Presentation of the Grand Hudson Resort and Casino in New Windsor, NY

1. Stewart Airport:
A Hudson Valley Treasure

2. 1940
1947
1981

3. Stewart Airport, 1956

4. We think Stewart has not performed as it
should have. It could be an engine to create
jobs and expand the tax base.
– Governor George Pataki, New York Times,
2/18/1996

5. Current Conditions: September 1, 2014

6. The Grand Hudson
will be a catalyst for
Stewart Airport and
the region

7. A Diverse, Experienced Development Team
Building on a Record of Success
Greenetrack:
Luther Winn, President and CEO of Greenetrack
More than 40 years in gaming operations
Proven ability to stimulate economically depressed areas
Mike Malik, Sr.:
25 years of experience in development of casino projects
Developed Motor City Casino in Detroit, MI and led team of
134 minority partners to win the license and build one of the
most successful casinos in the mid-west
Leader in the areas of: stadiums and arena development,
entertainment, and hospitality
Full House Resorts:
Publicly traded company with world-class offerings
Highly qualified management team with extensive experience
Operations in four states

8. Motor City Casino, Detroit MI

10. The Grand Hudson: A Destination Resort
450,000 square foot hotel and casino resort
Luxury spa and health club and resort style pool
Entertainment and performing arts center
Full range of dining and beverage offerings
Capacity for local retail
Located at Stewart Airport

11. The Grand Hudson Will be Operated
by Full House Resorts
Founded 1987; Chrysler and Ford Chairman Lee Iacocca
Publicly traded company: Symbol FLL
100+ years of hospitality and gaming experience
Collective experience in large organizations and properties
Licensed in multiple jurisdictions
Full service gaming management company

12. Full House Resorts: Experience
Executives’ experience includes significant gaming development and
management responsibilities associated with large casino/hotel operations
including:
Atlantic City Showboat - Atlantic City, New Jersey
East Chicago Showboat - East Chicago, Indiana
Star City Casino - Sydney, Australia
Golden Nugget Atlantic City - Atlantic City, New Jersey
FireKeepers Casino - Battle Creek, Michigan
Full House currently operating:
Stockman’s Casino - Fallon, Nevada
Grand Lodge Casino – Lake Tahoe, Nevada
Rising Star Casino Resort - Rising Sun, Indiana
Silver Slipper Casino - Bay St. Louis, Mississippi
Buffalo Thunder Resort - Santa Fe, New Mexico

13. Full House Resorts
Gaming and resort management experience
Expertise operating in local markets
Local hiring
Use of local suppliers
Implement a “Best of Class” responsible gaming program
Commitment to community
Exemplary customer service delivered through well-trained and
motivated team members
Involved corporate management: “First Team Accessible”

14. Full House Resorts Properties

15. Independent Consultants
Global Market Advisors:
Steve Gallaway, Consultant to the gaming industry for over 13 years
Scott Fisher, Ph.D., President, Leisure Dynamics Research, LLC
Completed over 250 casino feasibility studies
WATG:
A world-wide leading design consultants for the hospitality, leisure and entertainment
industries
A legacy of designing stunning, world class resorts
Hodgson Russ, LLP:
Nearly 200 years of experience in the legal field
Philosophy of professionalism and mutual success
Wendel Engineering:
Full service engineering firm with a talented team of expert engineers,
architects, planners, designers, energy specialists, construction management
professionals and technicians who have successfully completed casinos and
gaming facilities in New York State.

16. The Grand Hudson
will be a catalyst for
Stewart Airport

17. A Crossroads Location, A Catalyst Project

18. Shovel Ready
SEQRA complete
Zoning in place
NYS Smart Growth compliant
Demolition and clearing permits issued
Site plan submitted to the Town of New Windsor

19. The Grand Hudson
will bring hundreds of millions
of dollars to New York and to
the Hudson Valley.

20. Ten-Year Gaming Revenue Summary
Grand Hudson Ten-Year Projection Summary
2017 2019 2020 2026
Source: GMA
# Slots 3000 3000 3000 3000
# Tables 100 100 100 100
# Poker 30 30 30 30
Win Per Slot $358 $415 $430 $484
Win Per Table $2,481 $2,891 $2,992 $3,370
Win Per Poker $675 $750 $776 $874
Gross Slot Rev $391,839,023 $454,968,643 $470,892,546 $530,301,488
Table Rev $90,568,506 $105,529,661 $109,223,199 $123,003,062
Poker Rev $7,391,250 $8,212,500 $8,499,938 $9,572,310
Gross Revenue $489,798,778 $568,710,804 $588,615,682 $662,876,860
FreePlay $39,183,902 $45,496,864 $47,089,255 $53,030,149
Net Gaming Revenue $450,614,876 $523,213,940 $541,526,427 $609,846,712
Net High $495,676,364 $575,535,333 $595,679,070 $670,831,383
New Low $405,778,696 $471,154,153 $487,644,548 $549,166,964

22. Hotel Summary
350 Room Grand Hudson Hotel Performance Summary
Source: GMA
Occupancy ADR RevPAR RND Rooms Revenue
2017 77.4% $144 $111.33 98,913 $14,221,861
2018 83.9% $147 $122.99 107,186 $15,711,927
2019 86.1% $150 $128.92 109,965 $16,470,164
2020 87.7% $152 $133.07 112,066 $17,000,079
2021 88.7% $154 $136.59 113,356 $17,449,574
Nearly 75% of demand filled by casino customers
Weekend casino demand greater than number of rooms
Local hotels will benefit from excess casino demand

23. Facility Payroll Summary
Functional Area
Payroll Summary
Low
Case
Avg. Case
Source: GMA
High
Case
TOTAL Full-Time Equivalent Employees 2,498 2,504 2,522
TOTAL Full-Time Employees 2,304 2,310 2,328
TOTAL Part-Time Employees 269 269 269
2,500 full time equivalents
~95% will be hired from local community
Direct impact on high unemployment, economic

24. Projected Impact
Source: GMA
Projected Net New Gaming and Non-Gaming Revenue, Grand Hudson Resort and Casino
Year 1 (2017) Year 3 (2019) Year 5 (2021)
Low Case
In-State Gaming $107,722,662 $125,077,980 $132,044,823
Out-of-State Gaming $143,390,418 $166,492,208 $175,765,824
TOTAL GAMING $251,113,080 $291,570,187 $307,810,647
TOTAL OUT-OF-STATE NON-GAMING $28,403,493 $32,996,405 $34,876,741
Average Case
In-State Gaming $119,625,388 $138,898,367 $146,635,006
Out-of-State Gaming $159,234,223 $184,888,626 $195,186,922
TOTAL GAMING $278,859,611 $323,786,993 $341,821,928
TOTAL OUT-OF-STATE NON-GAMING $29,951,600 $34,785,811 $36,770,284
High Case
In-State Gaming $131,587,927 $152,788,204 $161,298,507
Out-of-State Gaming $175,157,646 $203,377,488 $214,705,615
TOTAL GAMING $306,745,572 $356,165,692 $376,004,121
TOTAL OUT-OF-STATE NON-GAMING $31,900,059 $42,982,757 $47,982,453

25. Projected Impact
Grand Hudson positioned well to maximize
revenue from Connecticut and New Jersey
Convenient location will result in new revenue
generated in State of New York
Incremental new taxable revenue of $358
million in 2019

26. Regional Unemployment
Year Labor Force
Unemployment
Level
Unemployment
Rate
Orange County
2011 174,400 13,900 7.90%
2012 174,800 14,300 8.20%
2013 174,400 12,500 7.20%
LTM Avg (through March
174,225 11,842 6.80%
2014)
Region 1
2011 516,708 41,333 8.00%
2012 516,333 42,633 8.30%
2013 513,725 37,375 7.30%
LTM Avg (through March
513,042 35,425 6.90%
2014)

27. Construction Impacts
$660 million development cost, including miscellaneous off-site
Construction
Impact
developments and license fees
Orange County Region 1 NY State
Total Output $436,724,810 $605,612,577 $815,096,304
Total Earnings $139,457,584 $181,383,561 $270,935,395
Total Man-Years 3,104 4,388 5,687

28. Operational Impacts
The resort is projected to generate approximately $544 million annually in gross
gaming win.
Promotional allowances and free play are projected to roughly equate to non-gaming
revenues, resulting in net resort revenues = gross gaming win.
Low Average High
Net Resort Revenues $491,997,341 $544,185,851 $596,743,467
Direct Jobs (FTE) 2,498 2,504 2,522
Labor Income $102,670,054 $105,355,278 $108,677,830

29. IMPLAN Multiplier Outputs
Total annual output impact of ~$700 million in Orange County,
~$750 million total statewide (2018)
Total Output Impacts Orange County Region 1 NY State
Low $634,183,775 $654,025,383 $693,214,525
Average $692,737,589 $713,434,259 $754,118,115
High $750,975,912 $772,423,403 $814,471,7613

30. IMPLAN Multiplier Outputs
Total Labor Income of ~$135 million in Orange County, ~$155
million regionally and ~$175 million statewide (2018)
Total Labor Earnings Impacts Orange County Region 1 NY State
Low $130,077,710 $150,480,793 $170,501,813
Average $134,680,280 $155,773,076 $176,551,115
High $139,284,871 $161,098,832 $182,581,253

31. IMPLAN Multiplier Outputs
Total job impact of ~3,100 in Orange County,
~3,600 regionally and nearly 4,000 statewide (2018)
Total Labor Impacts Orange County Region 1 NY State
Low 3,052 3,541 3,869
Average 3,108 3,605 3,942
High 3,164 3,669 4,015

32. Fiscal Impacts
Year 2 gaming tax estimate: $165 million
State share: $132 million
Town/County shares each: $8.3 million
Region share: $16.5 million
Year 2 State income tax impact: ~$10 million
Resort amenity sales and occupancy taxes: ~$8 million
Additional taxes would result from induced and indirect
spending
Property taxes: ~$16 million
Of which ~$12 million would go to Washingtonville School
District

33. Impacts on Regional Employment
Drawing from a county population of over 100,000
Large population base that is underemployed or out
of the labor force
Comparative analysis suggests unemployment
level would decline by 1 job for every 2 to 2.5 jobs
at the resort
Projected decline in Orange County unemployment
rate: 0.6%

34. Capital Financing
Debt Financing - $500 million – Jefferies & Co.
EB-5 Commitment - $300 million – Viet Bridge Capital Corporation

35. The Grand Hudson will
help communities in need:
Newburgh
Middletown
Port Jervis

36. The Grand Hudson Initiative
Education, Jobs and Job Training
City of Newburgh:
Paid internships and high school classes designed for careers in world-class
destination gaming facilities
Job hiring preference for qualified residents
Strengthen technical and non-academic job training in Newburgh schools
Successful completion of the Grand Hudson sponsored program elevates
student to top of the employment list
Paid internship program run during the school year at the Grand Hudson
Matching internship programs with participating local Newburgh businesses
Explore higher education model by working with Newburgh Free Academy

37. Hudson Valley Sports Complex
Only sports complex of its kind from Suffolk
County to Albany County
A tourist attraction for regional and national
competitions and tournaments
Athletic space that can be used year-round
Two regulation size basketball courts
Olympic size swimming pool
Indoor and outdoor sports fields – soccer,
lacrosse, and field hockey
Exercise and weight room
Indoor track

38. A Partner to the Mid-Hudson Valley
Regional Approach for Boosting the Economy and
Tourism
Building Partnerships with Local Businesses –
Restaurants, Hotels & Retailers
Buy Local Approach – French Guinea Hens to Farm
Raised Fish to Local Produce
Building Partnerships with Regional, Live Entertainment
Venues
Provide Support for Counties, Communities and School
Districts

39. An Economic Engine
for
New York Driving
Regional and State
Success