Friday August 26, 2011
That's what Retama Park Race Track needs to meet its debt payment this next Thursday. And the deal with a hedge fund to borrow the money just fell through. Sop another deal is on the front burner but..
We study accounting to make sense of financial statements. All my life, supporters of race track betting told us this would be a tax bonanza for the State. But oddly it has not worked out that way.
The cash flow statement is ultimately the most important for a business, Cash is King. Now horse tracks want slot machines and table games to staunch the losses from horse racing. Well in that case, who needs the horses?
Professor Elam 
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