- Kansas Gaming Partners intends to develop the $150 million Chisholm Creek Casino Resort in Sumner County, Kansas. It is owned by Lakes Entertainment (17%), CVG Kansas Gaming (33%), and Kansas Gaming Holdings (50%).
- CVG and KGH plan to fund their shares from existing funds, but Lakes intends to raise capital through public markets, which may be difficult given current market conditions.
- If Lakes cannot raise the funds, CVG and KGH have agreed to cover any shortfall according to their ownership percentages.
- Kansas Gaming Partners intends to develop the $150 million Chisholm Creek Casino Resort in Sumner County, Kansas. It is owned by Lakes Entertainment (17%), CVG Kansas Gaming (33%), and Kansas Gaming Holdings (50%).
- CVG and KGH plan to fund their shares from existing funds, but Lakes intends to raise capital through public markets, which may be difficult given current market conditions.
- If Lakes cannot raise the funds, CVG and KGH have agreed to cover any shortfall according to their ownership percentages.
- Kansas Entertainment, LLC is jointly owned by Penn Hollywood Kansas and Kansas Speedway Development Corporation, which are both ultimately owned by publicly traded companies Penn National Gaming and International Speedway Corporation.
- The project budget for developing the Penn Hollywood Kansas casino is $386.8 million, excluding the $100 million value of the land. Kansas Entertainment plans to fund the majority of this through project financing, but obtaining full financing may not be feasible.
- Both parent companies have sufficient liquidity and cash flow to fund the entire development costs themselves or absorb potential cost overruns, based on analyst projections for the parent companies through 2011 when construction is slated to be complete.
This document provides a fiscal impact analysis of a proposed Dodge City Resort & Gaming development conducted by Meridian Business Advisors in September 2008. It estimates revenues and costs to the state of Kansas, Ford County, Dodge City, and local schools over five years if the development is built. Construction is estimated to take 3 years with revenues and costs estimated for the construction period and first two full years of operation. Total estimated revenues to all entities over 5 years are over $150 million while total estimated costs are around $50 million, resulting in a net positive fiscal impact.
The document assesses the market potential for two proposed casino locations in the Southwest Gaming Zone of Kansas through an analysis of demographic data within 30, 60, and 100 mile radii of the sites, finding populations of over 43,000, 114,000, and 385,000 people respectively that could support various amenities proposed in each development proposal including hotels, restaurants, retail, and entertainment. Each proposal's amenity package is evaluated for its appropriateness to the local market characteristics and ability to maximize revenue, promote tourism, and best serve Kansas residents as outlined in the state's gaming legislation.
This document evaluates the non-gaming amenities proposed by Lakes Entertainment for a gaming facility in Sumner County, Kansas. It discusses the challenges faced and focuses on how the amenities will promote tourism, create jobs, and maximize gaming revenue. Raving Consulting assesses the proposed amenities compared to their minimum requirements and potential enhancements. They also provide a marketing matrix analysis of Lakes Entertainment's plans, giving them an above average score of +6. Revenue and employment projections are given for different amenity scenarios.
This document provides an overview and analysis of projections for new casinos proposed in southeastern Kansas. It discusses the use of gravity models to project gaming revenues and financial performance based on location, size, competition and other factors. Specifically, it examines how spending declines with distance from a casino based on players' club and other data. Bigger casinos are generally better due to economies of scale. The presentation compares various existing casinos' "power ratings" which reflect their overall attractiveness based on revenues adjusted for location.
Civic Economics (Dan Houston, Matt Cunningham)krgc
The document analyzes the potential economic impacts of three proposed gaming facility projects in Kansas: Camptown, Kansas Crossing, and Castle Rock. It finds that Castle Rock would have the largest economic impact during construction, supporting over 900 jobs and contributing $134.2 million to total economic output. During operations in 2019, Castle Rock is estimated to support 584 jobs and contribute $72.9 million to economic output, more than the other two proposals. The analysis examines impacts from construction spending, facility operations, gaming revenues, and local resident spending.
The document provides an evaluation of the non-gaming amenities proposed by Kansas Entertainment for their gaming facility in Wyandotte County, Kansas. It was prepared by Raving Consulting for the Kansas Lottery Gaming Facility Review Board.
The evaluation finds that Kansas Entertainment is only proposing the minimum required amenities for Phase 1 and no hotel. While there are nearby hotels that could help overcome the lack of a hotel, not having a hotel themselves will negatively impact their ability to maximize gaming revenue. The evaluation also notes robust competition from casinos just across the border in Missouri.
The consultants conclude that while Kansas Entertainment meets the basic requirements, their minimal amenity proposal in Phase 1 will not be sufficient to drive significantly more business above
- Kansas Gaming Partners intends to develop the $150 million Chisholm Creek Casino Resort in Sumner County, Kansas. It is owned by Lakes Entertainment (17%), CVG Kansas Gaming (33%), and Kansas Gaming Holdings (50%).
- CVG and KGH plan to fund their shares from existing funds, but Lakes intends to raise capital through public markets, which may be difficult given current market conditions.
- If Lakes cannot raise the funds, CVG and KGH have agreed to cover any shortfall according to their ownership percentages.
- Kansas Entertainment, LLC is jointly owned by Penn Hollywood Kansas and Kansas Speedway Development Corporation, which are both ultimately owned by publicly traded companies Penn National Gaming and International Speedway Corporation.
- The project budget for developing the Penn Hollywood Kansas casino is $386.8 million, excluding the $100 million value of the land. Kansas Entertainment plans to fund the majority of this through project financing, but obtaining full financing may not be feasible.
- Both parent companies have sufficient liquidity and cash flow to fund the entire development costs themselves or absorb potential cost overruns, based on analyst projections for the parent companies through 2011 when construction is slated to be complete.
This document provides a fiscal impact analysis of a proposed Dodge City Resort & Gaming development conducted by Meridian Business Advisors in September 2008. It estimates revenues and costs to the state of Kansas, Ford County, Dodge City, and local schools over five years if the development is built. Construction is estimated to take 3 years with revenues and costs estimated for the construction period and first two full years of operation. Total estimated revenues to all entities over 5 years are over $150 million while total estimated costs are around $50 million, resulting in a net positive fiscal impact.
The document assesses the market potential for two proposed casino locations in the Southwest Gaming Zone of Kansas through an analysis of demographic data within 30, 60, and 100 mile radii of the sites, finding populations of over 43,000, 114,000, and 385,000 people respectively that could support various amenities proposed in each development proposal including hotels, restaurants, retail, and entertainment. Each proposal's amenity package is evaluated for its appropriateness to the local market characteristics and ability to maximize revenue, promote tourism, and best serve Kansas residents as outlined in the state's gaming legislation.
This document evaluates the non-gaming amenities proposed by Lakes Entertainment for a gaming facility in Sumner County, Kansas. It discusses the challenges faced and focuses on how the amenities will promote tourism, create jobs, and maximize gaming revenue. Raving Consulting assesses the proposed amenities compared to their minimum requirements and potential enhancements. They also provide a marketing matrix analysis of Lakes Entertainment's plans, giving them an above average score of +6. Revenue and employment projections are given for different amenity scenarios.
This document provides an overview and analysis of projections for new casinos proposed in southeastern Kansas. It discusses the use of gravity models to project gaming revenues and financial performance based on location, size, competition and other factors. Specifically, it examines how spending declines with distance from a casino based on players' club and other data. Bigger casinos are generally better due to economies of scale. The presentation compares various existing casinos' "power ratings" which reflect their overall attractiveness based on revenues adjusted for location.
Civic Economics (Dan Houston, Matt Cunningham)krgc
The document analyzes the potential economic impacts of three proposed gaming facility projects in Kansas: Camptown, Kansas Crossing, and Castle Rock. It finds that Castle Rock would have the largest economic impact during construction, supporting over 900 jobs and contributing $134.2 million to total economic output. During operations in 2019, Castle Rock is estimated to support 584 jobs and contribute $72.9 million to economic output, more than the other two proposals. The analysis examines impacts from construction spending, facility operations, gaming revenues, and local resident spending.
The document provides an evaluation of the non-gaming amenities proposed by Kansas Entertainment for their gaming facility in Wyandotte County, Kansas. It was prepared by Raving Consulting for the Kansas Lottery Gaming Facility Review Board.
The evaluation finds that Kansas Entertainment is only proposing the minimum required amenities for Phase 1 and no hotel. While there are nearby hotels that could help overcome the lack of a hotel, not having a hotel themselves will negatively impact their ability to maximize gaming revenue. The evaluation also notes robust competition from casinos just across the border in Missouri.
The consultants conclude that while Kansas Entertainment meets the basic requirements, their minimal amenity proposal in Phase 1 will not be sufficient to drive significantly more business above
Revised ford county financial evaluation reportkrgc
The document provides an analysis of two proposals for gaming facilities in Ford County, Kansas - Boothill Casino and Resort in Dodge City and Dodge City Casino Resort.
1. Boothill Casino proposes a $102 million project with $70 million in debt financing and $32 million in equity. Dodge City Casino Resort proposes a $60.3 million project with $40 million in debt and $20.3 million in equity.
2. The analysis questions the financial capability of Butler National Corporation, a partner in the Boothill proposal, to provide the necessary equity funding. Dodge City Resort states it has funding agreements for the project but does not provide verification of financial capacity.
3. Both proposals plan
This document analyzes the proposed capital construction costs for two casino projects in Sumner County, Kansas - Kansas Star and WinSpirit. It reviews the applicants' proposed scopes of work, develops its own cost models, and compares estimated costs to applicant budgets. For Kansas Star's three-phase project, estimated costs ranged from $161-179 million compared to budgeted costs of $166-175 million. For WinSpirit's two-phase project, the estimated cost was $151 million compared to the $158 million budget. The analysis methodology included reviewing project documentation, developing own cost models for buildings and site work, and evaluating costs by phase and overall.
This document welcomes readers to Boot Hill Casino & Resort and lists members of the Butler National Team and Barrington Associates who worked on the project. It also thanks partners from various law and architecture firms and acknowledges Ron Erickson as Co-Founder and Chairman of KKE Architects. Finally, it identifies Stephen Sherf as Senior Vice-President of GVA Marquette discussing the Dodge City market area.
The document discusses Harrah's proposal for a casino in Mulvane, Kansas and provides supporting exhibits. It summarizes that the Sumner County Commission initially rejected the proposal, costing the county $4.1 million annually in lost revenue. This led the City of Mulvane to endorse Harrah's proposal. Exhibits show the city council resolution endorsing the proposal and its 14 findings of fact. Additional exhibits demonstrate support from 5,000 signatures in Mulvane and a survey finding that 56% of Mulvane residents support a casino, with 26% opposed. The proposal argues the selected Exit 33 location will generate more revenue than other locations due to its proximity to population, labor, tourism, and
The document discusses Marvel Gaming's proposal for a new gaming project, highlighting how it will treat customers, employees, and the community. It summarizes Marvel's management team experience and ownership/management structure. Tables show projections for gaming taxes paid, payroll, and economic benefits over 5 and 15 years, demonstrating Marvel's largest positive impact.
The document provides projections for the performance of two proposed new gaming facilities in Kansas - Kansas Entertainment at the Kansas International Speedway and Chisholm Creek in south-central Kansas. Projections are provided under three scenarios for each facility: an initial phase, an alternative minimum scenario, and a fully built-out scenario. The projections are based on a gravity model that analyzes demographic data and gaming revenues from comparable existing facilities. The document summarizes that for Kansas Entertainment's initial phase, total gaming revenues are projected at $203 million compared to the applicant's projection of $220 million. For Chisholm Creek's initial phase, revenues are projected at $163 million compared to the applicant's $121 million. At full build
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
This document provides gaming revenue projections for "Harrah's Mulvane" casino in Kansas under a "Baseline" or most likely future scenario. It projects total annual gaming revenues for Harrah's Mulvane of $174 million by 2027, higher than the $130.2 million and $123.5 million projected for two other proposed casinos near Wellington. The document includes exhibits providing details on the revenue projections and comparisons to projections made by Harrah's.
This document contains projections from Cummings Associates comparing the likely gaming revenues of three proposed casinos in south-central Kansas to projections made by the casinos' owners. Cummings projected lower revenues than the owners for all three casinos between 2010-2016, with revenues escalating at 2.5% annually. Charts show Cummings' projections falling below the owners' projections for Harrah's Mulvane casino, Marvel's Wellington casino, and Penn's Wellington casino over the period analyzed.
This document provides an overview and analysis of casino gaming projections for the Northeast Gaming Zone of Kansas, specifically focusing on the Hollywood Casino proposed for the Kansas Speedway site. It details the research methodology used, including defining the trade area, compiling facility and demographic data, developing a gravity model, and conducting comparative analyses. Projections are provided for casino visits and gaming revenues for the Hollywood Casino over the period of 2010-2015, taking into account factors like competition and the economic recession.
This document provides a fiscal impact analysis of a proposed casino and resort development called Golden Heartland in Kansas. It summarizes estimated revenues and costs to different state and local governments over a 5-year period from the development's construction through its operation. Revenues come from gaming, property, sales, and other taxes. Costs include law enforcement, public works, education and other services. The analysis finds the development would generate significant financial surpluses for the state and local communities.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
The document discusses two proposed casino projects in Kansas - Kansas Star and WinSpirit. Kansas Star promises to invest $260 million, build amenities sooner including a 100,000 square foot event center and $25 million equestrian complex, and generate more gaming revenue, taxes, and jobs for the state. It argues Kansas Star's management team has more experience building and operating successful casino projects on time and on budget and will spend more on advertising to drive higher revenue. The document positions Kansas Star as the best and most lucrative choice for Kansas.
Global Gaming KS, LLC presented to the Kansas Lottery Gaming Facility Review Board on their proposal for a gaming facility. They argued that their selected Exit 19 site is clean with infrastructure, has community support, and avoids legal issues. Their planned 260,000 square foot facility with hotel would open fully within 14 months. While an interim facility lacks appeal, their permanent destination-quality development would include restaurants, entertainment, and gaming expansion over time. They believe revenue differences between Exit 19 and 33 sites are negligible and addressed counterarguments.
This document summarizes a presentation given to the Kansas Racing and Gaming Commission Facilities Review Board. It discusses the economic impact analysis conducted for three proposed gaming facility projects in the South Central zone of Kansas. The analysis examined the economic impacts of construction and operations for the proposed facilities, as well as potential competitive effects on non-gaming businesses. For both construction and operations, the largest project was found to have the greatest economic impacts in terms of output, employment and wages. The analysis also indicated some retail sectors in the region have excess demand that could be met by the proposed facilities.
The document provides tips for developing good communication qualities when interacting with prospects. It recommends listening actively to prospects, making eye contact, smiling, dressing professionally, speaking confidently and truthfully, tailoring your message to their level of understanding, and having the goal of improving their life rather than just making a sale. The overall message is the importance of focusing on the other person, conveying sincerity and trustworthiness, and practicing communication skills.
The document discusses the mobile market in the Philippines and approaches for prospecting. It notes that in 2010 there were 69.8 million mobile subscribers in the Philippines, representing 16% growth. More than 95% of subscribers are prepaid. The prepaid market is huge at 3 billion subscribers globally and characterized by micro transactions and long-term consumption. Prospecting approaches discussed include the P.E.A.R.L.S. method for people known to the prospector, targeting "result seekers" and "practice dummies," using an opinion style, and relying on third parties, door-to-door visits, cold calls, flyers, brochures, stickers, posters, direct mail, and online advertising
This group of experienced regional casino developers and operators proposes to build Kansas Crossing casino and hotel in southeast Kansas. The development is expected to generate $69 million in initial construction spending, create hundreds of jobs, and generate $10 million annually for state and local governments through taxes. As the largest entertainment venue in the region, Kansas Crossing aims to boost tourism by attracting out-of-state visitors and partnering with local organizations to promote southeast Kansas.
This document summarizes Douglas Walker's presentation on forecasting economic impacts and competitive impacts of casinos in southeast Kansas. Some key points:
- Walker estimates that a new casino would result in a 9.9% increase in employment, 3.4% increase in average weekly wages, and 1.7% increase in the number of establishments in the county. Crawford County is estimated to see larger gains due to its larger population.
- 14 casinos in northeast Oklahoma located within 25 miles of the Kansas border could competitively impact the proposed southeast Kansas casinos. Walker uses a model of competition among Missouri casinos to analyze these competitive effects.
- Location and distance between casinos may impact competition based on Hot
The document provides an analysis of the potential fiscal impacts of three proposed gaming facilities - Camptown Casino, Kansas Crossing Casino, and Castle Rock Casino - in southeast Kansas. It summarizes the methodology used, including adjustments made to the revenue estimates provided by the applicants. Revenue estimates over 5 years are provided for the state of Kansas, local counties and cities, school districts, and other impacted entities. Estimated costs to local and state governments to provide services to each facility are also summarized. The analysis finds differences between the revenue and cost estimates provided by EEC and the original numbers submitted by the applicants.
Union Gaming Analytics was commissioned by the Kansas Lottery Gaming Facility Review Board to evaluate three applicants for a gaming license in southeast Kansas. The analysis included projections for gross gaming revenue, visitation numbers, tax revenue, and economic impacts for each applicant. The methodology involved examining demographic data within drive time radii of the proposed sites, establishing a theoretical gaming market, and applying proprietary capture rates to project revenues and visitation from local, near-local, and regional populations. Consultants then evaluated the economic and fiscal impacts, amenities, and financial suitability of each applicant.
Revised ford county financial evaluation reportkrgc
The document provides an analysis of two proposals for gaming facilities in Ford County, Kansas - Boothill Casino and Resort in Dodge City and Dodge City Casino Resort.
1. Boothill Casino proposes a $102 million project with $70 million in debt financing and $32 million in equity. Dodge City Casino Resort proposes a $60.3 million project with $40 million in debt and $20.3 million in equity.
2. The analysis questions the financial capability of Butler National Corporation, a partner in the Boothill proposal, to provide the necessary equity funding. Dodge City Resort states it has funding agreements for the project but does not provide verification of financial capacity.
3. Both proposals plan
This document analyzes the proposed capital construction costs for two casino projects in Sumner County, Kansas - Kansas Star and WinSpirit. It reviews the applicants' proposed scopes of work, develops its own cost models, and compares estimated costs to applicant budgets. For Kansas Star's three-phase project, estimated costs ranged from $161-179 million compared to budgeted costs of $166-175 million. For WinSpirit's two-phase project, the estimated cost was $151 million compared to the $158 million budget. The analysis methodology included reviewing project documentation, developing own cost models for buildings and site work, and evaluating costs by phase and overall.
This document welcomes readers to Boot Hill Casino & Resort and lists members of the Butler National Team and Barrington Associates who worked on the project. It also thanks partners from various law and architecture firms and acknowledges Ron Erickson as Co-Founder and Chairman of KKE Architects. Finally, it identifies Stephen Sherf as Senior Vice-President of GVA Marquette discussing the Dodge City market area.
The document discusses Harrah's proposal for a casino in Mulvane, Kansas and provides supporting exhibits. It summarizes that the Sumner County Commission initially rejected the proposal, costing the county $4.1 million annually in lost revenue. This led the City of Mulvane to endorse Harrah's proposal. Exhibits show the city council resolution endorsing the proposal and its 14 findings of fact. Additional exhibits demonstrate support from 5,000 signatures in Mulvane and a survey finding that 56% of Mulvane residents support a casino, with 26% opposed. The proposal argues the selected Exit 33 location will generate more revenue than other locations due to its proximity to population, labor, tourism, and
The document discusses Marvel Gaming's proposal for a new gaming project, highlighting how it will treat customers, employees, and the community. It summarizes Marvel's management team experience and ownership/management structure. Tables show projections for gaming taxes paid, payroll, and economic benefits over 5 and 15 years, demonstrating Marvel's largest positive impact.
The document provides projections for the performance of two proposed new gaming facilities in Kansas - Kansas Entertainment at the Kansas International Speedway and Chisholm Creek in south-central Kansas. Projections are provided under three scenarios for each facility: an initial phase, an alternative minimum scenario, and a fully built-out scenario. The projections are based on a gravity model that analyzes demographic data and gaming revenues from comparable existing facilities. The document summarizes that for Kansas Entertainment's initial phase, total gaming revenues are projected at $203 million compared to the applicant's projection of $220 million. For Chisholm Creek's initial phase, revenues are projected at $163 million compared to the applicant's $121 million. At full build
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
This document provides gaming revenue projections for "Harrah's Mulvane" casino in Kansas under a "Baseline" or most likely future scenario. It projects total annual gaming revenues for Harrah's Mulvane of $174 million by 2027, higher than the $130.2 million and $123.5 million projected for two other proposed casinos near Wellington. The document includes exhibits providing details on the revenue projections and comparisons to projections made by Harrah's.
This document contains projections from Cummings Associates comparing the likely gaming revenues of three proposed casinos in south-central Kansas to projections made by the casinos' owners. Cummings projected lower revenues than the owners for all three casinos between 2010-2016, with revenues escalating at 2.5% annually. Charts show Cummings' projections falling below the owners' projections for Harrah's Mulvane casino, Marvel's Wellington casino, and Penn's Wellington casino over the period analyzed.
This document provides an overview and analysis of casino gaming projections for the Northeast Gaming Zone of Kansas, specifically focusing on the Hollywood Casino proposed for the Kansas Speedway site. It details the research methodology used, including defining the trade area, compiling facility and demographic data, developing a gravity model, and conducting comparative analyses. Projections are provided for casino visits and gaming revenues for the Hollywood Casino over the period of 2010-2015, taking into account factors like competition and the economic recession.
This document provides a fiscal impact analysis of a proposed casino and resort development called Golden Heartland in Kansas. It summarizes estimated revenues and costs to different state and local governments over a 5-year period from the development's construction through its operation. Revenues come from gaming, property, sales, and other taxes. Costs include law enforcement, public works, education and other services. The analysis finds the development would generate significant financial surpluses for the state and local communities.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
The document discusses two proposed casino projects in Kansas - Kansas Star and WinSpirit. Kansas Star promises to invest $260 million, build amenities sooner including a 100,000 square foot event center and $25 million equestrian complex, and generate more gaming revenue, taxes, and jobs for the state. It argues Kansas Star's management team has more experience building and operating successful casino projects on time and on budget and will spend more on advertising to drive higher revenue. The document positions Kansas Star as the best and most lucrative choice for Kansas.
Global Gaming KS, LLC presented to the Kansas Lottery Gaming Facility Review Board on their proposal for a gaming facility. They argued that their selected Exit 19 site is clean with infrastructure, has community support, and avoids legal issues. Their planned 260,000 square foot facility with hotel would open fully within 14 months. While an interim facility lacks appeal, their permanent destination-quality development would include restaurants, entertainment, and gaming expansion over time. They believe revenue differences between Exit 19 and 33 sites are negligible and addressed counterarguments.
This document summarizes a presentation given to the Kansas Racing and Gaming Commission Facilities Review Board. It discusses the economic impact analysis conducted for three proposed gaming facility projects in the South Central zone of Kansas. The analysis examined the economic impacts of construction and operations for the proposed facilities, as well as potential competitive effects on non-gaming businesses. For both construction and operations, the largest project was found to have the greatest economic impacts in terms of output, employment and wages. The analysis also indicated some retail sectors in the region have excess demand that could be met by the proposed facilities.
The document provides tips for developing good communication qualities when interacting with prospects. It recommends listening actively to prospects, making eye contact, smiling, dressing professionally, speaking confidently and truthfully, tailoring your message to their level of understanding, and having the goal of improving their life rather than just making a sale. The overall message is the importance of focusing on the other person, conveying sincerity and trustworthiness, and practicing communication skills.
The document discusses the mobile market in the Philippines and approaches for prospecting. It notes that in 2010 there were 69.8 million mobile subscribers in the Philippines, representing 16% growth. More than 95% of subscribers are prepaid. The prepaid market is huge at 3 billion subscribers globally and characterized by micro transactions and long-term consumption. Prospecting approaches discussed include the P.E.A.R.L.S. method for people known to the prospector, targeting "result seekers" and "practice dummies," using an opinion style, and relying on third parties, door-to-door visits, cold calls, flyers, brochures, stickers, posters, direct mail, and online advertising
This group of experienced regional casino developers and operators proposes to build Kansas Crossing casino and hotel in southeast Kansas. The development is expected to generate $69 million in initial construction spending, create hundreds of jobs, and generate $10 million annually for state and local governments through taxes. As the largest entertainment venue in the region, Kansas Crossing aims to boost tourism by attracting out-of-state visitors and partnering with local organizations to promote southeast Kansas.
This document summarizes Douglas Walker's presentation on forecasting economic impacts and competitive impacts of casinos in southeast Kansas. Some key points:
- Walker estimates that a new casino would result in a 9.9% increase in employment, 3.4% increase in average weekly wages, and 1.7% increase in the number of establishments in the county. Crawford County is estimated to see larger gains due to its larger population.
- 14 casinos in northeast Oklahoma located within 25 miles of the Kansas border could competitively impact the proposed southeast Kansas casinos. Walker uses a model of competition among Missouri casinos to analyze these competitive effects.
- Location and distance between casinos may impact competition based on Hot
The document provides an analysis of the potential fiscal impacts of three proposed gaming facilities - Camptown Casino, Kansas Crossing Casino, and Castle Rock Casino - in southeast Kansas. It summarizes the methodology used, including adjustments made to the revenue estimates provided by the applicants. Revenue estimates over 5 years are provided for the state of Kansas, local counties and cities, school districts, and other impacted entities. Estimated costs to local and state governments to provide services to each facility are also summarized. The analysis finds differences between the revenue and cost estimates provided by EEC and the original numbers submitted by the applicants.
Union Gaming Analytics was commissioned by the Kansas Lottery Gaming Facility Review Board to evaluate three applicants for a gaming license in southeast Kansas. The analysis included projections for gross gaming revenue, visitation numbers, tax revenue, and economic impacts for each applicant. The methodology involved examining demographic data within drive time radii of the proposed sites, establishing a theoretical gaming market, and applying proprietary capture rates to project revenues and visitation from local, near-local, and regional populations. Consultants then evaluated the economic and fiscal impacts, amenities, and financial suitability of each applicant.
The document analyzes and evaluates the financial suitability of three applicants for a gaming license in Southeast Kansas: Frontenac Development, Castle Rock Casino Resort, and Kansas Crossing Casino. For each applicant, it summarizes the ownership structure, project budget, proposed financing sources, and Union Gaming's analysis and conclusion on their financial viability and ability to fund the projects. While Frontenac and Kansas Crossing were deemed sufficiently capitalized, Castle Rock's ability to obtain the required debt financing was called into question due to uncertainties around land valuation and high projected leverage.
The three proposed casino projects in Kansas Southeast Zone are similar in their Phase 1 concepts, having a minimum critical mass to win the bid but also achieve initial success. Camptown and Kansas Crossing propose smaller local casinos, while Castle Rock proposes a larger regional destination. All have similar potential for Phase 1 success despite different strengths and weaknesses. The key decision is whether to prefer two smaller local casinos or one larger regional casino. The regional casino has the greatest revenue potential but also the least room for error. The owner/team's ability to adapt may be more important than initial plans. However, the tax rate difference between Kansas and Oklahoma gives Oklahoma casinos an advantage in any marketing war.
Camptown Casino will be located in Frontenac, Kansas. It will include 750 slot machines, 20 table games, a 62-room hotel, and Gilley's Saloon entertainment venue. Phil Ruffin, an experienced casino operator, will personally finance the $84 million project. It is projected to create 300 jobs and attract nearly 1 million visitors annually from Missouri, Kansas, and other nearby states. Camptown aims to open sooner than competing proposals and will donate $50,000 annually to the local school district.
2015 LGFRB Presentation Castle Rock Casino Resort krgc
This document provides details about the proposed Castle Rock Casino Resort development project. It outlines the developers, architects, management company, contractors, and legal consultants involved. It also provides information on the size and amenities of the casino, hotel, meeting space, and other facilities. Projected revenues, taxes, employment, and visitation are presented. The management and development experience of the casino operator, American Casino and Entertainment Company, is summarized.
The document discusses the benefits of meditation for reducing stress and anxiety. Regular meditation practice can calm the mind and help prevent worrying thoughts. Meditation lowers stress levels in the body by reducing blood pressure and cortisol levels.
Dean Macomber summarizes his analysis of Global Gaming's proposal for a race track as a tourism generator. He finds that Global's projections of attracting a "Big Event" with 50,000-100,000 visitors are speculative given the limited number of comparable racing events and competition from existing tracks. Their projections of smaller events generating the remaining 50,000 visitors also seem aggressive. In contrast, an equestrian center like Peninsula proposes could attract equine, entertainment, and convention events more reliably as a tourism generator.
peninsula plans meet or exceed drainage standardskrgc
The document is a letter from Christopher Young, a civil engineering consultant, to the chairman of the Kansas Lottery Gaming Facility Review Board regarding a proposed drainage system for a proposed Kansas Star Casino development. Young serves as the City Engineer for Mulvane, Kansas and has reviewed drainage plans submitted by the developer. He concludes that the proposed drainage improvements, including a detention pond facility, will meet or exceed the City of Mulvane's stormwater drainage policy by having outflow rates less than existing conditions for 2-, 5-, 10-, and 100-year storm events.
This document is a response from Cummings Associates to submissions from Global Gaming Solutions regarding revenue projections and the effects of distance on revenues. Cummings disagrees with some of Global Gaming's assertions, such as that the revenue differential between two proposed casino sites is mostly due to attractiveness rather than distance. Cummings also argues that survey data is not an accurate predictor of economic behavior like casino spending. Overall, Cummings believes distance has a larger impact on revenues than Global Gaming suggests, based on Cummings' analysis of casino performance data from multiple markets.
The memorandum summarizes a request from the Kansas Lottery Gaming Facility Review Board for additional information about two competing casino applications in Kansas. Specifically, it provides details about 1) drainage and flooding issues at the proposed sites, 2) local approvals and endorsements for the sites, and 3) the experience of one applicant, Peninsula Gaming, with regulatory bodies in other states where criminal charges have been filed against the company and its executives related to campaign contributions. It concludes that the significant risks associated with approving Peninsula's application, including possible disqualification or inability to finance the project, outweigh any potential benefits over the other applicant, Global.
The marketing plan outlines a soft opening period followed by a grand opening 90 days later for a new casino in Sumner County, Kansas. The $1 million budget will be used for advertising, promotions, and community events to generate awareness and excitement. Key objectives include building a local player base within 100 miles, attracting travelers on Interstate 35, and establishing the casino as a new entertainment destination through gaming, restaurants, a hotel, and live entertainment events.
- The proposed Kansas Star Casino development will include new drainage infrastructure to improve drainage conditions for surrounding landowners.
- Runoff from the development and surrounding areas will be conveyed via three new swales to a 29.8-acre dry bottom detention basin located at the southeast corner of the site.
- Water in the detention basin will drain by gravity and pumping to existing culverts under 140th Avenue at a rate of 25 cfs or less, which is less than the culverts' capacity. This will ensure no adverse impacts from increased runoff.
lottery response re question from review board re peninsula's timelines exh...krgc
The document is an email from Keith Kocher of the Kansas Lottery providing comments on a timeline exhibit comparing the investment plans of two casino applicants - Kansas Star and WinSpirit. The summary includes:
1) The timelines appear fairly accurate but some clarifications are provided, including minor adjustments to WinSpirit's construction timeline and clarifying dates as maximums.
2) Some of WinSpirit's scheduled investments do not have corresponding dollar amounts in their contract.
3) The term "Tribal Gaming Facility" has a specific definition in WinSpirit's contract relating to location, ownership, and number of gaming devices.
The document is a response letter from an organization to the Kansas Racing and Gaming Commission addressing follow-up questions from a previous presentation. It provides data on gaming hold percentages, customer satisfaction and loyalty rates, travel patterns to an existing casino, and proposes plans to include a racetrack at a new facility to attract additional customers. Supporting research is presented showing auto racing fans are also likely to participate in gaming.
1. October 26, 2009
Union Gaming Analytics (702) 866‐0743 1
Financial Suitability Analysis
Sumner County – Kansas Gaming Partners, LLC
Uni ics
on Gaming Analyt
October 26, 2009
2. October 26, 2009
2 (702) 866‐0743 Union Gaming Analytics
Executive summary
Kansas Gaming Partners, LLC is owned by Lakes Entertainment, CVG Kansas Gaming LP and Kansas Gaming
Holdings LLC. The ownership shares are distributed as follows: Lakes Entertainment 17%, CVG Kansas Gaming
33% and Kansas Gaming Holdings 50%. We note that Lakes Entertainment is a publicly traded company (ticker
LACO). CVG Kansas Gaming and Kansas Gaming Holdings are both controlled by investment funds that have
complete discretion over their respective capital available for investing. CVG Kansas Gaming is comprised of two
separate funds of Clairvest Group and Kansas Gaming Holdings is comprised of four separate funds of Och‐Ziff Real
Estate (both Clairvest Group and Och‐Ziff are publicly traded).
Kansas Gaming Partners, LLC intends to fully fund the proposed $150m development of Chisholm Creek Casino
Resort with cash. The two funds are well capitalized and have enough cash on hand to fully fund their shares of the
project. However, Lakes Entertainment intends to raise funds in the capital markets in order to fulfill its share of
the development cost. This is a concern for us given the current state of the capital markets, especially related to
gaming, which suggests a transaction is not guaranteed.
Should Lakes Entertainment be unable to fulfill its share of the development cost, it is our understanding that both
funds (per the Kansas Gaming Partners, LLC operating agreement) have the right to make contributions to Kansas
Gaming Partners to backstop any potential Lakes Entertainment deficiencies. Further, we also believe that both
funds have enough liquidity to not only backstop any Lakes Entertainment shortfall, but also to absorb cost
overruns (we analyzed a scenario with a 10% budget overrun) and potentially any operating deficiencies.
3. October 26, 2009
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Introduction
We were retained by the State of Kansas to provide a financial suitability analysis of the applicants for licenses in
Sumner and Wyandotte counties. Herein, we analyze the parties involved in the proposed “Chisholm Creek Casino
Resort” (“CCCR”) to be owned by Kansas Gaming Partners, LLC (“Kansas Gaming Partners”).
Ownership structure
Kansas Gaming Partners is owned by Lakes Entertainment (“Lakes”), CVG Kansas Gaming LP (“CVG”) and Kansas
Gaming Holdings LLC (“KGH”). The ownership shares are distributed as follows: Lakes 17%, CVG 33% and KGH
50%. We note that Lakes is a publicly traded company (ticker LACO). CVG and KGH are both investment funds that
have complete discretion over their respective capital available for investing. CVG is comprised of two separate
funds of Clairvest Group and KGH is comprised of four separate funds of Och‐Ziff Real Estate (both Clairvest Group
nd Och‐Ziff are publicly traded). a
Figure 1: Ownership structure
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Project budget
The total project budget for CCCR, inclusive of land and license fee is $150.0m. The total budget is detailed as
follows:
Figure 2: Project budget
Land $5.755m
Design, development and construction costs $55.132m
Furniture, fixtures and equipment $47.987m
Pre‐opening, project overhead and contingency $16.126m
Privilege (license) fee $25.0m
Total project budget $150.0m
Financing preference
Kansas Gaming Partners intends to finance the project’s budget entirely with cash proportionate to each partners’
share. CVG and KGH intend to contribute their shares via existing funds available for investment, while Lakes has
indicated it intends to pursue a capital markets solution (e.g. equity offering, issuance of debt, bank financing) to
raise the capital for its contribution.
Figure 3: Funding allocation
tion) Lakes (via capital markets transac $25m
CVG (via existing funds available) $50m
KGH (via existing funds available) $75m
Total funding $150m
In the absence of other capital commitments, the ability for CVG and KGH to meet their requirements to Kansas
Gaming Partners is a straight forward analysis. As such, the question then becomes Lakes ability to successfully
complete a capital markets transaction and / or the capacity of CVG and KGH to cover any shortfall should Lakes
not be successful (in whole or in part) in its capital raise.
Capital markets and the gaming industry: a current snapshot
Over the first nine months of 2009, we estimate that nearly US$9bn in capital markets transactions have occurred
in the gaming sector worldwide. This includes roughly $5.4bn in equity transactions (including MGM MIRAGE, Las
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Vegas Sands, Melco‐Crown, Wynn Macau IPO) and $3.5bn in debt transactions (including Ameristar Casinos,
International Game Technology, MGM MIRAGE, Penn National Gaming, Pinnacle Entertainment).
While these transactions seem to indicate that the capital markets are beginning to open up for the gaming
industry, we think many or even most of these equity transactions were unique in that they were rescue financing
(MGM, Las Vegas Sands) or were related to exposure to Asian /Macau gaming markets (Melco‐Crown, Wynn
Macau). We haven’t seen any notable and recent equity transactions by casino operators that participate in
regional (non‐Las Vegas) US markets.
There is no guarantee that Lakes will be able to successfully complete a capital markets transaction to cover its
share of the project budget. As such, we have conducted our analysis under two assumptions: 1) Lakes is able to
successfully complete a capital markets transaction and 2) Lakes is unable to successfully complete a capital
markets transaction. In the case of an unsuccessful Lakes capital raise we have allocated Lakes’ $25m share to CVG
and KGH based on their original investment proportions relative to each other (40% CVG, 60% KGH).
Figure 4: Capital requirements based on success of a Lakes capital raise
Entity Successful Lakes capital raise Unsuccessful Lakes capital raise
Lakes $25m $0m
CVG $50m $60m
KGH $75m $90m
Total $150m $150m
Additional thoughts on capital markets: expansions in a better environment
While we have not been privy to any internal discussions by the partners involved in Kansas Gaming Partners, we
find it likely that the current scope of the project has been impacted by the current state of the credit markets, not
to mention broader macro economic conditions. This is evidenced by the dramatically smaller proposals this year
versus the proposals from 2008.
We believe that with improved credit markets and a more stable economy it is possible that Kansas Gaming
Partners would revisit the scope of the project with an eye towards upsizing it or adding certain components (e.g.
hotel tower) that may have been excluded from current plans.
Financial projections
While we are providing consensus expectations by analysts covering Lakes, it is important to note that the stock is
covered by a limited number of analysts and as a result few estimates are available. However, Lakes has noted its
free cash flow expectations for 2009 and 2010 of $13.5m and $10.3m, respectively. We have assumed 2011 free
6. October 26, 2009
6 (702) 866‐0743 Union Gaming Analytics
cash flow expectations of $10.3m as well. Finally, we note that the term EBITDA as used in Figure 5 is Earnings
Before Interest, Taxes and Depreciation / Amortization.
Figure 5: Lakes Entertainment (LACO) key financial expectations
Year 2009 2010 2011
Revenue ($m) 27 29 na
EBITDA na na na
Adjusted net income 4 na na
Free cash flow* 13.5 10.3 10.3
Source: Bloomberg
Note: * company and Union Gaming estimate
Liquidity analysis
In this section, we examine current and anticipated liquidity for each parent company over the next few years,
which should cover the entire Phase I build‐out.
Lakes Entertainment
Lakes currently has $10.8m in cash on hand, as well as $6.0m in excess capacity on its revolving line of credit and
another $26.7m in auction rate securities that it can sell at par value to UBS at any point between June 30, 2010
and July 2, 2012. Combined, Lakes’ liquidity currently (timing of auction rate securities potential sale
notwithstanding) stands at $43.5m.
The company does have financial commitments outside of Kansas. Over the next 24 months, its $8.0m non‐
revolving line of credit matures (October 2010). If the company were to extend the maturity or refinancing this line
of credit, it would result in a notably improved liquidity profile. Also, while we have given the company credit for
$26.7m in auction rate securities, the sale of these securities to UBS would automatically trigger the repayment of
its $18.0m credit facility. For the purposes of this analysis, we have assumed the sale of the auction rate securities
as it results in a net cash positive transaction ($26.7m in proceeds less $18.0m to repay the credit facility).
We believe this represent the significant financial commitments of Lakes, although we also note that the company
continues to evaluate a wholly‐owned casino development in Vicksburg, MS, which would require substantial
amounts of capital should the company move forward. It may also pursue additional Native American casino
management agreements, for which we would expect the company to expend some capital as it seeks to bring any
transactions to fruition.
In a scenario where Lakes is not able to extend or refinance its non‐revolving line of credit, we estimate the
company’s net liquidity over the next two years to be $17.5m. When combined with the company’s estimate for
$10.3m in free cash flow in 2010 and our assumption of a similar amount in 2011, the revised net liquidity amount
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for the company is $38.1m over the development period. This compares to Lakes’ share of Kansas Gaming Partners
of $25m.
While our analysis would suggest that Lakes’ liquidity is enough to cover its share of Kansas Gaming Partners, we
suspect that the company’s plans for a capital markets transaction to cover this share could result from 1) a need to
keep a certain amount of cash on the balance sheet, 2) uncertainty towards an extension or refinance of its non‐
revolving line of credit, 3) a need for capital to fund other initiatives (e.g. Vicksburg, MS project, other Native
American management agreements) and perhaps most importantly 4) the uncertainty as to free cash flow
generated over the next several years, which could materially impact the company’s liquidity.
Figure 6: Lakes Entertainment liquidity (assumes line of credit matures)
Item As of 6/28/09
Cash ($m) 10.8
Non‐revolving line of credit (excess capacity) * 6
Auction Rate Securities 26.7
Total liquidity 43.5
Commitments
Non‐revolving line of credit (matures Oct 2010) * 8
Credit line (matures July 2010) 18.0
Total commitments 26.0
Net liquidity 17.5
Plus free cash flow (2010, 2011) 20.6
Net liquidity plus free cash flow (2010, 2011) 38.1
LACO's share of Kansas Gaming Partners 25.0
* Assumes non‐revolving line of credit fully drawn
Cushion (net liquidity less max cash needed) 13.1
.0
.0
As noted in an above paragraph, we think Lakes’ liquidity position is improved under a scenario where its non‐
revolving line of credit is either extended or refinanced beyond its current October 2010 maturity. In this scenario,
we estimate the company’s net liquidity position to be $46.1m relative to its share of Kansas Gaming Partners of
$25m. Again, we note that while this amount suggests that Lakes’ liquidity is enough to cover its share of Kansas
Gaming Partners, we suspect that the company’s plans for a capital markets transaction to cover this share could
result from 1) a need to keep a certain amount of cash on the balance sheet, 2) uncertainty towards an extension or
refinance of its non‐revolving line of credit, 3) a need for capital to fund other initiatives (e.g. Vicksburg, MS
project, other Native American management agreements) and perhaps most importantly 4) the uncertainty as to
free cash flow generated over the next several years, which could materially impact the company’s
liquidity.
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8 (702) 866‐0743 Union Gaming Analytics
Figure 7: Lakes Entertainment liquidity (assumes line of credit is extended or refinanced)
Item As of 6/28/09
Cash ($m) 10.8
Non‐revolving line of credit (excess capacity) * 6
Auction Rate Securities 26.7
Total liquidity 43.5
Commitments
Non‐revolving line of credit (maturity extended) * 0
Credit line (matures July 2010) 18.0
Total commitments 18.0
Net liquidity 25.5
Plus free cash flow (2010, 2011) 20.6
Net liquidity plus free cash flow (2010, 2011) 46.1
LACO's share of Kansas Gaming Partners 25.0
* Assumes non‐revolving line of credit fully drawn
Cushion (net liquidity less max cash needed) 21.1
.0
.0
CVG Kansas Gaming LP
Clairvest Group Inc, the “parent” of CVG Kansas Gaming LP has numerous casino investments in North and South
America. CVG Kansas Gaming LP will be funded by two Clairvest funds, CEP IV LP and CEP IV Co‐Invest LP, which
were established in July 2009. It is our understanding that these funds have made no investments to date and could
potentially grow in size as new investors enter the fund.
CVG’s commitment to Kansas Gaming Partners ($50m) would represent a small portion of total fund liquidity as of
today, even when accounting for potential future commitments outside of Kansas relating to existing or proposed
casino investments for which Clairvest is already committed. In fact, the two funds for CVG have C$210m in current
capacity, or roughly US$203m based on current exchange rates. Adjusting for the potential commitments for other
casinos, net liquidity for CVG is approximately $167m, which compares favorably to its share of Kansas Gaming
Partners of $50m. This also compares favorably to what CVG’s share of Kansas Gaming Partners might be ($60m)
should Lakes not be able to raise its share.
Investors in these funds are not allowed to make redemptions per the limited partnership agreement that controls
the funds. Further, the funds’ general partner has discretion over distributions.
9. October 26, 2009
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Figure 8: CVG liquidity
Item As of 7/24/09
Cash ($m)
CVG via CEP IV Co‐Invest LP (C$100m) 96.5
CEP IV (C$110m) 106.1
Total liquidity 202.6
Commitments
Illinois casino (pending state approval) 21.0
Tsuu T'ina potential operating deficiency (C$3.5m) 3.4
Marina del Sol potential operating deficiency (C$11.9m) 11.5
Total commitments / potential liabilities 35.9
Net liquidity 166.7
CVG share of Kansas Gaming Partners 50.0
CVG share of Kansas Gaming Partners (Lakes unable
to raise capital) 60.0
Cushion (net liquidity less max cash needed) 106.7
Cushion (net liquidity less max cash needed) 116.7
Kansas Gaming Holdings LLC
Och‐Ziff Real Estate, the “parent” of Kansas Gaming Holdings LLC is comprised of four separate limited partnership
funds. The funds have a collective unfunded capital commitment of $133.1m, which is the cash available to be
invested at the discretion of Och‐Ziff Real Estate. In addition to this cash available, the funds have access to a $15m
credit facility, which has roughly $8m in available capacity. As such, we estimate the current liquidity of KGH to be
$141.1m.
There are a few commitments against this liquidity, including $3.5m payable to a previous partner of KGH at
various points throughout the development timeline. In addition, the $15m credit facility matures in July 2010 and
in the absence of an extension or refinance would result in repayment at that point.
Based on the current liquidity and commitments, we estimate net liquidity for KGH of $122.6m or $137.6m,
depending on the status of the credit facility. In either case, the net liquidity compares favorably to KGH’s share of
Kansas Gaming Partners of $75m. This also compares favorably to what KGH’s share of Kansas Gaming Partners
might be ($90m) should Lakes not be able to raise its share.
Investors in these funds are not allowed to make redemptions per the limited partnership agreement that controls
the funds. Further, the funds’ general partner has discretion over distributions.
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10 (702) 866‐0743 Union Gaming Analytics
Figure 9: KGH liquidity (assumes credit facility matures in July 2010)
Item As of 6/30/09
Cash ($m) 133.1
Credit facility (excess capacity) * 8
Total liquidity 141.1
Commitments
Credit facility (matures July 2010) * 15.0
Previous KGH partner payments 3.5
Total commitments 18.5
Net liquidity 122.6
KGH share of Kansas Gaming Partners 75.0
KGH share of Kansas Gaming Partners (Lakes unable
to raise capital) 90.0
* Assumes non‐revolving line of credit fully drawn
Cushion (net liquidity less max cash needed) 32.6
Cushion (net liquidity less max cash needed) 47.6
.0
Figure 10: KGH liquidity (assumes credit facility extended / refinanced)
Item As of 6/30/09
Cash ($m) 133.1
Credit facility (excess capacity) * 8
Total liquidity 141.1
Commitments
Credit facility (maturity extended) 0.0
Previous KGH partner payments 3.5
Total commitments 3.5
Net liquidity 137.6
KGH share of Kansas Gaming Partners 75.0
KGH share of Kansas Gaming Partners (Lakes unable
to raise capital) 90.0
* Assumes non‐revolving line of credit fully drawn
Cushion (net liquidity less max cash needed) 47.6
Cushion (net liquidity less max cash needed) 62.6
.0
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Contingency – the impact of cost overruns
We have also considered the possibility of cost overruns for the development. In a scenario with a 10% cost
overrun, the new development cost would be $165m.
In a scenario where Lakes is able to successfully complete a capital raise, Lakes’ share of the revised budget would
be $27.5m, CVG at $55m and KGH at $82.5m. However, in a scenario where Lakes is unable to complete a capital
raise, we estimate the revised share of CVG and KGH to be $66m and $99m, respectively.
Figure 11: Potential cash required by each partner with a 10% cost overrun
Entity Successful Lakes capital raise Unsuccessful Lakes capital raise
Lakes $27.5m $0m
CVG $55m $66m
KGH $82.5m $99m
Total $165m $165m