996 replies to this topic

[Littleman]

True or False ?
With cost overruns and expensive drainage works still to be done Eastern has burnt through most of their cash reserves.
Rumour heard today

Absolutely false.

Firstly i believe they still have about 3-4 months to run on the DPP with Mirvac so effectively they are getting $1mil per year for a $20mil loan on land that the club still holds the title of at the old site.

Last financials published and audited showed the club had substantial cash reserves well and truely above the $2mil mark with operating cashflow positive.

[golfguy33]

Absolutely false.

Firstly i believe they still have about 3-4 months to run on the DPP with Mirvac so effectively they are getting $1mil per year for a $20mil loan on land that the club still holds the title of at the old site.

Last financials published and audited showed the club had substantial cash reserves well and truely above the $2mil mark with operating cashflow positive.

So only $2 mil + left out of how many million that they got from the sale of the old site ?

Jon... 

[Acheron]

So only $2 mil + left out of how many million that they got from the sale of the old site ?
Jon...

[Acheron]

So only $2 mil + left out of how many million that they got from the sale of the old site ?
Jon...

2+20=22 mil left
Which still means a very big bill paid to build the course..guess that's what happens when you have alot of cash in hand.. but wasn't so much cost blow out as case of not being restrained with spending..

Edited by Acheron, 14 February 2018 - 03:52 PM.

[Lukos87]

Anyone been out to Eastern recently ?
Played there on Sunday and was quite disappointed.
Clubhouse is fantastic and the par 3 course is the most fun there.

How are members feeling about the course these days ?

[bubaboy]

What was disappointing, sounds like you liked it?

[Lukos87]

What was disappointing, sounds like you liked it?

I know it was not a great time to play it but the fairways are still so far from resembling anything good and we came across 6 or so bunkers which were GUR. Greens were pretty decent but that was about it on the whole course.

I’d be happy to park up in that clubhouse every week. You sure can sink into those chairs.