1. Cummings Associates
Projections for the
Likely Gaming Revenues of the
Proponents in the South-Central
Gaming Zone of Kansas
Summary
DRAFT
July 16, 2008
135 Jason Street, Arlington, Massachusetts 02476
Telephone: 781.641.1215 - Fax: 641.0954 - e-mail: cummingsw@aol.com

2. DRAFT
Exhibit 1: Summary of Cummings Projections
Part 1: South-Central Proponents at Standard Size ($mn / 2007$)
(As if all the casinos were the same size)
# Slots Power Slot Win win/slot/day Total Win
Gaming Facility / Location: Rating ($mn) ($mn)
Harrahs Mulvane 2,000 104 $151.3 $207 $174.2
Penn Wellington 2,000 110 $117.2 $161 $134.7
Marvel Wellington 2,000 110 $111.5 $153 $128.3
Part 2: South-Central Casinos as Actually Proposed ($mn / 2007$)
# Slots Power Slot Win win/slot/day Total Win
Gaming Facility / Location: Rating ($mn) ($mn)
Harrahs Mulvane 2,000 104 $151.3 $207 $174.2
Marvel Wellington 2,000 110 $111.5 $153 $130.2
Penn Wellington 1,500 110 $107.8 $197 $123.5
Part 3: Cummings Projections versus the Proponents' ($mn / 2013)
(in then-year dollars; not including poker etc.; Cummings escalated at 2.5%/year)
# Slots Proponent Cummings
Gaming Facility / Location: ($mn) ($mn)
Harrahs Mulvane 2,000 $271.6 $202.0
Marvel Wellington 2,000 $230.4 $150.9
Penn Wellington 1,500 $214.4 $143.2
Cummings Associates

3. DRAFT
Cummings Associates
Exhibit 2: Harrah's Mulvane Projections vs. Cummings's (2.5% escalation)
$0
$50
$100
$150
$200
$250
$300
$350
2010 2011 2012 2013 2014 2015 2016
Note: Cummings projections are for "stabilized operations"
Slot+TableWin(notinc.poker)($mn)
Harrahs
C Low
C Base
C High

4. DRAFT
Cummings Associates
Exhibit 3: Marvel's Wellington Projections vs. Cummings's (2.5% escalation)
$0
$50
$100
$150
$200
$250
$300
$350
2010 2011 2012 2013 2014 2015 2016
Note: Cummings projections are for "stabilized operations." Marvel's are for FY ending Sept. 30.
Slot+TableWin(notinc.poker)($mn)
Marvel
C Low
C Base
C High

5. DRAFT
Cumings Associates
Exhibit 4: Penn's Wellington Projections vs. Cummings's (2.5% escalation)
$0
$50
$100
$150
$200
$250
$300
$350
2010 2011 2012 2013 2014 2015 2016
Note: Cummings projections through 2013 are for 1,500-slot facility --
for 2015, they are for a 2,000-slot facility (for 2014, intermediate)
Slot+TableWin(notinc.poker)($mn)
Penn W
C Low
C Base
C High