This document provides projections for gaming revenue from a proposed Penn National casino in Cherokee County, Kansas. It summarizes Wells Gaming Research's methodology for the projections, which included using a proprietary gravity model to define the trade area and population data, and developing scenarios accounting for the casino's proposed size and location. It then provides details on the assumptions for the Penn National Cherokee casino, presents gaming visit and revenue projections under various scenarios from 2010-2012, and compares the projections to an existing nearby casino.
This document provides revenue projections for three proposed casinos in Sumner County, Kansas - Harrah's Kansas, Penn National, and Marvel Gaming. It summarizes the methodology used, including defining the trade area and competitive casinos. It then provides visitor projections from the applicants and Wells Gaming Research, as well as revenue projections with and without a proposed Cherokee County casino. Specific statistics on revenue and expenses are also given for Penn National.
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.
This document is a report prepared by Wells Gaming Research for the Kansas Lottery Gaming Facility Review Board assessing gaming revenue projections for a proposed Penn National Gaming casino in Cherokee County, Kansas. The report details the research methodology used, including analyzing population data, compiling casino capacity and amenities for competitors, and using a proprietary gravity model to project gaming revenues under different scenarios. Projected revenues were compared to Penn National's pro forma projections to evaluate feasibility. Limiting conditions are also outlined regarding the use and distribution of the report.
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.
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 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 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.
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
This document provides revenue projections for three proposed casinos in Sumner County, Kansas - Harrah's Kansas, Penn National, and Marvel Gaming. It summarizes the methodology used, including defining the trade area and competitive casinos. It then provides visitor projections from the applicants and Wells Gaming Research, as well as revenue projections with and without a proposed Cherokee County casino. Specific statistics on revenue and expenses are also given for Penn National.
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.
This document is a report prepared by Wells Gaming Research for the Kansas Lottery Gaming Facility Review Board assessing gaming revenue projections for a proposed Penn National Gaming casino in Cherokee County, Kansas. The report details the research methodology used, including analyzing population data, compiling casino capacity and amenities for competitors, and using a proprietary gravity model to project gaming revenues under different scenarios. Projected revenues were compared to Penn National's pro forma projections to evaluate feasibility. Limiting conditions are also outlined regarding the use and distribution of the report.
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.
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 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 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.
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
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.
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
The document provides gaming revenue projections for Marvel Gaming LLC's proposed casino ("Marvel Wellington") in Kansas. It projects Marvel Wellington will generate total annual gaming revenues of $130.2 million, lower than the $174 million projected for Harrah's Mulvane casino. The document also compares the source of consumer spending and visitation at each Kansas casino. It finds Harrah's Mulvane location would elicit more consumer spending due to being 11 minutes closer to the population center. Overall, the document projects lower revenues for Marvel Wellington than Marvel's own projections or other competitors.
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.
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.
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.
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.
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 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 is a market study report prepared by Wells Gaming Research for the Kansas Lottery Gaming Facility Review Board. It estimates gaming revenue projections for casinos in Kansas' four gaming zones. The report outlines the research methodology, which included developing custom gravity models for each zone. It summarizes the population and projected gaming capacity in each zone. Revenue projections under three scenarios are provided for each zone from 2008 to 2012, with estimates of low, mid, and high gaming revenues.
This document provides a summary of Wells Gaming Research's analysis of projected gaming revenues for proposed casinos in the South Central gaming zone of Kansas. It outlines the research methodology, including defining the trade area and competitive casinos within 150 miles. Gravity modeling was used to project revenues for three proposed casinos - Harrah's Kansas Resort, Penn National Sumner, and Marvel Gaming. Financial analyses were also provided for each casino's proposed balance sheet and income statement.
This document provides projections of casino visits and gaming revenues for the proposed Chisholm Creek Casino Resort in the South Central Gaming Zone of Kansas. It was prepared by Wells Gaming Research for the Kansas Lottery Gaming Facility Review Board. The report defines the trade area, describes the Chisholm Creek site and facilities, provides demographic data for the trade area, and projects casino visits and gaming revenues through 2015 using a proprietary gravity model. Comparisons are also made to the three applicants from 2008 and the impact of the economic recession is analyzed.
The document summarizes gaming revenue and casino visit projections for a proposed casino in Sumner County, Kansas from a report by Wells Gaming Research presented to the Kansas Lottery Gaming Facility Review Board. It defines the trade area as 32 counties in Kansas and 21 in Oklahoma with a population of over 3 million adults. It also outlines the methodology used and compares the proposed Chisholm Creek casino's projected revenues and visits to prior applications and existing Oklahoma casinos. Projections estimate the Chisholm Creek casino would generate $139.8 million in gaming revenues in phase 1 and $206.1 million at full build out.
Global Gaming KS, LLC presented to the Kansas Lottery Gaming Facility Review Board in Topeka, Kansas on December 1, 2010. The presentation outlined flaws in the market analysis and estimates of other applicants, discussed Global Gaming's conservative development plans, and emphasized their financial capability, management experience, commitment to the Exit 19 location, and plans to support the Sumner County community. Global Gaming argued they are the best choice for the gaming license.
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
This document summarizes a presentation by Will Cummings to the Kansas Lottery Gaming Facility Review Board on projections for gaming revenue in the Southeast Gaming Zone of Kansas. Cummings presents his own projections, which are lower than those of Penn National due to differences in assumptions around how spending decreases with distance. Cummings' projections are based on gravity models showing that spending falls off sharply with increased distance from a casino, while Penn National's assume more consistent spending across distance. Charts show the significant differences between the two sets of projections, particularly regarding out-of-state counties.
The document summarizes a market assessment for a proposed gaming facility in southeast Kansas. It examines the demographic and financial characteristics of populations within 30, 60, and 90 minutes of the location. Entertainment and gambling preferences are also assessed. Significant competition from 50 casinos in Oklahoma is noted. The proposal suggests a casino with 900 slots and 30 tables along with various food and beverage options. However, it is assessed that the facility would likely operate as an overflow property and not significantly grow the existing market due to limited amenities and competition from nearby facilities.
Spanish Bit Resort, LLC is developing an integrated resort called the Spanish Bit Resort & Casino in Jackpot, Nevada. The resort will include a 600-room hotel, full-scale casino, spa, restaurants, entertainment venues, and an indoor water park. The company has acquired land and secured entitlements to begin construction with an opening planned for Summer 2010. The project aims to take advantage of the underserved gaming market in Jackpot and expects to achieve substantial revenue and market share within five years of opening.
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.
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.
Global Gaming KS, LLC presented to the Kansas Lottery Gaming Facility Review Board on October 28, 2010 in Wellington, Sumner County, Kansas. They proposed developing the WinSpirit Casino at Exit 19 off I-35 in Sumner County. The presentation outlined Global Gaming's strategic partners, the advantages of the proposed site, and plans for the WinSpirit Casino development including amenities, infrastructure, and construction timelines. Global Gaming believes their experience operating I-35 casinos, financial backing, and management expertise will ensure the success of the project and drive sustainable revenues for Kansas.
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.
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
The document provides gaming revenue projections for Marvel Gaming LLC's proposed casino ("Marvel Wellington") in Kansas. It projects Marvel Wellington will generate total annual gaming revenues of $130.2 million, lower than the $174 million projected for Harrah's Mulvane casino. The document also compares the source of consumer spending and visitation at each Kansas casino. It finds Harrah's Mulvane location would elicit more consumer spending due to being 11 minutes closer to the population center. Overall, the document projects lower revenues for Marvel Wellington than Marvel's own projections or other competitors.
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.
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.
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.
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.
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 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 is a market study report prepared by Wells Gaming Research for the Kansas Lottery Gaming Facility Review Board. It estimates gaming revenue projections for casinos in Kansas' four gaming zones. The report outlines the research methodology, which included developing custom gravity models for each zone. It summarizes the population and projected gaming capacity in each zone. Revenue projections under three scenarios are provided for each zone from 2008 to 2012, with estimates of low, mid, and high gaming revenues.
This document provides a summary of Wells Gaming Research's analysis of projected gaming revenues for proposed casinos in the South Central gaming zone of Kansas. It outlines the research methodology, including defining the trade area and competitive casinos within 150 miles. Gravity modeling was used to project revenues for three proposed casinos - Harrah's Kansas Resort, Penn National Sumner, and Marvel Gaming. Financial analyses were also provided for each casino's proposed balance sheet and income statement.
This document provides projections of casino visits and gaming revenues for the proposed Chisholm Creek Casino Resort in the South Central Gaming Zone of Kansas. It was prepared by Wells Gaming Research for the Kansas Lottery Gaming Facility Review Board. The report defines the trade area, describes the Chisholm Creek site and facilities, provides demographic data for the trade area, and projects casino visits and gaming revenues through 2015 using a proprietary gravity model. Comparisons are also made to the three applicants from 2008 and the impact of the economic recession is analyzed.
The document summarizes gaming revenue and casino visit projections for a proposed casino in Sumner County, Kansas from a report by Wells Gaming Research presented to the Kansas Lottery Gaming Facility Review Board. It defines the trade area as 32 counties in Kansas and 21 in Oklahoma with a population of over 3 million adults. It also outlines the methodology used and compares the proposed Chisholm Creek casino's projected revenues and visits to prior applications and existing Oklahoma casinos. Projections estimate the Chisholm Creek casino would generate $139.8 million in gaming revenues in phase 1 and $206.1 million at full build out.
Global Gaming KS, LLC presented to the Kansas Lottery Gaming Facility Review Board in Topeka, Kansas on December 1, 2010. The presentation outlined flaws in the market analysis and estimates of other applicants, discussed Global Gaming's conservative development plans, and emphasized their financial capability, management experience, commitment to the Exit 19 location, and plans to support the Sumner County community. Global Gaming argued they are the best choice for the gaming license.
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
This document summarizes a presentation by Will Cummings to the Kansas Lottery Gaming Facility Review Board on projections for gaming revenue in the Southeast Gaming Zone of Kansas. Cummings presents his own projections, which are lower than those of Penn National due to differences in assumptions around how spending decreases with distance. Cummings' projections are based on gravity models showing that spending falls off sharply with increased distance from a casino, while Penn National's assume more consistent spending across distance. Charts show the significant differences between the two sets of projections, particularly regarding out-of-state counties.
The document summarizes a market assessment for a proposed gaming facility in southeast Kansas. It examines the demographic and financial characteristics of populations within 30, 60, and 90 minutes of the location. Entertainment and gambling preferences are also assessed. Significant competition from 50 casinos in Oklahoma is noted. The proposal suggests a casino with 900 slots and 30 tables along with various food and beverage options. However, it is assessed that the facility would likely operate as an overflow property and not significantly grow the existing market due to limited amenities and competition from nearby facilities.
Spanish Bit Resort, LLC is developing an integrated resort called the Spanish Bit Resort & Casino in Jackpot, Nevada. The resort will include a 600-room hotel, full-scale casino, spa, restaurants, entertainment venues, and an indoor water park. The company has acquired land and secured entitlements to begin construction with an opening planned for Summer 2010. The project aims to take advantage of the underserved gaming market in Jackpot and expects to achieve substantial revenue and market share within five years of opening.
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.
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.
Global Gaming KS, LLC presented to the Kansas Lottery Gaming Facility Review Board on October 28, 2010 in Wellington, Sumner County, Kansas. They proposed developing the WinSpirit Casino at Exit 19 off I-35 in Sumner County. The presentation outlined Global Gaming's strategic partners, the advantages of the proposed site, and plans for the WinSpirit Casino development including amenities, infrastructure, and construction timelines. Global Gaming believes their experience operating I-35 casinos, financial backing, and management expertise will ensure the success of the project and drive sustainable revenues for Kansas.
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
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.
Atlantic City, NJ may be in the headlines for their troubled casinos, however gaming is under pressure nationwide. Increased competition is driving overall sales, however these gains come primarily at the expense of existing casinos. This is particularly pronounced in the Northeast. Sales remain depressed in mature markets, even those with little new competition, like Las Vegas. The outlook is far from robust due to slow economic growth and demographics. State and local governments rely, at least in part, on tax revenues from gaming. To the extent growth is slow to nonexistent, public sector budgets will continue to be under pressure as well.
This document outlines a proposal for the Sterling Forest Resort casino project in Orange County, New York. It discusses the economic benefits the casino would bring, including over 4,000 new jobs paying an average of $75,000 annually, and tens of millions in tax revenue for the county, town and schools. It also details the developer's experience and plans to minimize environmental impacts and traffic congestion. The proposal argues the casino would leverage New York City's attractions to attract international visitors, especially from Asia, and generate hundreds of millions in annual gaming revenue.
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.
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.
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.
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 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.
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.
20101204 peninsula response to board 1201 questions - description of ad astr...krgc
The document discusses a proposed $1.5 million annual scholarship program called the Kansas All Star Ad Astra Scholarship Program that would be funded by the proposed Kansas Star Casino. The program would provide $100 vouchers for K-12 students, $500 annually for teachers for supplies, and $1,000 scholarships for graduating seniors in Sumner County and Mulvane school districts. A local board of education leaders would govern the program and distribute the funds. Based on current enrollment numbers, the $1.5 million fund would exceed the anticipated costs of the program.
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 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.
1. Task 4 - Project Specific Gaming Revenue Projections
Southeast Gaming Zone - Cherokee County, Kansas
Prepared For:
Kansas Lottery Gaming Facility Review Board
July 23, 2008
Wells Gaming Research
2. July 23, 2008July 23, 2008 Wells Gaming ResearchWells Gaming Research 11
MethodologyMethodology
• Used WGR’s proprietary gravity model
• Defined trade area to include all counties that a 100-mile
radius of the Penn National Cherokee site encompasses or
touches
• Used 2007 data as status quo for baseline projections
• Population data at census tract level 2000 through 2012
• Utilized Penn National’s size, scope, and location
assumptions for the proposed Cherokee County casino for
both Phase I and full 12-Year Phased Build Out
• Developed a custom gravity model for the Penn National
Cherokee Casino
• Defined and ran 2 scenarios with low, mid, and high cases for
Phase I and 12-Year Phased Build Out
• Ran additional cases without slots at Camptown Racetrack
• Used WGR’s proprietary gravity model
• Defined trade area to include all counties that a 100-mile
radius of the Penn National Cherokee site encompasses or
touches
• Used 2007 data as status quo for baseline projections
• Population data at census tract level 2000 through 2012
• Utilized Penn National’s size, scope, and location
assumptions for the proposed Cherokee County casino for
both Phase I and full 12-Year Phased Build Out
• Developed a custom gravity model for the Penn National
Cherokee Casino
• Defined and ran 2 scenarios with low, mid, and high cases for
Phase I and 12-Year Phased Build Out
• Ran additional cases without slots at Camptown Racetrack
3. July 23, 2008July 23, 2008 Wells Gaming ResearchWells Gaming Research 22
MethodologyMethodology
• Visited existing casinos within the trade area (including new Quapaw
Downstream) and made the following changes in assumptions:
• Visited existing casinos within the trade area (including new Quapaw
Downstream) and made the following changes in assumptions:
Adjusted Attraction Factors after Visits by RW:
1 Buffalo Run Casino -10%
2 Grand Lake Casino -10%
3 Kaw Southwind Casino -50%
4 Osage Million Dollar Elm Casino - Tulsa -10%
5 The Stables Casino -10%
6 Tonkawa Casino -20%
7 Wyandotte 7th Street Casino -10%
Unlikely Proposed Casinos Removed from Competitive Set:
1 Barden Development Branson Planned MO
2 Wild Rose Entertainment Sugar Creek Planned MO
3 Pawnee Nation Pawnee Planned OK
4 Ponca Fancy Dance Casino OK
5 Seneca-Cayuga Tribe - Grand Lake Planned OK
• We estimate an additional 8.5M for the Final Phase with these
changes in assumptions
4. July 23, 2008July 23, 2008 Wells Gaming ResearchWells Gaming Research 33
Penn National Cherokee County Casino Trade Area Map
5. July 23, 2008July 23, 2008 Wells Gaming ResearchWells Gaming Research 44
SE Kansas - CherokeeSE Kansas - Cherokee
• Trade area (approximate 125-mile radius)
includes 17 counties in Kansas, 23 counties
in southwestern Missouri, 14 counties in
northeastern Oklahoma, and 8 counties in
northwestern Arkansas
• The SE Kansas Gaming Zone trade area
overlaps with the SC and NE Zones
• Trade area (approximate 125-mile radius)
includes 17 counties in Kansas, 23 counties
in southwestern Missouri, 14 counties in
northeastern Oklahoma, and 8 counties in
northwestern Arkansas
• The SE Kansas Gaming Zone trade area
overlaps with the SC and NE Zones
6. July 23, 2008July 23, 2008 Wells Gaming ResearchWells Gaming Research 55
SE Kansas - CherokeeSE Kansas - Cherokee
• The trade area population is 2,976,480;
of which 2,072,654 are adults
• Of the adult population, only 254,869 (12%)
live in Cherokee County and the
surrounding ten counties
• The trade area population is 2,976,480;
of which 2,072,654 are adults
• Of the adult population, only 254,869 (12%)
live in Cherokee County and the
surrounding ten counties
7. July 23, 2008July 23, 2008 Wells Gaming ResearchWells Gaming Research 66
Capacity Statistics for Casinos Competing
in the Southeast Kansas Trade Area
Capacity Statistics for Casinos Competing
in the Southeast Kansas Trade Area
Existing Casinos:
• 58 casinos with 31,167 slots, 425 pit tables, and 182
poker tables
4 Expansions & 8 Proposed New Casinos Including Penn:
• 12 casinos with 13,656 slots, 296 pit tables, and 23 poker
tables
• These expansions would represent a 44% increase in slots and
a 70% increase in pit tables in this trade area
Existing Casinos:
• 58 casinos with 31,167 slots, 425 pit tables, and 182
poker tables
4 Expansions & 8 Proposed New Casinos Including Penn:
• 12 casinos with 13,656 slots, 296 pit tables, and 23 poker
tables
• These expansions would represent a 44% increase in slots and
a 70% increase in pit tables in this trade area
8. July 23, 2008July 23, 2008 Wells Gaming ResearchWells Gaming Research 77
Assumptions for the Penn National -
Cherokee Casino
Assumptions for the Penn National -
Cherokee Casino
• WGR’s assumptions for Penn National Phase
1 in Cherokee County: 900 slots, 30 table
games, 6,070 ft. of casino s.f., two restaurants,
one entertainment venue, and 1,140 parking
spaces (about 42% of Quapaw Downstream
Casino’s capacity)
• The casino is proposed to be located at Prairie
Road and US Highway 166 near the US
Interstate 44 Exit 1
• WGR’s assumptions for Penn National Phase
1 in Cherokee County: 900 slots, 30 table
games, 6,070 ft. of casino s.f., two restaurants,
one entertainment venue, and 1,140 parking
spaces (about 42% of Quapaw Downstream
Casino’s capacity)
• The casino is proposed to be located at Prairie
Road and US Highway 166 near the US
Interstate 44 Exit 1
9. July 23, 2008July 23, 2008 Wells Gaming ResearchWells Gaming Research 88
Casino Visits ProjectionsCasino Visits Projections
Visitor Projections of Applicant
& WGR's Projections of Applicant
WGR's projections are based on Task 4, Scenario 3
2010 2011 2012 2013 2014 2015 CAGR Periods
Penn National 558,232 862,616 1,022,590 1,219,991 1,261,471 1,304,750 10.90% 4
WGR's Projections 2010 2011 2012 CAGR Periods
Penn National - Cherokee Phase 1
Low 207,744 209,929 212,155 1.06% 2
Mid 386,938 391,078 395,298 1.07% 2
High 545,800 551,727 557,770 1.09% 2
Penn National - Cherokee Final
Low 472,378 477,472 482,667 1.08% 2
Mid 826,933 836,139 845,530 1.12% 2
High 1,118,023 1,130,768 1,143,776 1.15% 2
10. July 23, 2008July 23, 2008 Wells Gaming ResearchWells Gaming Research 99
Revenue ProjectionsRevenue Projections
Revenue Projections of Applicant
& WGR's Projections of Applicant
WGR's projections are based on Task 4, Scenario 3 data adjusted for inflation
2010 2011 2012 2013 2014 2015 CAGR Periods
Penn National $35,870,761 $57,393,218 $72,927,535 $90,418,201 $94,939,111 $99,686,066 14.80% 4
WGR's Projections 2010 2011 2012 CAGR Periods
Penn National - Cherokee Phase 1 w/inflation
Low $14,684,240 $15,136,098 $15,610,560 3.11% 2
Mid $27,520,218 $28,372,204 $29,268,144 3.13% 2
High $39,021,458 $40,235,252 $41,511,504 3.14% 2
Penn National - Cherokee Final w/ inflation
Low $33,692,055 $34,737,610 $35,838,048 3.14% 2
Mid $59,618,651 $61,487,896 $63,454,608 3.17% 2
High $81,216,367 $83,782,506 $86,484,048 3.19% 2
11. July 23, 2008July 23, 2008 Wells Gaming ResearchWells Gaming Research 1010
Penn National vs. DownstreamPenn National vs. Downstream
WGR Attraction/Mass Factor Comparisons where Downstream fully completed = 100%
2011
% of Mid 2008 Low Mid High Penn Tuned
Downstream Mid Case 100% 100% 100% 100% 100%
Penn Cherokee Phase I 21% 42% 63% 97%
Penn Cherokee Final Build Out 53% 106% 160% 97%
WGR Revenue Projections w/ Inflation
2011
Phase 1 Scenario 3 2008 Low Mid High Penn Tuned
Downstream Mid Case $70,663,560 $62,787,378 $59,376,914 $56,552,894 $52,828,650
Penn Cherokee Phase I $15,136,098 $28,372,204 $40,235,252 $57,297,310
2011
Final Phase Scenario 3 2008 Low Mid High Penn Tuned
Downstream Mid Case $70,663,560 $57,836,146 $51,969,542 $47,714,036 $52,828,650
Penn Cherokee Final Build Out $34,737,610 $61,487,896 $83,782,506 $57,297,310
12. July 23, 2008July 23, 2008 Wells Gaming ResearchWells Gaming Research 1111
Revenue Projections
(With & Without Slots at Camptown Greyhound Park)
Revenue Projections
(With & Without Slots at Camptown Greyhound Park)
WGR Revenue Projections With Camptown Greyhound Park
Mid Case w/ Inflation 2010 2011 2012
Penn National -
Cherokee Phase 1
$27,520,218 $28,372,204 $29,268,144
Penn National -
Cherokee Final
$59,618,651 $61,487,896 $63,454,608
WGR Revenue Projections Without Camptown Greyhound Park
Penn National -
Cherokee Phase 1
$28,484,667 $29,361,152 $30,282,720
Penn National -
Cherokee Final
$61,400,070 $63,314,312 $65,329,200
Penn Cherokee Revenue Increase Without Camptown Greyhound Park
Penn National -
Cherokee Phase 1
$964,449 $988,948 $1,014,576
Penn National -
Cherokee Final
$1,781,419 $1,826,416 $1,874,592
13. July 23, 2008July 23, 2008 Wells Gaming ResearchWells Gaming Research 1212
Summary Income StatementSummary Income Statement
Summary Income Statement Accounts
As a Percent of Total Revenue
Penn National Cherokee 2011 v FY2007 NV Gaming Abstract
(Penn National data is for Phase I)
Gaming
Revenue
Department
Expenses
Adv &
Prom
Interest
Exp
G&A
Payroll
Total G&A
Exp
EBITDAR
Statewide $1M+ w/ Hotel
Rooms FY2007 48.5% 49.0% 1.7% 6.8% 6.8% 34.2% 23.6%
Elko County Wendover
$1M+ FY2007 73.0% 38.3% 4.6% 5.3% 9.9% 44.5% 25.8%
Douglas County South Lake
Tahoe $1M+ FY2007 61.4% 56.1% 3.1% 3.8% 3.7% 32.4% 18.4%
Penn National Cherokee Pro
Forma for 2011 93.5% 61.1% 12.1% 22.0% 1.1% 56.3% 17.9%
Source: WGR, NV Gmg Abst, & Applicants Data
14. July 23, 2008July 23, 2008 Wells Gaming ResearchWells Gaming Research 1313
Casino Department Income StatementCasino Department Income Statement
Casino Department Income Statement Accounts
As a Percent of Total Casino Revenue
Penn National Cherokee 2011 v FY2007 NV Gaming Abstract
(Penn National data is for Phase I)
Table
Revenue
Comp
Expense
Payroll
Tax &
Lic
Dept
Exp
Dept
Profit
Statewide $1M+ w/ Hotel
Rooms FY2007 30.8% 17.5% 15.5% 7.7% 52.3% 47.7%
Elko County Wendover
$1M+ FY2007 20.6% 13.4% 8.8% 8.3% 34.9% 65.1%
Douglas County South Lake
Tahoe $1M+ FY2007 27.3% 26.2% 18.2% 7.5% 62.6% 37.4%
Penn National Cherokee Pro
Forma for 2011 12.5% 3.5% 23.8% 27.0% 54.9% 45.1%
Source: WGR, NV Gmg Abst, & Applicants Data
15. July 23, 2008July 23, 2008 Wells Gaming ResearchWells Gaming Research 1414
Food Department Income StatementFood Department Income Statement
Food Department Income Statement Accounts
As a Percent of Total Food Revenue
Penn National Cherokee 2011 v FY2007 NV Gaming Abstract
(Penn National data is for Phase I)
Food as %
of Total
Rev
Comp Food
Sales
Cost of
Goods
Payroll
Dept
Profit -
Loss
Statewide $1M+ w/ Hotel
Rooms FY2007 13.6% 20.9% 33.6% 55.8% 2.6%
Elko County Wendover
$1M+ FY2007 11.8% 48.0% 46.8% 38.9% 4.3%
Douglas County South Lake
Tahoe $1M+ FY2007 11.4% 26.9% 31.8% 45.5% 14.7%
Penn National Cherokee Pro
Forma for 2011 4.5% 50.0% 44.1% 85.6% -29.7%
Source: WGR, NV Gmg Abst, & Applicants Data
16. July 23, 2008July 23, 2008 Wells Gaming ResearchWells Gaming Research 1515
Beverage Department Income StatementBeverage Department Income Statement
Beverage Department Income Statement Accounts
As a Percent of Total Beverage Revenue
Penn National Cherokee 2011 v FY2007 NV Gaming Abstract
(Penn National data is for Phase I)
Beverage
as % of
Total Rev
Comp
Beverage
Sales
Cost of
Goods
Payroll
Dept
Profit -
Loss
Statewide $1M+ w/ Hotel
Rooms FY2007 5.5% 44.4% 22.6% 28.3% 39.8%
Elko County Wendover
$1M+ FY2007 4.3% 77.6% 36.8% 26.0% 33.0%
Douglas County South Lake
Tahoe $1M+ FY2007 8.1% 46.8% 24.5% 20.0% 46.5%
Penn National Cherokee Pro
Forma for 2011 1.1% 50.0% 30.1% 25.0% -15.7%
Source: WGR, NV Gmg Abst, & Applicants Data
17. July 23, 2008July 23, 2008 Wells Gaming ResearchWells Gaming Research 1616
Other Department Income StatementOther Department Income Statement
Other Department Income Statement Accounts
As a Percent of Other Revenue
Penn National Cherokee 2011 v FY2007 NV Gaming Abstract
(Penn National data is for Phase I)
Other as
% of Total
Rev
Comp Other
Sales
Cost of
Goods
Payroll
Dept
Profit -
Loss
Statewide $1M+ w/ Hotel
Rooms FY2007 11.4% 5.6% 16.2% 22.2% 33.0%
Elko County Wendover
$1M+ FY2007 4.2% 39.5% 29.2% 5.6% 47.4%
Douglas County South Lake
Tahoe $1M+ FY2007 5.3% 13.0% 16.5% 30.8% 8.1%
Penn National Cherokee Pro
Forma for 2011 0.9% 50.0% 50.0% 539.5% -489.5%
Source: WGR, NV Gmg Abst, & Applicants Data
18. July 23, 2008July 23, 2008 Wells Gaming ResearchWells Gaming Research 1717
Richard H. Wells, Experience & Qualifications
Wells is founder and president of Wells
Gaming Research, a Nevada Corporation that
provides Casino Player Count Service™, a
market share tracking service, to over 160
casino clients in Nevada, Mississippi,
Louisiana, New Mexico, and California.
Wells Gaming Research also performs a wide
range of consulting and gaming research
assignments including casino market studies,
financial feasibility studies, financial
projections, due diligence, litigation support,
legislative issue support, and gaming industry
expert witness services for the gaming
industry.
Wells has fifteen years experience as a senior
executive in the casino-hotel industry with Holiday Inns, Harrah’s, and Bally’s. Wells
has also held positions in management, planning, and financial analysis for a large
regional bank and a major international oil company.
Wells has a B.S. degree in business from Oklahoma State University and completed a
post-graduate program in Systems Dynamics at M.I.T. Wells has participated in a wide
range of community service activities and is listed in Marquis Who’s Who in Finance
and Industry and Marquis Who's Who in America.