New York Gaming Facility Location Board Response to Request for Applications to Develop and Operate a Gaming Facility in New York State TIOGA DOWNS RACETRACK, LLC Exhibit VIII.C.7.b. MARKET AND FINANCIAL FEASIBLITY STUDY Proposed Hotel at Tioga Downs 2384 WEST RIVER ROAD NICHOLS, NEW YORK SUBMITTED TO:EXISTING PREPARED BY: Mr. Tom Osiecki HVS Consulting and Valuation Services Chief Operating Officer Division of M&R Valuation Services, Inc. American Racing and Entertainment 100 Bush Street, Suite 750 2384 West River Road San Francisco, California 94104 Nichols, New York 13812 +1 415 896‐0868 +1 607 372‐1174 www.hvs.com
[email protected] November‐2012 TIOGA DOWNS RACETRACK, LLC Exhibit VIII.C.7.b. (cont.) November 27, 2012 Mr. Tom Osiecki American Racing and Entertainment 2384 West River Road HVS San Francisco Nichols, New York 13812 100 Bush Street, Suite 750 +1 607 372‐1174 San Francisco, California 94104
[email protected] +1 415 896‐0868 +1 415 896‐0516 FAX www.hvs.com Re: Proposed Hotel at Tioga Downs 2384 West River Road Atlanta Nichols, New York Boston Boulder HVS Reference: 2012040062 Chicago Dallas Denver Dear Mr. Osiecki: Houston Las Vegas Pursuant to your request, we herewith submit our market study and feasibility Mexico City analysis pertaining to the above‐captioned hotel. We have reviewed the scope of Miami the proposed subject property and analyzed the market conditions in the greater Minneapolis Nichols, New York area. Our analysis and report were prepared in accordance with Nassau New York the Uniform Standards of Professional Appraisal Practice (USPAP), as provided by Newport the Appraisal Foundation.