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Peninsula crossroads dec 1 2010 powerpoint presentation

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  • 1. Market, Economic and Fiscal Impact Analysis for the Kansas Star Equine Event Center Response to Follow-Up Questions December 1, 2010
  • 2. Requested Information Regarding Crossroads’ Report 1 1. Explain Crossroads' understanding of events and attendance at the Oklahoma City State Fair Park equestrian complex and why the Peninsula facility might be expected to attract no fewer than 75% as many events as reported by State Fair Park. 2. Explain why attendance at the proposed Sumner County facility is anticipated to be substantially higher, both overall and on a per-event basis, than Crossroads indicated would be likely at a York County, South Carolina facility of a comparable scale.
  • 3. Factors Influencing Event Activity Estimates 2 • Market characteristics • Equine inventory and strength/popularity in the region • Building program • Operating objectives/market niche • Competitive environment • Input from potential users • Data on comparable facilities
  • 4. Comparison of Select Factors Influencing Event Activity 3 Category Kansas Star State Fair Park Proposed York County Equine Inventory - State - Region 178,700 2.5 million 326,100 2.5 million 94,800 1.5 million Relative Strength/ Popularity High High Moderate Building Program -Arena (Seats) -Permanent Stalls -RV Hookups Indoor (3,000) 400+ 80 Indoor (9,000) 960 360 Indoor(2,000) 300 50 Primary Operating Objective Tourism/ Economic Impact Tourism/ Economic Impact Replace existing Fairgrounds; Multi- purpose facility Primary Market Niche Large State/Regional Events Large Regional/National/ International Events Local/State Events
  • 5. Comparison of Select Factors Influencing Event Activity 4 Category Kansas Star State Fair Park Proposed York County Competitive Environment Low Moderate High Quality Area Equine Facilities Relatively Limited Several Several Surrounding Amenities Moderate (With Hotel/ Casino) High Low Potential Users’ Input Favorable Not Applicable Favorable
  • 6. Projected Equine Activity Appears Reasonable Relative to That Achieved at Other Equine Facilities 5 Facility South Point Equestrian Complex Governor James B. Hunt, Jr. Horse Complex Jacksonville Equestrian Center Western NC Ag Center Kansas Star Equine Event Center Prince George's Equestrian Center Expo Square WestWorld Georgia Int'l Horse Park Average Location Las Vegas Raleigh, NC Jacksonville, FL Williamston, NC Sumner County, KS Upper Marlboro, MD Tulsa, OK Scottsdale, AZ Conyers, GA (excluding KS Star) Number of Events Equine 28 56 79 49 21 38 68 65 55 Non-Equine 0 20 81 5 4 28 112 41 Total 28 56 99 130 26 42 96 177 90 Event Days Equine 168 150 73 65 261 161 Non-Equine 0 8 203 253 152 Total 168 150 81 268 514 275 Attendance Equine 198,700 182,400 358,100 220,000 254,000 Non-Equine 17,000 93,200 11,300 280,000 128,000 Total n/s n/s 83,300 157,700 215,700 275,600 369,400 500,000 615,000 334,000
  • 7. 6 State Fair Park Offers a Very Different Product  Destination attributes, building program and market niche  Known as “Horse Show Capital of the World”  No detailed research was conducted - not considered a comparable facility  State Fair Park anticipated to host 21 equine events and 135 event days averaging 6.4 days/event in 2010 – Cost prohibitive for the facility to host smaller events  More quality, competitive facilities in the surrounding area than near Sumner County  Oklahoma City hotels increased their hotel/motel tax to fund improvements
  • 8. 7 Sample Overview of Direct Spending at Select Equine Events Held at State Fair Park Event Start Date End Date Event Days Spectators/ Participants Average Attendance Estimated Direct Spending Avg Spending Per Person Greater Oklahoma Hunter/Jumper Show 7/23/2008 7/27/2008 5 16,200 3,240 $3,500,000 $216 Grand Nat'l/World Championship Morgan Horse Show 10/4/2008 10/11/2008 8 61,267 7,658 $14,300,000 $233 Nat'l Reining Championship Show 11/27/2008 12/6/2008 10 51,303 5,130 $12,000,000 $234 Annual World Barrel Racing Futurity 12/9/2008 12/13/2008 5 24,000 4,800 $5,600,000 $233 Select Events in 2008 28 152,770 5,456 $35,400,000 $232 Grand Nat'l/World Championship Morgan Horse Show 10/10/2009 10/17/2009 8 53,800 6,725 $12,500,000 $232 Nat'l Reining Championship Show 11/26/2009 12/5/2009 10 67,620 6,762 $15,000,000 $222 Annual World Barrel Racing Futurity 12/8/2009 12/12/2009 5 31,800 6,360 $7,400,000 $233 Select Events in 2009 51 298,190 5,847 $68,500,000 $230 Kansas Star Equine Event Center 73 215,500 2,952 $18,740,000 $87  Average attendance and average spending are assumed to be significantly less at Kansas Star Equine Event Center which appears reasonable
  • 9. 8 York County Multi-Purpose Event Center Is Also Anticipated to Be a Different Product  Dissimilar in primary operating objectives, competitive environment, and planned amenities  Focus equally on local/State events and attracting out of town attendees  Only 34% of events and 42% of attendance was equine related activity  55% of equine activity was low impact or one day shows  Not a realistic comparison  Report has projected estimates, not actual numbers, and should not be used to develop estimates for other projects
  • 10. 9 Summary of Comments  Event activity appears achievable and conservative, particularly relative to data on comparable facilities and survey responses  Internal efforts via strong management and marketing efforts can positively impact event activity and financial operating results  Sensitivity analysis with lower attendance would likely be offset by higher spending numbers more akin to survey results and other industry measures and would likely yield similar net result for the State
  • 11. 10 Questions