(Topic ID: 264119)

The “temporarily closed or worried about having to close my arcade” thread


By pookycade

4 months ago



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  • Latest reply 4 days ago by desertT1
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    There are 967 posts in this topic. You are on page 6 of 20.
    #251 3 months ago
    Quoted from pookycade:

    Yeah, it does come down to funding doesn't it ? The basic problem is that we currently were running on a revenue of about $3-5K per week (small fish I know), and employment costs of about $800 a week and rent another $800 a week and then repairs - ugh highly variable. I am voluntarily paying my employees during work stoppage and I don't think anyone is letting me out of rent. The one person I don't have to pay is me, or my volunteers. Not a choice if its your livelihood. What I'm saying is that most go fund me campaigns are $20 here, maybe $50 there. Takes alot to get up to $4K and thats just for one operator. I know for sure that these barcades and such have to do WAY better than me to just break even. Its a long way of saying that I don't have a solution, the dollar amounts are likely much higher than we can generate even if every pinsider donated. Hmm.

    the citys / states should wave fees to cover the downtime.

    #252 3 months ago

    Bob Elson's Retrovolt Arcade (Calimesa, Calif.) has just announced they're shutting down for awhile...

    https://www.facebook.com/Retrovoltarcade/posts/1294465570942471

    https://retrovoltarcade.com

    #253 3 months ago

    https://www.sba.gov/

    Specifically https://disasterloan.sba.gov/ela/

    While it is not a long term solution, and there is worry about taking on more debt, arcade owners may wish to apply to an emergent low interest loan to stay afloat.

    #254 3 months ago

    Question for other operators. I was just notified by my landlord that the 'mall' will be entirely closed as part of the state ordered shut-down. In such circumstances, should the landlord expect to continue to receive rent payments from their tenants/merchants during the time the mall is closed?

    #255 3 months ago
    Quoted from GGBGROUP:

    Question for other operators. I was just notified by my landlord that the 'mall' will be entirely closed as part of the state ordered shut-down. In such circumstances, should the landlord expect to continue to receive rent payments from their tenants/merchants during the time the mall is closed?

    We're writing new rules every day. My gut says "no", but how that will be implemented is anyone's guess, because no one knows at the moment.

    #256 3 months ago

    I saw tax payment was delayed 90 days for most filers. Does anyone know if that includes the quarterly tax payment a small business has to make? Couple of the news stories I read did not mention quarterly taxes.

    #257 3 months ago
    Quoted from GGBGROUP:

    Question for other operators. I was just notified by my landlord that the 'mall' will be entirely closed as part of the state ordered shut-down. In such circumstances, should the landlord expect to continue to receive rent payments from their tenants/merchants during the time the mall is closed?

    Ask your landlord. He may be screwed too with on going expenses and potential no income.

    Quoted from pookycade:

    While it is not a long term solution, and there is worry about taking on more debt, arcade owners may wish to apply to an emergent low interest loan to stay afloat.

    I wouldn't do that. Right now the last thing I need is a new bill.

    LTG : )

    #258 3 months ago
    Quoted from LTG:

    Ask your landlord. He may be screwed too with on going expenses and potential no income.

    I wouldn't do that. Right now the last thing I need is a new bill.
    LTG : )

    I understand that, but look at it this way: the SBA in this economic circumstance will let you secure the loan with collateral that doesn’t usually qualify with other lenders (ie video games and pins). The loan interest is 2.75% which you can’t get anywhere and you repay over 8 years. It would seem the alternative is selling your games right now if low on cash. This really isn’t much different than that. You are taking a loan to keep the arcade open and if you default you lose the games, which is what would have happened anyway. This at least cushions the shock, gives you a chance, and means you don’t have to sell right now.

    #259 3 months ago

    Idea for business owners that own their pins: explore renting out each of your pins to people in your local community for a few weeks or one month while your business is shut down. You get some cash for your pins to offset lost coin drop / entrance fees. Local pinheads get a pin at home to play while they're isolated.

    #260 3 months ago
    Quoted from Snailman:

    Idea for business owners that own their pins: explore renting out each of your pins to people in your local community for a few weeks or one month while your business is shut down. You get some cash for your pins to offset lost coin drop / entrance fees. Local pinheads get a pin at home to play while they're isolated.

    Be sure to check with your insurance provider if you want to do this. Make sure you are covered in case of theft, damage, and to ensure you have liability protection.

    #261 3 months ago
    Quoted from Snailman:

    Idea for business owners that own their pins: explore renting out each of your pins to people in your local community for a few weeks or one month while your business is shut down. You get some cash for your pins to offset lost coin drop / entrance fees. Local pinheads get a pin at home to play while they're isolated.

    Be careful you aren't dragging the virus with you, or get exposed to it there.

    LTG : )

    #262 3 months ago
    Quoted from GGBGROUP:

    Question for other operators. I was just notified by my landlord that the 'mall' will be entirely closed as part of the state ordered shut-down. In such circumstances, should the landlord expect to continue to receive rent payments from their tenants/merchants during the time the mall is closed?

    This is not a question other operators can answer. It’s a question that should be in your rental contract or your landlord can answer.

    Common sense says if you’re not permitted to use the facilities for their intended purpose you shouldn’t have to pay for them but we’re in uncharted territory for many contracts. If you can’t come to an agreement with your landlord consulting your attorney is next.

    #263 3 months ago

    I will say that many places have already put the stop to evictions, and since courts are out even if they could make a reason for it, you can't, and once things are back to 'normal' it's going to be backlogged. I would say anyone who feels they are going to be unable to pay their mortgages/rents, reach out sooner than later and work it out.

    #264 3 months ago

    The sad reality of it is there will be a lot of vacant buildings if this goes longer then May 1st. A few of my locations are already sweating about it 3 days into the closures. It would be in the landlord's best interest to work with tenants. I'm sure we will see some kind of relief for business owners in the form of interest free or deferred payments.

    #265 3 months ago
    Quoted from freeplay3:

    The sad reality of it is there will be a lot of vacant buildings if this goes longer then May 1st. A few of my locations are already sweating about it 3 days into the closures. It would be in the landlord's best interest to work with tenants. I'm sure we will see some kind of relief for business owners in the form of interest free or deferred payments.

    The problem is it doesn't stop and the renter/landlord...it needs to go from bottom all the way to the top. Renter -> Owner -> Bank. As I stated elsewhere at one point, banks need to give a few months leeway on loan payments, perhaps just tack them to the end of the loan or averaged out over the rest of the year, etc. Interest free. It's the ONLY thing that will help at all if this drags out. No idea how sustainable any of this is or for how long.

    18
    #266 3 months ago

    At Lyons Classic Pinball we closed last Friday and hope we can weather this. If we do, we need you all to come back to all of us pinball arcades strong. We miss you and hope to see you all again soon and more then ever.

    #267 3 months ago

    I believe Canadians have been given a chance to go 6 months no mortgage payments, interest only.
    That’s should at least spill down hill.
    In many landlords best interest is to work with tenants because if they kick someone out, there may not be a chance for a new tenant anyway and the landlord is effed

    #268 3 months ago

    While I can't guarantee there aren't assholes out there, to my observation there is a historic amount of flexibility and compassion being shown at the moment by companies and corporations everywhere. This is completely different than the 2008 crisis.

    #269 3 months ago
    Quoted from barakandl:

    I saw tax payment was delayed 90 days for most filers. Does anyone know if that includes the quarterly tax payment a small business has to make? Couple of the news stories I read did not mention quarterly taxes.

    No word on quarterly estimates yet.

    #270 3 months ago

    Im looking at my liability policy.

    I do have business interruption insurance.

    Im calling my agent to see if im not going bankrupt in tbe event of a forced closure.

    #271 3 months ago

    If the virus doesn't kill us, the credit companies eventually will...

    #272 3 months ago

    So I have done a bit more work on the SBA site. I’ll keep you informed as I complete the process. Right now very few locales have been designated COVID disaster areas on SBA. You can only apply for SBA Economic Disruption if you are in a disaster area. DC is, Alexandria is, my little city is not .... yet. You are eligible for up to $2M loan. They do check credit scores and they do ask for collateral. That collateral can include whatever you have (pinball machines) or for the principal owner (for say a sole proprietorship or LLC) they do like houses too (obviously). We were never able to get any loan for my place as it was all self funded and generally you have to have a 5 year balance sheet for a traditional lender. So all if you are hurting and you are not going to qualify for an existing loan, and bankruptcy for whatever reason is not a great option consider this. I suspect that many more small business loan opportunities may arise out of all of this. The terms are as I said above 2.75% and 30 years. And if you just need bridge money < $25K you don’t need any promised collateral. The SBA does not give you the loan themselves. They just guarantee the loan for you with another lender. Sometime the government can do good by small businesses though I am of the same sentiment as many that it is mostly big businesses they get the lions share. I think there is recognition (finally) of the importance of small businesses in this country and how many people they employ. Most small businesses have less than 1 month cash reserve so we are all gonna be hurting soon. Good luck

    #273 3 months ago
    Quoted from pinballinreno:

    Im looking at my liability policy.
    I do have business interruption insurance.
    Im calling my agent to see if im not going bankrupt in tbe event of a forced closure.

    Fantastic thing to check on. Business interruption is a cheap rider on insurance policies, for me it is anyway, I have used it before and it was great. I hope many businesses can use it if they are forced to close up shop by someone or gov’t

    #274 3 months ago
    Quoted from pookycade:

    https://www.sba.gov/
    Specifically https://disasterloan.sba.gov/ela/
    While it is not a long term solution, and there is worry about taking on more debt, arcade owners may wish to apply to an emergent low interest loan to stay afloat.

    This is a great deal for anyone who is carrying debt at high rates. If you can't reduce your monthly nut, it's probably better to pass. I saw there are new orders forbidding foreclosure for a few months. I don't know what that will do. And NorthernDude, Business interruption insurance only kicks in after a claimable event. I was told this today by my agent. I have it.

    #275 3 months ago
    Quoted from pinballinreno:

    Im looking at my liability policy.
    I do have business interruption insurance.
    Im calling my agent to see if im not going bankrupt in tbe event of a forced closure.

    Only kicks in with a claimable event. I checked my small business policy and I had it. The agent burst my bubble.

    #276 3 months ago
    Quoted from chuckwurt:

    No word on quarterly estimates yet.

    Some newer articles have come out online and say quarterly payment is delayed 90 days too.

    #277 3 months ago

    Our plan is to reopen as soon as we can and hope for the best. No loans necessary but I do hope I won't have to carry rent payments for weeks while no revenue is coming in. We'll have signage regarding our expanded cleaning/disinfection program and containers with disinfectant wipes in a couple locations along with hand sanitizer. I'm afraid the psychological damage that we're all enduring will manifest itself with people being very reluctant to touch things in public places. Frankly, I'm not sure if this is a viable business anymore and am starting to prepare for life after the arcade; it might not even be something we can sell. It's really a shame as this was turning out to be our best year -- the point where we turned the corner with this business and were looking at finally lower expenses and higher revenue.

    #278 3 months ago
    Quoted from pinballinreno:

    Im looking at my liability policy.
    I do have business interruption insurance.
    Im calling my agent to see if im not going bankrupt in tbe event of a forced closure.

    I saw on news tonight that Pandemic is excluded from those policies.

    #279 3 months ago

    Shout out to Flipside in Westerly RI. This is my wife and I’s favorite weekend place to play pinball. Machines are always in good working order. Bartenders are real friendly. Just an overall great place to hang out. Owners are great people. I hope all is well with them and they can weather the storm. Along with all all the other bars and restaurants in Westerly. Hang in there.

    #280 3 months ago
    Quoted from smokedog:

    Be sure to check with your insurance provider if you want to do this. Make sure you are covered in case of theft, damage, and to ensure you have liability protection.

    Sorry to read the doors are closed Jason. Hope this passes soon and you'll be able to reopen. I do free shop jobs and repairs for Matt. If you need help with anything, let me know.

    Stay safe everyone

    #281 3 months ago
    Quoted from barakandl:

    Some newer articles have come out online and say quarterly payment is delayed 90 days too.

    Unless they are from the IRS or posted on their website I wouldn’t trust it. Haha

    #282 3 months ago
    Quoted from dirkdiggler:

    Sorry to read the doors are closed Jason. Hope this passes soon and you'll be able to reopen. I do free shop jobs and repairs for Matt. If you need help with anything, let me know.

    Stay safe everyone

    Thanks for the offer and support! We are good for now. I'm staying positive, and enjoying the time with family and my dogs. Keeping a routine and getting plenty of exercise helps.

    #283 3 months ago

    IRS confirmed the first quarter estimates of 2020 aren’t due until 7/15. Second quarter is still technically due 6/30, but that may change.

    #284 3 months ago

    I have decided with a heavy heart to close my shop Rock Fantasy starting tomorrow March 20th . for a week or two at least

    #285 3 months ago
    Quoted from ghostbc:

    At Lyons Classic Pinball we closed last Friday and hope we can weather this. If we do, we need you all to come back to all of us pinball arcades strong. We miss you and hope to see you all again soon and more then ever.

    Love this place. Got to spend a couple weeks there for a business trip to GE. Played tons of pinball.

    #286 3 months ago
    Quoted from chuckwurt:

    IRS confirmed the first quarter estimates of 2020 aren’t due until 7/15. Second quarter is still technically due 6/30, but that may change.

    i hate how they sneak in quarter two payment a month early. like they want you to slip up.

    #287 3 months ago

    James Games Family Fun Center -- my "pinball home base" where I live -- temporarily closed their doors yesterday.

    Just curious if anyone knows if the COVID-19 situation has shuttered the Pinball Hall Of Fame in Vegas? Can't find anything current online.

    #288 3 months ago
    Quoted from SonicZone:

    Just curious if anyone knows if the COVID-19 situation has shuttered the Pinball Hall Of Fame in Vegas? Can't find anything current online.

    I would assume so. Casinos in Vegas are closed for ~30 days. Couple months ago I had (still have) tickets for Vegas and was planning to stop by for some pinball too.

    #289 3 months ago

    Anyone have an estimate on what a fair price would be to rent a modern game like MB or EHOH for a couple weeks, I've never even thought about it before?

    #290 3 months ago
    Quoted from bobukcat:

    Anyone have an estimate on what a fair price would be to rent a modern game like MB or EHOH for a couple weeks, I've never even thought about it before?

    Check this thread for some idea.

    https://pinside.com/pinball/forum/topic/rental

    LTG : )

    #291 3 months ago

    I am a retail landlord. As mentioned earlier, most insurance policies will not cover this. I am working with my tenants and will not move against them. I know if they are shut down, most will not be able to pay the rent. Hopefully your landlords will work with you to find a compromise solution.

    #292 3 months ago
    Quoted from GGBGROUP:

    Our plan is to reopen as soon as we can and hope for the best. No loans necessary but I do hope I won't have to carry rent payments for weeks while no revenue is coming in. We'll have signage regarding our expanded cleaning/disinfection program and containers with disinfectant wipes in a couple locations along with hand sanitizer. I'm afraid the psychological damage that we're all enduring will manifest itself with people being very reluctant to touch things in public places. Frankly, I'm not sure if this is a viable business anymore and am starting to prepare for life after the arcade; it might not even be something we can sell. It's really a shame as this was turning out to be our best year -- the point where we turned the corner with this business and were looking at finally lower expenses and higher revenue.

    I suspect it will come back and probably quite strong. People are mostly shut inside for now and will have pent up demand when this isolation is lifted. Trying to stay optimistic here. I think we will be ok

    #293 3 months ago
    Quoted from pookycade:

    I suspect it will come back and probably quite strong. People are mostly shut inside for now and will have pent up demand when this isolation is lifted. Trying to stay optimistic here. I think we will be ok

    When this passes, people are still going to be really paranoid about activities that involve groups and touching the same things.

    #294 3 months ago
    Quoted from cliff_clavin:

    I am a retail landlord. As mentioned earlier, most insurance policies will not cover this. I am working with my tenants and will not move against them. I know if they are shut down, most will not be able to pay the rent. Hopefully your landlords will work with you to find a compromise solution.

    I was informed that if the forced closure bankrupted me, the lease is still in full force and, due in full, on demand.

    Penalties will be enforced.

    So, no relief from the landlord lol.

    11
    #295 3 months ago

    Just announced liquor stores won't be closing!!! I understand some of you are going to have a difficult time,owning your own business and I feel for you deeply. Also the parants that have to work with no school what are they going to do with there kids?! Hopefully this is very short, I'm willing to help anyone in any way I can I'm in Waterbury, CT hit me up it anyone needs anything. I'm single with a big house and a recession proff job, law enforcement so I'm here for you people and your kids. We need to stick together in this.

    #296 3 months ago
    Quoted from pinballinreno:

    I was informed that if the forced closure bankrupted me, the lease is still in full force and, due in full, on demand.

    Penalties will be enforced.

    So, no relief from the landlord lol.

    I'm sorry.

    LTG : (

    #297 3 months ago
    Quoted from LTG:

    I'm sorry.
    LTG : (

    Lol. Thanks.

    The idea is to not go broke.

    Ill be ok for a couple weeks.

    #298 3 months ago
    Quoted from Blitzburgh99:

    I saw on news tonight that Pandemic is excluded from those policies.

    Insurance companies are your friend, until something goes wrong.....

    #299 3 months ago
    Quoted from pinballinreno:

    I was informed that if the forced closure bankrupted me, the lease is still in full force and, due in full, on demand.
    Penalties will be enforced.
    So, no relief from the landlord lol.

    What a nice, understanding landlord.... not. Both in Sparks and Reno?

    #300 3 months ago

    California was just issued a lockdown order. Only essential business to be open.

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