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HC Gaming Presentation GAMING INDUSTRY UPDATE Appraisal Institute Lake Tahoe Conference 2019 OCTOBER 10, 2019 U.S. ENTERTAINMENT MARKET IBISWOLRD Cushman & Wakefield | 2019 Lake Tahoe Conference – Sacramento Sierra Chapter of the Appraisal Institute VOLUME OF OTHER ENTERTAINMENT SECTORS (REVENUE) • NFL - $15 Billion • MLB - $10.3 Billion • Film Industry - $43 Billlion Cushman & Wakefield | 2019 Lake Tahoe Conference – Sacramento Sierra Chapter of the Appraisal Institute VOLUME OF OTHER ENTERTAINMENT SECTORS (REVENUE) • Online/Video Gaming • $58.8 Billion in 2018 up 17.8 percent from 2017 • Projected 2019 $66.7 Billion up 13.5 percent Cushman & Wakefield | 2019 Lake Tahoe Conference – Sacramento Sierra Chapter of the Appraisal Institute OVERVIEW OF U.S. COMMERCIAL GAMING MARKET Legal Bookmaking, $0.4 Pari-mutuel Wagering, $0.3 Charitable Games Commercial and Bingo, $2.1 Casinos, $41.7 Lotteries, $72.0 Tribal Casinos, $33.8 Card Rooms, $1.9 STATE OF THE STATES 2019 THE AGA SURVEY OF THE COMMERCIAL CASINO INDUSTRY Cushman & Wakefield | 2019 Lake Tahoe Conference – Sacramento Sierra Chapter of the Appraisal Institute OVERVIEW OF U.S. COMMERCIAL GAMING • Regulated by the States – some states have unlimited licenses and other have a restricted number of licenses. • As defined by the American Gaming Association (“AGA”) – commercial gaming includes licensed land-based casinos, riverboat casinos, racetrack casinos (racinos) and jai alai frontons. • Commercial gaming also includes casino locations in states such as Delaware, New York, Ohio and Rhode Island that offer electronic gaming devices classified as video lottery terminals and are operated by commercial casinos under the authority of those states’ lotteries. Cushman & Wakefield | 2019 Lake Tahoe Conference – Sacramento Sierra Chapter of the Appraisal Institute OVERVIEW OF U.S. COMMERCIAL GAMING • 465 Commercial Casinos in 24 states Cushman & Wakefield | 2019 Lake Tahoe Conference – Sacramento Sierra Chapter of the Appraisal Institute US COMMERCIAL GAMING PROPERTIES – TOP 20 STATES BY REVENUE STATE OF THE STATES 2019 THE AGA SURVEY OF THE COMMERCIAL CASINO INDUSTRY Cushman & Wakefield | 2019 Lake Tahoe Conference – Sacramento Sierra Chapter of the Appraisal Institute OVERVIEW OF U.S. COMMERCIAL GAMING • Ownership concentrated in a handful of companies – even fewer over the last few years because of mergers and acquisitions. • Gaming taxes – state gaming taxes are a large portion of casino operating expenses ranging from 4.0 percent (Mississippi) to 61 percent (Maryland). Many states tax devices and tables differently. • Nevada’s gaming taxes run 13 percent. Cushman & Wakefield | 2019 Lake Tahoe Conference – Sacramento Sierra Chapter of the Appraisal Institute OVERVIEW OF NATIVE AMERICAN/TRIBAL GAMING • 2018 – 30th Anniversary of the Indian Gaming Regulatory Act (IGRA), the federal law passed by Congress in 1988 to establish parameters to govern tribal gaming on the lands of sovereign tribal nations • In 2018, there were 252 Tribal Governments operating 488 gaming facilities with over 24.5 million square feet of gaming space in 28 states • Total gaming revenue in 2018 was $33.8 billion Cushman & Wakefield | 2019 Lake Tahoe Conference – Sacramento Sierra Chapter of the Appraisal Institute ONLINE GAMBLING OVERVIEW Cushman & Wakefield | 2019 Lake Tahoe Conference – Sacramento Sierra Chapter of the Appraisal Institute ONLINE GAMING – NEW JERSEY • New Jersey is the undisputed leader in the online gambling USA space. • New Jersey passed its online gambling law in 2013. This allowed Atlantic City casinos to apply for internet gaming permits and host a variety of online poker and online casino sites under those licenses. • There are now more online casinos in New Jersey than in any other state in the union. Almost every major casino operator owns a New Jersey-based online casino site. • Internet casinos in New Jersey nearly surpassed $300 million in 2018. Cushman & Wakefield | 2019 Lake Tahoe Conference – Sacramento Sierra Chapter of the Appraisal Institute ONLINE GAMING PENNSYLVANIA • Pennsylvania legalized online casinos in 2017. There are no online casinos active in Pennsylvania right now, however, the current official launch date was July 2019. • Delaware became the first state to legalize online gambling in 2012. The market opened up in November 2013 with sites operated through the state’s three racinos: • Delaware Park • Dover Downs • Harrington Raceway • These sites offer a variety of blackjack, roulette, slots and video poker games. Much like the state itself, the Delaware market is relatively small. In 2018, the three online casinos combined to earn roughly $2.6 million in revenues. Cushman & Wakefield | 2019 Lake Tahoe Conference – Sacramento Sierra Chapter of the Appraisal Institute ONLINE GAMING - OTHER • West Virginia became the fifth state to legalize online casinos in March 2019. The West Virginia Lottery Interactive Wagering Act authorized the state’s five casinos to pursue the development of casino and poker apps. • In early 2019, the DOJ released a revised Wire Act opinion. The impacts of that new opinion on legal online gambling remain unclear. • Some states are poised for expansion. • $306.5 million dollars in revenue in 2019 for all online gambling Cushman & Wakefield | 2019 Lake Tahoe Conference – Sacramento Sierra Chapter of the Appraisal Institute SPORTS BETTING • May 2018 – Supreme Court overturned the Professional and Amateur Sports Protection Act ASPA), the 1992 federal law that had essentially restricted lawful sports betting to Nevada. • By year end 2018 - seven additional states in addition to Nevada - legalized sports betting Cushman & Wakefield | 2019 Lake Tahoe Conference – Sacramento Sierra Chapter of the Appraisal Institute SPORTS BETTING CURRENT SNAPSHOT SOURCE: UNLV CENTER FOR GAMING RESEARCH Cushman & Wakefield | 2019 Lake Tahoe Conference – Sacramento Sierra Chapter of the Appraisal Institute WITH THE EXCEPTION OF LAS VEGAS – GAMING IN THE US IS A REGIONAL ATTRACTION • Casino gaming has become socially acceptable – now a mainstream entertainment option • Most casinos in the US are supported by a local and regional population • Casinos of Convenience – how far will people drive Cushman & Wakefield | 2019 Lake Tahoe Conference – Sacramento Sierra Chapter of the Appraisal Institute WITH THE EXCEPTION OF LAS VEGAS – GAMING IN THE US IS A REGIONAL ATTRACTION • Many regional and local casinos are offering a range of amenities for locals: – High-end restaurants and a variety of food and beverage options – Retail amenities – Entertainment and Concerts – whole new circuit for performance artists – Social memberships/activities for the community Cushman & Wakefield | 2019 Lake Tahoe Conference – Sacramento Sierra Chapter of the Appraisal Institute GAMING APPRAISAL METHODOLOGY • It doesn’t matter what type of casino that being considered: Bricks and mortar casino Racino Riverboat – many states have allowed these to come on land Racetrack Cardroom Cushman & Wakefield | 2019 Lake Tahoe Conference – Sacramento Sierra Chapter of the Appraisal Institute GAMING APPRAISAL METHODOLOGY • The primary Going Concern Valuation based on the Income Approach • Allocation of the Going Concern Value into: • Real Property • Personal Property • Intangibles (Business Enterprise Value) Cushman & Wakefield | 2019 Lake Tahoe Conference – Sacramento Sierra Chapter of the Appraisal Institute COMMERCIAL GAMING PROPERTY APPRAISAL ASSIGNMENTS • Financing • Estate events • Property tax appeals Cushman & Wakefield | 2019 Lake Tahoe Conference – Sacramento Sierra Chapter of the Appraisal Institute MARKET SUPPLY AND DEMAND ANALYSIS WIN (REVENUE) PER UNIT PER DAY ANALYSIS • REVENUE is the money that is retained by the casino payout the patrons’ win. • The confusing thing is that casinos also refer to their revenue as “win”. • Gaming revenue is generated by devices/machines, table games, and other games of change such as Keno, Baccarat, and Bingo. Win per Unit per Day Total Revenue/number of units/365 Cushman & Wakefield | 2019 Lake Tahoe Conference – Sacramento Sierra Chapter of the Appraisal Institute MARKET SUPPLY AND DEMAND ANALYSIS WIN (REVENUE) PER UNIT PER DAY ANALYSIS • Devices – Each machine is one unit • Slot Machines • Electronic Gaming Devices • Video Lottery Terminals • Video Gaming Terminals • Video Poker Cushman & Wakefield | 2019 Lake Tahoe Conference – Sacramento Sierra Chapter of the Appraisal Institute MARKET SUPPLY AND DEMAND ANALYSIS WIN (REVENUE) PER UNIT PER DAY ANALYSIS • Table Games • Games of chance such as blackjack, craps, roulette, and baccarat that are played against the casino and operated by one or more dealers. Each table is one unit. • Positions • Some markets use Positions as the analytical unit typically defined as one position per device and six positions per table game Cushman & Wakefield | 2019 Lake Tahoe Conference – Sacramento Sierra Chapter of the Appraisal Institute RECENT GAMING DEVICE HISTORY Cushman & Wakefield | 2019 Lake Tahoe Conference – Sacramento Sierra Chapter of the Appraisal Institute RECENT GAMING DEVICE HISTORY • IGT introduced Megabucks in 1986 Cushman & Wakefield | 2019 Lake Tahoe Conference – Sacramento Sierra Chapter of the Appraisal Institute RECENT GAMING DEVICE HISTORY • 1996 – Introduction of Video multi line slot machines with more than one payline and the requirement of more than one coin to win a jackpot. Cushman & Wakefield | 2019 Lake Tahoe Conference – Sacramento Sierra Chapter of the Appraisal Institute RECENT GAMING DEVICE HISTORY • With
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