From the Desk of Josh Beckman (www.joshbeckman.org) home / notes / note-on-a-very-chicago-gamble-via-patrick-mckenzie-patio11 This is somewhat elementary and handwavy napkin analysis of a complicated business which, like most casinos and hotels, is heavily levered with a complex capital stack. But the investment case gets smothered by a napkin. Josh Beckman Reference napkin-math finance A Very Chicago Gamble Patrick McKenzie (patio11) 2025, January 31, Friday Edit Comment/Reply via email Widgets Network Graph Legend Insight This widget generates “insights” about a post - you can read about how it works. Generating Keyboard Shortcuts Key Action o Source e Edit i Insight r Random h Home s or / Search Close www.joshbeckman.org/notes/846060304