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'Survivor' star looking for investors for casino game

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Reality-TV star Rupert Boneham is putting out a call to investors who might want to try their luck at owning a portion of a casino table game he has created.

The Indianapolis resident of “Survivor” fame is holding an informational meeting at 7 p.m. Tuesday at the office of his not-for-profit, Rupert’s Kids Inc., at 757 E. 86th St.

Boneham launched his charity in 2004, about the same time he captured the $1 million prize as winner of “Survivor: Pearl Island.”

Plans to expand his mentoring program for troubled teenagers and young adults to other cities in Indiana needs financial backing. Boneham thinks his Rupert’s Island Draw casino game could provide the answer.

He is seeking 10 investors to pay $10,000 each for a 1-percent stake in the game. Boneham plans to use the $100,000 to market the game and to get it into as many casinos across the country as possible.

Investors would earn 1 percent of monthly revenue from rental fees that the casinos would pay for the game. The more casinos that want the game, the larger the return for investors.

Rupert’s Kids would benefit from the 20 percent of revenue Boneham has pledged to the charity.

“I am looking for investors at a time when money is so tight,” Boneham said. “But I don’t want to give a lot of the company away. I want to make sure I know who is getting involved.”

Rupert’s Kids is funded completely by private donations, which began to dwindle in 2008, Boneham said. His charity ran a $35,291 deficit in 2009, according to its most recent Internal Revenue Service Form 990. Expenses totaled $210,069 on a budget of $174,778.

Boneham is seeking investors as his casino game gets closer to winning licensing approval. A test run at the Golden Nugget casino in Las Vegas is finished, and the Nevada State Gaming Board is expected to give the game its blessing June 24.  

If all goes well in Nevada, Boneham plans to market his game to casinos across the country.

He plans to register the securities with the Indiana Secretary of State’s Office once the game is licensed.

“I am testing the waters to see if there is value in what we created,” he said.

Rupert’s Island Draw is a two-card game using the ace through six cards. The goal is to get a lower score than the dealer. A third card can come into play, and a hand over 12 is considered a bust.

“It’s a very non-threatening game,” Boneham said.
 

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  1. Apologies for the wall of text. I promise I had this nicely formatted in paragraphs in Notepad before pasting here.

  2. I believe that is incorrect Sir, the people's tax-dollars are NOT paying for the companies investment. Without the tax-break the company would be paying an ADDITIONAL $11.1 million in taxes ON TOP of their $22.5 Million investment (Building + IT), for a total of $33.6M or a 50% tax rate. Also, the article does not specify what the total taxes were BEFORE the break. Usually such a corporate tax-break is a 'discount' not a 100% wavier of tax obligations. For sake of example lets say the original taxes added up to $30M over 10 years. $12.5M, New Building $10.0M, IT infrastructure $30.0M, Total Taxes (Example Number) == $52.5M ININ's Cost - $1.8M /10 years, Tax Break (Building) - $0.75M /10 years, Tax Break (IT Infrastructure) - $8.6M /2 years, Tax Breaks (against Hiring Commitment: 430 new jobs /2 years) == 11.5M Possible tax breaks. ININ TOTAL COST: $41M Even if you assume a 100% break, change the '30.0M' to '11.5M' and you can see the Company will be paying a minimum of $22.5, out-of-pocket for their capital-investment - NOT the tax-payers. Also note, much of this money is being spent locally in Indiana and it is creating 430 jobs in your city. I admit I'm a little unclear which tax-breaks are allocated to exactly which expenses. Clearly this is all oversimplified but I think we have both made our points! :) Sorry for the long post.

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