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 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.
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
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 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.
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.
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 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.
The document provides a review and comparison of the ancillary development proposals of two applicants - Global Gaming Solutions (GGS) and Peninsula Gaming Partners (PGP) - for a gaming license in the South Central Zone of Kansas. It finds that both proposals involve investing $280-285 million to develop regional entertainment destinations relying largely on local gamers within 100 miles. While PGP forecasts higher gaming demand and revenue, GGS proposes comparable gaming capacity with lower projected spending per visitor. The review also compares the applicants' proposals for dining, bars, entertainment, hotels, retail, and parking, finding differences in concepts, capacity, and projected performance.
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.
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
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 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.
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.
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 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.
The document provides a review and comparison of the ancillary development proposals of two applicants - Global Gaming Solutions (GGS) and Peninsula Gaming Partners (PGP) - for a gaming license in the South Central Zone of Kansas. It finds that both proposals involve investing $280-285 million to develop regional entertainment destinations relying largely on local gamers within 100 miles. While PGP forecasts higher gaming demand and revenue, GGS proposes comparable gaming capacity with lower projected spending per visitor. The review also compares the applicants' proposals for dining, bars, entertainment, hotels, retail, and parking, finding differences in concepts, capacity, and projected performance.
The document argues that the Kansas Star casino contract would maximize revenue for Kansas based on analyses showing it would generate significantly more gaming revenue, tax revenue, and economic benefits than the competing WinSpirit proposal. It asserts Kansas Star would produce over $70 million more in gaming revenue annually by 2016 and nearly 50% more total tax revenue over seven years. Additionally, the document claims Kansas Star would better promote tourism in Kansas by investing more in amenities like a larger hotel and convention center and attracting more out-of-town visitors.
The document analyzes gaming revenue and visit projections for two proposed casinos in South Central Kansas - Global Gaming's WinSpirit casino and Peninsula Gaming's Kansas Star casino. Wells Gaming Research customized proprietary models to project revenues and visits for each casino over multiple phases of development, accounting for existing and planned competition. Their projections show WinSpirit with higher revenues and visits initially, but Kansas Star surpassing it once fully built out. The addition of a 1,000 slot Wyandotte tribal casino would significantly reduce projections for both facilities by 17-43% according to the analysis.
The document provides information on the proposed Kansas Star casino and resort project, including:
1) Presentations from the CEO and other executives on the company's experience and plans for the economic benefits, amenities, and community impact of the project.
2) Analyses from consultants showing the projected tourism, economic, and fiscal impacts including hundreds of jobs and millions in annual spending and tax revenues.
3) Details on the design and plans for the equestrian center, entertainment facilities, and other attractions aimed at making it a regional destination.
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.
Peninsula crossroads dec 1 2010 powerpoint presentationkrgc
This document provides responses to follow-up questions about a market impact analysis for a proposed equine event center in Kansas. It compares the proposed facility to the Oklahoma City State Fair Park and a facility proposed for York County, South Carolina. The document explains why the Kansas facility could reasonably expect to host 75% as many events as the Oklahoma center, which offers a different product. It also explains why attendance would be higher at the Kansas facility than the South Carolina one, due to differences in their markets, building programs, and operating objectives. The document concludes the event activity projections for the Kansas center appear achievable based on data from comparable facilities.
The document analyzes the fiscal impact of two proposed gaming facilities in Kansas. For Global Gaming in Wellington, it estimates annual revenues of $200 million for the state and surpluses for other entities. For Peninsula Gaming in Mulvane, it estimates annual revenues of $289 million for the state and surpluses for other entities except the city of Mulvane which would have a deficit. The analysis also compares the applicants' estimates to the consultant's estimates.
The document provides details from a gaming revenue projection report prepared by Wells Gaming Research for the Kansas Lottery Gaming Facility Review Board. It outlines the methodology used, including defining the trade area and population data, and assumptions made for four proposed Wyandotte County casino projects. It then provides projections for visitor numbers, gaming revenues, and income statements for the casino, rooms, food, beverage, and other departments for each proposed casino, comparing the projections to Nevada casino data. Biographical information is also provided on Richard Wells, founder and president of Wells Gaming Research.
The document summarizes presentations made at the KRGC Facilities Review Board meetings in Topeka, Kansas on September 2-3 regarding the proposed gaming facilities in the Northeast zone. Economic impact analyses were conducted on the construction and first full year of operations of four proposed facilities - Hard Rock/Speedway, Golden Heartland, Pinnacle, and Legends Sun. Construction was estimated to generate over $650 million in economic output and over 6,500 jobs. Annual operations were projected to produce over $200 million in economic output and around 2,000 jobs, with potential competitive effects on local retail, entertainment, and food and beverage businesses.
Leg sun lottery review board rebutal-final finalkrgc
This document discusses the proposal for a new casino in Kansas by Legends Sun Management. It provides details to support why Legends Sun should be selected as the best plan. The key points made include:
1) Legends Sun has a proven track record of successful casino operations and delivering "wow factor" destinations.
2) Financial projections by independent gaming consultants show Legends Sun's proposal could achieve gaming revenue of $272-299 million annually, which Legends Sun is best positioned to attain due to its experience.
3) Legends Sun has the most extensive gaming experience compared to other applicants, including operating the highly successful Mohegan Sun casino in Connecticut.
This proposal argues Legends
This document summarizes an economic impact presentation given to the Kansas Racing and Gaming Commission Facilities Review Board on December 1, 2010 in Topeka, Kansas. It discusses the economic impacts of proposed gaming facilities in Sumner County, Kansas from two applicants - Global Gaming and Peninsula Gaming. The presentation covers the scope of work, economic impact approach and models, revenue forecasts, construction impacts, and operating impacts for both proposed facilities through 2016 under different development scenarios. It also discusses adjustments made to gaming revenue estimates and how new gaming spending by Kansans may impact other local businesses. Unique non-gaming amenities like Global's proposed road race course and Peninsula's equestrian center are also mentioned.
The document provides a market assessment for four gaming facility proposals in the Northeast Gaming Zone of Kansas. It analyzes demographic data within 30, 60, and 100 mile radii of the proposed facilities, including population size and growth, age distribution, racial composition, education levels, and financial metrics like income and net worth. For each demographic factor, data is presented for 2008 and projections for 2013 to understand trends. Caveats are also provided for some of the proposed facilities related to their golf courses, retail offerings, synergies with other attractions, and visitor research methodology.
This presentation summarizes gaming revenue projections for four proposed casinos in the Northeast Kansas gaming zone. Cummings Associates projects that the Speedway casino will generate $271.6 million in annual revenue, followed by Golden Heartland at $258.8 million, Pinnacle at $239.2 million, and Legends Sun at $212 million. Location and size are significant factors, with larger facilities projected to earn more. The projections are lower than estimates from applicants, with Cummings noting key differences in modeling assumptions around local versus long-distance customers.
The document summarizes gaming revenue and casino visit projections for a proposed Northeast Gaming Zone and casino in Wyandotte County, Kansas. It outlines the methodology used, defines the trade area population of over 3 million people within a 125-mile radius, and compares the proposed casino's capacity and projected revenues to existing nearby casinos in Kansas, Missouri, and Oklahoma. The projections estimate that the new casino would generate $151.9 million in gaming revenues in Phase I and $255.1 million at full build out, and attract 2.15 million and 3.29 million visits respectively, though revenues and visits could vary by 16-18% and 8-10% from those estimates.
This document provides data and statistics on the accommodation and food services industry in Saratoga County. Some key points:
- The accommodation and food services industry employed 9,992 people in Saratoga County in 2018, up 73% from 5,785 jobs in 2001.
- Tourism generated $68.7 million in state and local taxes for Saratoga County in 2018, a significant source of revenue.
- Saratoga Springs is a major tourism destination, with the City Center hosting over 174,000 guests in 2018 who contributed $34.3 million in economic impact.
- Saratoga Race Course is a large driver of tourism, with over 1 million attendees in 2019 generating $705
The document analyzes the potential fiscal impact of four proposed lottery gaming facilities in the Northeast zone of Kansas. It estimates revenues from gaming, property, sales, income and other taxes as well as developer contributions for each facility. It also estimates costs for law enforcement, fire services, public works, education and administration. For each facility, it provides a 5-year summary comparing estimated revenues and costs to project the surplus or deficit for state/local governments. It finds that all four facilities are projected to generate financial surpluses, with the Kansas Entertainment facility expected to generate the highest surplus.
The document presented Golden Heartland's proposal for a new casino and resort development. It provided details on the planned facilities including a 131,804 square foot casino, 272,000 square foot hotel, 25,000 square foot banquet space, and 293,689 square foot residential lofts. It also discussed the golf course design, projected revenues, tax structures, economic impacts and investment details such as a $661.6 million budget. The proposal aimed to demonstrate that Golden Heartland offered the right size facility for the market at the right location with an experienced management team.
Will Cummings of Cummings Associates presented gaming revenue projections for two proposed casinos in Kansas to the Lottery Gaming Facility Review Board. For the Kansas Entertainment casino in Phase 1 with 2,300 slots and no hotel, Cummings projected $203 million in annual revenue, attracting 110,400 tourists. For the full build with 3,000 slots and 500 hotel rooms, Cummings projected $261.6 million in annual revenue and 209,600 tourists. Cummings' projections were slightly below the applicant's projections for Phase 1 but 25% lower for the full build.
The document analyzes the financial impact of signing baseball player Alex Rodriguez to the largest contract in MLB history with the Texas Rangers. It finds that while Rodriguez's contract is worth $252 million over 10 years, the increased revenues from tickets, concessions, merchandise, and playoffs would result in positive cash flow each year. The net present value of the contract is estimated to be $21.4 million, with an ROI of 2.2%. While the direct financial benefits are modest, the signing was deemed a "no-brainer" due to additional non-financial benefits like improving the franchise image and increasing its value.
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 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.
This document provides casino revenue projections for a proposed generic casino in Wyandotte County, Kansas within the Northeast gaming zone. It summarizes the existing casino capacity and revenues in the region, and provides three scenarios estimating revenues in 2012 from existing casinos plus proposed expansions and new casinos, including the generic Wyandotte County casino. Under the scenarios, total casino revenues in the region are projected to increase from almost $923 million in 2007 to between $966 million and $989 million in 2012.
The document summarizes plans for The Grand Hudson resort and casino project at Stewart Airport. It would include a 450,000 square foot hotel and casino, entertainment venues, restaurants, and retail. An analysis by independent consultants estimates it would generate over $500 million annually in revenue after 5 years. It is projected to create over 2,500 jobs and have significant economic benefits for the region through increased tax revenue, tourism, and related spending, while revitalizing Stewart Airport and surrounding communities.
The document argues that the Kansas Star casino contract would maximize revenue for Kansas based on analyses showing it would generate significantly more gaming revenue, tax revenue, and economic benefits than the competing WinSpirit proposal. It asserts Kansas Star would produce over $70 million more in gaming revenue annually by 2016 and nearly 50% more total tax revenue over seven years. Additionally, the document claims Kansas Star would better promote tourism in Kansas by investing more in amenities like a larger hotel and convention center and attracting more out-of-town visitors.
The document analyzes gaming revenue and visit projections for two proposed casinos in South Central Kansas - Global Gaming's WinSpirit casino and Peninsula Gaming's Kansas Star casino. Wells Gaming Research customized proprietary models to project revenues and visits for each casino over multiple phases of development, accounting for existing and planned competition. Their projections show WinSpirit with higher revenues and visits initially, but Kansas Star surpassing it once fully built out. The addition of a 1,000 slot Wyandotte tribal casino would significantly reduce projections for both facilities by 17-43% according to the analysis.
The document provides information on the proposed Kansas Star casino and resort project, including:
1) Presentations from the CEO and other executives on the company's experience and plans for the economic benefits, amenities, and community impact of the project.
2) Analyses from consultants showing the projected tourism, economic, and fiscal impacts including hundreds of jobs and millions in annual spending and tax revenues.
3) Details on the design and plans for the equestrian center, entertainment facilities, and other attractions aimed at making it a regional destination.
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.
Peninsula crossroads dec 1 2010 powerpoint presentationkrgc
This document provides responses to follow-up questions about a market impact analysis for a proposed equine event center in Kansas. It compares the proposed facility to the Oklahoma City State Fair Park and a facility proposed for York County, South Carolina. The document explains why the Kansas facility could reasonably expect to host 75% as many events as the Oklahoma center, which offers a different product. It also explains why attendance would be higher at the Kansas facility than the South Carolina one, due to differences in their markets, building programs, and operating objectives. The document concludes the event activity projections for the Kansas center appear achievable based on data from comparable facilities.
The document analyzes the fiscal impact of two proposed gaming facilities in Kansas. For Global Gaming in Wellington, it estimates annual revenues of $200 million for the state and surpluses for other entities. For Peninsula Gaming in Mulvane, it estimates annual revenues of $289 million for the state and surpluses for other entities except the city of Mulvane which would have a deficit. The analysis also compares the applicants' estimates to the consultant's estimates.
The document provides details from a gaming revenue projection report prepared by Wells Gaming Research for the Kansas Lottery Gaming Facility Review Board. It outlines the methodology used, including defining the trade area and population data, and assumptions made for four proposed Wyandotte County casino projects. It then provides projections for visitor numbers, gaming revenues, and income statements for the casino, rooms, food, beverage, and other departments for each proposed casino, comparing the projections to Nevada casino data. Biographical information is also provided on Richard Wells, founder and president of Wells Gaming Research.
The document summarizes presentations made at the KRGC Facilities Review Board meetings in Topeka, Kansas on September 2-3 regarding the proposed gaming facilities in the Northeast zone. Economic impact analyses were conducted on the construction and first full year of operations of four proposed facilities - Hard Rock/Speedway, Golden Heartland, Pinnacle, and Legends Sun. Construction was estimated to generate over $650 million in economic output and over 6,500 jobs. Annual operations were projected to produce over $200 million in economic output and around 2,000 jobs, with potential competitive effects on local retail, entertainment, and food and beverage businesses.
Leg sun lottery review board rebutal-final finalkrgc
This document discusses the proposal for a new casino in Kansas by Legends Sun Management. It provides details to support why Legends Sun should be selected as the best plan. The key points made include:
1) Legends Sun has a proven track record of successful casino operations and delivering "wow factor" destinations.
2) Financial projections by independent gaming consultants show Legends Sun's proposal could achieve gaming revenue of $272-299 million annually, which Legends Sun is best positioned to attain due to its experience.
3) Legends Sun has the most extensive gaming experience compared to other applicants, including operating the highly successful Mohegan Sun casino in Connecticut.
This proposal argues Legends
This document summarizes an economic impact presentation given to the Kansas Racing and Gaming Commission Facilities Review Board on December 1, 2010 in Topeka, Kansas. It discusses the economic impacts of proposed gaming facilities in Sumner County, Kansas from two applicants - Global Gaming and Peninsula Gaming. The presentation covers the scope of work, economic impact approach and models, revenue forecasts, construction impacts, and operating impacts for both proposed facilities through 2016 under different development scenarios. It also discusses adjustments made to gaming revenue estimates and how new gaming spending by Kansans may impact other local businesses. Unique non-gaming amenities like Global's proposed road race course and Peninsula's equestrian center are also mentioned.
The document provides a market assessment for four gaming facility proposals in the Northeast Gaming Zone of Kansas. It analyzes demographic data within 30, 60, and 100 mile radii of the proposed facilities, including population size and growth, age distribution, racial composition, education levels, and financial metrics like income and net worth. For each demographic factor, data is presented for 2008 and projections for 2013 to understand trends. Caveats are also provided for some of the proposed facilities related to their golf courses, retail offerings, synergies with other attractions, and visitor research methodology.
This presentation summarizes gaming revenue projections for four proposed casinos in the Northeast Kansas gaming zone. Cummings Associates projects that the Speedway casino will generate $271.6 million in annual revenue, followed by Golden Heartland at $258.8 million, Pinnacle at $239.2 million, and Legends Sun at $212 million. Location and size are significant factors, with larger facilities projected to earn more. The projections are lower than estimates from applicants, with Cummings noting key differences in modeling assumptions around local versus long-distance customers.
The document summarizes gaming revenue and casino visit projections for a proposed Northeast Gaming Zone and casino in Wyandotte County, Kansas. It outlines the methodology used, defines the trade area population of over 3 million people within a 125-mile radius, and compares the proposed casino's capacity and projected revenues to existing nearby casinos in Kansas, Missouri, and Oklahoma. The projections estimate that the new casino would generate $151.9 million in gaming revenues in Phase I and $255.1 million at full build out, and attract 2.15 million and 3.29 million visits respectively, though revenues and visits could vary by 16-18% and 8-10% from those estimates.
This document provides data and statistics on the accommodation and food services industry in Saratoga County. Some key points:
- The accommodation and food services industry employed 9,992 people in Saratoga County in 2018, up 73% from 5,785 jobs in 2001.
- Tourism generated $68.7 million in state and local taxes for Saratoga County in 2018, a significant source of revenue.
- Saratoga Springs is a major tourism destination, with the City Center hosting over 174,000 guests in 2018 who contributed $34.3 million in economic impact.
- Saratoga Race Course is a large driver of tourism, with over 1 million attendees in 2019 generating $705
The document analyzes the potential fiscal impact of four proposed lottery gaming facilities in the Northeast zone of Kansas. It estimates revenues from gaming, property, sales, income and other taxes as well as developer contributions for each facility. It also estimates costs for law enforcement, fire services, public works, education and administration. For each facility, it provides a 5-year summary comparing estimated revenues and costs to project the surplus or deficit for state/local governments. It finds that all four facilities are projected to generate financial surpluses, with the Kansas Entertainment facility expected to generate the highest surplus.
The document presented Golden Heartland's proposal for a new casino and resort development. It provided details on the planned facilities including a 131,804 square foot casino, 272,000 square foot hotel, 25,000 square foot banquet space, and 293,689 square foot residential lofts. It also discussed the golf course design, projected revenues, tax structures, economic impacts and investment details such as a $661.6 million budget. The proposal aimed to demonstrate that Golden Heartland offered the right size facility for the market at the right location with an experienced management team.
Will Cummings of Cummings Associates presented gaming revenue projections for two proposed casinos in Kansas to the Lottery Gaming Facility Review Board. For the Kansas Entertainment casino in Phase 1 with 2,300 slots and no hotel, Cummings projected $203 million in annual revenue, attracting 110,400 tourists. For the full build with 3,000 slots and 500 hotel rooms, Cummings projected $261.6 million in annual revenue and 209,600 tourists. Cummings' projections were slightly below the applicant's projections for Phase 1 but 25% lower for the full build.
The document analyzes the financial impact of signing baseball player Alex Rodriguez to the largest contract in MLB history with the Texas Rangers. It finds that while Rodriguez's contract is worth $252 million over 10 years, the increased revenues from tickets, concessions, merchandise, and playoffs would result in positive cash flow each year. The net present value of the contract is estimated to be $21.4 million, with an ROI of 2.2%. While the direct financial benefits are modest, the signing was deemed a "no-brainer" due to additional non-financial benefits like improving the franchise image and increasing its value.
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 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.
This document provides casino revenue projections for a proposed generic casino in Wyandotte County, Kansas within the Northeast gaming zone. It summarizes the existing casino capacity and revenues in the region, and provides three scenarios estimating revenues in 2012 from existing casinos plus proposed expansions and new casinos, including the generic Wyandotte County casino. Under the scenarios, total casino revenues in the region are projected to increase from almost $923 million in 2007 to between $966 million and $989 million in 2012.
The document summarizes plans for The Grand Hudson resort and casino project at Stewart Airport. It would include a 450,000 square foot hotel and casino, entertainment venues, restaurants, and retail. An analysis by independent consultants estimates it would generate over $500 million annually in revenue after 5 years. It is projected to create over 2,500 jobs and have significant economic benefits for the region through increased tax revenue, tourism, and related spending, while revitalizing Stewart Airport and surrounding communities.
A study commissioned by Danville Regional Foundation in Danville, VA to review the potential impacts of a proposed casino entertainment complex by Fourth Economy Consulting.
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 presentation was part of the Growing Entrepreneurial Communities Summit, a practitioner-focused summit designed to help economic development and small business practitioners effectively create economic growth through entrepreneurship in local communities. The 2018 Summit, subtitled Entrepreneurship on the Edges, focused on providing information and practitioner insight in how to effectively develop disadvantaged urban and rural communities using entrepreneurship-led development strategies.
The document summarizes a meeting between Penn National Gaming, International Speedway Corporation, and the Kansas Lottery Gaming Facility Review Board. It outlines the partnership between Penn National and ISC to develop a casino and entertainment district at Kansas Speedway. It details the project timeline, estimated economic impacts and community benefits, and endorsements from local organizations.
The document discusses tourism in Minnesota and the Twin Cities region. It notes that tourism generates $14.4 billion annually for Minnesota and supports 254,000 jobs. The Twin Cities region accounts for 68% of Minnesota's tourism revenues. Money from lodging taxes in Coon Rapids and other cities goes towards marketing the area to attract more visitors through a nonprofit called Twin Cities Gateway. Having more visitors enhances the perception of communities, attracts new businesses and jobs, and supports local businesses. The document outlines Twin Cities Gateway's marketing strategies and initiatives to attract sports tournaments, meetings, and other events to the area to increase tourism.
The document provides a summary of a gaming revenue projection report prepared by Wells Gaming Research for the Kansas Lottery Gaming Facility Review Board. It outlines the methodology used, including defining the trade area and scenarios analyzed. It then provides projections for visitor numbers and gaming revenues for proposed casinos in Boot Hill and Dodge City under different scenarios, with Boot Hill projections showing higher visitation and revenue figures. Charts and tables compare the results to existing casinos and the applicants' own projections.
The document proposes a $1 billion investment to build Resorts World Hudson Valley, a destination resort casino in Orange County, New York. It would generate over 3,000 permanent jobs paying a living wage, $120 million in license fees, and $227 million in annual gaming taxes. It would have a positive economic and community impact by creating over 3,000 jobs, generating $20.7 million annually for the local community, and supporting workforce development programs.
Facebook Comparison Report of Top Casinos on the Las Vegas StripUnmetric
This report looks in to the Facebook performance of casinos on the Las Vegas Strip like Caesars Palace, The Mirage Hotel and Casino, New York - New York Hotel & Casino and others.
Will Cummings, an expert in gaming and racing industries, presented to the Kansas Racing and Gaming Commission on the challenges facing horse racing from expanded gaming. He discussed how gaming has grown much larger than racing in terms of revenues and locations available to bet. Cummings also outlined responses racing has taken like adding slots at tracks and expanding simulcasting, and proposed projections for revenues at Kansas tracks if slots were added using a gravity model methodology.
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https://www.youtube.com/@jenniferschaus/videos
1. Union Gaming Analytics
Gaming Market Study
Presentation to the Kansas Lottery Gaming
Facility Review Board
June 10, 2015
2. Team
• Union Gaming Analytics, LLC
• Michael Greene, Rich Baldwin, and Bill Lerner
• Casinonomics Consulting, LLC
• Doug Walker
• Civic Economics
• Matt Cunningham and Dan Houston
• Cummings Associates
• Will Cummings
• Ekay Economic Consultants
• Eugenia Larmore
• Macomber International Inc.
• Dean Macomber
3. Agenda
• Methodology and Projections
• Union Gaming Analytics
• Cummings Associates
• Fiscal Impacts on Municipalities and the State of Kansas
• Ekay Economic Consultants
• Amenities and Fit
• Macomber International
• Economic Impacts
• Civic Economics
• Reinforcement of Economic Impacts and Competition
• Casinonomics
• Financial Suitability
• Union Gaming Analytics
• Questions
• All Consultants
4. Union Gaming is a portfolio of companies focused exclusively on the global gaming
industry. The companies specialize in institutional equity research, securities dealing,
investment banking, and gaming-related market and economic analyses. Through its
Union Gaming Analytics subsidiary, the company conducts gaming, feasibility, and
economic impact studies for both corporate and government entities. The
company also provides legislative and regulatory support for gaming related
activities globally. Union Gaming Advisors is an SEC registered and FINRA member
firm that focuses on capital raising, mergers and acquisitions, securities dealing, and
strategic advisory. Union Gaming Securities Asia Limited is a licensed corporation with
the Securities and Futures Commission (SFC) in Hong Kong. Founded in 2009, the
company is headquartered in Las Vegas, with offices in Hong Kong, Macau, and New
York, NY.
4
5. Best-in-class Team with Extensive Gaming Industry Experience
Rich Baldwin:
Managing
Director,
Head of Union
Gaming Analytics
Baldwin has over 20 years of corporate finance, capital markets, investor relations and general
management experience spanning the global gaming industry. Baldwin has held several executive level
positions, including Chief Financial Officer at Tropicana Entertainment, Executive Vice President &
Chief Financial Officer at Shuffle Master Gaming (NASDAQ: “SHFL”) and Director of Corporate Finance
& Investor Relations at International Game Technology (NYSE: “IGT”). Baldwin started his career on
the client service side with Deloitte & Touche LLP, at which time he received his CPA license in the
state of Nevada. Baldwin graduated from the University of Nevada, Las Vegas and also earned his MBA
from The Paul Merage School of Business at The University of California, Irvine.
Michael Greene
Vice President,
Analytics,
Las Vegas
Greene has over 14 years of corporate finance, investment banking, investor relations, and private
equity experience in the gaming and lodging industries. Greene joined Union Gaming Analytics in
March 2014 as a Director. Prior to joining the firm, Greene managed the investor relations
department at International Game Technology (NYSE: “IGT”). Prior to IGT, he was a Vice President
with a private equity firm focused on the lodging industry and worked in corporate finance at Pinnacle
Entertainment, Inc. (NYSE: “PNK”). Greene began his career as an investment banker at Bear, Stearns
& Co. Inc. in their real estate, gaming, lodging and leisure department. Greene received a B.B.A. from
The University of Michigan.
Bill Lerner
Senior Partner,
Head of
Investment
Banking,
Las Vegas
Lerner has spent 19 years on Wall Street in sell side research. Most recently he acted as Managing
Director and Senior Gaming & Lodging analyst at Deutsche Bank Securities. This followed ten years at
Prudential Securities and Deutsche Morgan Grenfell. Lerner has been recognized by Institutional
Investor as part of its "All American Research Team" and Wall Street Journal's "Best of the Street.”
6. Introduction
• Union Gaming has been engaged by the Kansas Racing and Gaming
Commission and the Lottery Gaming Facility Review Board to provide
consulting services in their selection of a facility manager for the southeast
gaming zone of Kansas
• Based on Union Gaming’s comprehensive and thorough analysis of the three
applicants, we determined the following for each applicant:
• Gross Gaming Revenue (“GGR”)
• In-state versus out-of-state GGR
• In-state versus out-of-state visitation
• Tax Revenue – state and local share
• EBITDA & EBITDA Margin
7. Executive Summary
2019
($ in millions except per unit amounts) Camptown Castle Kansas
Casino Rock Crossing
# of Slots 750 1,400 625
# of Table Games (including poker) 20 51 16
# of Hotel Rooms 62 200 120
GGR $43.9 $47.8 $39.0
Kansas $18.9 $14.8 $15.9
Out-of-State $25.0 $33.0 $23.1
% Kansas 43.0% 30.9% 40.8%
% Out-of-State 57.0% 69.1% 59.2%
Total Visitation 608,493 687,501 540,753
Kansas 261,636 212,615 220,612
Out-of-State 346,857 474,886 320,141
% Kansas 43.0% 30.9% 40.8%
% Out-of-State 57.0% 69.1% 59.2%
Total Taxes Paid $11.8 $12.9 $10.5
State Share @ 22.0% $9.7 $10.5 $8.6
Problem Gambling Share @ 2.0% $0.9 $1.0 $0.8
Total State Taxes $10.5 $11.5 $9.4
Local Share @ 3.0% $1.3 $1.4 $1.2
8. Methodology
• Examined population and income demographics within a 30-minute, 60-minute and
120-minute drive time radius for the each of the proposed casino sites in southeast
Kansas
• We established a theoretical gaming market by county for each proposed casino
• Apply proprietary capture rates based on competitive dynamics, competitive set,
proximity to the closest casino, asset quality, and other forms of gaming to define
what percentage of the theoretical market each segment (immediate local, local and
regional) will capture
9. Methodology
• Examined population and income demographics within a 30-minute, 60-minute and
120-minute drive time radius for the each of the proposed casino sites in southeast
Kansas
2015
2015 2015 Adult Gaming 2015
Camptown Casino Population Adult Population Population Per capita income
0-30-minute drive 51,939 38,477 12,315 $19,219
30-60-minute drive 308,414 224,731 71,930 $19,899
60-120-minute drive 2,871,550 2,094,183 670,288 $22,017
Total 3,231,903 2,357,391 754,534 $21,770
10. Methodology
• We established a theoretical gaming market by county for each proposed casino
% of Theo
Distance to Drive Time Adult Per Capita Avg Median Per Capita Gaming Market
Castle Rock Castle Rock Population Adult Gaming Income Household Household Income per County
County State (miles) (minutes) (2015) Population Population (2015) Income Income Spent on Gaming ($ in millions)
Cherokee County Kansas - - 21,327 15,802 5,058 $19,332 $48,223 $38,182 3.5% $3.4
Jasper County Missouri 21.2 21 120,292 86,677 27,743 $19,848 $50,687 $39,343 3.5% $19.3
OttawaCounty Oklahoma 19.8 21 32,314 23,633 7,564 $18,452 $47,284 $36,958 3.5% $4.9
Newton County Missouri 20.5 22 60,133 44,114 14,120 $21,109 $55,336 $40,738 3.5% $10.4
Crawford County Kansas 35.8 40 39,683 29,510 9,445 $19,316 $47,552 $36,997 3.5% $6.4
McDonaldCounty Missouri 45.6 44 24,018 17,086 5,469 $16,489 $45,318 $36,203 3.5% $3.2
Barton County Missouri 49.9 47 12,256 8,967 2,870 $19,121 $47,854 $39,053 3.5% $1.9
Craig County Oklahoma 46.9 47 15,076 11,533 3,691 $19,632 $50,610 $38,315 3.5% $2.5
Lawrence County Missouri 53.8 51 39,357 28,576 9,146 $18,823 $48,659 $38,810 3.5% $6.0
LabetteCounty Kansas 49.6 54 21,382 15,896 5,088 $20,032 $48,735 $40,026 3.5% $3.6
Delaware County Oklahoma 53.9 58 42,890 33,002 10,563 $21,734 $52,225 $37,473 3.5% $8.0
Vernon County Missouri 75.4 69 21,328 15,588 4,989 $18,510 $45,456 $35,325 3.5% $3.2
Benton County Arkansas 69.5 72 240,162 168,638 53,976 $27,037 $73,014 $54,828 3.5% $51.1
Bourbon County Kansas 66.2 73 15,163 10,928 3,498 $19,843 $50,049 $38,113 3.5% $2.4
Dade County Missouri 70.6 73 7,897 6,060 1,940 $17,933 $42,680 $31,974 3.5% $1.2
Mayes County Oklahoma 74.3 73 41,798 30,649 9,810 $20,362 $52,158 $42,168 3.5% $7.0
Barry County Missouri 65.5 74 36,445 27,305 8,740 $18,946 $47,797 $36,783 3.5% $5.8
GreeneCounty Missouri 79.1 75 281,998 214,110 68,531 $23,578 $55,474 $38,801 3.5% $56.6
Nowata County Oklahoma 72.7 76 10,516 7,930 2,538 $18,639 $46,265 $36,407 3.5% $1.7
Rogers County Oklahoma 81.1 77 90,177 65,973 21,116 $27,348 $73,670 $58,525 3.5% $20.2
MontgomeryCounty Kansas 69.9 79 35,004 25,831 8,268 $19,829 $48,512 $37,945 3.5% $5.7
Washington County Arkansas 89.7 87 215,294 153,485 49,126 $21,534 $56,272 $40,821 3.5% $37.0
ChristianCounty Missouri 93.4 87 81,418 58,013 18,568 $24,173 $64,128 $52,045 3.5% $15.7
Neosho County Kansas 83.5 89 16,475 12,093 3,871 $22,067 $54,391 $41,510 3.5% $3.0
Tulsa County Oklahoma 101.3 91 625,723 453,719 145,223 $27,928 $69,262 $48,772 3.5% $142.0
Washington County Oklahoma 89.5 93 52,078 39,089 12,511 $27,620 $66,579 $49,847 3.5% $12.1
Polk County Missouri 104.3 96 31,030 22,655 7,251 $18,160 $47,007 $36,553 3.5% $4.6
Wilson County Kansas 96.3 97 9,382 7,071 2,263 $19,432 $46,209 $35,889 3.5% $1.5
Bates County Missouri 106.3 99 16,837 12,523 4,008 $19,307 $48,171 $36,561 3.5% $2.7
Cedar County Missouri 92.0 99 14,003 10,562 3,381 $16,757 $39,904 $31,738 3.5% $2.0
Wagoner County Oklahoma 107.4 103 75,979 54,947 17,587 $26,033 $70,395 $55,686 3.5% $16.0
Chautauqua County Kansas 97.0 103 3,577 2,824 904 $24,281 $54,492 $37,733 3.5% $0.8
Linn County Kansas 97.0 104 9,774 7,448 2,384 $22,692 $53,990 $47,785 3.5% $1.9
Webster County Missouri 110.2 104 36,783 26,190 8,383 $18,814 $51,339 $41,449 3.5% $5.5
Dallas County Missouri 115.4 107 16,595 12,349 3,953 $18,260 $46,493 $37,598 3.5% $2.5
Allen County Kansas 103.4 109 13,388 9,932 3,179 $20,749 $49,970 $40,068 3.5% $2.3
Creek County Oklahoma 123.4 113 71,260 52,933 16,942 $21,818 $56,688 $43,115 3.5% $12.9
Cherokee County Oklahoma 115.4 115 48,835 35,713 11,431 $18,364 $47,638 $35,855 3.5% $7.3
Muskogee County Oklahoma 115.5 115 71,290 52,408 16,774 $20,450 $52,791 $38,922 3.5% $12.0
Stone County Missouri 103.4 115 32,110 25,946 8,305 $21,728 $50,776 $39,225 3.5% $6.3
LacledeCounty Missouri 130.4 117 36,016 26,466 8,471 $18,974 $47,665 $37,548 3.5% $5.6
Taney County Missouri 121.3 117 55,000 41,780 13,373 $19,171 $47,374 $37,142 3.5% $9.0
St. Clair County Missouri 118.1 119 9,871 7,797 2,496 $17,536 $40,670 $30,319 3.5% $1.5
CarrollCounty Arkansas 102.3 120 27,721 21,164 6,774 $20,138 $48,144 $35,842 3.5% $4.8
2,779,655 2,034,915 651,318 $533.7
11. Methodology
• Apply proprietary capture rates based on competitive dynamics, competitive set,
proximity to the closest casino, asset quality, and other forms of gaming to define
what percentage of the theoretical market each segment (immediate local, local and
regional) will capture
12. Methodology
• Apply proprietary capture rates based on competitive dynamics, competitive set,
proximity to the closest casino, asset quality, and other forms of gaming to define
what percentage of the theoretical market each segment (immediate local, local and
regional) will capture
13. Camptown
2015
2015 2015 Adult Gaming 2015
Camptown Casino Population Adult Population Population Per capita income
0-30-minute drive 51,939 38,477 12,315 $19,219
30-60-minute drive 308,414 224,731 71,930 $19,899
60-120-minute drive 2,871,550 2,094,183 670,288 $22,017
Total 3,231,903 2,357,391 754,534 $21,770
Project Scope
• 750 Slots
• 20 Tables
• 62 Hotel Rooms
The map on the right shows 3 separate
drive time zones surrounding the proposed
site of Camptown Casino, and the table
below shows the relevant information in
each zone used for the theoretical market
estimation
14. Camptown – Competitive Landscape
• Apply proprietary capture rates based on competitive dynamics, competitive set,
proximity to the closest casino, asset quality, and other forms of gaming to define
what percentage of the theoretical market each segment (immediate local, local and
regional) will capture Distance to Distance to Hotel Total Gaming Fair Share
Property Location Opening Date Camptown (miles) Camptown (minutes) Slots Tables Rooms Positions by Position
Camptown Casino Frontenac, KS - - 750 20 62 870 4.1%
Downstream Casino Resort Quapaw, OK 2008 39.6 44 2,000 50 374 2,300 11.0%
Quapaw Casino Miami, OK 2000 44.2 50 500 4 - 524 2.5%
High Winds Casino Miami, OK 2006 45.1 51 500 - - 500 2.4%
Buffalo Run Casino Miami, OK 2004 46.3 53 800 15 100 890 4.2%
Prairie Moon Casino Miami, OK 1991 47.5 54 120 - - 120 0.6%
Prairie Sun Casino Miami, OK 2013 46.7 56 252 - - 252 1.2%
The Stables Casino Miami, OK 1998 48.8 57 500 - - 500 2.4%
Lucky Turtle Casino Wyandotte, OK 2004 52.6 60 111 - - 111 0.5%
Wyandotte Nation Casino Wyandotte, OK 2007 52.4 61 850 6 - 886 4.2%
Bordertown Casino & Arena Wyandotte, OK 2015 55.3 63 500 - - 500 2.4%
Indigo Sky Casino Wyandotte, OK 2012 56.8 64 1,270 14 117 1,354 6.5%
Grand Lake Casino Grove, OK 1988 65.8 74 841 8 30 889 4.2%
7th Street Casino Kansas City, KS 2007 118.0 104 605 - - 605 2.9%
Isle of Capri Kansas City Kansas City, MO 2000 121.0 105 1,058 18 - 1,166 5.6%
Argosy Casino Riverside Kansas City, MO 1994 123.0 107 1,473 29 258 1,647 7.9%
Cherokee Casino - Will Rogers Downs Claremore, OK 2005 112.0 110 250 - - 250 1.2%
Harrah's North Kansas City Kansas City, MO 1992 125.0 113 1,520 75 392 1,970 9.4%
Ameristar Kansas City Kansas City, MO 1997 131.0 115 2,450 71 184 2,876 13.7%
Hard Rock Hotel and Casino Tulsa Catoosa, OK 2003 122.0 117 2,400 46 454 2,676 12.8%
Cherokee Nation Outpost Shop Catoosa, OK 1993 122.0 117 80 - - 80 0.4%
Total 20,966 100.0%
15. Camptown – GGR
2017 (1) 2018 (2) 2019
Midpoint Midpoint Midpoint
Immediate Local Gaming Market (30-min Drive Radius)
Kansas $4.6 $5.1 $5.4
Out-of-State $1.3 $1.4 $1.5
Total Immediate Local Gaming Market (30-min Drive Radius) $5.9 $6.6 $6.9
Local Gaming Market (30 to 60-min Drive Radius)
Kansas $5.7 $6.3 $6.7
Out-of-State $9.7 $10.8 $11.4
Total Local Gaming Market (30 to 60-min Drive Radius) $15.4 $17.2 $18.1
Regional Gaming Market (60 to 120-min Drive Radius)
Kansas $5.8 $6.5 $6.8
Out-of-State $10.3 $11.5 $12.1
Total Regional Gaming Market (60 to 120-min Drive Radius) $16.0 $17.9 $18.9
Total GGR
Kansas $16.0 $17.9 $18.9
Out-of-State $21.3 $23.8 $25.0
Total Camptown Casino GGR $37.3 $41.7 $43.9
(1) 2017 GGR assumes 85.0% of stabilized operations.
(2) 2018 GGR assumes 95.0% of stabilized operations.
16. Camptown – GGR by State
• Kansas $18.9 million 43.0%
• Missouri $22.1 million 50.5%
• Oklahoma $1.0 million 2.3%
• Arkansas $1.9 million 4.2%
Total Revenue - 2019 Kansas Missouri Oklahoma Arkansas Total
Immediate Local Gaming Market (30-min Drive Radius) $5.4 $1.5 - - $6.9
Local Gaming Market (30 to 60-min Drive Radius) $6.7 $11.1 $0.3 - $18.1
Regional Gaming Market (60 to 120-min Drive Radius) $6.8 $9.5 $0.7 $1.9 $18.9
Total Camptown Casino GGR $18.9 $22.1 $1.0 $1.9 $43.9
% of Revenue Kansas Missouri Oklahoma Arkansas Total
Immediate Local Gaming Market (30-min Drive Radius) 12.3% 3.5% - - 15.8%
Local Gaming Market (30 to 60-min Drive Radius) 15.2% 25.4% 0.6% - 41.2%
Regional Gaming Market (60 to 120-min Drive Radius) 15.5% 21.6% 1.7% 4.2% 43.0%
Total Camptown Casino GGR 43.0% 50.5% 2.3% 4.2% 100.0%
17. Camptown – Visitation by State
Total Visitors - 2019 Kansas Missouri Oklahoma Arkansas Total
Immediate Local Gaming Market (30-min Drive Radius) 74,974 21,142 - - 96,116
Local Gaming Market (30 to 60-min Drive Radius) 92,432 154,505 3,585 - 250,521
Regional Gaming Market (60 to 120-min Drive Radius) 94,230 131,403 10,362 25,861 261,855
Total Camptown Casino Visitors 261,636 307,050 13,947 25,861 608,493
% of Visitors Kansas Missouri Oklahoma Arkansas Total
Immediate Local Gaming Market (30-min Drive Radius) 12.3% 3.5% - - 15.8%
Local Gaming Market (30 to 60-min Drive Radius) 15.2% 25.4% 0.6% - 41.2%
Regional Gaming Market (60 to 120-min Drive Radius) 15.5% 21.6% 1.7% 4.2% 43.0%
Total Camptown Casino Visitors 43.0% 50.5% 2.3% 4.2% 100.0%
Average Spend per Visit $72.10
We calculate GGR on a county by county basis, which allows us to calculate the visitation
by county by dividing county GGR by a spend per visit figure determined by a thorough
analysis of comparable gaming markets
• Kansas 261,636
• Missouri 307,050
• Oklahoma 13,947
• Arkansas 25,861
18. Camptown - Tax Revenue
• Applying the relevant tax structure to Camptown’s revenue projection
we calculate total tax revenue of $11.8m, with $10.5m in state taxes
and $1.3m in local taxes in 2019
Camptown Casino
2017 2018 2019
GGR $37.3 $41.7 $43.9
State Share @ 22.0% $8.2 $9.2 $9.7
Problem Gambling Share @ 2.0% $0.7 $0.8 $0.9
Total State Taxes $9.0 $10.0 $10.5
Local Share @ 3.0% $1.1 $1.3 $1.3
Total Local Taxes $1.1 $1.3 $1.3
Total Taxes Paid $10.1 $11.3 $11.8
19. Castle Rock
2015
2015 2015 Adult Gaming 2015
Castle Rock Population Adult Population Population Per capita income
0-30-minute drive 234,066 170,226 54,484 $19,685
30-60-minute drive 194,662 144,570 46,273 $19,307
60-120-minute drive 2,350,927 1,720,119 550,561 $21,152
Total 2,779,655 2,034,915 651,318 $20,899
Project Scope
• 1,400 Slots
• 51 Tables
• 200 Hotel Rooms
The map on the right shows 3 separate
drive time zones surrounding the proposed
site of Castle Rock, and the table below
shows the relevant information in each
zone used for the theoretical market
estimation
20. Castle Rock – Competitive Landscape
• Apply proprietary capture rates based on competitive dynamics, competitive set,
proximity to the closest casino, asset quality, and other forms of gaming to define
what percentage of the theoretical market each segment (immediate local, local and
regional) will capture
Distance to Distance to Total Gaming Fair Share
Property Location Opening Date Castle Rock (miles) Castle Rock (minutes) Slots Tables Hotel Rooms Positions by Position
Castle Rock Galena, KS - - 1,400 51 200 1,706 7.8%
Downstream Casino Resort Quapaw, OK 2008 1.8 4 2,000 50 374 2,300 10.5%
Prairie Moon Casino Miami, OK 1991 18.5 19 120 - - 120 0.5%
Bordertown Casino & Arena Wyandotte, OK 2015 18.1 22 500 - - 500 2.3%
Quapaw Casino Miami, OK 2000 17.8 22 500 4 - 524 2.4%
Buffalo Run Casino Miami, OK 2004 20.2 22 800 15 100 890 4.1%
The Stables Casino Miami, OK 1998 19.5 22 500 - - 500 2.3%
High Winds Casino Miami, OK 2006 18.7 23 500 - - 500 2.3%
Indigo Sky Casino Wyandotte, OK 2012 19.2 24 1,270 14 117 1,354 6.2%
Prairie Sun Casino Miami, OK 2013 20.3 26 252 - - 252 1.1%
Lucky Turtle Casino Wyandotte, OK 2004 26.8 30 111 - - 111 0.5%
Wyandotte Nation Casino Wyandotte, OK 2007 26.0 32 850 6 - 886 4.0%
Grand Lake Casino Grove, OK 1988 34.9 40 841 8 - 889 4.0%
Cherokee Casino - Will Rogers Downs Claremore, OK 2005 82.0 72 250 - - 250 1.1%
Hard Rock Hotel and Casino Tulsa Catoosa, OK 2003 91.6 77 2,400 46 454 2,676 12.2%
West Siloam Springs Smoke Shop Watts, OK 2009 70.3 87 150 - - 150 0.7%
Cherokee Casino & Hotel West Siloam Springs West Siloam Springs, OK 2000 70.3 87 1,300 28 147 1,468 6.7%
Cherokee Nation Outpost Shop Catoosa, OK 1993 91.6 87 80 - - 80 0.4%
Osage Casino - Tulsa Tulsa, OK 2001 107.0 90 250 - - 250 1.1%
River Spirit Casino Tulsa, OK 2009 109.0 95 2,600 25 - 2,750 12.5%
Cherokee Casino - Ramona Ramona, OK 2010 101.0 98 500 - - 500 2.3%
Osage Casino - Sand Springs Sand Springs, Ok 2004 118.0 101 460 5 - 490 2.2%
Osage Casino - Skiatook Skiatook, OK 2011 106.0 104 315 - 28 315 1.4%
Cherokee Casino - Fort Gibson Fort Gibson, OK 2004 112.0 104 500 - - 500 2.3%
Osage Casino - Bartlesville Bartlesville, OK 2007 100.0 105 450 8 - 498 2.3%
Duck Creek Casino Beggs, OK 2003 126.0 107 299 - - 299 1.4%
Muskogee Travel Plaza Muskogee, OK 2007 111.0 108 129 - - 129 0.6%
Creek Nation Casino Muskogee Muskogee, OK 2006 111.0 108 400 16 - 496 2.3%
Cherokee Casino - Tahlequah Tahlequah, OK 2004 115.0 117 400 - - 400 1.8%
Osage Casino - Pawhuska Pawhuska, OK 2005 117.0 117 170 - - 170 0.8%
Total 21,953 100.0%
21. Castle Rock – GGR
2017 (1) 2018 (2) 2019
Midpoint Midpoint Midpoint
Immediate Local Gaming Market (30-min Drive Radius)
Kansas $2.5 $2.8 $2.9
Out-of-State $10.0 $11.2 $11.8
Total Immediate Local Gaming Market (30-min Drive Radius) $12.5 $13.9 $14.7
Local Gaming Market (30 to 60-min Drive Radius)
Kansas $6.4 $7.1 $7.5
Out-of-State $3.7 $4.2 $4.4
Total Local Gaming Market (30 to 60-min Drive Radius) $10.1 $11.3 $11.9
Regional Gaming Market (60 to 120-min Drive Radius)
Kansas $3.7 $4.2 $4.4
Out-of-State $14.3 $16.0 $16.9
Total Regional Gaming Market (60 to 120-min Drive Radius) $18.0 $20.2 $21.2
Total GGR
Kansas $12.6 $14.1 $14.8
Out-of-State $28.1 $31.4 $33.0
Total Castle Rock GGR $40.7 $45.4 $47.8
(1) 2017 GGR assumes 85.0% of stabilized operations.
(2) 2018 GGR assumes 95.0% of stabilized operations.
22. Castle Rock – GGR by State
• Kansas $14.8 million 30.9%
• Missouri $22.0 million 45.9%
• Oklahoma $5.5 million 11.4%
• Arkansas $5.6 million 11.7%
Total Revenue - 2019 Kansas Missouri Oklahoma Arkansas Total
Immediate Local Gaming Market (30-min Drive Radius) $2.9 $11.0 $0.8 - $14.7
Local Gaming Market (30 to 60-min Drive Radius) $7.5 $3.7 $0.7 - $11.9
Regional Gaming Market (60 to 120-min Drive Radius) $4.4 $7.3 $4.0 $5.6 $21.2
Total Castle Rock GGR $14.8 $22.0 $5.5 $5.6 $47.8
% of Revenue Kansas Missouri Oklahoma Arkansas Total
Immediate Local Gaming Market (30-min Drive Radius) 6.1% 23.0% 1.6% - 30.7%
Local Gaming Market (30 to 60-min Drive Radius) 15.7% 7.7% 1.5% - 24.9%
Regional Gaming Market (60 to 120-min Drive Radius) 9.1% 15.2% 8.3% 11.7% 44.4%
Total Castle Rock GGR 30.9% 45.9% 11.4% 11.7% 100.0%
23. Castle Rock – Visitation by State
We calculate GGR on a county by county basis, which allows us to calculate the visitation
by county by dividing county GGR by a spend per visit figure determined by a thorough
analysis of comparable gaming markets
• Kansas 212,615
• Missouri 315,768
• Oklahoma 78,636
• Arkansas 80,482
Total Visitors - 2019 Kansas Missouri Oklahoma Arkansas Total
Immediate Local Gaming Market (30-min Drive Radius) 41,645 158,145 11,147 - 210,937
Local Gaming Market (30 to 60-min Drive Radius) 108,121 52,866 10,371 - 171,357
Regional Gaming Market (60 to 120-min Drive Radius) 62,849 104,757 57,119 80,482 305,207
Total Castle Rock Visitors 212,615 315,768 78,636 80,482 687,501
% of Visitors Kansas Missouri Oklahoma Arkansas Total
Immediate Local Gaming Market (30-min Drive Radius) 6.1% 23.0% - - 30.7%
Local Gaming Market (30 to 60-min Drive Radius) 15.7% 7.7% 1.5% - 24.9%
Regional Gaming Market (60 to 120-min Drive Radius) 9.1% 15.2% 8.3% 11.7% 44.4%
Total Castle Rock Visitors 30.9% 45.9% 11.4% 11.7% 100.0%
Average Spend per Visit $69.57
24. Castle Rock - Tax Revenue
• Applying the relevant tax structure to Castle Rock’s revenue projection
we calculate total tax revenue of $12.9m, with $11.5m in state taxes
and $1.4m in local taxes in 2019
Castle Rock
2017 2018 2019
GGR $40.7 $45.4 $47.8
State Share @ 22.0% $8.9 $10.0 $10.5
Problem Gambling Share @ 2.0% $0.8 $0.9 $1.0
Total State Taxes $9.8 $10.9 $11.5
Local Share @ 3.0% $1.2 $1.4 $1.4
Total Local Taxes $1.2 $1.4 $1.4
Total Taxes Paid $11.0 $12.3 $12.9
25. Kansas Crossing
2015
2015 2015 Adult Gaming 2015
Kansas Crossing Population Adult Population Population Per capita income
0-30-minute drive 181,302 131,989 42,246 $19,499
30-60-minute drive 162,576 119,126 38,129 $19,511
60-120-minute drive 2,690,941 1,959,355 627,134 $22,486
Total 3,034,819 2,210,470 707,509 $22,148
Project Scope
• 625 Slots
• 16 Tables
• 120 Hotel Rooms
The map on the right shows 3 separate
drive time zones surrounding the proposed
site of Kansas Crossing, and the table
below shows the relevant information in
each zone used for the theoretical market
estimation
26. Kansas Crossing – Competitive Landscape
• Apply proprietary capture rates based on competitive dynamics, competitive set,
proximity to the closest casino, asset quality, and other forms of gaming to define
what percentage of the theoretical market each segment (immediate local, local and
regional) will capture
Distance to Distance to Total Gaming Fair Share
Property Location Opening Date KS Crossing (miles) KS Crossing (minutes) Slots Tables Hotel Rooms Positions by Position
Kansas Crossing Pittsburg, KS - - 625 16 120 721 3.8%
Downstream Casino Resort Quapaw, OK 2008 29.6 31 2,000 50 374 2,300 12.2%
Quapaw Casino Miami, OK 2000 34.2 37 500 4 - 524 2.8%
High Winds Casino Miami, OK 2006 35.1 39 500 - - 500 2.7%
Buffalo Run Casino Miami, OK 2004 36.3 41 800 15 100 890 4.7%
Prairie Moon Casino Miami, OK 1991 37.5 42 120 - - 120 0.6%
Prairie Sun Casino Miami, OK 2013 36.7 44 252 - - 252 1.3%
The Stables Casino Miami, OK 1998 38.8 45 500 - - 500 2.7%
Wyandotte Nation Casino Wyandotte, OK 2007 42.4 49 850 6 - 886 4.7%
Lucky Turtle Casino Wyandotte, OK 2004 42.6 50 111 - - 111 0.6%
Bordertown Casino & Arena Wyandotte, OK 2015 45.4 51 500 - - 500 2.7%
Indigo Sky Casino Wyandotte, OK 2012 46.8 52 1,270 14 117 1,354 7.2%
Grand Lake Casino Grove, OK 1988 55.9 62 841 8 30 889 4.7%
Cherokee Casino - Will Rogers Downs Claremore, OK 2005 102.0 98 250 - - 250 1.3%
Hard Rock Hotel and Casino Tulsa Catoosa, OK 2003 112.0 105 2,400 46 454 2,676 14.2%
Cherokee Nation Outpost Shop Catoosa, OK 1993 112.0 105 80 - - 80 0.4%
West Siloam Springs Smoke Shop Watts, OK 2009 104.0 114 150 - - 150 0.8%
Cherokee Casino & Hotel West Siloam Springs West Siloam Springs, OK 2000 104.0 114 1,300 28 147 1,468 7.8%
7th Street Casino Kansas City, KS 2007 128.0 115 605 - - 605 3.2%
Isle of Capri Kansas City Kansas City, MO 2000 131.0 117 1,058 18 - 1,166 6.2%
Osage Casino - Bartlesville Bartlesville, OK 2007 113.0 118 450 8 - 498 2.6%
Cherokee Casino - Ramona Ramona, OK 2010 118.0 118 500 - - 500 2.7%
Argosy Casino Riverside Kansas City, MO 1994 132.0 119 1,473 29 258 1,647 8.7%
Osage Casino - Tulsa Tulsa, OK 2001 127.0 119 250 - - 250 1.3%
Total 18,837 100.0%
27. Kansas Crossing – GGR
2017 (1) 2018 (2) 2019
Midpoint Midpoint Midpoint
Immediate Local Gaming Market (30-min Drive Radius)
Kansas $7.1 $7.9 $8.3
Out-of-State $7.8 $8.7 $9.2
Total Immediate Local Gaming Market (30-min Drive Radius) $14.9 $16.6 $17.5
Local Gaming Market (30 to 60-min Drive Radius)
Kansas $3.0 $3.4 $3.6
Out-of-State $5.9 $6.6 $7.0
Total Local Gaming Market (30 to 60-min Drive Radius) $9.0 $10.0 $10.5
Regional Gaming Market (60 to 120-min Drive Radius)
Kansas $3.4 $3.9 $4.1
Out-of-State $5.9 $6.6 $6.9
Total Regional Gaming Market (60 to 120-min Drive Radius) $9.3 $10.4 $11.0
Total GGR
Kansas $13.5 $15.1 $15.9
Out-of-State $19.6 $21.9 $23.1
Total Kansas Crossing GGR $33.2 $37.1 $39.0
(1) 2017 GGR assumes 85.0% of stabilized operations.
(2) 2018 GGR assumes 95.0% of stabilized operations.
28. Kansas Crossing – GGR by State
• Kansas $15.9 million 40.8%
• Missouri $19.6 million 50.3%
• Oklahoma $1.6 million 4.0%
• Arkansas $1.9 million 4.9%
Total Revenue - 2019 Kansas Missouri Oklahoma Arkansas Total
Immediate Local Gaming Market (30-min Drive Radius) $8.3 $9.2 - - $17.5
Local Gaming Market (30 to 60-min Drive Radius) $3.6 $6.7 $0.3 - $10.5
Regional Gaming Market (60 to 120-min Drive Radius) $4.1 $3.7 $1.3 $1.9 $11.0
Total Kansas Crossing GGR $15.9 $19.6 $1.6 $1.9 $39.0
% of Revenue Kansas Missouri Oklahoma Arkansas Total
Immediate Local Gaming Market (30-min Drive Radius) 21.3% 23.5% - - 44.8%
Local Gaming Market (30 to 60-min Drive Radius) 9.1% 17.2% 0.7% - 27.0%
Regional Gaming Market (60 to 120-min Drive Radius) 10.4% 9.5% 3.3% 4.9% 28.2%
Total Kansas Crossing GGR 40.8% 50.3% 4.0% 4.9% 100.0%
29. Kansas Crossing – Visitation by State
We calculate GGR on a county by county basis, which allows us to calculate the visitation
by county by dividing county GGR by a spend per visit figure determined by a thorough
analysis of comparable gaming markets
• Kansas 220,612
• Missouri 272,006
• Oklahoma 21,588
• Arkansas 26,548
Total Visitors - 2019 Kansas Missouri Oklahoma Arkansas Total
Immediate Local Gaming Market (30-min Drive Radius) 115,081 127,201 - - 242,283
Local Gaming Market (30 to 60-min Drive Radius) 49,319 93,197 3,583 - 146,099
Regional Gaming Market (60 to 120-min Drive Radius) 56,211 51,607 18,005 26,548 152,371
Total Kansas Crossing Visitors 220,612 272,006 21,588 26,548 540,753
% of Visitors Kansas Missouri Oklahoma Arkansas Total
Immediate Local Gaming Market (30-min Drive Radius) 21.3% 23.5% - - 44.8%
Local Gaming Market (30 to 60-min Drive Radius) 9.1% 17.2% 0.7% - 27.0%
Regional Gaming Market (60 to 120-min Drive Radius) 10.4% 9.5% 3.3% 4.9% 28.2%
Total Kansas Crossing Visitors 40.8% 50.3% 4.0% 4.9% 100.0%
Average Spend per Visit $72.15
30. Kansas Crossing - Tax Revenue
• Applying the relevant tax structure to Kansas Crossing’s revenue
projection we calculate total tax revenue of $10.5m, with $9.4m in
state taxes and $1.2m in local taxes in 2019
Kansas Crossing
2017 2018 2019
GGR $33.2 $37.1 $39.0
State Share @ 22.0% $7.3 $8.2 $8.6
Problem Gambling Share @ 2.0% $0.7 $0.7 $0.8
Total State Taxes $8.0 $8.9 $9.4
Local Share @ 3.0% $1.0 $1.1 $1.2
Total Local Taxes $1.0 $1.1 $1.2
Total Taxes Paid $9.0 $10.0 $10.5
31. UGA Camptown Comparison
Camptown (1)
Union
Gaming Applicant
Slot Revenue $37.3 $41.9
Table Revenue 6.6 6.7
Gross Gaming Revenue $43.9 $48.6
F&B Revenue $4.4 $7.1
Hotel Revenue 1.8 1
Other Revenue (Entertainment, Retail, ATMFees, etc) 0.9 0.2
Gross Revenues $50.9 $57.3
Less: Promotional Allowances (4.4) (4.7)
Net Revenue $46.5 $52.7
EBITDA $9.3 $15.1
EBITDA Margin 20.0% 28.8%
(1) Camptown did not provide projections for year three of operations (2019), therefore, we assume growth of 1.0%
for both 2018 and 2019 to arrive out their 2019 projections.
32. UGA Castle Rock Comparison
Castle Rock
Union
Gaming Applicant
Slot Revenue $40.7 $73.4
Table Revenue 7.2 18.2
Gross Gaming Revenue $47.8 $91.7
F&B Revenue $5.7 $8.7
Hotel Revenue 4.8 8
Other Revenue (Entertainment, Retail, ATMFees, etc) 1.9 4.8
Gross Revenues $60.3 $112.7
Less: Promotional Allowances (4.8) (0.8)
Net Revenue $55.5 $112.0
EBITDA (1)
$8.0 $29.1
EBITDA Margin 14.4% 26.0%
(1) EBITDA is after management fee but before principal and interest payments.
33. UGA Kansas Crossing Comparison
Kansas Crossing
Union
Gaming Applicant
Slot Revenue $33.2 $38.5
Table Revenue 5.9 8.7
Gross Gaming Revenue $39.0 $47.2
F&B Revenue $2.0 $2.3
Hotel Revenue 0.0 -
Other Revenue (Entertainment, Retail, ATMFees, etc) 0.4 0.5
Gross Revenues $41.4 $50.1
Less: Promotional Allowances (3.9) (4.5)
Net Revenue $37.5 $45.5
EBITDA (1)
$7.3 $10.2
EBITDA Margin 19.6% 22.3%
(1) EBITDA is after management fee but before principal and interest payments and preferred return payments.
34. UGA Applicant Comparisons
Camptown Castle Kansas
Casino (1)
Rock Crossing
Union Gaming Projections - 2019
Slot Revenue $37.3 $40.7 $33.2
Table Revenue 6.6 7.2 5.9
Gross Gaming Revenue $43.9 $47.8 $39.0
F&B Revenue $4.4 $5.7 $2.0
Hotel Revenue 1.8 4.8 -
Other Revenue (Entertainment, Retail, ATMFees, etc) 0.9 1.9 0.4
Gross Revenues $50.9 $60.3 $41.4
Less: Promotional Allowances (4.4) (4.8) (3.9)
Net Revenue $46.5 $55.5 $37.5
EBITDA $9.3 $8.0 $7.3
EBITDA Margin 20.0% 14.4% 19.6%
(1) Camptown did not provide projections for year three of operations (2019), therefore, we assume growth of 1.0%
for both 2018 and 2019 to arrive out their 2019 projections.