And so, we look at it, like let’s not screw that up. We have a very good story that I’m going to start. We have a very good company. We just need to get this stuff to mature and stay focused on it, and you can go out. And without naming companies, there’s a competitor of ours who we would look at once in a while that may be acquiring and boy in the last couple of years they went out and sold their good assets to a REIT and took the money from that, leveraged against it and bought a bunch of share. And now we look at it and say, well let’s not do that, okay. And their stock has not done well. I’m not naming the company, but what I just said probably closed about four times. So I would say, we’re very careful to not make mistakes at Bobby Baldwin used to have a saying I really like its hard to not do a bad deal, because there’s so many bad deals out there and they’re so easy to do, and so I’m not going to say, we will never do an acquisition
Lewis Fanger: It can be very compelling.
Dan Lee: It needs to be very compelling, because it we want to make sure that and the other thing is, when you say are we committed to delevaging. Yes, because just the — I don’t view us as highly levered now, because I’m very confident in this stuff maturing, as any new casino does. And so I look at it that, I don’t think because they’re highly levered now, but we will delever as Chamonix comes online and becomes more profitable and as Waukegan continues to do better and then we’ll lever up a little bit, but still less than most casino companies to go build the permanent and when the permanent opens we’ll be one of the least leveraged casino companies. Now, I don’t think it makes sense for us to have low leverage, but I also don’t want to be highly levered all the time. So if we can be in a spot where our EBITDA is two times three times four times interest expense, that’s very comfortable place to be. And we’re not too far from being in that range now.
Lewis Fanger: So as a – some of that covers the bonds I’m sure you’re very happy with that. If I look — at the end point. This is a company that last year did whatever it was $48 million to $49 million of EBITDA. And we think that number realistically should be somewhere in the low to mid hundreds ,when everything we I don’t know if the number is up — take your pick a number whether it’s $120 million $130 million $150 million, whatever number you want to use. I’m throwing out numbers by the way, I’m not giving you guidance, but realistically, that’s where everything should be ramping up towards. And so we need to make sure that that works correctly. That will always be job number one here for us, because that has massive massive growth on assets that we’ve already invested the capital in.
Dan Lee: And — I don’t want to be completely wedded to those. But just strategically, we do view ourselves as having multiple – stakeholders, it’s not just shareholders, now legally we know shareholders and most states I think including Nevada, that is our primary responsibility. But if you look back at the track record, I had at Mirage and that Lewis and I had it at Pinnacle of both of those companies were gradually improving credits the entire time ,we were there. And so we may lever up to go build something, but we don’t just lever up to lever up and we do pay attention to trying to be an improving credit as well. And so, there’s a lot of different aspects to this.
Lewis Fanger: And I’ll just give it out and there’s no ego in wanting to be big, just to be big either for what it’s worth.
Dan Lee: Yes. I mean I kind of — I will freely tell you I admire [indiscernible] and they are a pretty good company and they trade pretty well. They’re only have two places and they stay very focused on the two and it doesn’t seem to hurt their valuation. And so as we evolve, we’re going to have two principal places, which are the two new ones. And then the Silver Slipper is still be important and the other stuff is pretty small. So – its not that we don’t love the team at Rising Sun because I’m sure you’re listening on this, its has 300 guestrooms in the golf course and they’re doing a terrific job. But being realistic, we make more money in it couple of months and color in Waukegan than we do in a year at Rising Sun.
Lewis Fanger: All right. Next question.
Dan Lee: Oh Steve. I saw – was that Steve registered?
Lewis Fanger: No
Ricardo Chinchilla: Thank you so much guys. Dan, Lewis I appreciate all the color and that’s kind of what you want to hear being — covering the bonds. Thank you.
Dan Lee:
Operator: Thank you. Your next question comes from Jordan Bender, Citizen’s JMP Securities. Please go ahead.
Eric Ross: Hi, this is Eric Ross on for Jordan. Thanks for taking our question. Now, you’ve operated the temporary for about a year plus and with the delay of the American place with velocity as customer behavior or preference at the property changed any rethinking around what is ultimately built there in terms of amenities?
Dan Lee: I’m like — well, I mean, we have designed a place that can be easily expanded and we’re going to start with kind of the core of it. And then as the business builds somewhere down the road it can be expanded. And by the way I do that conceptually all the time we have a way to add rooms at Germany. Also, we have a way to add rooms at the Silver Slipper. And we’re not doing our job. If we’re not thinking through of where it might go a public company goes forever. So 10 years from now somebody might go build those hotel towers and now — and we have learned some things from Waukegan. I mean, that that reverses a very loyal clientele. We haven’t Nick them very much in fact, I think we had very little impact on the Bally’s casino seems to have had a little bit of an impact on it but they are still there £500 gorilla in the state they make far more revenue than anybody else in the state.
I thought we would impact the video lottery machines more than we have. That was interesting, and we’ve been kind of scratching our heads saying why are people still going to the closet at the back of liquor store to place six slot machines, when our environment is much nicer, and maybe that’s convenience, like there you pull a new strip shopping mall you park your car and you walk in your 20 feet from the slot machine. Well maybe we need to think about offering valet parking that we don’t today are trying to figure out how to how do we get into that market. People don’t eat as much and that’s interesting and we have we have two pretty good-sized restaurants and then we two months ago opened the high end restaurants. The high in-restaurant seems to have kicked our casino revenues up quite a bit.
And that was that in a little, if you look at the turnstile and you’re getting 2,000 people a day in the casino and then you look at the steakhouse. It’s serving 150 people a day at best. And so it really but those 150 people are perhaps your most important people. And so getting it open. But if you look at the food covers relative to the gaming revenue I mean Louis and I live here in Las Vegas and we frequently end up walking into the Red Rock Casino or Durango station or something for a male because they have great restaurants uniting think twice about it. That pattern has not happened in Illinois a number of people go to a restaurant and a casino is relatively small. And that’s interesting and that’s kind of like. Okay why is that? And part of that is you have to go through the security and show your driver’s license and all that whereas in Nevada you don’t.
So part of that is perhaps the regulations part of this the design. And so for example at Durango station win. And I will tell you I think stations did a fantastic job at Durango station and I go in there. They have probably the best of food question. I have a food court. What do they call it? Food Hall that I’ve ever seen as very well done. Lots of different brands and so on. And we’re scratching our heads saying okay how do we do something like that in Waukegan and maybe it’s like part in part out of the casino environments you can kind of get around the regulation So you know it is you learn a lot from Durango station did not have a large a system of corridors underneath the casino to get the food from one loading dock to the restaurants.
They designed it more like a shopping mall where the rest of each restaurant has its own luck. Loading dock to restaurants will share a loading dock and on the outside of billings kind of camouflage that it’s a loading dock that’s pretty typical in shopping malls, but not very typical. And casinos saves a lot of money and what I realized what they were doing and say okay let’s think about this for Waukegan because we can save the money of building these expensive corridors. So that the food gets distributed throughout the property it just makes Cisco make multiple stops at their expense. And so there are things we’ve learned, the customers it has built. I thought, it might ramp up a little faster than it is. And when, I look at why it’s not I think the outside of the building is a big part of that.
I mean we tried to build this very quickly, and we used a sprung structure at night. At night, we project things on this current structure to make it look interesting but it’s not affecting building. It’s not like if you drive down the strip and see Bellagio with the Fountains going every bone in your body wants to get into the building on the other side it draws you win and our and our tenant doesn’t do that. It looks like where the Department of Public Works store salt for the winter. And so we’ve been getting past that when we build the permanent casino it will be fetch. It will draw you. And I think it’s pretty remarkable that we’re doing $9.5 million a month in revenue in a row stretched Kevlar fabric tint and the kind of shows you what can be done to permanent and that.
