Q €“ Unidentified Analyst: Yeah. No, I definitely — and the other thing that we’ve gotten in our research is like there’s basically one large strategic who is not really active in consolidation anymore déjà vu hairy, and so like there really isn’t anyone who has the balance sheet to facilitate transactions like Baby Dolls or VCGH or what have you. I mean, you’re really the only guy out there that can do it. That has the ability to close and get property level mortgages and fund the cash down payment. And I mean I don’t think a lot of people have $30 million of cash or $25 million in cash to buy a $10 million, $15 million EBITDA asset. So I worry less about competing for the asset and more about sellers wanting to sell to you and having a cost of their capital.
But, yeah, look I think we’ve still got a long way to go on the M&A. And then the other part is back to the casino. I think you’ve been a little bit cagey about this. And so again and true to Adam Wyden form, we’ve done our own diligence. And I know a guy that operates slot machines down here, operates casino, and I do the math on 30,000 square feet and the number of slots and I can back into it, if you guys are going to spend $10 million and most of that is slot and gaming you’re not participating. I mean, again, I don’t know what you’re doing with your online gaming and your sports betting, but I suspect that’s part of the equation as well. I mean, there are scenarios where a 30,000 square foot casino could generate in the tens of millions of EBITDA.
I mean, I know it’s early in the evolution, but I think it would be helpful, because I think — again I — look I know that we spoke this much about Bombshells. I mean, Baby Dolls is double the EBIT that all Bombshells is doing. I mean one freaking transaction is $15 million of EBIT pro forma versus $8 million of EBIT out of Bombshells. I mean, the fact that we spent the first hour on the call is just absolutely abhorrent. But separately if I say separately, I sort of look at a lot of guys are like wow he’s doing this casino it’s — Adam, it’s barely weekend , and we don’t think about it at all. We’ve seen the renderings and we say look this is a Cabaret, you’ve got — it’s sort of like the old Western Cabaret Casino, I think it’s just so on brand.
But I think even more importantly I think it’s important for you to come out there. And I know it’s early, you are an entrepreneur and so am I. But I think when you’re making an investment in a casino for $10 million of cash and again in the grand scheme of your market cap and your balance with $35 million cash I mean it could go to zero. But when we do the math we’ve sort of seen the range of outcomes of like low end of the range you’re making like $10 million of EBITDA like high end of the range you could be making as much as $25 million or $30 million. And I think it’s super important that like you sort of and I’m not trying to put words in your mouth, but I think it’s important for us and the investor community to understand that like you’re not you’re in the no-brainer business.
When you buy strip clubs with real estate at four times EBITDA that’s a no-brainer. And that you’re getting into this because A, it’s sort of like — it is a strip club itself. It’s a strip club steakhouse casino; and B the returns are so good you can’t not do it. So I just wanted to sort of lay that out and give you an opportunity to respond.
