Kansas Racing & Gaming Commission Casino Proposal http://krgc.ks.gov/

1. A Kansas Legend In The Making
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3. What is Best for Kansas
Greatest Success
Best x Ability to for the State of
=
Plan Execute Kansas and
Wyandotte County
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4. Criteria for Determining
the Best Plan
Exciting Destination Program
Superior Location
Attainable Operating Projections
Realistic Capital Structure
4

5. Criteria for Determining
The Applicant’s Ability to Execute
Proven Destination-Gaming Track Record as a
Licensed Owner and Operator
History of Relationships in Kansas
Current Capacity
Current Operations
Human Capital Bench-Strength
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6. Legends Sun Is The Answer.
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7. Consultants Reports
Prof. William Eadington’s presentation hits
the points we believe are essential
Others based projections primarily on number
of slots, and did not take into account the
ability to execute, and therefore could not offer
guidance
Applicants have each presented different
information they have “vetted”
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8. Gaming Market Advisors Update
Company principals have been known to
gaming industry for over 20 years
Completed over 200 casino feasibility studies
Completed 5 separate studies in Greater
Kansas City markets
Updated assumptions for feasibility study
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9. Gaming Revenues are Achievable
Given Optimum Conditions:
Gaming Consultant’s Independent Highest First Full Year
Projections for a Wyandotte County Casino
CCA $271.2 million
Cummings $271.6 million
GMA $272.4 million
Wells $299.0 million
Anything less is underachieving;
anything substantially more is unrealistic.
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10. Only the Best Facility and Best Operator
Can Deliver on Those Projections:
“…anyone can build you a bigger mouse
trap…who will build you the best mouse
trap? Cummings Associates
“…the ability to drive tourism will require
incorporating a ‘WOW!’ factor into the
property” Probe Strategic Solutions
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11. Our Newest
“WOW”
Destination Addition
Casino of the Wind
at Mohegan Sun
Opened August 29th
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15. Legends Sun Management Has the Most
Experience Delivering “WOW”
Compared to the other applicants
Compared to the competition where we
currently operate
Our track-record for delivering what is
promised
These factors weigh heavily in Prof. Eadington’s
“probability for success.”
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16. Gaming Experience of Applicants
Below is a breakdown comparison of the Northeast Zone applicants’ largest
properties in which they are the licensed owner-operator (as of August 2008):
Pinnacle - Golden
Mohegan Sun - Lumiere Pinnacle - Cordish - Gaming -
Connecticut Place L'Auberge Indiana Live Mardi Gras
# of Slots 6,800 2,000 1,645 1,887 725
# of Tables 346 49 62 0 9
Hotel Rooms 1,172 295 1,000 0 0
Please note that the Las Vegas Hard Rock Hotel and Casino is excluded from Golden Gaming’s portfolio for
purposes of this analysis because the management agreement was terminated on February 29th, 2008. Source:
Morgans Hotel Group 10-Q (August 8th, 2008). All statistics from public sources.
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17. Gaming Experience Compared to Applicants
Annual Gaming Revenue as of August 2008
Best Performing Property as Licensed Owner/Operator
$1.3 Billion
$1,400,000,000
$1,200,000,000
$1,000,000,000
$800,000,000
$324m
$600,000,000 $41m
$160m $166m
$400,000,000
$200,000,000
$-
Mohegan Sun - Pinnacle - Pinnacle - Cordish - Golden Gaming
Connecticut Lumiere Place L'Auberge Indiana Live - Mardi Gras
Lumiere Place’s annual gaming revenue is based on the first 6 full months of
operation (Jan-Jun 2008.)
Indiana Live’s annual gaming revenue is based on July 2008’s revenue.
Golden Gaming Mardi Gras’ annual gaming revenue is based on the Colorado
Black Hawk region’s WPU for FY ended June 2008. 17

18. How We Compare to Our Competition in
Connecticut and Pennsylvania
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19. The Best Slot Efficiency on the East Coast
Fair Actual Win Slot Win
Operator: Handle: Win: Units: Share: Share: Efficiency: Rank:
Mohegan Sun $ 12,161,159,703 $ 1,045,768,835 7,366 6.94% 10.79% 155.53% 1
Philadelphia Park $ 4,320,701,669 $ 370,333,906 2,621 2.47% 3.82% 154.76% 2
Borgata $ 5,763,780,342 $ 432,312,208 3,985 3.75% 4.46% 118.85% 3
Harrah's $ 20,875,660,189 $ 1,897,734,215 18,279 17.22% 19.59% 113.72% 4
Foxwoods $ 9,087,275,723 $ 757,740,900 7,322 6.90% 7.82% 113.36% 5
Magna $ 3,285,209,290 $ 273,552,870 2,650 2.50% 2.82% 113.07% 6
Trump $ 6,082,171,544 $ 504,590,001 5,528 5.21% 5.21% 100.00% 7
Twin River $ 1,928,534,061 $ 408,846,027 4,628 4.36% 4.22% 96.78% 8
Trump Marina $ 2,003,134,442 $ 171,012,599 1,957 1.84% 1.77% 95.73% 9
Yonkers/Empire City $ 5,770,901,422 $ 470,176,372 5,396 5.08% 4.85% 95.45% 10
Isle $ 1,618,979,595 $ 126,573,939 1,500 1.41% 1.31% 92.45% 11
Delaware Park $ 3,587,364,300 $ 265,223,600 3,146 2.96% 2.74% 92.34% 12
Dover Downs $ 2,872,530,000 $ 218,683,800 2,703 2.55% 2.26% 88.61% 13
Penn National $ 6,393,541,255 $ 605,991,539 7,528 7.09% 6.25% 88.18% 14
Resorts $ 4,584,116,246 $ 390,102,194 4,923 4.64% 4.03% 86.80% 15
Tropicana $ 3,030,572,230 $ 268,657,495 3,535 3.33% 2.77% 83.26% 16
MTR Gaming $ 4,370,271,010 $ 394,127,600 5,188 4.89% 4.07% 83.21% 17
Delaware North $ 5,033,065,818 $ 440,564,519 6,015 5.67% 4.55% 80.23% 18
Harrington Raceway $ 1,493,781,300 $ 124,099,600 1,698 1.60% 1.28% 80.06% 19
Newport Grand $ 252,699,696 $ 70,599,171 1,099 1.04% 0.73% 70.40% 20
*Harrah’s includes 5 properties in Atlantic City and Pennsylvania
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20. Compared to Competition in Connecticut
Connecticut Slot Market Comparison
Last Twelve Months Ended June 30, 2008
60% 60% 130%
Slot Units Slot Win Slot Efficiency
7,240 120%
Units
55% 55% $ 884 M
110%
100%
50% 50%
6,083
$ 760 M
90%
Units
54.3%
45% 45% 80%
117.8%
53.8% 70%
45.7%
40% 40%
60%
46.2% 85.1%
50%
35% 35%
40%
30% 30% 30%
Mohegan Sun Foxwoods
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21. Compared to Competition in Pennsylvania
Northeastern PA Slot Market Comparison
Last Eight Months Ended June 30, 2008
100% 60% 170%
Slot Units Slot Win Slot Efficiency
90% 150%
55%
80% $ 105 m $ 106 m 130%
50%
2,523
70% Units 110%
45%
60% 90% 154.2%
40% 49.8% 50.2%
50% 67.7% 70%
35% 74.2%
40% 1,203 50%
Units
30% 30% 30%
32.3%
MSPD Mt Airy
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22. The Right Operator Makes All
the Difference!
Mohegan is able to dominate through:
Commitment to the development of our employees in the
pursuit of Outstanding Customer Service
The Best Gaming and Non-Gaming Product
Strong use of Technology and Customer Relationship
Management (CRM) Systems
Superior Player Reward Programs
Creative, Energizing Casino Marketing, Promotions and
Advertising Campaigns
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23. How Other Northeast Zone
Applicants Compete in Their Markets
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24. Other Applicants in Their Markets
Below is a slot efficiency ranking for all gaming properties in the State of Indiana
for the month of July 2008 – which was the first full month of operation for
Indiana Live. Slot Win
# of Slot Fair Share Actual Slot Slot Win Efficiency %
Machines: Slot Win: Slot WPU: Slot Win %: Win Share %: Efficiency %: Rank:
Ameristar 1,797 24,240,050 435 7.85% 11.89% 151.35% 1
Horseshoe SI 1,878 23,728,979 408 8.21% 11.64% 141.77% 2
Argosy 2,529 31,720,708 405 11.05% 15.55% 140.73% 3
Casino Aztar 1,068 9,195,289 278 4.67% 4.51% 96.60% 4
Hoosier Park 1,979 16,974,911 277 8.65% 8.32% 96.24% 5
Blue Chip 1,934 14,593,710 243 8.45% 7.16% 84.67% 6
Belterra (Pinnacle) 1,692 12,518,678 239 7.39% 6.14% 83.02% 7
Indiana Live (Cordish) 1,887 13,813,058 236 8.25% 6.77% 82.13% 8
French Lick 1,049 7,657,581 235 4.58% 3.75% 81.91% 9
Horseshoe HD 3,176 22,896,934 233 13.88% 11.23% 80.89% 10
Grand Victoria 1,393 9,848,842 228 6.09% 4.83% 79.33% 11
Majestic Star 1,209 8,292,548 221 5.28% 4.07% 76.96% 12
Majestic Star II 1,291 8,452,488 211 5.64% 4.14% 73.46% 13
Total 22,882 203,933,776 287 100.00% 100.00% 100.00%
Source: Indiana Gaming Commission
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25. Other Applicants in Their markets (cont.)
Below is a slot efficiency ranking for the State of
Missouri in the month of May 2008.
Slot Win
# of Slot Fair Share Actual Slot Slot Win Efficiency %
Machines: Slot Win: Slot WPU: Slot Win %: Win Share %: Efficiency %: Rank:
Harrahs N. Kansas City 1,768 15,213,754 278 9.10% 11.06% 121.56% 1
Harrahs Maryland HGTS 2,825 23,819,901 272 14.54% 17.32% 119.11% 2
St. Charles 2,998 24,835,817 267 15.43% 18.06% 117.02% 3
Argosy Riverside 1,980 15,220,066 248 10.19% 11.07% 108.59% 4
Isle of Capri - Boonville 949 6,790,299 231 4.88% 4.94% 101.08% 5
Ameristar KC 3,018 21,037,642 225 15.53% 15.29% 98.47% 6
Lumiere Place (Pinnacle) 2,000 13,058,958 211 10.29% 9.49% 92.24% 7
St. Jo Frontier 556 3,093,109 179 2.86% 2.25% 78.59% 8
Isle of Capri - KC 1,328 6,468,577 157 6.83% 4.70% 68.81% 9
Mark Twain 665 2,888,110 140 3.42% 2.10% 61.35% 10
Isle of Capri - Lady Luck 614 2,448,514 129 3.16% 1.78% 56.33% 11
President (Pinnacle) 729 2,672,303 118 3.75% 1.94% 51.78% 12
Total 19,430 137,547,049 228 100.00% 100.00% 100.00%
Source: Missouri Gaming Commission
May was used due to the flooding of two properties in June/July.
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26. History of Relationships in Kansas
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27. A History of Relationships in Kansas
Local Partner…Local Commitment
Involved in several local charities such as the Children’s
Therapeutic Learning Center Duck Derby, the American Cancer
Society, and Boys & Girls Clubs
Legends Sun will continue this relationship, exemplified by RED’s
Title sponsorship of The Legends Reno Tahoe Open, which has
given over $1.7 million to local charities
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28. Clarification of Additional Issues
from Consulting Reports
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30. Sources of Project Financing
Casino Resort & Retail &
Golf Residential
Construction Construction
*
Sources (000's) Phase - 1(A) Phase - 1(B) Total Project
Cash Infusion by Mohegan Resorts-Kansas, LLC $ 168,227 $ 30,107 $ 198,333
Cash Infusion by RED Leg Sun, LLC 84,113 15,053 99,167
Proceeds From $200 Million Bank Credit Facility - Revolver 91,073 78,548 169,622
Proceeds From $100 Million Bank Credit Facility - Term Loan 100,000 - 100,000
Proceeds From $200 Million Senior Subordinated Notes 200,000 - 200,000
Total $ 643,413 $ 123,708 $ 767,122
* Includes Structured Parking
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31. Clarification of Additional Issues
from Consulting Reports
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32. Legends Sun Is The Answer.
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33. A Great Plan
Great Location
Destination Program – Legends Sun has the best
mix of amenities to gaming
Attainable Operating Projections – Legends Sun’s
revenue and operating projections meet analysts’
estimates
Realistic Capital Structure – Legends Sun has
provided evidence of their project financing sources
(with market required 40% equity contribution)
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34. Legends Sun Will Deliver
RED has established history of development and
outstanding relationships in Wyandotte County and
delivers what it promised
Of the Northeast Zone applicants, Mohegan Sun is
clearly the most proven destination gaming operator
The Legends Sun team has the capacity and experience
to absorb the project given the strength of their current
operations and existing team
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35. What We Bring to Kansas
Passion
World Class Destination
Respect for Employees
Financial Ability
Community Involvement
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