GAMING DEVELOPMENT PROCESS AND FOCUS

OVERVIEW Many stars need to align for a strategic gaming project to be successfully developed Gaming is a privileged industry: Highly regulated Needs to be responsive to public policy considerations, including problem gaming Public (opinion) and political consensus building is critical Key to early stage development is how well or badly casino policy is introduced, licensed, taxed and regulated – the impacts will be large and visible

CRITICAL CASINO DEVELOPMENT FACTORS Access/Infrastructure Tourists Locals Appropriate Taxation Regime Commercial feasibility Effective Legal/Regulatory/Fiscal Structure Government role important Operator early involvement with national & local government/local planning agencies critical Good local partners 3

GAMING DEVELOPMENT PROCESS OVERVIEW IDENTIFY OPPORTUNITIES Daily Monitoring Targeted Opportunities Third Party Opportunities ASSESS OPPORTUNITIES 1. Country Risk Assessment 2. Regulatory Risk Assessment 3. Political Viability Assessment 4. Market Feasibility 5. Preliminary Financial Analysis SEQUENTIAL: 1-8 WEEKS STOP AT A FAIL EXECUTE DEVELOPMENT STRATEGIES 1. Lobbying / Legislative Activities 2. Local Partners 3. Community Action Plan 4. Site Development 5. Develop Initial Program, Cost and Preliminary Design 6. Financial Modeling 7. Competitive Bid Process MULTI-YEAR PROCESS DESIGN & CONSTRUCT PROJECT 1. Develop Detailed Program, Cost and Design 2. Validate Program and Total Cost / Detailed Cost Analysis 3. Construction Tender and Construction Cost Comparison 4. V/E Exercise 5. Ongoing Review of Construction Cost Areas During Construction

GAMING DEVELOPMENT PROCESS OVERVIEW IDENTIFY OPPORTUNITIES Daily Monitoring Targeted Opportunities Third Party Opportunities ASSESS OPPORTUNITIES 1. Country Risk Assessment 2. Regulatory Risk Assessment 3. Political Viability Assessment 4. Market Feasibility 5. Preliminary Financial Analysis SEQUENTIAL: 1-8 WEEKS STOP AT A FAIL EXECUTE DEVELOPMENT STRATEGIES 1. Lobbying / Legislative Activities 2. Local Partners 3. Community Action Plan 4. Site Development 5. Develop Initial Program, Cost and Preliminary Design 6. Financial Modeling 7. Competitive Bid Process MULTI-YEAR PROCESS DESIGN & CONSTRUCT PROJECT 1. Develop Detailed Program, Cost and Design 2. Validate Program and Total Cost / Detailed Cost Analysis 3. Construction Tender and Construction Cost Comparison 4. V/E Exercise 5. Ongoing Review of Construction Cost Areas During Construction

RISK ASSESSMENT MATRIX Reg. Risk/ Political Viability Risk Country Risk/ Reg. Risk/ Political Viability Risk MONITOR EXPLORE LOW RISK REJECT MONITOR HIGH RISK LOW HIGH Market Size 6

U.S. GAMING MAP 7

GAMING DEVELOPMENT LANDSCAPE Japan South Korea Spain Brazil Queensland Florida Ontario Cyprus New York Bermuda Georgia Taiwan Vladivostock Vietnam Saipan Sri Lanka Kazakhstan

GAMING DEVELOPMENT LANDSCAPE EXPLORE Japan Georgia MONITOR Brazil