UNLV Campus Improvement Authority Board Review of Needs, Local Market Analysis and Economic Impact Analysis

March 7, 2014 1 STUDY PROCESS TEAM INFORMATION

3 LEGENDS ORGANIZATION

CHECKETTS PARTNERS INVESTMENT FUND

4 ABOUT MARKET FEASIBILITY

• Industry-leading sports & entertainment facility feasibility advisor CSL International • Founded in 1988 by former Partners, Directors & Consultants with Coopers & Lybrand (now PwC) Sports Practice • Based in Dallas, TX • Over 150 years of collective experience • Over 1,000 feasibility studies completed

• Proven track record with credibility in the marketplace • Independent, unbiased research and analysis • EXPERTISE: Market Demand, Facility Program, Financial Feasibility, Marketing Strategies, Operational Reviews, Economic Impacts, Funding Plans, Valuations, Business Plans

5 PROJECT TEAM

ADAM Bill Rhoda KERNS Principal, CSL International PROJECT MANAGER, CSL INTERNATIONAL

John Mike Ted A. Restrepo Wooley Ferris Principal Partner Principal

6 PROJECT TIMELINE Deliverable Schedule On or before On or before February 27, 2014 May 22, 2014 1. Review of the Needs and Economic Impact Analysis a. Analysis of Review of Historical UNLV Venues Operations 6. Review of Pro-Forma Assumptions b. Review of Local Market Area c. Review of Email Survey – Las Vegas Corporations, d. Fortune 500 Companies, UNLV Season Ticket holders On or before 2. Review of Previous Economic Impact Study June 26th 7. Review of Funding Model 8. Recommendation on Overall Feasibility On or before 9. Development of Legislative Recommendations March 27, 2014 3. Update on Needs Assessment a. Review of Market Surveys On or before b. Venue Building Event Estimates July 24th 4. Facility Program Assumptions 10. Draft Report Delivered

On or before On or before April 24, 2014 September 25th 5. Estimated Building Costs 11. Final Report Delivered

7 UNLV CAMPUS IMPROVEMENT AUTHORITY Proposed Work Plan (October 2013 – September 2014)

I. Organizational Issues and Background

II. Need and III. Facility Program IV. Estimated Costs Economic Impact Assumptions

VI. Financing V. Pro-Forma VII. Feasibility Assumptions Assumptions

VIII. Legistlative IX. Final Report Recommendations

8 Personal Interviews

Stakeholder Meetings: • To better understand the impact and role within the local • CIAB Board Members community that the proposed UNLV stadium could have, CSL • Regents interviewed local community stakeholders for their opinions • Resort Industry Representitives about the proposed project • LVCVA • Las Vegas Events • These meetings established a knowledge base from which • Other Representatives CSL will draw from throughout the project • Personal interviews provided insight on the thoughts, and primary interests and concerns of varying parties impacted by the potential stadium development • CSL will be available to meet with additional stakeholders as the project team deems necessary

9 Telephone Interviews Sporting Event Sporting Event Promoters: • CSL will conduct interviews with key event Promoters: • Source One Entertainment promoters • NFL • Las Vegas Sevens • NCAA • Nevada Interscholastic Activities • Interviews are designed to determine the Association • ESPN – Las Vegas Bowl interest in bringing major events to the • Other local/regional amateur sports • Mountain West Conference proposed stadium organizations • Pac-12 Conference • Questions will address: • SUM Concert & Family • Planet Futbol Show Promoters: • Ideal seating capacity • South Valley Partners • Live Nation • Impressions of Las Vegas market • Justice Entertainment Group • AEG • Orbis Financial Group • Nederlander • Required building program components • Las Vegas Locos • Feld Entertainment • Expected event attendance • Top Rank • VEE Corporation • Overall intent on bringing events • UFC • Other major event • WWE promoters as necessary • Other such issues • PBR • Golden Boy Promotions

10 Email Survey Populations:

Email/Telephone Athletic Specific – 31,241 Survey Process MBB Season Ticket – 2,829 Football Season Ticket – 986 CSL will distribute an email survey to student, faculty, alumni, athletic and university UNLV Tickets – 100,000 donors, corporate sponsors, and current season ticket holders. Alumni Association – 60,000 CSL will also conduct telephone surveys directed toward the corporate community in the Las Vegas market and high-income households that may not currently be affiliated with UNLV. Telephone Survey Populations:

The survey will allow CSL to: Corporate Community– 911 • Develop key insights related to the overall interest in the stadium High-Income Household – 44,562 • Estimate demand for potential seating products

Survey Questions will address: • Attendance History Survey COMPLETES: • Seat Location Student 130 • Current Facility Satisfaction Stadium Survey • New Stadium Attitude • Interest in Seating Concepts • Rebel Athletic Fund Donors 364 • Seat Location Preference • FB/MBB Season Ticket Holders 117 • Pricing • FB/MBB Occasional Ticket Buyers 321 • Lease Terms • Other Respondents 907 • Desired Design Features Total Stadium Survey Respondents 1709 • Importance of Amenities • Interest in Corporate Sponsorship • Demographic Data • Other Input 11 HISTORICAL UNLV 2 VENUE ANALYSIS SAM BOYD STADIUM UNLV FOOTBALL, USA SEVENS RUGBY, LAS VEGAS BOWL

• Opened in 1971 at a cost of $3.5 million • Current capacity of 40,000 YEAR OPENED 1971 • Renovated in 1998 LOCATION LAS VEGAS, NV • 9,000 seats SEATING CAPACITY 40,000 • New concourse TENANTS: UNLV FOOTBALL, USA SEVENS RUGBY, • Upgraded restrooms, concession stand and a new playing surface. LAS VEGAS BOWL • 16 suites OWNER UNLV • 488 club seats OPERATOR UNLV • 13,800 parking spaces • Average of 18 events per year PROJECT COST $3.5 MILLION • UNLV Football, Las Vegas Sevens, the Las Vegas All-American Classic, the AMA Supercross Series Finals, the Monster Jam World Finals. • 212,000 in total attendance per year • Utilizes 90 acres of leased county land for parking

13 SAM BOYD STADIUM UNLV FOOTBALL, USA SEVENS RUGBY, LAS VEGAS BOWL

14 THOMAS AND MACK CENTER UNLV BASKETBALL, NATIONAL FINALS RODEO

• Capacity of 18,876 for basketball. • 19,400 for boxing events and center stage concerts. YEAR OPENED 1983 • 30 suites - 10 to 20 guests. LOCATION LAS VEGAS, NV • No club seating. SEATING CAPACITY 19,400 • 6,300 parking spaces. • Average of approximately 125 events per year over. TENANTS: UNLV BASKETBALL, NATIONAL FINALS RODEO • Average annual attendance - 640,000. • UNLV accounts for 27% of event activity and 20% of total attendance. OWNER UNLV • Plans for a $47 million renovation. UNLV OPERATOR • State appropriated funds. PROJECT COST $3O MILLION • Widening of the concourse, additional escalators. • Mechanical/electrical work. • New arena seating and locker room and restroom upgrades.

15 COX PAVILION UNLV WOMEN’S BASKETBALL & VOLLEYBALL

• Opened in 2001 at a capacity of 2,500. YEAR OPENED 2001 • Naming rights. LOCATION LAS VEGAS, NV • $5 million deal with Cox Communications SEATING CAPACITY 2,500 • Host an average of 45 events per year. • Basketball, volleyball, boxing, concerts and family shows. TENANTS: UNLV WOMEN’S BASKETBALL & VOLLEYBALL • Non-University event levels have increased. UNLV OWNER • NBA Summer League games. OPERATOR UNLV • Total attendance at Pavilion events 37,000 per year. PROJECT COST $16.8 MILLION • 31% UNLV related events.

16 AVERAGE FOOTBALL ATTENDANCE COMPARISON SAM BOYD STADIUM

Pac-12Pac 12Attendance Attendance MountainMountain W Westest Attendance Attendance

Average Percent to Average Percent to Attendance Comparison Rank University Capacity Attendance Capacity Rank University Capacity Attendance Capacity

to Mountain West and 1 Oregon 53,800 57,660 107.2% 1 Boise State 36,387 34,366 94.4% 2 Stanford 50,424 50,726 100.6% 2 Utah State 25,513 23,263 91.2% Pac 12 Schools 3 Utah 45,017 45,194 100.4% 3 Fresno State 41,031 36,917 90.0% • UNLV ranks 11th among Mountain West schools. 4 Washington 70,138 68,769 98.0% 4 San Diego State 39,224 33,224 84.7% • 9,545 below the average. 5 Arizona State 66,000 62,689 95.0% 5 Nevada 30,000 24,939 83.1% 6 Oregon State 45,674 42,964 94.1% 6 Air Force 46,692 32,652 69.9% • UNLV ranks last among Pac 12 schools. 7 Washington State 32,740 29,738 90.8% 7 Wyoming 29,181 19,476 66.7% • 35,835 below the average. 8 Arizona 56,037 47,619 85.0% 8 Hawaii 50,000 30,989 62.0% 9 California 62,467 49,329 79.0% 9 New Mexico 39,224 23,537 60.0% 10 USC 93,607 73,126 78.1% 10 Colorado State 32,500 18,600 57.2% 11 UCLA 92,542 70,285 75.9% 11 UNLV 40,000 17,212 43.0% 12 Colorado 53,613 38,463 71.7% 12 San Jose State 70,561 16,362 23.2% 13 UNLV 40,000 17,212 43.0% Average 40,028 26,757 71.1% Average 60,172 53,047 89.7% 17 EVENTS & ATTENDANCE

NUMBER OF EVENTS AVERAGE ATTENDANCE

• THOMAS AND MACK CENTER - 50 • THOMAS AND MACK CENTER - 24,530 • COX PAVILION - 39 • COX PAVILION - 1,473 • SAM BOYD STADIUM - 23 • SAM BOYD STADIUM - 13,106

2012-2013 Events & Attendance Thomas and Mack Center Cox Pavilion Sam Boyd Stadium

Average Total Average Total Average Total Event Type Events Attendance Attendance Events Attendance Attendance Events Attendance Attendance

Football 0 0 0 0 0 0 7 10,356 72,493 Basketball 22 15,548 342,065 15 421 6,316 0 0 0 Concerts 2 3,010 6,020 0 0 0 0 0 0 Family shows 16 6,855 109,685 3 1,516 4,547 0 0 0 Other sports 7 16,951 118,658 20 2,862 57,239 11 15,856 174,418 Rodeo Events 15 14,349 215,235 0 0 0 0 0 0 Other UNLV Events 3 11,667 35,000 1 1,095 1,095 0 0 0 Local Events 2 2,018 4,036 0 0 0 0 0 0 Other events 8 12,007 96,059 0 0 0 5 N/A N/A

TotalTotal 7575 10,301 926,758 3939 1,473 69,19769,197 2323 13,10613,106 246,911246,911

18 UNLV Facility EVENTS ThomasThomas & &Mack Mack Center Center Events Events Turnstile Event Attendance UNLV Basketball 342,065 Sam BSamoyd Boyd Stadium Stadium Events Events National Finals Rodeo 160,631 Turnstile MWC Basketball 60,300 Event Attendance Professional Bull Riding 54,604 UNLV Football 72,493 High School Graduations 54,354 USA Sevens Rugby 46,128 DOI Dare to Dream 41,932 Monster Jam 27,152 DOI Treasure Trove 29,765 Supercross 27,050 Ringling Brothers Barnum and Baley Circus 25,612 MAACO LV Bowl 20,466 UNLV Spring Commencement 21,000 WCS - Real Madridvs. S. Laguna 18,483 NBA Preseason Lakers vs. Kings 16,664 Supercross 15,885 Boxing - Chavez vs. Martinez 16,657 LV Pro Soccer 7,290 Amway Vision Global 16,000 NIAA State Football Companioships 4,381 Batman Live 12,376 Henderson 5k Color Vibe 4,000 UNLV Winter Commencement 12,000 UFL - Las Vegas vs. Virginia 2,434 Joel Osteen 10,805 UFL - Las Vegas vs. Omaha 1,149 WWE Raw 10,729 Not Included: Car Control CSN Spring Commencement 7,500 Jamfest Cheer Conference 6,000 Harlem Globetrotters 5,134 Sam Boyd Stadium Hispanic Baccalaureate 5,000 • Overall turnstile attendance for 2013 was 246,911. Las Vegas Soul Festival 4,036 Wiz Khalifa 3,335 • UNLV Football had the most attendance with 72,493 attendees over Gymnastics Tour Championships 3,174 7 games (10,356 average). Yanni in Concert 2,685 Mitt Romney Event 2,400 Thomas & Mack Center UNLV Career Day 2,000 Not Included: KLAS TV 8 Recycling, Tao Group Meeting, Toyota Rav 4 Launch. • Overall turnstile attendance for 2013 was 926,758. • UNLV Basketball had the most attendance with 342,065 attendees over 22 Men’s Basketball games (15,548 average). 19 UNLV FINANCIALS

UNLV Center Corporation UNLV Center Corporation Total Operating Revenue 2013 Combined2013 Combined F inancials Financials Thomas and Sam Boyd • Cox Pavilion – $1,457,106 Cox Pavilion Mack Center Stadium Combined Operating Revenues Rent and Reimbursement 602,752 3,338,152 1,520,881 5,461,785 • T&M Center - $18,252,748 Event Catering 102,452 2,245,668 941,539 3,289,659 Ticket Fees 254,736 2,059,854 1,763,458 4,078,048 • Sam Boyd - $8,320,347 Paid Parking 370,473 115,142 485,615 Concessions 342,861 4,443,290 2,391,577 7,177,728 Corporate Sales 5,480,519 1,372,846 6,853,365 Total Expense Novelty 42,070 202,557 102,669 347,296 Interest and Other Income 112,235 112,235 112,235 336,706 • Cox Pavilion - $995,180 Total Operating Revenues $1,457,106 $18,252,748 $8,320,347 $28,030,202 • T&M Center - $9,063,135 Operating Expenses Direct Event Expense 588,407 3,258,704 1,042,197 4,889,308 • Sam Boyd - $4,131,427 Catering Cost of Goods Sold 52,466 1,150,007 482,162 1,684,635 Ticketing 129,915 1,050,525 899,364 2,079,804 Paid Parking 310,012 96,351 406,363 Net Operating Income Concessions 204,140 2,645,535 1,423,945 4,273,620 Corporate Sales 550,841 137,983 688,824 Novelty 20,252 97,511 49,425 167,188 • Cox Pavilion - $461,926

Total Operating Expenses $995,180 $9,063,135 $4,131,427 $14,189,742 • T&M Center - $9,189,613 Net Operating Income / (Loss) $461,926 $9,189,613 $4,188,920 $13,840,460 • Sam Boyd - $4,188,920 Other Overhead Expenses not allocated by venue $10,577,766

Net Operating Income less Other Overhead $3,262,694

20 LOCAL MARKET 3 ANALYSIS DEFINED MARKET AREAS

150 Mile Radius150 mile radius F fromrom UNLV U CampusNLV Campus

• The demographic and socioeconomic data presented in this report is based on the Core Based Statistical Area (CBSA). • A CBSA is defined by the United States Census Bureau as “a core area containing a substantial population nucleus (of at least 10,000 people), together with adjacent communities having a high degree of economic and social integration with that core.” • The Las Vegas CBSA is coextensive with Clark County. • In addition to the CBSA, the analysis also includes an assessment of a radius of 150 miles of the UNLV campus.

22 DEMOGRAPHIC & SOCIOECONOMIC CHARACTERISTICS

DemographicDemographic & Socioeconomic & Socioeconomic Characteristics Characteristics POPULATION LocalLocal and and Regional Regional Market Market Areas Areas Demographic Variable Las Vegas CBSA 150 Mile Radius US • 2014 population Las Vegas CBSA - 2,034,918 2014 Population 2,034,918 2,526,751 317,199,353 • 2014 population 150 miles - 2,526,751 # of Households 742,698 923,582 120,163,305 Median Age 36.4 37.0 37.7 Median Household Income $46,704 $45,461 $51,579 AGE Percent of HH >$100k Annual Income 15.9% 14.9% 9.0% Median Household EBI $41,576 $40,353 $43,715 • Median age Las Vegas CBSA - 36.4 Sports Admission Spending per HH $151 $144 $150 • Median Age 150 miles – 37.0 Entertainment Admission Speding per HH $56 $54 $61 Cost of Living Index 98.8 N/A 100.0 Unemployment Rate 8.6 N/A 6.5 Corporate Inventory (1) 911 2,115 31,865 INCOME Notes: Claritas data provided uses 2014 projections from the 2010 Census • Median household income Las Vegas CBSA - $46,704 (1) Includes corporate headquarters with at least 25 employees and $5 million in sales • 6% of households greater than $150,000 • Median household income 150 miles - $45,461 • 5% of households greater than $150,000

CORPORATE BASE • Las Vegas CBSA – 911 companies

23 COMPARISION TO MOUNTAIN WEST CONFERENCE

• UNLV ranks 2nd amongst Mountain West teams in CBSA population with 1,100,346 more people than the average. • UNLV has the 3rd largest corporate base amongst Mountain West schools, with 356 more companies than the average. • UNLV has the 9th ranked median household income amongst Mountain West Schools, with $8,791 more than the average.

PopulationPopulation Population Population In in Metro in Metro in Metro Area Area Metro Area Area CCorporate orporateCorporate Corporate B Base ase Base in Base in Metro in Metro in Area Metro Area Area Metro Area Median Median MedianMedian HH HH HH Income HH Income Income Income in in Metro in Metro Area in Metro Area Area Metro Area

CBSACBSACBSA CorporateCorporateCorporate Median Median Median HH HH HH RankRankRankUniversityUniversityUniversity PopulationPopulationPopulationRankRankRankUniversityUniversityUniversity BaseBaseBaseRankRankRankUniversityUniversityUniversity IncomeIncomeIncome

1 1 1San San Diego San Diego Diego State State 3,220,857 State 3,220,8573,220,8571 1 1San San Diego San Diego Diego State State State 1,9971,9971,9971 1 1San San Jose San Jose State Jose State State $87,582$87,582$87,582 2 2 2UNLVUNLVUNLV 2,034,9182,034,9182,034,9182 2 2San San Jose San Jose State Jose State State 1,5831,5831,5832 2 2HawaiiHawaiiHawaii $70,816$70,816$70,816 3 3 3San San Jose San Jose State Jose State State 1,932,5491,932,5491,932,5493 3 3UNLVUNLVUNLV 911911 9113 3 3San San Diego San Diego Diego State State $59,846 State $59,846$59,846 4 4 4HawaiiHawaiiHawaii 991,018991,018991,0184 4 4HawaiiHawaiiHawaii 640640 6404 4 4Air Air ForceAir Force Force $57,755$57,755$57,755 5 5 5Fresno Fresno Fresno State State State 962,271962,271962,2715 5 5Fresno Fresno Fresno State State State 437437 4375 5 5Colorado Colorado Colorado State State State$55,333$55,333$55,333 6 6 6New New MexicoNew Mexico Mexico 909,344909,344909,3446 6 6New New MexicoNew Mexico Mexico 418418 4186 6 6NevadaNevadaNevada $49,417$49,417$49,417 7 7 7Air Air ForceAir Force Force 685,387685,387685,3877 7 7Boise Boise StateBoise State State 330330 3307 7 7WyomingWyomingWyoming $49,061$49,061$49,061 8 8 8Boise Boise StateBoise State State 652,299652,299652,2998 8 8Air Air ForceAir Force Force 248248 2488 8 8Utah Utah StateUtah State State $47,321$47,321$47,321 9 9 9NevadaNevadaNevada 439,764439,764439,7649 9 9NevadaNevadaNevada 241241 2419 9 9UNLVUNLVUNLV $46,704$46,704$46,704 10 10 10Colorado Colorado Colorado State State State 318,125318,125318,12510 10 10Colorado Colorado Colorado State State State 142142 14210 10 10New New MexicoNew Mexico Mexico $46,203$46,203$46,203 11 11 11Utah Utah StateUtah State State 130,771130,771130,77111 11 11Utah Utah StateUtah State State 58 58 5811 11 11Fresno Fresno Fresno State State State $43,756$43,756$43,756 12 12 12WyomingWyomingWyoming 37,90237,90237,90212 12 12WyomingWyomingWyoming 14 14 1412 12 12Boise Boise StateBoise State State $43,357$43,357$43,357

AverageAverageAverage 934,572934,572934,572AverageAverageAverage 555555Average555AverageAverage 55,49555,49555,495 24 COMPARISION TO PAC 12 CONFERENCE

Population • 6th among Pac 12 schools, 1.6 million less than average. Corporate Base • 7th among Pac 12 schools, 1,466 less than average. Median Household Income • 8th among Pac 12 schools, $10,192 less than average.

PopulationPopulationPopulationPopulation In in Metro Metroin Metroin Metro Area AreaArea Area CorporateCorporateCorporateCorporate Base B Basease in Base Metro in MetroinMetro Metro Area Area Area Area MedianMedianMedianMedian HH HH IncomeHH HH Income Income Income in Metro in Metro inin Metro AreaMetro Area Area Area

CBSACBSACBSA CorporateCorporateCorporate MedianMedianMedian HH HH HH RankRankRankUniversityUniversityUniversity PopulationPopulationPopulationRankRankRankUniversityUniversityUniversity BaseBaseBaseRankRankRankUniversityUniversityUniversity IncomeIncomeIncome

1 1 1 UCLAUCLAUCLA 13,204,08013,204,08013,204,080 1 1 1 USCUSCUSC 9,6729,6729,672 1 1 1 StanfordStanfordStanford $87,582$87,582$87,582 2 2 2 USCUSCUSC 13,204,08013,204,08013,204,080 2 2 2 UCLAUCLAUCLA 9,6729,6729,672 1 1 1 CaliforniaCaliforniaCalifornia $73,821$73,821$73,821 3 3 3 CaliforniaCaliforniaCalifornia 4,527,8504,527,8504,527,850 3 3 3 ArizonaArizonaArizona State State State 2,3022,3022,302 2 2 2 ColoradoColoradoColorado $69,820$69,820$69,820 4 4 4 ArizonaArizonaArizona State State State 4,430,6074,430,6074,430,607 4 4 4 WashingtonWashingtonWashington 2,3002,3002,300 3 3 3 WashingtonWashingtonWashington $66,130$66,130$66,130 5 5 5 WashingtonWashingtonWashington 3,606,6873,606,6873,606,687 5 5 5 StanfordStanfordStanford 1,5821,5821,582 4 4 4 USCUSCUSC $57,580$57,580$57,580 6 6 6 UNLVUNLVUNLV 2,034,9182,034,9182,034,918 6 6 6 CaliforniaCaliforniaCalifornia 1,2181,2181,218 5 5 5 UCLAUCLAUCLA $57,580$57,580$57,580 7 7 7 StanfordStanfordStanford 1,932,5491,932,5491,932,549 7 7 7 UNLVUNLVUNLV 911911911 6 6 6 UtahUtahUtah $56,861$56,861$56,861 8 8 8 UtahUtahUtah 1,143,6711,143,6711,143,671 8 8 8 UtahUtahUtah 910910910 7 7 7 ArizonaArizonaArizona State State State $48,884$48,884$48,884 9 9 9 ArizonaArizonaArizona 999,461999,461999,461 9 9 9 ArizonaArizonaArizona 404404404 8 8 8 UNLVUNLVUNLV $46,704$46,704$46,704 10 10 10OregonOregonOregon 357,164357,164357,164 10 10 10OregonOregonOregon 220220220 9 9 9 ArizonaArizonaArizona $43,922$43,922$43,922 11 11 11ColoradoColoradoColorado 311,825311,825311,825 11 11 11ColoradoColoradoColorado 205205205 10 10 10OregonOregonOregon State State State $43,485$43,485$43,485 12 12 12OregonOregonOregon State State State 87,55087,55087,550 12 12 12OregonOregonOregon State State State 30 30 30 11 11 11OregonOregonOregon $39,480$39,480$39,480 13 13 13WashingtonWashingtonWashington State State State 48,00348,00348,003 13 13 13WashingtonWashingtonWashington State State State 7 7 7 12 12 12WashingtonWashingtonWashington State State State $37,607$37,607$37,607

AverageAverageAverage 3,654,4613,654,4613,654,461AverageAverageAverage 2,3772,3772,377AverageAverageAverage 56,89656,89656,896 25 Comparison to Markets Supporting Similar Stadium Developments PopulationPopulationPopulation in Metro in Metroin MetroArea Area Area CorporateCorporateCorporate Base Base in Base Metro in Metroin MetroArea Area Area MedianMedianMedian HH IncomeHH HH Income Income in Metro in Metroin MetroArea Area Area Population In Metro Area Corporate Base in Metro Area Median HH Income in Metro Area Corporate Base CBSACBSACBSA CorporateCorporateCorporate MedianMedianMedian HH HH HH RankRankRankTeamTeamTeam PopulationPopulationPopulation RankRankRankTeamTeamTeam BaseBaseBase RankRankRankTeamTeamTeam IncomeIncomeIncome • 9th among comparable NFL

1 1 1 New NewYorkNew York Giants/Jets York Giants/Jets Giants/Jets19,985,10919,985,10919,985,109 1 1 1 New NewYorkNew York Giants/Jets York Giants/Jets Giants/Jets 14,25214,25214,252 1 1 1 San FranciscoSanSan Francisco Francisco 49ers 49ers 49ers $73,821$73,821$73,821 markets, 1,700 less than average 2 2 2 DallasDallas CowboysDallas Cowboys Cowboys 6,887,5376,887,5376,887,537 2 2 2 DallasDallas CowboysDallas Cowboys Cowboys 4,2664,2664,266 2 2 2 New NewYorkNew York Giants/Jets York Giants/Jets Giants/Jets $64,538$64,538$64,538 3 3 3 HoustonHoustonHouston Texans Texans Texans 6,352,7446,352,7446,352,744 3 3 3 HoustonHoustonHouston Texans Texans Texans 4,2504,2504,250 3 3 3 MinnesotaMinnesotaMinnesota Vikings Vikings Vikings $64,304$64,304$64,304 • 6th among comparable NCAA 4 4 4 San FranciscoSanSan Francisco Francisco 49ers 49ers 49ers 4,527,8504,527,8504,527,850 4 4 4 San FranciscoSanSan Francisco Francisco 49ers 49ers 49ers 3,2013,2013,201 4 4 4 DallasDallas CowboysDallas Cowboys Cowboys $56,739$56,739$56,739 5 5 5 ArizonaArizonaArizona Cardinals Cardinals Cardinals 4,430,6074,430,6074,430,607 5 5 5 DetroitDetroit DetroitLions Lions Lions 3,1983,1983,198 5 5 5 HoustonHoustonHouston Texans Texans Texans $56,545$56,545$56,545 markets, 640 less than average. 6 6 6 DetroitDetroit DetroitLions Lions Lions 4,291,3374,291,3374,291,337 6 6 6 MinnesotaMinnesotaMinnesota Vikings Vikings Vikings 3,0633,0633,063 6 6 6 IndianapolisIndianapolisIndianapolis Colts Colts Colts $49,577$49,577$49,577 7 7 7 MinnesotaMinnesotaMinnesota Vikings Vikings Vikings 3,459,0743,459,0743,459,074 7 7 7 ArizonaArizonaArizona Cardinals Cardinals Cardinals 2,2882,2882,288 7 7 7 ArizonaArizonaArizona Cardinals Cardinals Cardinals $48,884$48,884$48,884 Median Household Income 8 8 8 UNLVUNLVUNLV 2,034,9182,034,9182,034,918 8 8 8 IndianapolisIndianapolisIndianapolis Colts Colts Colts 1,3221,3221,322 8 8 8 DetroitDetroit DetroitLions Lions Lions $48,514$48,514$48,514 9 9 9 IndianapolisIndianapolisIndianapolis Colts Colts Colts 1,955,7661,955,7661,955,766 9 9 9 UNLVUNLVUNLV 911 911911 9 9 9 UNLVUNLVUNLV $46,704$46,704$46,704 10 1010 New NewOrleansNew Orleans Orleans Saints Saints Saints 1,248,9991,248,9991,248,999 10 1010 New NewOrleansNew Orleans Orleans Saints Saints Saints 719 719719 10 1010 New NewOrleansNew Orleans Orleans Saints Saints Saints $44,615$44,615$44,615 • 9th among comparable NFL markets, $6,700 less than AverageAverageAverage 3,909,8703,909,8703,909,870AverageAverageAverage 2,5802,5802,580AverageAverageAverage 53,38053,38053,380 average CBSACBSACBSA CorporateCorporateCorporate MedianMedianMedian HH HH HH RankRankRankUniversityUniversityUniversity PopulationPopulationPopulation RankRankRankUniversityUniversityUniversity BaseBaseBase RankRankRankUniversityUniversityUniversity IncomeIncomeIncome • 3rd among comparable NCAA 1 1 1 NorthNorth TexasNorth Texas Texas 6,887,5376,887,5376,887,537 1 1 1 NorthNorth TexasNorth Texas Texas 4,2664,2664,266 1 1 1 MinnesotaMinnesotaMinnesota $64,304$64,304$64,304 markets, $1,100 more than 2 2 2 FloridaFloridaFlorida Atlantic Atlantic Atlantic 5,860,6685,860,6685,860,668 2 2 2 FloridaFloridaFlorida Atlantic Atlantic Atlantic 3,4943,4943,494 2 2 2 NorthNorth TexasNorth Texas Texas $56,739$56,739$56,739 3 3 3 MinnesotaMinnesotaMinnesota 3,459,0743,459,0743,459,074 3 3 3 MinnesotaMinnesotaMinnesota 3,0513,0513,051 3 3 3 UNLVUNLVUNLV $46,704$46,704$46,704 average. 4 4 4 CentralCentralCentral Florida Florida Florida 2,277,4142,277,4142,277,414 4 4 4 AkronAkronAkron 1,6991,6991,699 4 4 4 AkronAkronAkron $46,431$46,431$46,431 5 5 5 AkronAkronAkron 2,054,1462,054,1462,054,146 5 5 5 CentralCentralCentral Florida Florida Florida 1,2051,2051,205 5 5 5 CentralCentralCentral Florida Florida Florida $45,240$45,240$45,240 6 6 6 UNLVUNLVUNLV 2,034,9182,034,9182,034,918 6 6 6 UNLVUNLVUNLV 911 911911 6 6 6 FloridaFloridaFlorida Atlantic Atlantic Atlantic $44,967$44,967$44,967 7 7 7 BaylorBaylorBaylor 257,847257,847257,847 7 7 7 BaylorBaylorBaylor 298 298298 7 7 7 BaylorBaylorBaylor $42,541$42,541$42,541 8 8 8 TexasTexas A&MTexas A&M A&M 238,590238,590238,590 8 8 8 TexasTexas A&MTexas A&M A&M 197 197197 8 8 8 TexasTexas A&MTexas A&M A&M $36,476$36,476$36,476

AverageAverageAverage 2,311,8082,311,8082,311,808AverageAverageAverage 1,5511,5511,551AverageAverageAverage 45,58545,58545,585

Population • 8th among comparable NFL Markets, 1.9 million less than average • 6th among comparable NCAA Markets, 300k less than average. 26 LAS VEGAS ECONOMIC OUTLOOK

KeyKEY EconomicECONOMIC Indicators INDICATORS 20062006 20072007 2008 20092009 20102010 2011 20122012 20132013 20142014 20152015 20162016 20172017 Gross Metro Product (C$B) 85.0 88.8 86.0 78.6 77.8 78.9 80.3 82.5 85.4 89.1 92.6 95.5 % Change 4.9 4.6 -3.2 -8.5 -1.1 1.5 1.8 2.7 3.4 4.4 3.9 3.1 Total Employment (000) 917.3 927.7 912.3 826.7 803.7 808.3 823.5 840.0 853.1 876.6 903.7 927.5 % Change 5.3 1.1 -1.7 -9.4 -2.8 0.6 1.9 2.0 1.6 2.8 3.1 2.6 Unemployment Rate 4.2 4.7 7.0 11.9 14.2 13.5 11.2 9.5 8.4 7.8 7.4 7.0 Personal Income Growth 7.8 5.7 -0.4 -6.7 -0.1 2.2 3.9 2.9 6.1 6.9 6.7 5.6 Population (000) 1803.8 1867.8 1912.3 1939.4 1953.4 1967.9 2008.8 2034.6 2089.0 2155.8 2224.0 2292.8 Single-Family Permits 21,590 13,310 5,840 3,777 4,623 3,817 6,108 7,745 16,914 26,347 26,900 24,190 Multifamily Permits 12,138 10,779 6,697 1,911 851 1,330 1,267 1,472 1,380 2,608 2,914 3,030 Existing-Home Price ($ ths) 317.1 296.6 219.1 143.8 137.9 124.8 134.3 172.0 181.7 184.5 185.0 190.0 Mortgage Originations ($ mil) 37,711 24,002 12,294 10,140 7,342 6,003 9,417 6,069 5,217 5,938 5,480 5,356 Net Migration (000) 59.5 45.8 26.9 10.5 -1.3 0.7 19.4 19.4 39.3 50.9 51.9 53.1 Personal Bankrupticies 4,296 8,751 15,401 23,897 23,737 19,431 14,106 11,038 10,507 10,608 11,897 13,471

27 EMPLOYMENT OUTLOOK 8.4% Relative Employment Performance unemployment 170.0 rate

160.0

150.0

140.0

130.0

120.0

110.0

100.0

90.0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 20092 0102 0112 0122 0132 014F 2015F2 016F 2017F

U.S.

• Las Vegas employment is steadily increasing year over year. • Unemployment rate is currently 8.4, and is expected to continue to decrease. • Las Vegas relative employment performance is trending almost 40 points higher than the U.S.

28 HOUSING MARKET OUTLOOK Relative Home Prices

260 $50,000 240 below US average 220 200 180 160 140 120 100 80 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014

Las Vegas U.S.

• After a steady decline following a peak in 2007, the Las Vegas house prices are trending back up. • Housing prices are still at the 2003 levels, signaling that many homeowners are under water on their mortgages. • The average home price is approximately $50,000 less than the U.S. average. 29 TOP INDUSTRY / EMPLOYERS

• Leisure/hospitality is expected to still grow in 2014. • This industry is crucial to Las Vegas, since it employs one in five workers. • Las Vegas attracted 36.7 million visitors in January 2014. • The top employers are from the casino industry. • Accommodations employment, mainly at casino • Other major employment industries include hotels, is marginally shrinking compared with restaurants, retailers and hospitals. modest growth nationwide.

LeadingLEADING IndustriesINDUSTRIES TopTOP$EMPLOYERS Employers NAICS INDUSTRY EMPLOYEES (000) MGM#Resorts#International 52,506 7211 Traveler accodmmodation 164.8 Caesers#Entertainment#Corp. 24,000 GVSL State & Local Government 81.2 Station#Casinos#Inc. 13,000 7225 Restaraunts and other eating places 68.8 Nellis#Air#Force#Base 12,384 5617 Services to buildings and dwellings 15.6 Wynn#Las#Vegas#LLC 11,720 5511 Management of companies and enterprises 15.4 Boyd#Gaming#Corp. 9,100 Las#Vegas#Sands#Corp. 8,630 ML Military Personnel 15.0 WalKMart#Stores#Inc. 6,475 6221 General medical and surgical hospitals 14.0 The#Valley#Health#System 5,267 4481 Clothing stores 13.7 Cosmopolitan#of#Las#Vegas 4,373 4451 Grocery stores 13.5 SuperValu#Inc. 4,024 5613 Employment services 12.6 University#Medical#Center#of#S.#Nevada 3,800 GVF Federal Government 12.3 St.#Rose#Dominican#Hospitals 3,367 6211 Offices of physicians 12.0 Sears#Holdings#Corp. 2,872 2382 Building equipment contractors 10.9 University#of#NevadaKLas#Vegas 2,798 4853 Taxi and limousine service 10.5 Sunrise#Hospotal#and#Medical#Center 2,761 4521 Department stores 9.8 Target#Corp. 2,683 Southwest#Airlines#Co. 2,620 High-tech employment 17.9 United#Healthcare 2,515 As % of total employment 2.1 Las#Vegas#Hotel#&#Casino 2,450

Sources: BLS, Moody's Analytics, 2012 Sources:)Guide)to)Military)Installations,)2011,)Las)Vegas)Business)Press, 30 Book)of)Lists)2012,)Vegas)Inc.,)March)2012 COMPARISON OF TOP INDUSTRIES IN OTHER MARKETS

Industry Industry Jobs Jobs

Trade Professional Mining Logging Transportation Financial and Business Education and Leisure and Major Market Area Population and Construction Manufacturing and Utilities Information Activities Services Health Services Hospitality Other Services Government Atlanta 5,574,225 1.8% 2.7% 9.8% 1.5% 2.8% 7.9% 5.4% 4.4% 1.7% 5.7% Boston 4,694,099 2.1% 4.1% 8.8% 1.7% 3.7% 9.3% 11.5% 5.2% 2.1% 6.6% Chicago 9,557,430 1.6% 4.3% 9.4% 0.9% 3.0% 8.2% 7.1% 4.5% 2.0% 5.8% Detroit 4,291,337 1.4% 5.3% 8.1% 0.6% 2.3% 8.4% 7.0% 4.1% 1.7% 4.6% Dallas/Forth Worth 6,887,537 2.7% 3.8% 9.4% 1.1% 3.7% 7.4% 5.7% 4.6% 1.6% 5.7% Houston 6,352,744 4.7% 4.0% 9.0% 0.5% 2.2% 6.7% 5.4% 4.2% 1.5% 6.0% Las Vegas 2,034,918 1.8% 1.0% 8.3% 0.4% 22.2% 5.5% 3.9% 13.1% 1.2% 4.9% Los Angeles 13,204,080 1.6% 3.9% 7.7% 1.7% 2.5% 6.5% 5.6% 4.8% 1.4% 5.3% Miami 5,860,668 1.5% 1.3% 9.5% 0.8% 2.9% 6.1% 5.9% 4.8% 1.8% 5.1% New York 19,985,109 1.6% 1.8% 8.1% 1.4% 3.7% 6.9% 8.4% 3.9% 1.9% 6.2% Philadelphia 6,049,157 1.7% 3.0% 8.4% 0.8% 3.4% 7.3% 9.9% 4.0% 2.0% 5.5% San Francisco 4,527,850 2.1% 2.6% 7.5% 1.5% 2.8% 9.1% 5.7% 5.3% 1.7% 6.6% Washington DC 5,978,220 2.4% 0.8% 6.6% 1.3% 2.6% 11.8% 6.5% 4.9% 3.1% 11.6% Average 7,746,871 2.1% 3.1% 8.5% 1.2% 3.0% 8.0% 7.0% 4.6% 1.9% 6.2% Source: Bureau of Labor Statistics 2014

• Las Vegas top ranks: • Education and Health Services – 3.9% • Financial Activities – 22.2% • Other Services – 1.2% • Leisure and Hospitality – 13.1% • Government – 4.9%

• Las Vegas ranks bottom ranks: • Las Vegas is considered a three-shift town, • Information – 0.4% making it unique relative to other major U.S. • Manufacturing – 1.0% markets • Professional and Business Services – 5.5% 31 TRANSPORTATION ACCESS

TransportationTransportation Access Access • McCarran International Airport is the principal commercial Las VLasegas Vegas Strip Strip and & UNLVUNL CampusV Campus airport serving Las Vegas and Clark County, Nevada. • It covers 2,800 acres and has four runways. • It ranks as the 24th busiest airport in the world, 9th busiest in the U.S. • 41,857,059 passengers passing through the terminals. • 37 airlines fly in and out of McCarran International Airport. • Served by number taxicab firms, and RTC Transit, the public bus service of the Las Vegas valley. • Rental car facility three miles from the airport. • Complimentary bus transportation is provided by the airport to facility. • In July 2012, McCarran International Airport opened Terminal 3, a $2.4 billion terminal to help alleviate foot traffic amongst 9th the other two terminals. busiest US airport • Self-serve check-in kiosks, streamlined security, eight miles of automated baggage-handling and more than 900 video LCD flight, baggage and gate information displays. 41,857,059 traveling passengers • Added 14 more gates and an eight-story parking garage. 32 AIR TRANSPORTATION

City Air Passengers

44,074,707

41,857,059 41,479,814 41,667,596

40,469,012 39,757,359

2008 2009 2010 2011 2012 2013 Source: LVCVA

3.4% rise in • The number of enplaned/deplaned passengers for Las Vegas has risen passengers 3.4 percent since 2009, and was 41,857,059 passengers in 2013.

33 DAILY AUTO TRAFFIC

99,844 100,774 102,244

84,115 86,738

2009 2010 2011 2012 2013 Source: LVCVA

• Average Daily Auto Traffic is the average volume of vehicle traffic of a highway or road for a year. • It is a measurement of how busy the roads are. • The average daily auto traffic for Las Vegas has risen 21.6 percent since 2009, and was 102,244 for 2013.

34 VISITOR INFRASTRUCTURE

The area’s visitor-related infrastructure including overnight accommodations, attractions, retail/shopping, restaurants and other community amenities are important factors impacting the ability of a new on-campus multi-purpose stadium to attract and successfully accommodate events that draw out-of-town visitors.

35 VISITOR VOLUME 39,668,221 total number 39,727,022 39,668,221 of visitors 38,928,708

37,335,436

36,351,469

2009 2010 2011 2012 2013

Source: LVCVA

• Visitor volume has risen 9.1 percent since 2009 • Total number of visitors of 39,668,221 in 2013. • With an unparalleled gaming and entertainment infrastructure, Las Vegas continues to attract high numbers of visitors since the 2009 recession.

36 CONVENTION ATTENDANCE

5,107,416

4,944,014 4,865,272

4,492,275 4,473,134

2009 2010 2011 2012 2013

Source: LVCVA 13.7% rise in • Attendance at conventions has risen 13.7 percent since 2009. attendance • 5,107,416 convention attendees in 2013.

37 HOTEL INFRASTRUCTURE

LASLas VEGAS Vegas HOTEL Hotel INFORMATIONInformation Rank Hotel Rooms 150,593 1 MGM Grand 6,852 Vegas hotel 2 Luxor 4,407 rooms 3 The Venetian 4,049 4 Excalibur 4,032 5 Aria 4,004 6 Bellagio 3,950 7 Circus Circus 3,770 8 Mandalay Bay 3,700 9 Flamingo 3,642 10 Caesars Palace 3,348

• One of the main attractions in Las Vegas are its hotels and resorts. • 150,593 rooms in Las Vegas as of December 2013.

38 HOTEL OCCUPANCY 46,191,449 46,479,707 hotel room 46,191,449 nights occupied 45,654,165

43,365,743

41,986,134

2009 2010 2011 2012 2013

Source: LVCVA

• Las Vegas total room nights occupied has risen 10 percent since 2009. • 46,191,449 room nights occupied in 2013. • This further shows the turnaround from the 2009 recession, and continues to present evidence that visitor volume is increasing

39 HOTEL OCCUPANCY RATE 84.3% 2013 occupancy rate 84.4% 84.3% 83.8%

81.5%

80.4%

2009 2010 2011 2012 2013

Source: LVCVA

• Since 2009, Las Vegas hotel / motel occupancy has risen 3.4 percent. • 84.3 percent occupancy rate in 2013.

40 AVERAGE DAILY ROOM RATE $110.72 avg daily room rate

$110.72 $105.11 $108.08 $92.23 $94.91

2009 2010 2011 2012 2013 Source: LVCVA

• Las Vegas’ average daily hotel/motel room rate has risen 20 percent since 2009. • $110.72 average daily room rate in 2013

41 GAMING REVENUE $9,676,458,000 2013 gaming revenue $9,676,458,000

$9,399,882,000

$9,222,906,000

$8,908,698,000 $8,833,902,000

2009 2010 2011 2012 2013 Source: LVCVA

• Las Vegas gross gaming revenue has risen 9.5 percent since 2009. • $9,676,458,000 in gaming revenue in 2013. • Gaming revenue includes all of Clark County.

42 OTHER AREA ATTRACTIONS

• In addition to the hotel/resorts and casinos that Las Vegas known for, there are numerous attractions that draw visitors out to the city. • The chart to the right shows a sampling of the music, sports, entertainment and attractions in the local and regional market that can attract visitors to the Las Vegas area, as well as draw local interest:

VVenueenue EventEvent TTypeype VenueVenue EventEvent TTypeype Bellagio O Cirque du Soleil Show MGM Grand Cher Concert Caesars Palace Absinthe Show MGM Grand Academy of Country Music Awards Concert Casears Palace Celine Dion Concert MGM Grand Canelo Alvarez vs. Alfredo Angulo Sport Casears Palace Elton John Concert MGM Grand Pac 12 Bball Tournament Sport Casears Palace Shania Twain Concert Mirage Beatles-LOVE Cirque Du Soleil Show Casears Palace Rod Stewart Concert Mirage Terry Fator Show Cosmopolitan Bruno Mars Concert Mirage Daniel Tosh Show Flamingo Donny and Marie Osmond Concert Mirage Ray Romano & Kevin James Show Hard Rock Lion Fight-MMA Sport Mirage Wayne Brady Show Hard Rock Motley Crue Concert Mirage Jay Leno Show Luxor Criss Angel Show Mirage Boyz II Men Concert Luxor Carrot Top Show Monte Carlo Blue Man Group Show Mandalay Bay Michael Jackson ONE-Cirque du Soleil Show Paris Las Vegas Jersey Boys Show Mandalay Bay UFC 170 Sport Plant Hollywood Britney Spears Concert MGM Grand KA Cirque du Soleil Show Rio Penn & Teller Show MGM Grand Pink Concert The Orleans Hotel WCC Bball Tournament Sport MGM Grand Miley Cyrus Concert Treasure Island Mystere Cirque du Soleil Show MGM Grand Lady Gaga Concert Venetian Tim McGraw & Faith Hill Concert MGM Grand George Strait Concert Venetian Rock of Ages Concert MGM Grand The Eagles Concert Wynn Le Reve - The Dream Show

43 LOCAL MARKET 4 VENUES LAS VEGAS AREA VENUES

Las Vegas Conven,on Center Capacity: 2,000 (Theatre-­‐Style) Opened: 1959 Owner: City of Las Vegas Operator: City of Las Vegas Cashman Field Las Vegas Motor Capacity: 9,334 Speedway Opened: 1983 Capacity: 142,000 Owner: Las Vegas Opened: 1971 ConvenHon and Visitors Owner: Speedway Authority Motorsports, Inc. Operator: Las Vegas Operator: Speedway ConvenHon and Visitors Motorsports, Inc. Sam Boyd Stadium Authority Capacity: 40,000 Opened: 1971 Owner: UNLV Operator: UNLV

South Point Arena & Orleans Arena Equestrian Center Capacity: 9,000 Capacity: 4,600 Opened: 2003 Opened: 2006 Owner: Coast Casinos Owner: South Point Casino Operator: Coast Operator: South Point Casino The Smith Center Casinos Capacity: 2,550 Opened: 2012 Owner: City of Las Vegas Operator: Smith Center

The AXIS at Planet MGM Grand Garden Mandalay Bay Events Thomas & Mack Center Cox Pavilion Hollywood Arena Center Capacity: 19,400 Capacity: 2,500 Capacity: 7,500 Capacity: 16,800 Capacity: 12,000 Opened: 1983 Opened: 2001 Opened: 1976 Opened: 1993 Opened: 2007 (1999 RenovaHon) Owner: UNLV (2000, 2013 RenovaHons) Owner: MGM Resorts Int’l Owner: MGM Resorts Int’l Owner: UNLV Operator: UNLV Owner: Caesars Ent. Corp. Operator: MGM Resorts Operator: MGM Resorts Operator: UNLV 45 Operator: Live NaHon Int’l Int’l

ORLEANS ARENA

• Opened in 2003 at a cost of $85 million • Adjacent to the Orleans Hotel, one mile from the Las Vegas Strip. YEAR OPENED 2003 • Construction privately funded. LOCATION LAS VEGAS, NV • 22 suites, 220 clubs seats. SEATING CAPACITY 9,000 • 10,800 square feet of meeting space. TENANTS: LAS VEGAS WRANGLERS (ECHL), WAC BASKETBALL TOURNAMENT, LAS VEGAS SIN (LFL), LAS VEGAS • Hosts more than 200 events each year. LEGENDS (PASL-PRO) • WCC Men’s Basketball Tournament, WAC Basketball Tournament. OWNER COAST CASINOS • Concerts, family shows, motorsports, boxing, mixed martial arts, other sports and OPERATOR COAST CASINOS entertainment. PROJECT COST $85 MILLION • 10 major concert events per year. • Approximately 5,000 attendees per event. • Musical artists include Carrie Underwood, Blake Shelton, Billy Joel and Van Halen.

46 AXIS AT PLANET HOLLYWOOD

• Opened in 1976 at a cost of $4 million. • Formerly known as the Aladdin Theatre and PH Live. YEAR OPENED 1976 • $45 million worth of privately funded renovations since 2000. LOCATION LAS VEGAS, NV • Dance floor and VIP table seating. SEATING CAPACITY 7,500 • 60 ultra-high-definition projectors, 2,220 square feet of Panasonic high- TENANTS: N/A definition 10 millimeter LED walls. OWNER CAESARS ENT. CORP. • Events OPERATOR LIVE NATION • Charity benefits, award shows. • Miss Universe, Miss America and Miss USA pageants. PROJECT COST $4 MILLION • Major concerts. • 4,350 tickets per concert. • Average concert gross of $271,455 per concert. • Past performers have included Britney Spears, Journey, Justin Bieber, Dave Matthews and Bob Dylan.

47 MANDALAY BAY EVENTS CENTER

• Part of the $950 million construction of Mandalay Bay Hotel & Casino. YEAR OPENED 2007 • Opened in 2007. LOCATION LAS VEGAS, NV • MGM Mirage acquired the Mandalay Resort Group in April 2005. • $7.9 billion, including $2.5 billion in outstanding debt. SEATING CAPACITY 12,000 • The arena regularly hosts events. TENANTS: N/A • Awards shows, boxing, wrestling, mixed martial arts, basketball, and family shows. OWNER MGM RESORTS INT’L • 30 UFC events, 6 Latin Grammy Awards Shows. OPERATOR MGM RESORTS INT’L • Hosts an average of 15 concerts per year. PROJECT COST $950 MILLION (cost of hotel, casino and arena) • Average of 7,000 tickets per concert. • Average ticket gross of $572,362. • Concerts have included Taylor Swift, Pink, Katy Perry and Brad Paisley.

48 MGM GRAND GARDEN ARENA

• Opened in 1993. • $1.1 billion cost includes hotel, casino and arena. YEAR OPENED 1993 • Located inside of the 112-acre MGM Grand Hotel & Casino. LOCATION LAS VEGAS, NV • Events SEATING CAPACITY 16,800 • Boxing, mixed martial arts, concerts family shows, volleyball, indoor soccer, hockey. TENANTS: PAC 12 BASKETBALL TOURNAMENT • Pac 12 Men’s Basketball Tournament through 2015. OWNER MGM RESORTS INT’L • Billboard Music Awards. OPERATOR MGM RESORTS INT’L • Hosts an average of 10 concerts per year. PROJECT COST $1.1 BILLION (cost of hotel, casino and arena) • Average of 13,200 tickets per concert. • Average ticket gross of $1,712,971 per concert. • Artists include Beyoncé, Bon Jovi, Bruno Mars and The Rolling Stones.

49 LAS VEGAS MOTOR SPEEDWAY

• Located approximately 15 miles from the Las Vegas Strip. • $72 million renovation in 1995. • Significant refurbishment to tracks YEAR OPENED 1971 • Addition of the superspeedway that opened in 1996. LOCATION LAS VEGAS, NV • Sold for $215 million to Speedway Motorsports, Inc., (“SMI”) in 1998. SEATING CAPACITY 142,000 • Hosts several major motorsports annually. TENANTS: NASCAR, NHRA • Kobalt Tools 400, Boyd Gaming 300, Smith’s 350, NHRA Mellow Yello Drag Racing OWNER SPEEDWAY MOTORSPORTS, INC. Series, Global RallyCross Championship, SummitRacing.com NHRA Nationals, OPERATOR SPEEDWAY MOTORSPORTS, INC. TOYOTA NHRA Nationals. PROJECT COST $350 MILLION • 2013 RE/MAX World Long Drive Championship. • Electric Daisy Carnival • Three-day electronic dance music festival. • 300,000 annual attendees.

50 SOUTHPOINT ARENA AND EQUESTRIAN CENTER • Opened in 2006 • Arena, indoor practice area, covered outdoor practice area. • Rodeos, equestrian shows and horse cutting championships. YEAR OPENED 2006 • Other events LOCATION LAS VEGAS, NV • Motocross and BMX races, Monster Truck Nationals, Sin City Mixed MMA, the World SEATING CAPACITY 4,600 Salsa Championships, boxing matches and women’s college basketball’s Holiday TENANTS: N/A Hoops Classic. OWNER SOUTH POINT CASINO • Can also be converted to a concert venue. OPERATOR SOUTH POINT CASINO • $30 million renovation in 2014. • Name will change to Priefert Pavilion. PROJECT COST $30 MILLION (RENOVATION) • Additional 100,000 square feet of space to the arena and seating areas. • Second floor will house a sixty-lane tournament bowling facility. • Secured a 12 year agreement with the United States Bowling. • Open Championships • TEAM USA Trials

51 THE Smith Center for the Performing Arts

• Opened in 2012 • 2050-seat multipurpose main hall YEAR OPENED 2012 • 300-seat cabaret theater LOCATION LAS VEGAS, NV • 200-seat flexible studio theater • Project cost of $320 million SEATING CAPACITY 2,550 • 53% public, 47% private funds TENANTS: NEVADA BALLET THEATRE, LAS VEGAS PHILHARMONIC • City/County/State Rental Car Tax - $105 million OWNER CITY OF LAS VEGAS • City Land, Infrastructure and Environmental Cleanup - $65 million OPERATOR THE Smith Center • Donald W. Reynolds Foundation Lead Gift - $50 million • Donald W. Reynolds Foundation Grant - $100 million PROJECT COST $320 MILLION • Events • Nevada Ballet Theatre • Las Vegas Philharmonic • Broadway shows • Les Misérables, The Wizard of Oz, Mamma Mia!, Disney’s Beauty and the Beast

52 Las Vegas Convention Center • Opened in 1959 • 3.2 million square feet of convention space YEAR OPENED 1959 • 2,000 seat theater style capacity LOCATION LAS VEGAS, NV • 900 seat banquet style capacity SEATING CAPACITY 2,000 (THEATER STYLE CAPACITY) • 5,000 parking spaces Total Cost: $2.5 billion (renovation) • Events TENANTS: LAS VEGAS CONVENTION • Largest single convention center in the world CENTER AUTHORITY • 2013 total attendance was 1.6 million OWNER CITY OF LAS VEGAS • 613 total event days OPERATOR CITY OF LAS VEGAS • $2.5 billion renovation scheduled to be completed 2016-2018 PROJECT COST $2.5B (RENOVATION) • Will include, but not limited to • Meeting room addition spanning the full length of the South Hall • Grand concourse linking all three halls • Signature facade in front • Enclosed pedestrian access for the Las Vegas Monorail • Police and fire facilities on property 53 PROPOSED MGM NEW ARENA

• New 20,000 seat arena at MGM. • Estimated to open 2016 at a cost of $350 million. • AEG and MGM are privately funding the arena. YEAR OPENED 2016 (EST.) • Additional private third-party debt financing. LOCATION LAS VEGAS, NV • Amenities SEATING CAPACITY 20,000 • High end premium seating TENANTS: N/A • Bunker clubs and suites, in-bowl sponsor zones, VIP drop-off areas, private OWNER MGM RESORTS INT’L / AEG lobbies. OPERATOR MGM RESORTS INT’L / AEG • Seven-story atrium with an array of balconies. PROJECT COST $350 MILLION • Designed to accommodate NBA and NHL games. • Will open without a professional basketball or hockey club as a tenant. • Most comparable to the Sprint Center in Kansas City, Mo. • Hosts an average of 120 events per year. • No NBA or NHL tenant. • Will attempt to host 100 events per year. • Concerts, boxing, mixed martial arts, sports, awards shows and other event.

54 Las Vegas Area Competitive OvervieW

Las Vegas Competitive Facilities Las Vegas Competitive Facilities Degree of Event Major Competition Venue Focus Capacity Events (1) with New Stadium Orleans Arena Sports/Entertainment 9,000 10 None Axis at Planet Hollywood Concerts/Award Shows 7,500 5 None Mandalay Bay Events Center Sports/Entertainment 12,000 15 Low MGM Grand Garden Arena Sports/Entertainment 16,800 10 Low Las Vegas Motor Speedway Motor Sports 142,000 0 Limited South Point Arena & Equestrian Center Equestrian/Motor Sports 4,600 0 None The Smith Center for the Performing Arts Orchestra/Broadway Shows 2,550 0 None Las Vegas Convention Center Conventions 2,000 (2) 0 None Proposed MGM New Arena Sports/Entertainment 20,000 (3) N/A Low Thomas & Mack Center Sports/Entertainment 19,400 9 None

(1) Events consist of major concerts listed on Pollstar. (2) Theater style seating capacity. (3) Estimated capacity.

55 Las Vegas CoNCERT OvervieW

20132013 Las Las Vegas Vegas Shows Shows 20132013 Las Las Vegas Vegas Top Concerts Top Concerts

Number of Average Total Artist Venue Attendance Shows Attendance Attendance 318 4,140 1,316,670 Life Is Beautiful Festival Downtown Las Vegas 22,919 Source: Pollstar report showing venues with capacity over 2,500. Bruno Mars MGM Grand Garden Arena 14,062 Bon Jovi MGM Grand Garden Arena 13,782 Justin Bieber MGM Grand Garden Arena 13,362 Fleetwood Mac MGM Grand Garden Arena 13,343 The Rolling Stones MGM Grand Garden Arena 13,327 Justin Timberlake MGM Grand Garden Arena 12,859 Beyoncé MGM Grand Garden Arena 12,811 Michael Bublé MGM Grand Garden Arena 12,474 • Total Las Vegas concert attendance for Andrea Bocelli MGM Grand Garden Arena 11,940 2013 was 1,316,670. Joel Osteen Thomas & Mack Center 11,686 One Direction Mandalay Bay Events Center 11,165 • Average attendance of 4,140 per concert. Kanye West MGM Grand Garden Arena 10,183 • Top Performers included: Source: Pollstar • Bruno Mars • Bon Jovi • Justin Bieber • Fleetwood Mac

56 Major Market Entertainment Event Comparison

20132013 Shows Shows Comparison Comparison

Number of Average Total City Shows Attendance Attendance New York 1,077 5,495 5,918,007 Los Angeles 493 6,465 3,187,290 Las Vegas 318 4,140 1,316,670 Dallas 164 6,990 1,146,308 Phoenix 110 6,772 744,880

Average 461 6,430 2,749,121 Source: Pollstar

• Las Vegas ranks 3rd among major comparable markets in number of shows and total attendance in 2013. • Lowest average attendance among major comparable markets. • 2,290 less than the average.

57 COMPARABLE FACILITIES 5 ANALYSIS AT&T STADIUM Funding Sources Sources Cowboys Equity & Seat Revenues (PSL, Suite Sales) $557.5 Funding Summary: City-Wide Sales Tax 325.0 Year Opened 2009 • The City of Arlington provided $325 million in voter- Debt Financed by Cowboys 175.0 Capacity 80,000 approved City bonds City Admission Tax 115.0 • Bonds backed by 0.5% sales tax increase, 2% hotel NFL G-3 Financing 76.5 Sq. Footage 3.0M sq. ft. tax and 5% car rental tax County Cash Appropriation 25.0 Project Cost $1,214M • The City issued $115 million in revenue bonds Total Sources ($M) $1,274.0 • Bonds backed by 10% admission tax, $3 parking % Private 64% surcharge % Public 36% • County contributed $25 million in cash for roads/parking lots • Cowboys equity and revenues from PSL & suite sales generated approximately $557.5 million in project funding • The Cowboys funded $175.0 of their contribution via private debt financing • NFL G-3 funding accounted for $76.5 million • Cost overruns were the responsibility of the Cowboys

59 AT&T STADIUM PREMIUM SEATING

SUITES Total Suites: 320 Average Price Per Suite: $300,000 Potential Suite Revenue: $96.0M

CLUB SEATS Total Club Seats: 14,177 Average Price per Club Seat: $3,370 • AT&T Stadium features 300 suites at an average annual cost of around $300,000. Potential Club Seat Revenue: $47.8M • AT&T Stadium also offers over 14,000 club seats sold at an average annual fee of approximately $3,370. TOTAL PREMIUM REVENUE: $143.7M • The Cowboys placed PSLs on 56,314 seats in the stadium (86 percent of capacity) • Seat license prices ranged from $2,000 to $150,000 per seat • Total potential seat license revenue of $650.0 million

60 AT&T STADIUM OTHER EVENT SUMMARY

3RD PARTY STADIUM EVENTS • Average 15 major 3rd party events annually since opening TICKETS SOLD FY2009-FY2013 • Average 5 NCAA football games Event Type FY2013 FY2012 FY2011 FY2010 FY2009 AVERAGE NUMBER OF EVENTS • Includes neutral site regular season games and Cotton NCAA Football 3 2 7 5 4 4 Bowl NCAA Basketball 3 1 1 1 1 1 Cotton Bowl 1 1 1 1 0 1 • Average slightly over 2 large-scale concerts annually Concerts 2 2 2 1 5 2 Soccer 1 1 2 1 2 1 • Monster Jam and Super Cross have hosted one event Boxing 0 0 0 2 0 0 annually since 2010 PBR 1 1 1 1 0 1 Motorsports 2 2 2 2 0 2 • PBR has hosted one event annually since 2010 HS Sports 0 7 1 3 0 2 Other 0 0 0 3 0 1 • At least one international soccer event has been held Total 13 17 17 20 12 16 annually since stadium opened TOTAL ATTENDANCE 596,107 574,237 766,302 676,741 539,924 629,000

61 metlife STADIUM

Funding Sources Year Opened 2010 Sources Giants Portion of Bonds $650.0 Capacity 82,566 Jets Portion of Bonds 650.0 Sq. Footage 2.1M sq. ft. NFL G-3 Financing 300.0 Public infrastructure 250.0 Project Cost $1,850M Total Sources ($M) $1,850.0 % Private 86% % Public 14%* Funding Summary: (excluding public • The New Meadowlands Stadium Corporation issued $1.3 billion in taxable bonds land donation) • Bonds backed by stadium revenues including seat licenses, premium seating, advertising/ sponsorships, naming rights, etc. • $300 million grant from the NFL’s G-3 stadium funds program • The State of New Jersey donated land for the project • Pubic infrastructure costs of $250 million were considered outside of stadium costs

62 SUITES Total Suites: 213 metlife STADIUM Average Price Per Suite: $494,000 PREMIUM SEATING Potential Suite Revenue: $105.2M CLUB SEATS Total Jets Club Seats: 10,041 Avg Price per Club Seat: $3,888 Potential Jets Club Seat Revenue: $36.4M

TOTAL jets PREMIUM REVENUE: $89.0M • MetLife Stadium features 213 suites at an average • Jets placed PSLs on 47,804 seats (58 percent of annual cost of around $494,000. the stadium capacity) CLUB SEATS • Suites prices are based on a 20 game schedule, • Priced from $4,000 to $30,000 per Total Giants Club Seats: 9,236 includes all home Giants and Jets home games • Jets PSL revenue goal = $325 million Avg Giants Price per Club Seat: $4,761 • The Giants and the Jets sell club seats individually • Giants placed PSLs on 72,261 seats (91 percent of • Giants offering 9,236 at an average annual fee of the stadium capacity) Potential Giants Club Seat Revenue: $38.7M $4,761 • Priced from $1,000 to $20,000 per seat TOTAL giants PREMIUM REVENUE: $91.3M • The Jets sell 10,041 club seats at an average • Giants PSL revenue goal = $400 million annual fee of $3,888 • Personal seat licenses (“PSLs”) were sold by both the Jets and the Giants 63 METLIFE STADIUM OTHER EVENT SUMMARY

• MetLife Stadium has hosted 26 major 3rd party • 2012 ticketed-events since 2010 • Bruce Springsteen & The E Street Band • Average 9 events per year • Electric Daisy Carnival NYC • Average paid attendance for per event 50,500 • 2011 • Met Upcoming events in 2014 include: • U2 Monster Energy Supercross, Portugal vs. Ireland soccer match, Monster Jam, One • Kenny Chesney Direction, “College Classic” Notre Dame vs. • 2010 Syracuse football • Eagles • Major past events held at the stadium include: • Bon Jovi • 2013 • Kenny Chesney • Bon Jovi • Taylor Swift • WWE “Wrestlemania”

64 levi’s STADIUM Funding Sources Sources Initial Loan $850.0 Year Opened 2014 NFL G-4 Financing 200.0 Stadium Construction Revenues 201.4 Funding Summary: Capacity 68,500 Total Sources ($M) $1,251.4 • Santa Clara Stadium Authority secured $850.0 million in loan Sq. Footage 1.9M sq. ft. • Goldman Sachs, along with 17 lenders, provided the loan Project Cost $1,251M • The largest loan ever extended to a finance a stadium Uses • $201.4 million from revenues during construction Stadium Construction under % Private 32% • NFL G-4 loan program accounted for $200.0 million in funding GMP $878.6 % Public 68% Other Construction Costs 280.2 Financing Costs 92.6 Parking 0.0 Land 0.0 Total Uses $1,251.4

65 levi’s STADIUM

SUITES PREMIUM SEATING Total Suites: 165 Average Price Per Suite: $300,000 Potential Suite Revenue: $49.5M

CLUB SEATS Total Club Seats: 8,805 • Levi’s Stadium will feature 165 suites at an average annual cost of around $300,000, and 8,805 club Average Price per Club Seat:$3,530 seats with an average annual fee of $3,530 Potential Club Seat Revenue: $31.1M • Suite prices range from $150,000 to $500,000 • Club seat annual fees range from $3,250 to $12,500 TOTAL PREMIUM REVENUE: $143.7M • Levi’s Stadium offers Stadium Builder’s License (“SBL”) fees on a majority of seats in the new stadium • SBL prices ranged from $2,000 to $80,000 per seat, average SBL fees for club seats at approximately $32,500 • 49ers SBL revenue goal = $514 million

66 Funding Sources new vikings STADIUM Sources State of Minnesota $348.0 City of Minneapolis 150.0 Year OpenING 2016 Funding Summary: NFL G-4 Financing 200.0 • Public contribution of $498 million (51 percent) Vikings Loan 125.0 Capacity 68,500 • $348 million from the State of Minnesota Sale of Stadium Builders Licenses 100.0 Project Cost $975M • State issued $462 million in appropriation bonds Other Vikings Contribution 52.0 • $150 million from the City of Minneapolis Total Sources ($M) $975.0 % Private 49% % Public 51% • Private funds will contribute approximately $477 million of funding (49 percent). • $200 million from the NFL in G-4 funding • Estimated $100 million in net revenues generated by the sale of Stadium Builder Licenses • Approximately $177 million from other sources • $125 million of the $177 million will be in the form of bank loans financed by Vikings

• Vikings have provided a Letter of Credit (“LOC”) for an additional $26.5 million for stadium add-ons • Team will fund if $30 million in budgeted contingency funds is unable to cover add-ons • If the contingency funds are spent on other construction issues, Vikings contribution will total $503.5 million ($477 million initial funding plus the $26.5 million LOC). 67 new vikings STADIUM premium seating

• New Vikings Stadium will feature 125 suites that can accommodate 12 to 32 guests • The stadium will also offer 7,500 club seats ranging in annual price from $2,000 to $4,000 in 2016 • The stadium will place SBL fees on the majority of seats • Ranging from a low of $500 in the upper deck corners/end zone to a high of $9,500 per seat in the Field Club • The stadium will also offer non-SBL seating in upper deck areas along the corners and end zone. • Vikings SBL revenue goal = $514 million

68 NEW VIKINGS STADIUM OTHER EVENT SUMMARY

• Vikings will host 2 pre-season games and 8 regular • St. Paul hosted 2008 Republican National season games annually as the primary tenant Convention • Stadium potentially host up to 18 University of • The Vikings have told the league Minnesota home baseball games that they intend to host a Super Bowl after the stadium opens, • Vikings have exclusive rights to bring a Major possibly as early as 2018 League Soccer team into the stadium for the first five years • Minnesota hosted one in 1992 • MLS teams have a 34-game regular season • NFL League owners have schedule exclusive authority over Super Bowl locations • Other events are expected to include: • The NFL is widely expected to award the game to • Monster Truck Jam new stadiums, to encourage host cities to build • Supercross motorcycle racing them. • Minnesota State High School League soccer and • The MSFA also plans to bid for a Final Four in 2017 football championships or 2018 • Other sports and entertainment • Previous tournaments in the Metrodome in 1992 and 2001 • Minneapolis officials have expressed interest in hosting another national political convention

69 lUCAS OIL STADIUM Funding Sources & Uses Sources Funding Summary: 2005A Bonds $400.0 Year Opened 2008 2007A Bonds 211.5 Capacity 62,421 • The Indiana Finance Authority issued revenue bonds in the Colts Contribution 100.0 amount of $611.5 million backed by: Other Sources 100.0 Sq. Footage 1.8M sq. ft. • Increase in Marion County excise taxes (including 3% Total Sources ($M) $811.5 Project Cost $883.1M hotel/motel, 1% food/beverage, 1% admissions and 2% auto rental tax increases) % Private 11% Uses • 1% tax on food/beverage in six surrounding counties Construction Costs of Stadium Project $661.4 • Sale of special Colts vanity license plates % Public 89% Other Project Costs 60.3 • $100.0 million from other sources of public sector funding Capitalized Interest 83.0 • Colts contributed $100.0 million towards stadium Costs of Issuance 6.8 construction, secured by team/stadium revenues Parking 0.0 Land 0.0 Total Uses ($M) $811.5

70 lUCAS OIL STADIUM premium seating

SUITES Total Suites: 140 Average Price Per Suite: $127,000 Potential Suite Revenue: $17.8M

CLUB SEATS Total Club Seats: 7,269

Average Price per Club Seat:$2,660 • Lucas Oil Stadium features 140 suites at an average annual cost of around $127,000 Potential Club Seat Revenue: $19.4M • Annual fees for suites range from $48,400 to $302,500 • The Colts offer 7,269 at an average annual fee of $2,660 TOTAL PREMIUM REVENUE: $37.1M • Annual prices for club seats at Lucas Oil Stadium range from $2,320 to $4,060

71 LUCAS OIL STADIUM OTHER EVENT SUMMARY

• Lucas Oil Stadium has hosted 4 major concerts • 2008 since 2008 • Kenny Chesney • Average less than 1 concert per year • Past notable events include the NCAA Men’s • Average paid attendance per event 50,500 Final Four. Other events regularly held at the stadium include religious events, high school • Average gross revenue per concert: $2.9 million band competitions, meetings, banquets and other • Upcoming events in 2014 include: Supercross, private events. NCAA Midwest Regionals, and DCI World Championships • Major past concerts held at the stadium include: • 2012 • Kenny Chesney / Tim McGraw • 2009 • Toby Keith • Kenny Chesney

72 Funding Sources & Uses Sources Stadium Sources UNIVERSITY OF PHOENIX STADIUM Senior Bonds, Series 2003A $220.7 AZ Cardinals Contribution 103.0 Senior Bonds, Series 2005A 12.8 Prior Funding Sources 12.5 Funding Summary: Sales Tax Recapture 12.4 Year Opened 2006 • Public funding included the Arizona Tourism and Sports Authority Investment Earning 5.1 AZ Cardinals -- additional scope 3.8 contributing: Capacity 62,400 AZ Cardinals -- increased Owner direct costs 2.9 • $265.9 million for stadium costs AX Cardinals Contribution (to cover AZSTA shortfall) 2.8 Sq. Footage 1.7M sq. ft. • $10.3 million for site improvement AZSTA -- additional scope 2.1 • The City of Glendale/ADOT provided $23.8 million for site Contingency Funding 1.2 Project Cost $434M Site Improvement Sources improvements Series 2005A Bonds 32.3 % Private 37% • Cardinals contribution consisted of: City of Glendale/ADOT 23.8 AZ Cardinals 4.2 % Public 63% • $113.6 million for stadium construction costs • $26.3 million for site improvement Total Sources ($M) $439.7 Uses Stadium Uses Stadium GMP $367 Other Fees 12.6 Stadium Improvement Site Improvements 41.0 Glendale Roadway Improvements 19.3 Total Uses ($M) $439.7 73 UNIVERSITY OF PHOENIX STADIUM premium seating

SUITES Total Suites: 108 Average Price Per Suite: $99,000 Potential Suite Revenue: $10.7M

CLUB SEATS Total Club Seats: 7,357 Average Price per Club Seat:$2,180 • University of Phoenix Stadium features 108 suites that cost an average of approximately $99,000 Potential Club Seat Revenue: $16.1M • Suites range from a low of $40,000 to a high of $131,250. TOTAL PREMIUM REVENUE: $26.8M • The Cardinals offer 7,357 that cost an average of $2,180 per year • Annual club seat fees range from a low of $1,450 to a high of $7,180

74 UNIVERSITY OF PHOENIX STADIUM OTHER EVENT SUMMARY

• Average 129 annual events since 2007 UNIVERSITY OF PHOENIX STADIUM MARKET SEGMENT ANALYSIS FY2007-FY2013

• Average 3 other sporting events annually Event Type FY2013 FY2012 FY2011 FY2010 FY2009 FY2008 FY2007 AVERAGE • Include soccer, gymnastics, NCAA basketball NUMBER OF EVENTS Football 11 11 12 12 13 11 12 12 • Approximately 2 large-scale entertainment Other Sporting Events 3 4 4 2 4 2 2 3 events annually Entertainment 2 1 3 4 1 3 2 2 Consumer 22 18 20 25 24 26 24 23 • Include concerts, motorsports Trade 2 0 3 3 5 7 12 5 Banquets & Meetings 12 13 22 13 27 51 77 31 • Average 23 consumer shows over 64 event days Graduations & Proms 24 29 21 26 19 15 21 22 annually Other Special Events 50 56 25 15 28 17 32 32 Total 126 132 110 100 121 132 182 129 • Include RV shows, home shows, sports expos, job fairs, etc. EVENT DAYS Football 11 11 12 12 13 11 12 12 • Average 5 trade shows over 9 event days Other Sporting Events 7 4 6 4 7 5 2 5 annually Entertainment 2 1 3 4 1 3 2 2 Consumer 68 58 62 66 56 64 71 64 • Industry groups: food, gifts, tools, travel, etc. Trade 3 0 7 7 11 14 22 9 Banquets & Meetings 12 13 25 13 39 77 76 36 • Other special events include Cardinals’ events, Graduations & Proms 9 15 9 12 12 9 15 12 commercial shoots, Ride & Drives, walks and Other Special Events 58 67 31 17 63 31 31 43 other miscellaneous events Total 170 169 155 135 202 214 231 182

75 UNIVERSITY OF PHOENIX STADIUM Arizona Cardinals Estimated Construction Cost of University of Phoenix Stadium in Las Vegas

Costs for Phoenix, Arizona Construction Cost: $635,207,017 (2014 Dollars) Year Opened: 2006 Capacity: 63,400 LOCATION: Glendale, Arizona Cost per Seat: $10,019 Construction Cost: $635,207,017 (2014 Dollars) Capacity: 63,400 Cost per Seat: $10,019 Costs for Las Vegas, Nevada

Cost Modifier (15.5%): $98,457,087

Total (2014 Dollars) Total Costs for Relocation: $733,664,104

Note: Construction costs have been inflated by 5% a year, with construction Cost per Seat: $11,572 starting in 2003. Construction cost only includes hard costs; not inclusive of soft costs like design and architectural fees, land, interest or other development Est Project Cost: $917,080,130 costs. Estimated project costs assume 25% increase for soft costs.

76 FORD FIELD

Funding Summary: Funding Sources Year Opened 2002 • Downtown Development Authority (DDA) contributed Sources $70.0 million comprised of: Capacity 65,000 Detroit Lions Contribution $157.0 • $40.0 million from County purchase of Detroit Tigers NFL G-3 Financing 103.0 Sq. Footage 1.9M sq. ft. facility rights Detroit Downtown Development Authority 70.0 • $30.0 million in interest installment payments made Project Cost $440M Naming Rights Revenue 60.0 by the DDA Sports Authority 20.0 % Private 76% • County funded $20.0 million Wayne County 20.0 % Public 24% • Sports Authority funded $20.0 million for parking rights • Lions contributed $157.0 million for the stadium Stadium Sponsors 10.0 • Corporate contribution of $70.0 million comprised of: Total Sources ($M) $440.0 • $60.0 million sale of facility naming right • $10.0 million from sponsorship revenue • NFL G-3 loan funded $103.0 million

77 FORD FIELD PREMIUM SEATING SUITES Total Suites: 127 Average Price Per Suite: $96,000 Potential Suite Revenue: $12.2M

CLUB SEATS Total Club Seats: 7,312 • Ford Field features 127 suites at an average annual cost of around $96,000 Average Price per Club Seat:$1,432 • Annual fees for suites range from $56,000 to $200,000 Potential Club Seat Revenue: $10.5M • The Lions offer 7,312 at an average annual fee of $1,432 • Annual prices for club seats at Ford Field range from $1,000 to $2,000. The exhibit on the TOTAL PREMIUM REVENUE: $22.7M right summarizes the suite and club seat inventory, pricing and estimated revenues.

78 FORD FIELD OTHER EVENT SUMMARY

• Ford Field has hosted 14 major concerts • 2012 since 2002 • Kenny Chesney / Tim McGraw • Average over 1 concert per year • 2011 • Average paid attendance per event of • Taylor Swift 48,963 • 2009 • Average gross revenue per concert: $3.9 million • Kenny Chesney • Upcoming events in 2014 include: • 2008 Monster Jam, Monster Energy AMA Super • Madonna Cross, One Direction, and Federation of Electronic Music Festical • Past notable events include college basketball, motorsports events, Super Bowl • Major past concerts held at the stadium XL in 2006, WrestleMania in 2007, and the include: 2009 NCAA Men’s Final Four. • 2013 • Kenny Chesney • Jay Z / Justin Timberlake • Taylor Swift

79 MERCEDES-BENZ SUPERDOME

Funding Sources Year Opened 1975 Sources Capacity 73,208 FEMA $156.0 State of Louisiana 121.0 Sq. Footage 1.9M sq. ft. Louisiana Stadium & Exposition District 44.0 Project Cost $336M NFL Non-Reimbursable Funding Grant 15.0 % Private 4% Total Sources ($M) $336.0

% Public 96% Funding Summary: • FEMA provided $156.0 million for eligible repairs including roof and aluminum siding • State of Louisiana provided $121.0 million • Louisiana Stadium and Exposition District (“LSED”) provided $44.0 million • From refinanced LSED bonds post Katrina • NFL provided $15.0 million from a non-reimbursable funding grant

80 MERCEDES-BENZ SUPERDOME PREMIUM SEATING SUITES Total Suites: 137 Average Price Per Suite: $80,000 Potential Suite Revenue: $11.0M

CLUB SEATS Total Club Seats: 16,140 Average Price per Club Seat:$2,270 • The Mercedes-Benz Superdome features 137 suites that cost an average of approximately $80,000 per year. • The Saints offer 16,140 club seats that cost an average of $2,270 annually. Potential Club Seat Revenue: $36.6M • Club seat prices range from a low of $1,700 to a high of $2,890. TOTAL PREMIUM REVENUE: $47.6M

81 MERCEDES-BENZ superdome OTHER EVENT SUMMARY

• The Superdome has hosted 7 major • 2005 concerts since 2000 • Destiny’s Child • Average less than 1 major concert per • 2001 year • NYSNC • Average paid attendance per event of 28,330 • Jay Z • Average gross revenue per concert: $2.0 • Past notable events include the Sugar Bowl million (since 1975), New Orleans Bowl (since 2001), multiple Super Bowls, NCAA Men’s Final • Major past concerts held at the stadium Four, The Rolling Stones, Monster Jam, include: Supercross, among several other sports and • 2013 entertainment events. • Essence Music Festival (Beyonce) • Other events held the Superdome include religious events, trade and consumer • 2012 shows, conventions, meetings and banquets. • Kenny Chesney / Tim McGraw

82 RELIANT STADIUM

Funding Summary: Funding Sources Year Opened 2002 • Harris County Sports Authority contributed $194 million Sources secured by: Capacity 65,000 Harris County Sports Authority $194.0 • County hotel/motel tax revenue User Taxes 140.0 Sq. Footage 1.9M sq. ft. • Short-term car rental taxes. Texans PSL Revenue 50.0 • User fees accounted for $140 million in project funding Project Cost $449M Texans Rent 40.0 including: Houston Livestock Show & Rodeo Rent 25.0 % Private 57% • 10% ticket tax Total Sources ($M) $449.0 % Public 43% • $1.00 parking surcharge • Sales tax rebates on in-stadium spending • Texans contributed $50 million from the sale of personal seat licenses (PSLs) • Texans provided an additional $40 million that is secured from an annual rent payment of $3.0 million to the Sports Authority • The Houston Livestock Show and Rodeo provided $25 million secured by annual rent payments of $1.5 million to the Sports Authority.

83 reliant stadium PREMIUM SEATING

SUITES Total Suites: 185 Average Price Per Suite: $156,000 Potential Suite Revenue: $28.9M

CLUB SEATS Total Club Seats: 9,436 Average Price per Club Seat:$2,000 • Reliant Stadium features 185 suites at an average annual cost of around $156,000. • Annual fees for suites range from $59,400 to $270,000. Potential Club Seat Revenue: $18.9M • The Texans offer 9,436 at an average annual fee of $2,000. TOTAL PREMIUM REVENUE: $47.7M • Annual prices for club seats at Reliant Stadium range from $1,430 to $2,380. • The Texans placed PSLs on 45,420 seats (67 percent of stadium capacity • Seat license prices ranged from $600 to $4,200 per seat • Texans PSL revenue = $77.0 million

84 RELIANT STADIUM OTHER EVENT SUMMARY

• Reliant Stadium has hosted 27 major 3rd party • 2009 ticketed-events since 2005 • U2 • Average nearly 4 major events per year • George Strait • Average paid attendance per event of 57,516 • WWE • Average gross revenue per concert: $2.7 million • 2008 • Upcoming events in 2014 include: Houston • Houston Livestock Show and Rodeo – Livestock Show and Rodeo, One Direction, and Alan Jackson Sesame Street Live • 2007 • Reliant Stadium is the home of the Houston • Houston Livestock Show and Rodeo – Tim Livestock Show and Rodeo McGraw • Major past events held at the stadium include: • 2005 • 2013 • Disney on Ice • Houston Livestock Show and Rodeo – • Past notable events include the Super Bowl George Strait (2004), WWE Wrestlemania (2009), Texas Bowl • 2012 (since 2006), USA National Soccer Team matches, other international • Kenny Chesney / Tim McGraw soccer matches, among other sports and entertainment events. • 2011 • Kenny Chesney • Jay Z / Justin Timberlake • Taylor Swift

85 MCLANE STADIUM

Funding Sources Sources Funding Summary: Baylor Athletics $100.0 Year Opened 2014 • Baylor took on a multi-initiative fundraising campaign to develop Baylor Campaign Gifts 82.5 the $260 million McLean Stadium along with other facilities on Capacity 45,000 City of Waco TIFF Funds 35.0 campus. Stadium Naming Rights 25.0 Sq. Footage 860,000 sq. ft. • City of Waco provided $35 million in TIFF funds Field Naming Rights 17.5 • Baylor athletics are paying $100 million over 20 years to fund the Project Cost $260M Total Sources ($M) $260.0 new stadium % Private 87% • Approximately $82.5 million capital gift donations required for the % Public 13% purchase of club seats, loge boxes and luxury suites in the new stadium. • Stadium naming rights provided $25.0 million in funding • Field naming rights accounted for $17.5 million

86 SUITES MCLANE STADIUM Total Suites: 42 PREMIUM SEATING Potential Capital Seat Revenue: $140.0M Potential Annual Revenue: $2.5M • Premium seating at the stadium will include: • 6 Founder’s Suites LOGE BOXES • 36 luxury suites Total Loge Boxes: 79 • 79 loge boxes Potential Capital Seat Revenue: $11.0M • 1,200 club seats. • Founder’s Suites required a minimum Potential Annual Revenue: $948,000 contribution of $10.0M • Loge Boxes required gifts between $40,000 and CLUB SEATS • Included 20 years of suite holder benefits. $250,000+ Total Club Seats: 1,200 • 36 luxury suites required a contribution between $1M • Club seats required gifts from $5,000 to $150,000+. and $3M Potential Capital Seat Revenue: $11.0M • Approximately $22M was generated by loge box and • Included suite holder benefits for seven to 15 years club seat capital gifts. Potential Annual Revenue: $2.1M • Capital seat gifts tied to the 42 suites generated • Overall, Baylor generated approximately $162M in $140M TOTAL CAPITAL SEAT REVENUE: $162.0M capital seat donations. • Including several donors who gave more than TOTAL ANNUAL REVENUE: $5.6M $10.0M and received naming opportunities throughout the stadium 87 MCLANE STADIUM Baylor University Estimated Construction Cost of McLane Stadium in Las Vegas

Costs for Waco, Texas Construction Cost: $248,062,500 (2014 Dollars) Capacity: 45,000 Year Opened: 2014 Cost per Seat: $5,513 LOCATION: Waco, Texas Construction Cost: $248,062,500 (2014 Dollars) Capacity: 45,000 Cost per Seat: $5,513 Costs for Las Vegas, Nevada

Cost Modifier (22%): $54,573,750

Total (2014 Dollars) Total Costs for Relocation: $302,636,250 Cost per Seat: $6,725 Est Project Cost: $378,295,312 Note: Construction costs have been inflated by 5% a year, with construction starting in 2012. Construction cost only includes hard costs; not inclusive of soft costs like design and architectural fees, land, interest or other development costs. Estimated project costs assume 25% increase for soft costs. 88 Funding Sources TCF BANK STADIUM Sources 25-Year Bonds Secured with State Funds $137.0 Bonds funded with Premium Seating/Annual Year Opened 2009 Funding Summary: Fund Revenues 50.0 • The state issued approximately $137.0 million in bonds Other Sponsorhip and Fundraising 37.5 Capacity 50,805 • The university’s share of approximately $166.0 million was Stadium Naming Rights 35.0 comprised of multiple sources including: Sq. Footage 900,000 sq. ft. Bonds Secured with Student Fees 13.0 • $50.0 million in bonds secured with premium seating and Bonds Secured with Parking Revenues 13.0 Project Cost $303M annual fund revenues Stadium Club Naming Rights 2.5 % Private 55% • $13.0 million in bond funding was secured with parking revenues Native American Tribal Gift 10.0 % Public 45% • $13.0 million in bonds were funded with student fees Best Buy Contribution 3.0 • Naming rights sold to TCF Financial Corporation for $35.0 Target Contribution 2.0 million Total Sources ($M) $303.0 • $10.0 million from Native American tribal gift • Other sources include a corporate donations and other sponsorship and fundraising

89 TCF BANK STADIUM

SUITES PREMIUM SEATING Total Suites: 38 Potential Annual Revenue: $1.7M

LOGE BOXES Total Loge Boxes: 54 Potential Annual Revenue: $675,000

CLUB SEATS • Premium at the stadium includes: Total Club Seats: 1,545 • 38 luxury suites • 250 loge seats (54 boxes) Potential Annual Revenue: $3.0M • 1,545 club seats • 295 indoor TOTAL ANNUAL REVENUE: $5.4M • 1,250 outdoor • Premium seating generates approximately $5.4 million in annual seating revenue. • Three-year, five-year and ten-year lease terms are available. • No capital seat gift requirement 90 TCF BANK STADIUM University of Minnesota Estimated Construction Cost of TCF Bank Stadium in Las Vegas

Costs for Minneapolis, Minnesota

Construction Cost: $374,978,000 (2014 Dollars) Capacity: 50,805 Year Opened: 2009 Cost per Seat: $3,944 LOCATION: Minneapolis, Minnesota Construction Cost: $374,978,000 (2014 Dollars) Capacity: 50,805 Cost per Seat: $3,944 Costs for Las Vegas, Nevada

Cost Modifier (-4.8%): ($16,862,965)

Total (2014 Dollars) Total Costs for Relocation: $356,979,238 Cost per Seat: $7,026 Est Project Cost: $446,224,048 Note: Construction costs have been inflated by 5% a year, with construction starting in 2006. Construction cost only includes hard costs; not inclusive of soft costs like design and architectural fees, land, interest or other development costs. Estimated project costs assume 25% increase for soft costs. 91 TCF BANK STADIUM OTHER EVENT SUMMARY

• TCF Bank Stadium hosted 334 3rd party events in 2013, only 4 3rd Party Stadium Events of which utilized the playing field/seating bowl Event Type Total Avg. Attendance Attendance Minnesota Hockey 1 44,000 44,000 • The stadium hosted 330 miscellaneous events in 2013. These Concert 1 27,500 27,500 events consisted of meetings, banquets, weddings, and other private events. HS Band Competition 1 12,000 12,000 HS Football 1 30,000 30,000 • Other events in 2013 included high school band and football Miscellanous 330 500 165,000 competitions Total 334 -- 278,500 • TCF Bank Stadium has hosted 2 major concerts since opening • Average less than 1 concert per year • Average paid attendance per event of 34,806 • Average gross revenue per concert: $2.7 million • Major past concerts held at the stadium include: • 2013 • Passion Pit • 2011 • U2

92 KYLE FIELD

Funding Sources Year Opened 2014 Sources Capacity 82,589 Annual Seat Licenses $229.5 TAMU Campaign Gifts 121.5 Sq. Footage n/a TAMU Student Fund 76.5 Project Cost $450M Local Government Agencies 22.5 % Private 95% Total Sources ($M) $450.0 % Public 5% Funding Summary: • Annual seat licenses accounted for approximately $229.5 million • Kyle Field Campaign gifts provided $121.5 million • Texas A&M students funded $76.5 million through the following fee increases: • $11.48 per home game increase in sports passes • $2.42 per semester credit hour increase in student fees • Local government agencies provided $22.5 million in funding 93 SUITES Total Suites: 114 KYLE FIELD Potential Capital Seat Revenue: $243.0M PREMIUM SEATING Potential Annual Revenue: $4.9M

LOGE BOXES Total Loge Boxes: 71 Potential Capital Seat Revenue: $1.6M Potential Annual Revenue: $887,500 • The reconstruction of Kyle Field will include: CLUB SEATS • 114 luxury suites • 71 loge boxes Total Club Seats: 4,775 • 4,775 club seats. Potential Capital Seat Revenue: $31.9M • All new premium seats required a one-time capital gift in addition to the annual donation Potential Annual Revenue: $14.2M • The majority of capital seat donations are payable over five years • Capital gift gives seat holder rights to the seat for 15 years TOTAL CAPITAL SEAT REVENUE: $275.6M • The stadium includes 12 Founder’s Suites that required a capital gift of at least $10M TOTAL ANNUAL REVENUE: $20.0M • 102 luxury suites required a capital seat gift between $150,000 and $2M • Loge boxes required a capital seat gift between $14,000 and $30,000 • Club seats that required a capital seat donation of between $1,500 and $15,000 per seat

• New premium seating at a reconstructed Kyle Field is sold out 94 APOGEE STADIUM

Funding Sources Year Opened 2011 Sources Capacity 30,850 Bonds by Stadium-Related Revenues $40.0 Bonds by Student Fees 40.0 Sq. Footage 426,300 sq. ft. Total Sources ($M) $80.0 Project Cost $80M % Private 100% Funding Summary: • Stadium funded as part of a $175.1 million Revenue Financing Bond issued by the University in 2009 % Public 0% • Bond proceeds used to fund stadium, other academic buildings and infrastructure • Construction of the stadium utilized private funds: • $40 million in revenues from student fees • $40 million in stadium-related revenue • Stadium-related revenue is mainly comprised of: • $20 million, 20-year naming rights deal with Apogee Electronics, second-largest naming rights deal in terms of annual value in Division I college football • Revenues generated premium seating 95 APOGEE STADIUM PREMIUM SEATING

SUITES Total Suites: 21 Potential Capital Gift Revenue: N/A Potential Annual Revenue: N/A

CLUB SEATS Total Club Seats: 754 Potential Capital Gift Revenue: N/A

Potential Annual Revenue: N/A • Apogee Stadium features 21 luxury suite • Sold by athletic department for $20,000 per year plus a one-time” six-figure” capital donation to the Stadium Fund. • The stadium offers 754 club seats • Club seats can be purchased with a one-time gift of $3,125 to $12,500 • Require annual $500 donation to the athletic department and $350 for season tickets • All capital gift requirements are payable over 5 years

96 APOGEE STADIUM OTHER EVENT SUMMARY

• Apogee Stadium is used primarily for UNT football and other university-centered events • The stadium does not host major 3rd party ticketed-events • UNT has hosted occasional outdoor concerts • The stadium has been used primarily for community events, high school football playoff games and band competitions.

97 FAU STADIUM

Year Opened 2011 Funding Sources Sources Capacity 30,000 Bonds Backed by Stadium Revenues $45.0 Sq. Footage 513,589 sq. ft. University & University Foundation Contribution 20.0 Project Cost $70M Innovation Village Housing Financing 5.0 Total Sources ($M) $70.0 % Private 100% % Public 0% Funding Summary: • On July 1, 2010, FAU trustees voted to approve a $45.0 million finance plan backed by stadium revenues • Other funding sources include $20.0 million from the University and University Foundation including: • Student fees • Private donations • Naming rights partnerships • Approximately $5.0 million from the financing for the first phase of the Innovation Village development; a student housing, recreation and retail complex 98 SUITES Total Suites: 23 FAU STADIUM Potential Capital Seat Revenue: $2.3M PREMIUM SEATING Potential Annual Revenue: $684,000 • The stadium includes: LOGE BOXES • 32 luxury suites • 164 loge seats (23 boxes) Total Loge Boxes: 32 • 4,908 club seats Potential Capital Seat Revenue: $400,000 • Required capital gift contribution of $100,000 for Potential Annual Revenue: $244,000 suites and $12,500 for loge boxes – payable over 5 years • Six seat loge boxes are priced at: CLUB SEATS • Required annual donation level is based on the • $9,560 for three seasons Total Club Seats: 4,908 length of lease agreement. • $9,060 for four seasons • Luxury suites are priced at: • $8,560 for five seasons Potential Capital Seat Revenue: N/A • $32,760 for three years • Club seats are offered on one, two, three, four and Potential Annual Revenue: $6.3M • $29,760 for four years five year terms • $26,750 for five years • Priced from $1,480 for one year agreements and TOTAL CAPITAL SEAT REVENUE: $2.7M • Loge boxes are offered for either four or six seats. $1,080 for five year agreements TOTAL ANNUAL REVENUE: $7.2M • Four seat loge boxes are priced at: • $6,707 for three seasons • $6,207 for four seasons • $5,707 for five seasons 99 FAU STADIUM OTHER EVENT SUMMARY

• FAU Stadium is used primarily for FAU football and other 3rd Party Stadium Events university-centered events Event Type Total Avg. Attendance Attendance • US Soccer hosts on average one game at FAU Stadium per year Religious Event 1 30,000 30,000 • Attendance for last year’s match = 7,000 Corporate Event 21 1,000 21,000 Major League Lacrosse 8 2,000 16,000 • No major concerts are typically held at the stadium US Soccer 1 12,000 12,000 • One major religious gathering is held at the stadium each year HS Football Championship 1 7,000 7,000 Total 32 -- 86,000 • Corporate events utilized the club spaces available in the stadium

100 BRIGHT HOUSE NETWORKS STADIUM

Year Opened 2007 Funding Sources Sources Capacity 45,301 Series 2006A Bonds $45.0 Sq. Footage 1.1M sq. ft. Series 2006B Taxable Bonds 14.0 Total Sources ($M) $59.0 Project Cost $60M % Private 100% Funding Summary: % Public 0% • UCF issued $59 million in certificates of participation (“COPs”), a form of lease revenue bonds

• COPs were backed by: • Stadium operating revenues • Premium seating revenues • Capital gifts • $15 million from stadium naming rights sold to Bright House Networks

101 BRIGHT HOUSE NETWORKS STADIUM PREMIUM SEATING

SUITES • UCF offered 24 suites to existing donors • 21 standard suites Total Suites: 24 • Sold for $30,000 a year Potential Annual Revenue: $750,000 • Five year lease term • Each standard suite seats 20 CLUB SEATS • Includes VIP parking passes for each game • Catering is available to purchase Total Club Seats: 800 • 3 large suites Potential Annual Revenue: $2.0M • Sold for $40,000 a year • Five year lease term TOTAL ANNUAL REVENUE: $2.8M • Large suites can accommodate 30 guests • Includes six VIP parking passes • The stadium also offers approximately 800 club seats • Sold in pairs for $2,500 • The length of the user agreement is five years

102 INFOCISION STADIUM

Year Opened 2009 Funding Sources Sources Capacity 30,000 Akron Private Fundraising $30.0 Sq. Footage 269,000 sq. ft. Bonds Backed by Stadium Revenues 15.5 Naming Rights Agreements 16.1 Project Cost $61.6M Total Sources ($M) $61.6 % Private 100% % Public 0% Funding Summary: • The 30,000-seat InfoCision Stadium opened in 2009 at a cost of $62.1 million • Funding was provided by a $30.0 million private fundraising campaign through the university • $15.5 million via stadium revenue backed bonds • Akron’s annual debt payment is $4.3M for these bonds • Naming rights accounted for $16.6 million in funding • InfoCision paid $10.0 million for stadium naming rights • Summa Health System $5.0 million for the field • FirstMerit Foundation $1.0 million for the club level • Towpath Credit Union $100,000 for the press box 103 INFOCISION STADIUM

SUITES PREMIUM SEATING Total Suites: 17 • InfoCision stadium features Potential Annual Revenue: $340,000 • 13 suites • 38 loge boxes LOGE BOXES • 522 club seats Total Loge Boxes: 152 • Suites require annual donations of $20,000 Potential Annual Revenue: $760,000 • Loge boxes require annual donations of $5,000 • Suites and loge boxes are available on 3 to 5 year commitments CLUB SEATS • Club seats require annual donations between $500 Total Club Seats: 522 and $1,000 Potential Annual Revenue: $391,500 • Club seats sold on 3 year commitments • No premium seating required a capital gift donation

TOTAL ANNUAL REVENUE: $1.5M

104 FAU STADIUM OTHER EVENT SUMMARY

• InfoCision is primarily used to host Akron football but is utilized throughout the year by 3rd parties

• The stadium does not host any “major events” 3rd Party Stadium Events • Approximately 150 meetings/banquets were hosted at the Event Type Total Avg. Attendance Attendance stadium last year Meetings/Banquets 150 225 33,750 • Average attendance = 225 AA Founders Day 1 12,000 12,000 HS Marching Band Events 3 2,500 7,500 • Akron, OH is the birthplace of Alcoholics Anonymous, and the Concerts 1 5,000 5,000 organization hosts “Founder’s Day” meeting at the stadium once Total 155 -- 58,250 a year with approximate attendance of 30,000 • Local and regional marching band competitions are held at the stadium • One concert was held at the stadium last year with an attendance of around 5,000

105 ECONOMIC IMPACT 6 STUDY REVIEW STUDY OVERVIEW CSL International and RCG Economics worked together to review “The Economic Value and Importance of a Stadium With Seating for 55,000 or More Spectators for Nevada, Clark County, the Las Vegas Region’s Resorts, and UNLV,” prepared by Dr. Mark S. Rosentraub.

Study Purpose • Report illustrated benefits of a new covered MEC for S. Nevada’s hospitality sector • Current inability to host large scale events puts industry at relative disadvantage

• Region can’t compete despite having resort infrastructure and convenient international airport

Key Study Components • Need for MEC • Large scale = 55,000+ seats • Covered = all-weather (air conditioned/heated) allows summer events to be held in venue, a down season for visitors to the region

• Las Vegas MSA is 1 of 3 urban centers with no such venue

• Benefit • The Las Vegas region and local economy benefits from hundreds of millions of dollars in new revenues

• Benefits to UNLV are more intangible, the facility would serve as anchor the University Village plan

107 Methodology & Research Methods

Measuring Economic Value of Facilities • Report shows adjustments that were made to reflect more conservative estimates: • Illustrate value of a new MEC, focus is on new (incremental) spending into the regional economy • Spending levels assume less-than-full capacity attendees (@82%). • Through events that would never be in region without new MEC • Excludes residents from event attendance (assumes @70% are visitors). • Report is careful to avoid inclusion of spending from “substitution effects” • Excludes visitors who would have been visiting anyway without event (assumes 85% came only for the event). • Shift in way residents spend discretionary income • Excludes visitors who did not stay overnight in a local hotel/ • Events transferred from existing facilities motel (assumes 95% of incremental visitors lodged). • Events that can already be held at existing venues • Events that mainly serves needs of local residents

• Economic analyses focus on direct economic returns for the partners • Quantifies only on events that bring new visits to the Las Vegas MSA region

• Can only be held at a covered-55,000+ seat MEC

• Direct spending by new visitors for 15 events • Projections of visitor spending based on intercept surveys for the LCVA • Surveyed visitors at concerts & special athletic events • Approximately 70% of these special-event spectators are not residents of S. NV

108 Study Results

Justification for building the MEC Fiscal Impacts • Sustained by the new levels of spending by tourists • Tax revenues do not reflect net fiscal impact (fiscal costs not accounted for) • Facilities in support of a new University Village that creates economic value by enhancing image • Two (one-time) sources of tax revenue: • Sales & use: $26M (assumes 80% of construction costs net Economic Effects of Construction Expenses direct labor income is taxable) • Assumes total building cost of $800M for the MEC • Modified business: $3.5M (assumes 85% of income net health care deductions is taxable) • 5,058 in total employment (2,678 directly: 1.88 multiplier) • $308.3M in total labor income ($196.7M directly: 1.57 Summary of Economic Impacts multiplier); and • Direct impact = $393.1M annually • $729.5M in total output ($425M directly: 1.72 multiplier) • Indirect & Induced impact = $201.2M annually Direct Benefits • Total economic impact = $603.4M annually • Spending by visitors to the region because of events held at the new MEC • Vast majority of economic development will occur at/for the region’s resorts

Indirect & Induced Benefits • Measured in terms of jobs (created or additional hours), wages (new or higher) and output (demand for services/products) • Will most likely not accrue in the region’s resort/hospitality sector • Not included in the direct estimate of benefits

109 Project Team Insight

Overall, methodology shows a conservative approach was taken. • Region will benefit only when the direct spending from attracting visitors from outside the area results in net new inflows of spending

Estimate of number of mega-events (15) or scale of incremental visitors (401,600) on an annual basis. A range of 10 to 15 mega-events seems reason- able, but further research is required to verify.

The economic value from the proposed MEC facility’s operations to host events is positive in the report. • Shows a conservative measure of potential benefits as it only emphasizes the net/new economic impact. • Calculations of direct economic benefits from incremental visitors to 15 mega-events were good.

Primary question: where will the money come from to pay for the stadium? • Investment and funding details and partners are not yet established • The report indicates that the economic impact of construction will result in real economic gains (positive economic impact) for the regional economy

How the MEC is financed could be a significant factor in determining the economic effect its construction has on the local economy.

110 Project Team Insight

While Las Vegas MSA region has a relatively lower population base when compared to other regions, high tourist levels and infrastructure gives it a population-base to serve the market for mega-events and to bring in outside spending.

Entertainers and special sporting organizations could be interested in playing a venue in Las Vegas. • Region has the resort infrastructure and amenities to support them • Las Vegas has shown a successful track record of attracting major special events

Need further information to run a scenario to replicate (e.g., hard v soft costs, industries, spending within the region, etc.) • However, a check of the multipliers indicates that estimates may be slightly high but still reasonable.

111 7 NEXT STEPS NEXt STEPS

• Distribute Market Survey • Review Market Survey Results • Determine Venue Event Estimates • Develop Assumptions • Facility Program • Pro-Forma • Create Funding Model • Recommendations • Overall Feasibility • Legislative Considerations • Report Delivery

113 Thank You