like 6 downs a night (3 hours of dealing) youll pay the 1500 a month just with that, and you are gonna be making 4x whatever youre making in tips per down in rake. Its gonna be a good gig man. You might think about advertising some sort of tournament on the dead night. Maybe a 50 dollar buyin, with 7 going to the house, and 3 to the dealer, (maybe offer additional chips for an optional dealer toke. If you could run a 1 table sit and go on those dead nights, thats still 70 bucks that you rounded up, possible you could run maybe 3 of those on the night that its real dead. Ya anyways I know i could make a profit with the operation for 1500 a month. Its solid man. (i would watch the drink tab, that could end up really being tough on you.)

[kyzerjose]

Hire an attorney.
Check the articles of incorporation for Montana rerotect personal assets.
Thinks to think about:
Liability insurance, tax implications, requiring independant contractor (2nd dealer) bonding, worker's compensation laws etc.
Hire an attorney

[Milo]

[ QUOTE ]
Hire an attorney.

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[Lottery Larry]

Examine this carefully- why would the bar pass up that much profit potential?

I smell a legal problem here.

[psandman]

I've heard about this type of arrangement before and I am kind of curious.

Lets say the bar has 3 tables and leases each one out to a different operator. Does each operator have his own chips and bank, or does the bar owner maintain a common set of chips and common bank for the multiple tables?

[AngusThermopyle]

[ QUOTE ]
Before the previous table manager left,

[/ QUOTE ]

Get his name, etc.
Contact him
Get info about his experiences running the table

[eof]

yeah curious who keeps the bank?