SUMMARY OF PROFESSIONAL GAMING SERVICES

Transcription

1 SUMMARY OF PROFESSIONAL GAMING SERVICES HVS Gaming 8170 W Sahara Ave, Suite 201, Las Vegas, NV 89117, USA

2 HVS Gaming Section A: Section B: Section C: Section D: Services Offered Expert Staff Featured Gaming Assignments Gaming Appraisal and Consulting List of Experience ABOUT HVS HVS is the world s leading consulting and services organization focused on the hotel, restaurant, shared ownership, gaming, and leisure industries. Established in 1980, the company performs thousands of assignments per year for virtually every major industry participant. HVS principals are regarded as the leading professionals in their respective regions of the globe. Through a worldwide network of 35 offices staffed by over 400 seasoned industry professionals, HVS provides an unparalleled range of complementary services for the hospitality industry. For further information regarding our expertise and specifics about our services, please visit Superior results through unrivalled hospitality intelligence. Everywhere. TABLE OF CONTENTS PAGE 1

3 Services Offered Market Studies HVS Gaming Division prepares market studies that provide comprehensive research into the market support for gaming operations, as well as for ancillary facilities such as hotels, restaurants, convention centers, recreational vehicle parks, golf courses, retail facilities, and other non-gaming ventures. Our gaming studies size the potential market for a casino and estimate what share of the market a proposed casino will capture based upon a supply, demand, penetration and gravitational analyses. Our studies can be customized to determine market support for a specific project or to provide recommendations regarding the optimal size and range of casino and ancillary developments. HVS Gaming Division will provide a forecast of gaming win and other applicable revenues based on the market derived data and an analysis of comparable markets and operations. Feasibility Studies HVS Gaming Division prepares a supply and demand analysis concluding in a forecast of gaming revenue that provides a basis for a detailed income and expense projections. The cash flow available for debt service and return on equity generated by the casino and ancillary operations is used to determine financial feasibility, given either market financing or a specific deal structure. Based on the estimated project cost and financing structure, we determine the overall financial feasibility of the gaming project. Narrative Appraisal Reports In addition to an opinion of value, a typical HVS Gaming Division narrative appraisal report can include a comprehensive market study and full feasibility analysis. Many lenders and developers prefer our appraisals to standard feasibility studies, because our reports provide thorough market documentation and an MAI-certified estimate of value in one package. Projects attract immediate attention when accompanied by an HVS Gaming Division report. Additional Services include: Native American gaming facilities; feasibility analyses and valuation of existing developments Market sizing and impact studies Gaming supply, demand, and revenue analyses Gaming and related lodging valuations Mortgage loan appraisals Second-opinion reviews of studies performed by other firms Going-concern valuations encompassing real estate, personal property, and business value Appraisal for property tax assessment Leasehold and leased fee valuations Expansion and/or renovation recommendations and analysis of the impact on property value Break-even analysis Site evaluations to determine the potential for development Development assistance for new gaming projects, expansions, and renovations SECTION A: SERVICES OFFERED PAGE 2

4 Expert Staff The HVS Gaming division is staffed by seasoned professionals through the HVS Las Vegas and San Francisco offices. They have collectively appraised or consulted on hundreds of gaming properties in all major gaming jurisdictions worldwide. Suzanne Mellen Senior Managing Director, has a B.S. degree in Hotel Administration from Cornell University and holds the following designations: MAI (Appraisal Institute), CRE (Counselor of Real Estate), ISHC (International Society of Hospitality Consultants), and FRICS (Fellow of the Royal Institution of Chartered Surveyors). Ms. Mellen established the San Francisco office of HVS International in 1985 and the Las Vegas office in She has been evaluating lodging, gaming, and associated real estate for over 30 years, has authored numerous articles on the topic of hotel and gaming valuation, and is a frequent lecturer and expert witness on the valuation of hotels, casinos and related issues. She developed her gaming valuation expertise during the early 1980's in the performance of ad valorem tax appeals for several major casino hotels. Selected feasibility assignments overseen by Ms. Mellen include some of the biggest casino developments in the world: the Cotai Strip in Macau and the proposed Las Vegas Sands Eurovegas project in Madrid. She also developed the initial valuations for the appraisal of a number of casinos in Pennsylvania following that state s legalization of gaming. Shannon Okada Associate Director and Vice President, holds an undergraduate degree in Marketing and Management from the University of Hawaii, Honolulu, Hawaii; a Masters degree in Hotel Administration from the William F. Harrah School of Hotel Administration, Las Vegas, Nevada; and MBA and JD degrees from Pepperdine University in Malibu, California. Mr. Okada has worked as a practicing attorney for law firms in Hawaii and California and gained his operational experience at the Paris Casino Hotel in Las Vegas, Nevada. Mr. Okada has developed expertise in the evaluation of national and international gaming markets, having completed appraisals and studies for existing and proposed properties in most major gaming jurisdictions nationally as well as in Macau, Singapore, and Europe. Mr. Okada currently leads daily operations of the HVS Las Vegas office. Elaine Sahlins Senior Vice President, holds an undergraduate degree from Barnard College, Columbia University in New York City and an MPS degree in Hotel Administration from Cornell University. After graduating from Cornell, she worked for VMS Realty in Chicago analyzing hotel investments, and as a review appraiser in San Francisco with Bank of America (BofA) where she developed her in-depth casino appraisal experience. As the primary casino reviewer for the bank, she appraised or reviewed over 25 casino properties in Nevada, Louisiana, Missouri, and Mississippi.HVS Gaming Division assignments include the Harrah's portfolio appraisals, Penn National appraisals, and a market study for a proposed casino in Chile. Emily Sze Assistant Vice President, holds a Bachelor of Science from the School of Hotel Administration at Cornell University in Ithaca, NY. Ms. Sze has worked in operational and analytical roles with Harrah s Entertainment, and as a senior financial analyst with Las Vegas Sands Corp. Ms. Sze operates a satellite office in New Jersey for the firm s Gaming division. She has completed many casino, racetrack, and casino hotel appraisals and evaluations in Atlantic City and New York, among others. Ms. Sze knows the East Coast gaming markets thoroughly, yet also has extensive experience in the following gaming jurisdictions: Nevada, Pennsylvania, Maryland, Massachusetts, Iowa, California, Bahamas, Costa Rica, and Aruba. SECTION B: EXPERT STAFF PAGE 3

5 Featured Gaming Assignments AGUA CALIENTE CASINO HOTEL FEASIBILITY STUDY RANCHO MIRAGE, CALIFORNIA As part of a master-planned development of the Agua Caliente Casino site, HVS was retained to prepare a hotel feasibility study. The study included quantifying demand for the hotel, preparing a hotel pro-forma, performing a demand analysis for the proposed meeting space, and estimating the financial returns of the hotel development based on the incremental gaming profit generated by hotel guests. The Four Diamond 340-room Aqua Caliente Casino Resort & Spa, with 10,000 square feet of meeting space, is now open and operational. ALTIRA MACAU (FORMALY KNOWN AS CROWN MACAU) MACAU, CHINA HVS Gaming Services was retained to prepare an appraisal of the Crown Macau for financing purposes. The objective of this assignment was to develop an opinion of market value of the newlyconstructed Crown Macau luxury casino-hotel, including guestrooms, multi-level gaming facilities, food and beverage outlets, and spa facility. AMERISTAR HOTEL CASINO COUNCIL BLUFFS, COUNCIL BLUFFS, IOWA HVS Gaming Services was retained by a law firm representing the owner of the Ameristar Hotel Casino to perform an appraisal of the land-based improvements of the property. The assignment required HVS to evaluate the casino s use of and dependence upon the landbased improvements for its operation, and required an estimation of the profitability of the land-based improvements as if independently operated or leased by the casino facility as determined appropriate. SECTION C: FEATURED GAMING ASSIGNMENTS PAGE 4

6 ATLANTIS PARADISE ISLAND CASINO, PARADISE ISLAND, BAHAMAS Brookfield Real Estate Financial Partners retained HVS to prepare an appraisal of the Atlantis. HVS Gaming Services prepared a gaming chapter which contributed to the overall report. This chapter provided a high level summary of the Bahamas market gaming supply and gaming demand. Gaming metrics, including gaming revenue, gaming expenses, and WPUPD were examined on a market and property level. The subject property s gaming revenues and expenses were forecast. BEAU RIVAGE CASINO RESORT, BILOXI, MISSISSIPPI HVS Gaming Services was retained by the property owner to perform a valuation of the Beau Rivage Casino for a property tax appeal. The assignment preparing financial projections for the entire asset including approximately 71,500 square feet of gaming, a 1,780-room hotel, 15 food and beverage outlets, a 1,600-seat showroom, a 10-store shopping pavilion, 50,000 square feet of meeting space, and a 31-slip marina. Because a riverboat is considered non-taxable personal property in Mississippi, HVS were required to differentiate between the value of the land based improvements and the barge-based casino improvements. BORGATA HOTEL CASINO AND SPA, ATLANTIC CITY, NEW JERSEY HVS Gaming Services was retained by a law firm representing the owner of the property to perform an appraisal of the market value of the real property of the Borgata Hotel Casino and Spa for ad valorem assessment purposes in conjunction with a property tax appeal. The analysis included providing estimates of value as of two retrospective dates, and extracting any value attributable to the personal and intangible business components. PROPOSED MASTER-PLANNED RESORT DEVELOPMENT COEUR D'ALENE, IDAHO As part of planning for a destination resort in association with their existing casino, the Coeur D Alene Tribe engaged HVS for market research and analysis to assess the feasibility of developing a hotel and arena on tribal land, adjacent to the casino. A 202-room hotel was developed, followed by a 100-room expansion. SECTION C: FEATURED GAMING ASSIGNMENTS PAGE 5

7 ENOCH CREE ENTERTAINMENT DEVELOPMENT EDMONTON, ALBERTA, CANADA Paragon Canada, a private development firm, retained HVS to evaluate a mixed-use entertainment development in West Edmonton, Alberta. The proposed development was to include entertainment, dining, and hospitality components to be located on a 2.1 million square foot property west of downtown Edmonton. The River Cree Resort and Casino, with 800 slot machines, 35 table games and the 249-room Edmonton Marriott at River Cree Resort are now open and operational. FANTASY SPRINGS CASINO AND PROPOSED HOTEL PALM SPRINGS, CALIFORNIA HVS provided market analysis to the Cabazon Band of Mission Indians for facility planning in connection with their existing casino. Financial and market analysis were undertaken for a hotel, casino, and recreational vehicle park on tribal land. The 250-room Fantasy Springs Resort Casino with 48,000 square feet of meeting and exhibition space is now open and operational. HARRAH'S ENTERTAINMENT PORTFOLIO HVS was retained to appraise a multiple-property portfolio of casino-hotels in connection with Apollo Management, L.P. and TPG Capital, L.P.'s acquisition of Harrah s Entertainment. Casino-hotels included in the portfolio were located in the South Lake Tahoe, Las Vegas, Laughlin, and Atlantic City markets. HOLLYWOOD CASINO AT KANSAS SPEEDWAY, KANSAS CITY, KANSAS HVS Gaming Services was retained by a law firm representing the Wyandotte County assessor to perform an appraisal of the market value of the fee simple interest in the real property component of the Hollywood Casino at Kansas Speedway for ad valorem tax assessment purposes in conjunction with a property tax appeal. The analysis included providing estimates of value as of two retrospective dates, and extracting any value attributable to the personal and intangible business components. The surrounding economic environment, on both area and neighborhood levels, was reviewed to identify specific economic and demographic trends that may have an impact on future casino demand. SECTION C: FEATURED GAMING ASSIGNMENTS PAGE 6

8 HOLLYWOOD CASINO AT PENN NATIONAL RACECOURSE, GRANTVILLE, PENNSYLVANIA HVS Gaming Services was retained by Dauphin County to perform an appraisal of the real property of the Hollywood Casino for ad valorem tax assessment purposes. The income and cost approaches to value were employed and the value of the intangible business component was isolated and extracted from the value conclusion. HVS was not provided any information by the taxpayer and based their income approach analysis on a market study and assessment of market-wide gaming revenue and the Hollywood Casino s projected market penetration. An independent architectural and project management firm with expertise in casino properties was retained by HVS to develop an estimate of the cost to develop the improvements. HVS developed an estimate of land value and property depreciation from all sources, concluding in a estimate of value via the cost approach. ISLE OF CAPRI CASINO BILOXI, MISSISSIPPI HVS prepared a complete appraisal of the Isle of Capri Casino and Hotel in Biloxi for financing. As part of the assignment, all of the then existing casinos in Biloxi were researched and inspected. KONOCTI HARBOR RESORT & SPA - KELSEYVILLE, CALIFORNIA The Plan Benefits Security Division of the U.S. Department of Labor engaged HVS to prepare an appraisal of the Konocti Harbor Resort and Spa in Kelseyville, California assuming its highest and best use under both gaming and non-gaming scenarios. The subject of the complete appraisal was a ±101.4-acre site, improved with a 262- room, resort lodging facility known as the Konocti Harbor Resort & Spa. In addition to guestrooms, the subject property contains a 5,000-seat outdoor amphitheater, a 1,000-seat showroom, a conference facility, a ±19,000-square-foot spa, a marina, a restaurant, a lounge, a snack bar, an amphitheater tent for dinner service, two outdoor swimming pools, tennis courts, a mini-golf course, Camp Konocti children s camp, public beach, and recreational areas. The gaming scenario included assessing the market and financial potential for establishing Konocti Harbor Resort as a destination casino hotel with meeting and convention facilities. SECTION C: FEATURED GAMING ASSIGNMENTS PAGE 7

9 MAJESTIC STAR I & II, GARY, INDIANA The Lake County District Attorney retained HVS Gaming Services to prepare a review of five appraisal reports performed by three other major appraisal firms. The reviewed appraisals pertained to two vessels that comprise a casino operation known as Majestic Star I and Majestic Star II. The property rights appraised were the fee simple interest in the two vessels, exclusive of landside improvements and intangible business value. HVS provided a review report speaking to the reasonableness of the value conclusions reached, noting any deficiencies in the analysis and methodology undertaken. Ms. Mellen provided expert testimony in bankruptcy court on her review and critique of the appraisals where the values of the casinos for assessment purposes were at issue. PROPOSED MARINA BAY SANDS SINGAPORE The objective of this assignment was to perform a market and financial feasibility study to develop an opinion of the prospective market value of the proposed Marina Bay Sands integrated resort for project financing. The integrated resort, which was under construction at the time HVS appraised it, opened in Marina Bay Sands features three 55-story hotel towers (with approximately 2,600 rooms and suites), a skypark, approximately 161,000 square feet of gaming space with approximately 620 table games and 2,300 slot machines, an enclosed retail, dining and entertainment complex of approximately 800,000 net leasable square feet, a convention center and meeting room complex of approximately 1.3 million square feet and theaters. HVS undertook market research and prepared financial projections for all components of the project. PARX CASINO, BENSALEM, PENNSYLVANIA HVS Gaming Services was retained by the Bucks County Board of Assessment to appraise the Parx Casino for ad valorem tax assessment purposes. The casino is part of the Philadelphia Park Racetrack and Parx Casino complex, which includes a thoroughbred horse racetrack. The income and cost approaches to value were employed and the value of the intangible business component was isolated and extracted from the value conclusion. HVS was not provided any information by the taxpayer and based their income approach analysis on a market study and assessment of market-wide gaming revenue and the Parx Casino s projected market penetration. An independent architectural and project management firm with expertise in casino properties was retained by HVS to develop an estimate of the cost to develop the improvements. HVS developed an estimate of land value and property depreciation from all sources, concluding in an estimated value from the cost approach. This report was used by Bucks County, Commonwealth of Pennsylvania. SECTION C: FEATURED GAMING ASSIGNMENTS PAGE 8

10 RIVER ROCK CASINO, GEYSERVILLE, CALIFORNIA The objective of this assignment was to develop an opinion of the ±61,500-square foot River Rock Casino s as is market value, as well as its prospective market value upon completion of a 1,358-space parking facility. In addition to a casino, the subject features two restaurants, a lounge, a gift shop, 507 surface parking spaces, and appropriate back-of-the-house space. PROPOSED HOTEL FEASIBILITY SANDIA CASINO BERNALLILO, NEW MEXICO HVS prepared a comprehensive feasibility analysis for potential hotel development on the site of the successful Sandia Casino on the northern border of Albuquerque, New Mexico. The study evaluated hotel options for the site and prepared a financial analysis of potential hotel and gaming profit to be generated by a lodging facility. The 228-room Sandia Resort and Casino containing 50,000 square feet of meeting space is now open and operational. SANDS CASINO RESORT BETHLEHEM, BETHLEHEM, PENNSYLVANIA HVS Gaming Services was retained by Northampton County to perform an appraisal of the Sands Casino Bethlehem, constructed on the site of the former Bethlehem Steel Mill. The purpose of this appraisal is to estimate the retrospective real property value of the developed portions of the Sands Casino Resort for ad valorem tax purposes and to attribute appropriate portions of the value to each parcel. The income and cost approaches to value were employed and the value of the intangible business component was isolated and extracted from the value conclusion. HVS based their income approach analysis on a market study and assessment of market-wide gaming revenue and the Sands Casino s projected market penetration. An independent architectural and project management firm with expertise in casino properties was retained by HVS to develop an estimate of the cost to develop the improvements. HVS developed an estimate of land value and property depreciation from all sources, concluding in an estimated value from the cost approach. The property was subsequently appraised upon the completion of a hotel component. SECTION C: FEATURED GAMING ASSIGNMENTS PAGE 9

11 TIOGA DOWNS, NICHOLS, NEW YORK HVS Gaming Services conducted market research and analysis to determine if a hotel and meeting space at the Tioga Downs casino was economically feasible and accretive to the value of the property. After determining that a hotel would be viable from a market perspective, we prepared forecasts of income and expense and valuations to assess project feasibility. An analysis of incremental gaming win and profit that would be generated by the hotel guests was prepared to fully reflect the economic benefits of the proposed project. TURNING STONE CASINO AND PROPOSED HOTEL - VERONA, NEW YORK HVS Gaming Services provided appraisal and feasibility analysis services for Key Bank of New York of the major components of the Turning Stone Casino Resort, including the casino, hotel, golf course, and RV Park. Studies were performed as the property expanded in its various phases. SECTION C: FEATURED GAMING ASSIGNMENTS PAGE 10

12 Gaming Appraisal and Consulting Experience Portfolio Valuations Boyd Gaming Corporation, Various locations Lady Luck Gaming Corporation, Various locations Isle of Capri, Various locations Harrah s, Various locations Commercial Gaming Projects United States Nevada Boulder Station Hotel Casino, Boulder Highway Proposed Sunrise Hotel Casino and RV Park, Boulder Highway Sam's Town Hotel and Gambling Hall, Boulder Highway Crystal Park Casino Hotel, Crystal City Ormsby House Hotel Casino, Carson City Eldorado Casino, Henderson Hyatt Regency Lake Las Vegas, Henderson Jokers Wild Casino, Henderson Proposed Reserve Hotel Casino, Henderson Rainbow Casino, Henderson Tom's Sunset Casino, Henderson Cactus Petes and Horseshu Resort & Casino, Jackpot Harrah's Lake Tahoe, Lake Tahoe Harvey s Casino Hotel, Lake Tahoe Aladdin Hotel Casino, Las Vegas Boardwalk Hotel Casino, Las Vegas Boomtown Casino, Las Vegas California Hotel Casino, Las Vegas El Rancho Hotel Casino, Las Vegas Eureka Saloon Casino, Las Vegas Flamingo Las Vegas, Las Vegas Fremont Hotel Casino, Las Vegas Hacienda Casino Hotel, Las Vegas Hard Rock Hotel & Casino Excess Land Harrah's Las Vegas, Las Vegas Howard Johnson Hotel Casino, Las Vegas Jockey Club Casino, Las Vegas J.W. Marriott and Rampart Casino, Las Vegas Lady Luck Casino Hotel, Las Vegas Las Vegas Hilton, Las Vegas Main Street Station Hotel Casino, Las Vegas Maxim Hotel Casino, Las Vegas MGM Grand, Las Vegas Monte Carlo Casino Hotel, Las Vegas New Frontier Hotel & Casino, Las Vegas New York, New York Casino Hotel, Las Vegas Palace Station Casino Hotel, Las Vegas Paris Las Vegas, Las Vegas Planet Hollywood Resort & Casino, Las Vegas Proposed Caesars Entertainment s Octavius Tower, Las Vegas Proposed Caribbean Resort, Las Vegas Nevada (continued) Proposed Convention Center Hotel & Casino Proposed Imperia Beach Casino Hotel, Las Vegas Proposed Koval and Harmon Casino, Las Vegas Proposed New Frontier Hotel & Casino Site, Las Vegas Proposed Pair-A-Dice Casino Resort, Las Vegas Proposed Plaza Casino Hotel, Retail, & Condos, Las Vegas Proposed Plaza Las Vegas, Las Vegas Regent International Hotel & Casino, Las Vegas Resort at Summerlin, Las Vegas Rio All Suite Hotel Casino, Las Vegas Sahara Hotel & Casino, Las Vegas Sam s Town Hotel & Gambling Hall, Las Vegas Santa Fe Casino Hotel, Las Vegas Silverton Casino, Las Vegas Stardust Resort and Casino, Las Vegas Sunrise Hotel & Casino, Las Vegas Texas Station Casino Hotel, Las Vegas The Venetian, Las Vegas Harrah s Laughlin, Laughlin Proposed Casino Hotel & RV Project, Laughlin Proposed Casino Hotel & Timeshare, Laughlin River Palms Hotel & Casino, Laughlin Peppermill Resort, Mesquite Whiskey Pete's, Prim Boomtown Casino Hotel, Reno Peppermill Casino Hotel, Reno Quality Inn Hotel Casino, Reno Western Village Inn and Casino, Sparks Bill's Casino, Stateline Harrah s Lake Tahoe, Stateline Harvey s Lake Tahoe, Stateline Nevada Crossing, Wendover Peppermill Casino Hotel, Wendover Rainbow Casino, Wendover State Line and Silver Smith Casino Hotels, Wendover New Jersey Borgata Casino & Resort, Atlantic City Caesars Hotel Casino, Atlantic City Harrah's Marina Hotel Casino, Atlantic City Proposed Borgata Resort and Spa, Atlantic City Proposed Casino Hotel with Ancillary Facilities, Atlantic City Proposed Casino at the Chelsea Hotel, Atlantic City Resorts International Hotel Casino, Atlantic City Sands Hotel Casino, Atlantic City Showboat, Atlantic City The Pier at Trump Taj Majal & Trump World s Fair Casino Site, Atlantic City Tropicana Hotel Casino, Atlantic City Trump Marina Hotel Casino, Atlantic City Trump Pier at Taj Mahal, Atlantic City SECTION D: GAMING LIST OFEXPERIENCE PAGE 11

13 Other U.S. Bullwhackers Casino, Black Hawk, Colorado Imperial Casino, Cripple Creek Colorado Grande Casino, Colorado Springs, Colorado Proposed Double Eagle Casino Hotel, Colorado Springs, Colorado Holiday Inn Express Tampa Fairgrounds Casino, Tampa, Florida Majestic Star Hotel & Casino, Gary, Indiana Ameristar Casino Council Bluffs, Council Bluffs, Iowa Kansas City Speedway, Kansas City, Kansas Proposed Harrah's New Orleans, New Orleans, Louisiana Hollywood Casino, Shreveport, Louisiana Hollywood Slots at Bangor, Bangor, Maine Maryland Live! Casino, Arundel Mills, Maryland Greektown Casino, Detroit, Michigan Beau Rivage Casino & Resort, Biloxi, Mississippi Grand Casino, Gulfport, Mississippi Hollywood Casino Tunica, Robinsonville, Mississippi Argosy Riverside Casino Hotel & Spa, Riverside, Missouri Proposed Inn of the Mountain Gods Resort & Casino, Ruidoso, New Mexico Proposed ParkPlace Hotel & Casino, Catskills, New York Proposed Resorts World, Jamaica, New York Parx Casino, Bensalem, Pennsylvania Sands Casino Resort Bethlehem, Bethlehem, Pennsylvania Hollywood Casino & Penn National Racecourse, Grantville, Pennsylvania Rivers Casino, Pittsburgh, Pennsylvania Casino Component of Hotel Conference Center Feasibility Study, Washington County, Pennsylvania Iron Horse Casino, Auburn, Washington Native American Gaming Projects Cliff Castle Casino, Camp Verde, Arizona River Rock Casino, Geyserville, California Thunder Valley Casino, Lincoln, California Gold Country Casino, Oroville, California Fantasy Springs Casino and Proposed Hotel, Palm Springs, California Proposed Casino Diablo Grande, Patterson, California Agua Caliente Casino & Resort, Rancho Mirage, California Proposed Enoch Cree Entertainment Complex, Edmonton, Alberta, Canada Proposed Master Planned Resort Development, Coeur d'alene, Idaho Proposed Sandia Pueblo, Albuquerque, New Mexico Proposed ParkPlace Hotel & Casino, Catskills, New York Proposed Mohawk Bingo Palace Project, Hogansburg, New York Proposed Bingo Palace Project, Hogansburg, New York Turning Stone Casino and Proposed Hotel, Verona, New York Riverboat and Dockside Gaming Projects Argosy Alton, Alton, Illinois Hollywood Casino Aurora, Aurora, Illinois Empress Casino, Joliet, Illinois Proposed Harrah's Riverboat Casino, Joliet, Illinois Hollywood Casino Joliet, Joliet, Illinois Lady Luck Casino Hotel, Bettendorf, Iowa Ameristar Casino Hotel, Council Bluffs, Iowa Harvey s Casino Hotel, Council Bluffs, Iowa Miss Marquette Riverboat Casino, Marquette, Iowa Argosy Casino - Sioux City, Sioux City, Iowa Empress Casino, Hammond, Indiana Proposed Caesars Riverboat Complex, Harrison County, Indiana Hollywood Casino Lawrenceburg, Lawrenceburg, Indiana Riverboat Casino Complex, Michigan City, Indiana Proposed Belterra Resort, Vevay, Indiana Casino Rouge, Baton Rouge, Louisiana Horseshoe Casino, Bossier City, Louisiana Isle of Capri Casino, Bossier City, Louisiana Riverboat Casino, Bossier City, Louisiana Boomtown New Orleans, Harvey, Louisiana Isle of Capri Casino, Saint Charles, Louisiana Casino Magic Inn, Bay Saint Louis, Mississippi Boomtown Biloxi, Biloxi, Mississippi Grand Casino, Biloxi, Mississippi Isle of Capri Casino, Biloxi, Mississippi Treasure Bay Hotel and Casino, Biloxi, Mississippi Lady Luck Rhythm and Blues Casino Hotel, Lula, Mississippi Lady Luck Casino Hotel, Natchez, Mississippi Horseshoe Casino, Tunica, Mississippi Sam's Town Tunica Dockside Casino and Hotel, Tunica, Mississippi Ameristar Casino Hotel, Vicksburg, Mississippi Isle of Capri Casino, Vicksburg, Mississippi Riverboat Casino, Vicksburg, Mississippi Ameristar Kansas City, Kansas City, Missouri Proposed Hilton Riverboat Casinos, Kansas City, Missouri Sam's Town Riverboat Casino, Kansas City, Missouri Ameristar St. Charles, St. Charles, Missouri Riverfront Station, St. Charles, Missouri Proposed Hilton Riverboat Casino, Corpus Christi, Texas Racetracks/Racinos Projects Victoryland & Quincy s 777 Casino, Montgomery, Alabama Santa Anita Racetrack, Arcadia, California Proposed Magic City Casino at Flagler Dog Track, Miami Florida Bluff s Run, Council Bluffs, Iowa Hollywood Casino at Kansas Speedway, Proposed and Existing, Kansas City, Kansas Monticello Gaming and Raceway, Monticello, New York Tioga Downs, Nichols, New York Saratoga Casino & Raceway, Saratoga Springs, New York Genting Casino at Aqueduct Racetrack, Queens, New York Black Gold Casino at Zia Park, Hobbs, New Mexico SECTION D: GAMING LIST OFEXPERIENCE PAGE 12

14 Racetracks/Racinos Projects (continued) Harrah s Chester Casino & Racetrack, Chester, Pennsylvania Hollywood Casino at Penn National Race Course, Grantville, Pennsylvania Pocono Downs Harness Track, Scranton, Pennsylvania Meadows Racetrack and Casino, Washington, Pennsylvania Charles Town Entertainment Complex, Charles Town, West Virginia International Gaming Projects Proposed Enoch Cree Entertainment Complex, Edmonton, Alberta, Canada Casino Niagara, Niagara Falls, Ontario, Canada Casino Rama, Rama, Ontario, Canada Proposed Casino-Hotel, San Francisco de Mostazal, Chile Altira Macau, Macau, China City of Dreams Hotel & Casino, Macau, China Crown Macau Hotel & Casino, Macau, China Grand Waldo Hotel and Casino, Macau, China Proposed Macao Studio City, Macau, China Proposed Sands China Limited Parcels 5 and 6, Macau, China Proposed Shangri-La Hotel, Macau, China Sands Casino Macao, Macau, China Venetian Macao Resort, Macau, China Proposed Tipperary Venue, Tipperary, Ireland Casino Component of Proposed Resort, Moscow, Russia Proposed Marina Bay Sands, Singapore Proposed Las Vegas Sands Development, Spain Proposed Integrated Resort, Colombo, Sri Lanka Caribbean Gaming Projects Grand Princess Entertainment Center, Jolly Harbor, Antigua Proposed Hard Rock Hotel and Casino, Oranjestad, Aruba Renaissance Aruba Resort & Casino, Oranjestad, Aruba Marriott Aruba Resort & Stellaris Casino, Palm Beach, Aruba Proposed Hotel, Oranjestad, Aruba Atlantis, Paradise Island, Bahamas Proposed Baha Mar, Nassau, Bahamas Proposed Casino at Proposed Marina Papagayo Village, Guanacaste, Costa Rica Proposed Playa Iguanita Development, Guanacaste, Costa Rica Renaissance Curacao, Curacao, Netherlands Antilles Proposed Panama Bay Hotel and Casino, Panama City, Panama Hyatt Dorado Beach, Dorado, Puerto Rico Hyatt Cerromar Beach, Dorado, Puerto Rico DuPont Plaza Hotel Casino, San Juan, Puerto Rico El San Juan Hotel Casino, San Juan, Puerto Rico Proposed Marriott San Juan Hotel Casino, San Juan, Puerto Rico Sands Hotel Casino, San Juan, Puerto Rico SECTION D: GAMING LIST OFEXPERIENCE PAGE 13