1. GAMING DEVELOPMENT PROCESS AND FOCUS

2. 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

3. 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

4. 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: 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

5. 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: 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

6. 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

7. U.S. GAMING MAP 7

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

9. GAMING DEVELOPMENT LANDSCAPE
EXPLORE
Japan
Georgia
MONITOR
Brazil