For whatever reason my work firewall will not let me access that link that Lou posted (although I can access here...go figure). Anyway, does it relate to the following interview I found on the web regarding slow pays and linking up with Jazz?
SportsLynx: What steps have been taken to avoid the problems you experienced in the time that lies ahead?
GrandCentral: Since our move here with Jazz ,our costs have been reduced dramatically which is always the biggest factor in getting and keeping a company healthy. We now have a much more conservative approach to the industry and our growth. All clients funds are held separately and "liquid" at all times.
Sportsbook Review: Hypothetically speaking, what would be GCS’s financial condition if the unthinkable worse case scenario played out and Jazz folds?
GrandCentral: GCS is currently operating on it's own. Jazz's financial condition would have no adverse effect on our operations. Remember we operate as a separate entity, We still maintain the rights to our previous facility should the "unthinkable" happen. Which I do not forsee.
SportsLynx: So as I understand it, Jazz now owns Grand Central Sportsbook. What is the nature of your agreement with them?
GrandCentral: GCS signed an exclusive operating agreement with JAZZ , which is much different than a buyout ,where they receive a portion of our net revenues in exchange for co-sharing facilities and operational assistance.
Sportsbook Review: Then the Jazz deal was not an equity acquisition such as was the case when Jazz purchased ABC Islands and Loose Lines ? And has Jazz fulfilled all monetary obligation or is GCS still expecting additional capitol?
GrandCentral: Without getting into specifics, No. The other two books are now owned and operated by Jazz, neither is the case in our situation. As to the second part, Jazz has fulfilled all monetary and other obligations under the deal.
Sportsbook Review: One last question on Jazz.....
GrandCentral: I doubt that (chuckle)
Sportsbook Review: It really is, depending on the answer. Does Jazz have the ability, either by way of agreement or otherwise, to borrow, or in ANY way remove cash from any GCS accounts?
GrandCentral: John, That's not possible.
SportsLynx: You are to be commended for the way you handled the financial problems you experienced, what does the future hold for Grand Central Sportsbook?
GrandCentral: First off, I don't believe we are to be commended . I am embarrassed that we let our customers down . Clients that send their hard earned cash to any gambling operation should expect nothing less than immediate cash payments upon request. GCS is going to keep costs down and profits high. We are forging new relationships and have some great new original products on the horizon. We have a new internet brand that will be handling catering more towards the EURO mkt. through one of our strategic alliances..
