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	<title>Gambling.Now! &#187; Investment</title>
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		<title>Determining Enterprise Value</title>
		<link>http://gamblingnow.com/2010/02/28/determining-enterprise-value/</link>
		<comments>http://gamblingnow.com/2010/02/28/determining-enterprise-value/#comments</comments>
		<pubDate>Sun, 28 Feb 2010 18:30:33 +0000</pubDate>
		<dc:creator>investor</dc:creator>
				<category><![CDATA[Investment]]></category>
		<category><![CDATA[Valuation]]></category>
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		<category><![CDATA[CASH AND CASH EQUIVALENTS]]></category>
		<category><![CDATA[Enterprise value]]></category>
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		<description><![CDATA[



Image via Wikipedia




What is Enterprise Value?  Enterprise value is a comprehensive measure of a company’s value since it also includes the amount of cash, debt, and other items associated with a business.  Two firms could have the same market capitalization but wildy different enterprise values.  For example if one firm had $45 million in cash [...]]]></description>
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<p style="text-align: center;">
<p style="text-align: center;">What is Enterprise Value?  Enterprise value is a comprehensive measure of a company’s value since it also includes the amount of cash, <a class="zem_slink" title="Debt" rel="wikipedia" href="http://en.wikipedia.org/wiki/Debt">debt</a>, and other items associated with a <a class="zem_slink" title="Business" rel="wikipedia" href="http://en.wikipedia.org/wiki/Business">business</a>.  Two firms could have the same <a class="zem_slink" title="Market Capitalization" rel="wikinvest" href="http://www.wikinvest.com/metric/Market_Capitalization">market capitalization</a> but wildy different enterprise values.  For example if one firm had $45 million in cash and no debt and the other firm had $125 million in debt and $20 million in cash, it would take more money to buy the second firm than the first firm because to buy the second firm you would not only have to pay for the stock (market cap), but the debt as well.</p>
<p>Here is the basic formula to calculate enterprise value:</p>
<p>Enterprise value =</p>
<p><a class="zem_slink" title="Stock" rel="wikipedia" href="http://en.wikipedia.org/wiki/Stock">common equity</a> at <a class="zem_slink" title="Equity value" rel="wikipedia" href="http://en.wikipedia.org/wiki/Equity_value">equity value</a><br />
+ debt at market value<br />
+ minority interest at market value, if any<br />
- associate company at market value, if any<br />
+ preferred equity at market value<br />
- cash and <a class="zem_slink" title="Cash and cash equivalents" rel="wikipedia" href="http://en.wikipedia.org/wiki/Cash_and_cash_equivalents">cash-equivalents</a>.</p>
<p>How would you figure out <a href="http://spatiallyrelevant.org/2009/08/25/how-much-is-your-private-company-worth/">ownership, valuation and equity for private companies</a>?</p>
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		<title>Skiing in Vermont?  Killington Casinos?</title>
		<link>http://gamblingnow.com/2009/01/19/skiing-in-vermont-killington-casinos/</link>
		<comments>http://gamblingnow.com/2009/01/19/skiing-in-vermont-killington-casinos/#comments</comments>
		<pubDate>Mon, 19 Jan 2009 22:16:44 +0000</pubDate>
		<dc:creator>investor</dc:creator>
				<category><![CDATA[Gambling]]></category>
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		<description><![CDATA[





By  JOHN CURRAN  –  12 hours ago
KILLINGTON, Vt. (AP) — Vermont&#8217;s state auditor is hoping that downhill skiers might turn into high rollers.
Auditor Thomas Salmon said the state should consider putting a casino at Killington — or other resort area — to raise money to repair the state&#8217;s crumbling roads and bridges.
But [...]]]></description>
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<div class="g-unit hn-copy">By  JOHN CURRAN  –  <span class="hn-date">12 hours ago</span></div>
<p>KILLINGTON, Vt. (AP) — Vermont&#8217;s state auditor is hoping that downhill skiers might turn into high rollers.</p>
<p>Auditor Thomas Salmon said the state should consider putting a casino at Killington — or other resort area — to raise money to repair the state&#8217;s crumbling roads and bridges.</p>
<p>But the suggestion is getting a cool reception at the Statehouse and, with casino companies laying off workers because of the recession, the prospect seems like a long shot.</p>
<p>&#8220;We are not pursuing that idea,&#8221; said Stephen Wark, a spokesman for Gov. Jim Douglas.</p>
<p>The state is facing millions of dollars in budget gaps for this year&#8217;s budget and next year&#8217;s, and lawmakers have warned that drastic cuts to state spending are in the offing.</p>
<p>Salmon, in a recent letter to legislators, outlined 13 proposals for fortifying state government&#8217;s depleted coffers.</p>
<p>&#8220;I have attached a candid list of items that need consideration — sooner rather than later. I hope people will recognize these types of opportunities and give you steady support to get them on the table for action,&#8221; he said in the Dec. 29 letter.</p>
<p>Among them: &#8220;Consider a state-owned casino in a resort area like Killington, with net profits directly to roads, bridges and infrastructure,&#8221; Salmon wrote.</p>
<p>It wasn&#8217;t the first time a casino gambling proposal was floated as a way of improving the state&#8217;s finances. In 1995, Las Vegas developer Eric Nelson proposed a casino in Pownal. The proposal ultimately crapped out.</p>
<p>Neither Salmon nor casino advocate Bill Bauer, who owns The Summit lodge in Killington, have a firm proposal in hand.</p>
<p>But both believe it&#8217;s worth considering, given the state&#8217;s dire fiscal picture and the Killington area&#8217;s existing tourism base.</p>
<p>&#8220;Let&#8217;s face it, they&#8217;ve got plenty of places they could use some extra revenue,&#8221; said Bauer, who also chairs the newly created Killington Economic Development and Tourism Commission.</p>
<p>&#8220;Here in Killington, we don&#8217;t care about the gambling revenue, we just want bodies in our town. If we can fill the beds and the restaurants, that&#8217;s all we&#8217;re trying to get out of it. We have the infrastructure: We have beds, we have restaurant seats, we have a wonderful <a class="zem_slink" href="http://en.wikipedia.org/wiki/Ski_resort" title="Ski resort" rel="wikipedia">ski resort</a>, two championship golf courses right in town. A casino would just enhance the resort experience,&#8221; he said.</p>
<p>Others around Killington like the concept, but want more specifics.</p>
<p>Tom Horrocks, a spokesman for Killington ski area, said nobody at the resort had been approached by Salmon. But he said putting a casino in Killington is worth considering.</p>
<p>&#8220;Resort towns are already pulling people from other areas. The key is how do you get further into those folks&#8217; pockets? How do you increase the per-visit spending, on a daily basis?&#8221; he said.</p>
<p>Skiers interviewed at the mountain Thursday had mixed responses.</p>
<p>&#8220;It would diminish the allure of what Vermont stands for, and why people come here,&#8221; said Christine McConnell, 36, of Burlington, who was snowboarding at Killington on Thursday.</p>
<p>But Juliana Ferreira differed. &#8220;It would be a good idea, because it&#8217;s missing something here,&#8221; said Ferreira, 22, of <a class="zem_slink" href="http://maps.google.com/maps?ll=-22.9083333333,-43.1963888889&amp;spn=0.1,0.1&amp;q=-22.9083333333,-43.1963888889%20%28Rio%20de%20Janeiro%29&amp;t=h" title="Rio de Janeiro" rel="geolocation">Rio de Janeiro, Brazil</a>.</p>
<p>The Rev. Tom Grey, spokesman for the National Coalition Against Gambling Expansion, said casinos are bad bets as <a class="zem_slink" href="http://en.wikipedia.org/wiki/Economic_development" title="Economic development" rel="wikipedia">economic development</a> tools.</p>
<p>They come with side effects, including gambling addiction, crime and other social ills, he said.</p>
<p>&#8220;It&#8217;s the proverbial 800-pound gorilla. Once it&#8217;s in — and especially with the state owning it — you have the state playing the role of the house. Do you really want the state in the business of making losers of its own citizens?&#8221;</p>
<p>If lawmakers wanted, they could approve casino gambling with an act of the Legislature, according to Attorney General William Sorrell. But lawmakers are leery.</p>
<p>House Speaker Shap Smith said he hadn&#8217;t spoken to any lawmaker who supports it, but that anyone is welcome to introduce a bill if they do.</p>
<p>&#8220;I don&#8217;t want to comment on whether I think it&#8217;s a good idea until I&#8217;ve had a chance to talk to the auditor and give him a fair hearing on it,&#8221; said Smith, D-Morristown.</p></div>
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		<title>Gambling on Illiteracy</title>
		<link>http://gamblingnow.com/2008/12/25/gambling-on-illiteracy/</link>
		<comments>http://gamblingnow.com/2008/12/25/gambling-on-illiteracy/#comments</comments>
		<pubDate>Thu, 25 Dec 2008 11:55:57 +0000</pubDate>
		<dc:creator>investor</dc:creator>
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		<description><![CDATA[Not very often there is a great piece on why you should know math, but development corporate nails it this The cost of Financial Illiteracy.  I&#8217;ve met so many people you can add, let alone read a financial statement  
]]></description>
			<content:encoded><![CDATA[<p>Not very often there is a great piece on why you should know math, but development corporate nails it this The cost of <a href="http://developmentcorporate.com/2008/12/22/the-cost-of-financial-illiteracy-part-i/">Financial Illiteracy</a>.  I&#8217;ve met so many people you can add, let alone read a financial statement  </p>
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