My assumption is that there are more costs than we give credit for in running the team, so their break even point is probably well south of $300M. That being said there are two big caveats there: 1. They definitely pocketed a ton of money from 2012-2015, and haven't turned around and dipped back into that money. They'll point to the renovations but that leads to... 2. A lot of their costs are building up equity. So it's not *really* a loss even of it's not straight up liquid profit So ultimately. I don't *really* care about where that break even point is. They use this excuse so much, and it makes me blind with anger. This is your landlord telling you he can't fix your light bulb bc his mortgage payments are too high.