Metro East Steak House - Gaming in Place

Description

Restaurant and bar for sale less than 25 minutes from the Gateway Arch. The business has served local customers for many years and includes multiple dining areas, a large patio, entertainment space and licensed gaming.

Sale terms

• Business and assets asking price: $299,000
• Property lease: approximately $6,000 per month
• $1,000 of each monthly lease payment is represented as being credited toward a future real estate purchase
• Current owner retiring

The real estate is not included in the initial $299,000 business purchase. The property, including the surrounding acreage, would initially be leased to the buyer under the seller's proposed arrangement.

Facility

• Multiple dining rooms
• Large outdoor patio
• Bandstand
• Fully equipped commercial kitchen
• Large parking area
• Substantial surrounding property

The property provides room for the existing restaurant, outdoor activity and customer parking. Buyers interested in ultimately purchasing the real estate should obtain the full purchase terms in writing.

Operations

The restaurant has an existing employee team in place and has served generations of local customers. Food, beverage, entertainment and gaming activity contribute to the current operation.

Gaming

The business currently offers licensed gaming. Buyers should review gaming revenue separately and confirm the applicable licenses, machine agreements, revenue-sharing terms and regulatory approvals required after a change of ownership.

Growth

• Increase live entertainment and events
• Expand patio programming
• Develop private parties and group bookings
• Increase catering
• Use the acreage for additional permitted activities
• Increase local and digital marketing

Buyer review

Buyers should verify historical financials, food and beverage margins, gaming income, payroll, equipment ownership, employee arrangements and any event deposits before closing.

The lease and future property-purchase arrangement should be reviewed carefully, including the purchase price, timing, treatment of the $1,000 monthly credit, taxes, maintenance obligations, acreage included and what happens to accumulated credits if the buyer does not ultimately purchase the real estate.