We have hired the right people in the right positions. We’re paying a little bit more, but I don’t think we’re suffering in terms of finding the right people. Most of our positions are filled. Labor is going to be a — the cost of labor is going to continually be a problem, but not finding the right people is, which was difficult for us for a couple of years, seems to ease dramatically. So I think that should give you a flavor for what’s going on. I’d like to address the Meadowlands, which is pretty much the same quarter-to-quarter. We think we have a very good chance of getting a casino license for the Meadowlands. We think the catalyst for that is the downtown or downstate casino licenses that are going to be issued by the state of New York for areas in and around Manhattan.
The Meadowlands is 6 minutes from Manhattan on a good traffic day, 20 minutes, 30 minutes by business or train and I don’t think Jersey will respond anything but favorably to having a casino license in the North once the state starts to move forward with issuing these licenses. Atlantic City, which has been killed anyway over the years will be further hurt. The city is going to — the state of New Jersey will be missing a lot of revenue. I don’t think they want their citizens going across into Manhattan to gamble. I think that’s the key transition point for us when there’ll be serious discussions about having to license. Meadowlands is all — it’s an area that has no residential. It’s environmentally approved for casino already. We don’t think there’ll be any lawsuits.
The racetrack is already built to hold the first phase of the casino. So I think we can expect that this will be very favorably looked upon. And with that, any questions, I’m happy to answer them.
Operator: Thank you Our first questions come from the line of Roger Lipton with Lipton Financial Services. Please proceed with your question.
Roger Lipton: Hi good morning, Michael. Good summary as usual. Just one quick question, I was a little confused on whether the rent situation, which you talked about catching up in Vegas and – what else was it I forgotten it – whether it was 300 or 600 in total. The 300 million in Las Vegas and the other – and they’re just confusing, whether it was three plus three or six plus three?
Michael Weinstein: No, it’s three plus three. The three in the December ’21 quarter was a reduction of rent because we signed or finalized an agreement and signed an agreement with the Bryant Park landlord, which we always knew we had that department of rent that became just a forgiveness of rent. And that was signed in that December 2021 quarter. So the 300,000 became a deduction from our regular rent payments. So sort of skew the December 2021 quarter by $300,000 of increased income.
Roger Lipton: Well okay that’s fine, thanks very much.
Michael Weinstein: Yes, I’d like to point out that – the Vegas leases, the minimum rent that we’re paying now. We pay percentage rent. So once we get to a revenue level where the base rent is a certain percentage of revenue, then we start to pay percentage rent. It’s a breakpoint and a natural breakpoint. So the minimum rent becomes a moot point. We’re basically on a percentage rent at that point and the annual rent will be based upon what the percentage is. And our percentage rent is slightly higher than it was in the old lease what we pay in America and Gonzalez, it’s 1%. At , it’s actually reduced a little bit. So we think we’re a percentage around the payer. We don’t think the basic minimum rent will affect our profitability at all in Vegas. I hope that helps.
Operator: Our next questions come from the line of Paul Johnson. Please proceed with your question.
