Unidentified Analyst: Okay. That makes sense. Going back to Bryant Park, did you — I don’t think you disclosed — or maybe it was in the 10-K, but have you disclosed what the revenue is there and what would be lost for some reason we didn’t get it?
Michael Weinstein: So, we don’t disclose revenues for any individual restaurant, no profits. All right. In this case, the landlord knows what the revenues are, because we’re — we have a percentage lease there. But we’ve never allowed individual restaurants to promo gate through us what their revenues are. We think that’s a disadvantage to landlord negotiations.
Unidentified Analyst: Okay. And then going back to Meadowlands, certainly, as a long-term investor, I appreciate your point about not wanting to take the Company private because you potentially deprive shareholders of the upside from the Meadowlands. But with that said, obviously, that’s something that may not happen or may not happen for a long time. And obviously, it’s hard to make a plan when it involves governments and legislation. It’s hard to really handicap when that’s going to happen, if it happens, would it ever make sense? You said in prior calls, I think, that maybe Hard Rock would be the natural people to buy us out of our interest there. Presumably, they see the value there. They’re not going to pay as much today as they would if it were a sure thing, right?
And if it was a sure thing, it wouldn’t make sense to do anything now. But is there a way to sort of bake into some kind of price with Hard Rock where they give us some value that reflects the potential while also on their side, reflecting the fact that may not happen. I’m not really saying that the proper way, but you know what I’m getting that?
Michael Weinstein: Yes. So first of all, Hard Rock is a 20% owner of the limited partnership, that’s the partnership in the Meadowlands. But since — when we made those statements like three, four quarters ago, and before that, that they would be a natural buyer, Hard Rock is now part of bidding process with Steve Cohen to put a casino in Queens by say stating. So if that were to go through, we’re not so sure Hard Rock will continue with us as an operator. They certainly would continue as an investor unless we bought them out or some other operator bought them out. So that conversation with Hard Rock, it doesn’t make sense at this point. And it would make sense perhaps if they are the operator and there seems to be some movement favorably toward getting a casino license in the North.
So that’s not a conversation you can have right now. By the way, it’s a conversation I don’t think I want to have because we still are of the opinion that the likelihood of us getting a casino license there is pretty strong. It’s just a matter of when does New Jersey’s legislatures react to downstate casino licenses in New York, which have not been issued yet. And we don’t think they’re going to be issued for another year to 18 months. In terms of trying to — your question sort of begs an answer to taking this thing private. I go back to my statement. I’d rather buy recurring cash flow for our shareholders then to get our shareholders out of the way and try to take advantage of price, but I have a Board of Directors, and that, in large part, becomes their decision.
And it’s a discussion that does come up. So I’m just — as one member of the Board, I’m giving you my opinion have had to look at this thing. And look, I’ve been at this for a long time. Other than from my foundation, I’ve never sold a share of stock. I never bought a share of stock. I may be sort of dumb in terms of saying to myself, the stock price will be rationalized at some point as investors see value. Obviously, this quarter, investors are looking at the headline, which is this write-off of $10 million, which is the noncash write-off does not affect the operations of the Company at all. If you add back Gallagher’s in Las Vegas, you still have an $11 million plus EBITDA with Southern Florida performing terribly. That will change. The product that we have there, the sites are just too good, and we perform well down there.
So that will change also. Vegas will get better, and it’s already great, but it’s going to get better still. And New York restaurants are very strong. Our Alabama restaurants performed well. We will find things to enhance cash flow here through acquisition. So, somewhere along the line, that will be recognized our balance sheet is good for a company our size. Yes, so that’s the way we look at this.
Operator: There are no further questions in the queue. I’d like to hand the call back to management for closing remarks.
Michael Weinstein: All right. Thank you. There are some good questions. I appreciate the time you’re spending with us, and we look forward to our next call with you. Have a happy holiday season, everybody.
Operator: Ladies and gentlemen, this does conclude today conference call. You may disconnect your lines at this time, and have a wonderful day.
