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R9W Ocean Drive Resort Tax Presentation
OCEAN DRIVE RESORT TAX 515STREET th –th BEACH MIAMI RESORT TAX GROSS SALES 12 MONTHS ACTUAL Period Room Alcohol Food Total 12mos.SalesSalesSalesSales 6/2015 -5/2016$63,494,697$79,383,671$90,434,911$233,313,280 2 RESORT TAX COLLECTIONS 12 MONTHS ACTUAL Room AlcoholFood Total Period PaidPaidPaidPaid 12mos. $2,284,584$1,587,532$1,804,727$5,676,844 6/2015 -5/2016 3 ASSUMPTIONS 65 establishments between 5and 15streets with thth • Liquor Licenses until 5 am Hotels will continue to serve food & alcohol until 5 am • After 2 am, patrons will go to other establishments in • Miami Beach serving alcohol between 2 -5 am Food • Sold from 8 am -5 am daily – 21 hours daily – 630 hours monthly – Alcohol • Sold from 12 pm -5 am daily – 17 hours daily – 510 hours monthly – 4 ALCOHOL GROSS SALES ASSUMPTIONS Alcohol Ocean Drive5–15Street thth Gross Sales Assumptions 65 establishmentswith Liquor Licenses until 5 am Avg. Hourly Gross Sales 12 pm -5 am$ 14,096 Avg. GrossSales2-5 am$ 42,288 Avg. Monthly Gross Sales 2 -5 am$ 1,268,642 Avg. Annual GrossSales2 -5 am$ 15,223,710 Adjusted for hotels serving until5 am -25% $ (3,805,927) Adjusted for patrons who will goto other establishments in $ (1,522,371) MB 2 -5 am-10% Adjusted AverageAnnual GrossSales2 -5 am$ 9,895,411 Estimated Average Annual Loss of GrossSales per establishment2 -5 am$ 152,237 5 ALCOHOL RESORT TAX COLLECTION ASSUMPTIONS Alcohol Ocean Drive5–15Street thth Resort Tax Collection Assumptions 65 establishmentswith Liquor Licenses until 5 am Avg. Hourly Resort Tax 12 pm -5 am$ 282 Avg. Resort Tax 2 -5 am$ 846 Avg. Monthly Resort Tax 2 -5 am$ 25,371 Avg. Annual Resort Tax 2 -5 am$ 304,449 Adjusted for hotels serving until 5 am -25%$ (76,112) Adjusted for patrons who will goto other establishments in MB $ (30,445) 2 -5 am-10% Adjusted AverageAnnual ResortTax2 -5 am$ 197,892 Estimated Average Annual Loss of Resort Tax per establishment2 -5 am$ 3,044 6 FOOD GROSS SALES ASSUMPTIONS Food Ocean Drive5–15Street thth Gross Sales Assumptions 65 establishmentswith Liquor Licenses until 5 am Avg. Hourly GrossSales8am -5 am$ 12,977 Avg. GrossSales2 -5 am $ 38,932 Avg. Monthly Gross Sales 2 -5 am$ 1,167,947 Avg. Annual GrossSales 2 -5 am$ 14,015,368 Adjusted for hotels serving until 5 am -25%$ (3,503,842) Adjusted for patrons who will goto other establishments in MB $ (1,401,537) 2 -5 am-10% Adjusted AverageAnnual Gross Sales 2 -5 am$ 9,109,989 Estimated Average Annual Loss of Gross Sales per establishment2 -5 am$ 140,154 7 FOOD RESORT TAX COLLECTION ASSUMPTIONS Food Ocean Drive5–15Street thth Resort Tax Collection Assumptions 65 establishmentswith Liquor Licenses until 5 am Avg. Hourly Resort Tax 8 am -5 am$ 259 Avg. Resort Tax 2 -5 am$ 777 Avg. Monthly Resort Tax 2 -5 am$ 23,309 Avg. Annual Resort Tax 2 -5 am$ 279,705 Adjusted for hotels serving until 5am -25%$ (69,926) Adjusted for patrons who will goto other establishments in MB $ (27,970) 2 -5 am-10% Adjusted AverageAnnual ResortTax2 -5 am$ 181,808 Estimated Average Annual Loss Resort Tax $ 2,797 per establishment2 -5 am 8 TOTAL GROSS SALES ASSUMPTIONS (ALCOHOL & FOOD) Alcohol& Food Ocean Drive5–15Street thth Gross Sales Assumptions 65 establishmentswith Liquor Licenses until 5 am Avg. Hourly Gross Sales 8 am -5 am$ 27,073 Avg. GrossSales2 -5 am$ 81,220 Avg. Monthly Gross Sales 2 -5 am$ 2,436,590 Avg. Annual GrossSales2 -5 am$ 29,239,078 Adjusted for hotels serving until 5am -25%$ (7,309,769) Adjusted for patrons who will goto other establishments in MB $ (2,923,908) 2 -5 am-10% Adjusted AverageAnnual Gross Sales 2 -5 am$ 19,005,401 Estimated Average Annual Loss of Gross Sales $ 292,391 per establishment2 -5 am 9 TOTAL RESORT TAX COLLECTION ASSUMPTIONS (ALCOHOL & FOOD) Alcohol& Food Ocean Drive5–15Street thth Resort Tax Collection Assumptions 65 establishmentswith Liquor Licenses until 5 am Avg. Hourly Resort Tax 8 am -5 am$ 541 Avg. Resort Tax 2 -5 am$ 1,623 Avg. Monthly Resort Tax 2 -5 am$ 48,679 Avg. Annual Resort Tax 2 -5 am$ 584,154 Adjusted for hotels serving until 5am -25%$ (146,038) Adjusted for patrons who will goto other establishments in MB $ (58,415) 2 -5 am-10% Adjusted AverageAnnual ResortTax2 -5 am$ 379,700 Estimated Average Annual Loss of Resort Tax $ 5,842 per establishment2 -5 am 10