hotel profits on woolies please check, page-7

Yes, again Finch another difference.

Woolies principle landlord, ALE, owns 100+ hotels with rental of $52m, approx $500k per venue (on the ALE website).

HLG prospectus highlights 30 NLG hotels (out of 39) with about $30m rent, about $1m per venue.

Thats a big difference. Woolies seem to have a super deal on rental making EBIT's even better.

Using your calcs for example (ie achieving same as Woolies). Assume an EBIT of $800k per venue (30.9/39). That would be $1.8m per venue with rent added back. Assuming this is all gaming, and gaming has a 50% cost in direct tax, wages etc (this is a very rough calc), thats $3.6m per venue per year, about $300k per venue per month.

Thats a very high figure to sustain over 39 hotels, I doubt even Woolies would be achieving that average.

Highlights the need to develop other sides of the business.