THE LEADER IN GAMING & HOSPITALITY CONSULTING

Global Market AdvisorsT H E L E A D E R I N G A M I N G & H O S P I T A L I T Y C O N S U L T I N G

W H O W E A R E

Global Market Advisors (GMA) is the world’s leading gaming, entertainment, sports, hospitality research and consulting firm. The company is well-regarded for its independence and quality of thought leadership. The company's market experience extends throughout all regions of the Americas, Eastern andWestern Europe, Australia, and Asia. GMA's clients consist of the majority of public gaming companies, numerous private entities, more than 75 Native American tribes, commercial and investment banks, and government agencies from around the world. The global capabilities of GMA are enhanced by its multi-office footprint, staff associate network, and strategic partnerships. GMA is a Limited Liability Corporation with offices in Las Vegas, Denver, and Singapore.

Strategic Partners

Differential Gaming www.diffgaming.comDifferential Labs is the leading AI company for the gaming and hospitality industry that is based in Denver, Colorado.

Tottenham & Co. www.tottenhamco.comExperienced. Knowledgeable. Above all, specialist. These are three key attributes of international gaming consultancy Tottenham & Co, founded close to 30 years ago by Andrew Tottenham.

Clarion Gaming www.clariongaming.comClarion Gaming provides a full range of services to the entire spectrum of the global gaming industry, including exhibitions, conferences, technical training, research, and digital information.

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CA PA B I L I T I E S Hospitality - Hotel & Market Feasibility - Strategic Planning - Project Development - Food & Beverage - MICE - Retail - Entertainment - Business Development

Gaming - Feasibility Studies - Economic Impact Studies - Operations & Development - Operational Reviews & Due Diligence - Emergency Management Services - RFP/RFC/RFI Advisory

marketing - Analytics - Business & Marketing Plan Development - Marketing Plan Review - Reward Program Development

sports - Sports Betting - iGaming - Fantasy, Esports & Virtual Games - Sports & Entertainment

technology - iGaming - F2P/Social Gaming - iLottery - Live Dealer Online - Emerging Solutions

Policy, Communications, AND CSR - Regulatory Policy - Advocacy - RFP/RFC/RFI Advisory - Corporate Citizenship - Responsible Gaming - Crisis Communications

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H O S P I TA L I T YGMA has worked on hospitality projects in over 40 countries and on five different continents. Regardless of the market, GMA has the experience and expertise to assist its clients with the development and operations of any hospitality and integrated resort project.


Hotel and Market FeasibilityGMA’s approach to hotel and projectfeasibility analysis is to first and foremost understand the client’s vision for the project while developing a complete understanding of market dynamics and the opportunity. • Understand the nature of the competition,

service strengths, and opportunities• Examine the market and the customers• Drive demand and create the optimal

operating environment• Generate accurate forecasts• Create a customer profile

Strategic PlanningAND Project DevelopmentGMA’s Project Development Group can help its clients navigate the strategic planning and development process. • Planning, design, and construction• Financing• Operational performance

Food AND BeverageUnderstanding, right sizing, and targetingthe optimal food & beverage offering is critical in serving the customer and creating a solidstrategy.• Facility programming,

forecasting and feasibility• Quality and pricing• Marketing• Day-to-day operations• Business development

and growth initiatives

MICEThe meeting, incentives, conferencing, and exhibition (MICE) space continues to be a significant driver and anchor to both gaming and non-gaming developments. • Initial feasibility and expansion studies• Strategic development and operation plans • Marketing research• Business development

RetailRetail developments can be a criticalcomponent of the integrated resortexperience. • Facility programming, forecasting

and feasibility• Planning, designing, and development• Business development with retail stores

ENTERTAINMENTThe correct entertainment offering andstrategy will grow a customer base and enhance a property’s reputation. • Develop entertainment plan• Prepare pre and post financials• Identify the right performers• Negotiate contracts

BUSINESS DEVELOPMENTGMA has assisted clients with hundreds ofdevelopments from the planning stage through ongoing operations.• Business and marketing plans• Development oversight• Liaising with architecture and design teams• Opening preparations• Ongoing management• Cultivating relationships


• In-depth knowledge and analysis of gaming markets across the globe• Advisory of governments to develop public policies for integrated resorts• Accurate assessment of new market opportunities• Marketing and operational knowledge of casinos and integrated resorts

Feasibility Studies

• Provide an understanding of the competitive market by conductingan extensive analysis of existing and potential competition

• Evaluate the current and future demand for gaming within the subjectregion and forecasting future demand

• Apply proven methods to accurately forecast revenues and expenses

Economic Impact Studies• Measure the direct, indirect, and induced impacts of a gaming, hotel,

integrated resort, sports, mixed-use, or other project• Quantify the number of jobs that will be created, wages paid, taxes generated,

and total output of a project• Examine impacts for two distinct phases:

- the construction phase is a onetime stimulus on the region’s economy- the operational phase provides ongoing stimuli to the region’s economy on an annual basis

GMA has been the premiere consulting firm to the gaming industry since 2005. Having worked in nearly every gaming destination and every aspect of the industry, no firm is more qualified to assist clients with their gaming needs.

G A M I N G


G A M I N GOperations & DevelopmentIntegrated resorts, casinos, hotels, and other hospitalityorganizations are multifaceted business enterprises.Far more than just buildings with table games, slotmachines, restaurants, and hotels, they are integratedoperations that, when designed and executed properly,can generate significant returns on invested capital.Investors and operators must carefully consider theirdecisions regarding five key attributes:

• Product• Position in the market• Processes deployed• Pricing strategy• People who comprise the business

Operational Reviews & Due Diligence• Review historical financial performance• Conduct site visits, meet with management,

talk with employees and guests• Shop the property and the competition• Provide detailed analysis and summary of findings• Offer recommendations to improve property performance

Emergency Management Services• Temporarily fill positions and roles with GMA personnel to provide stability,

ensure that daily operations continue, and maintain revenues to stakeholders• Identify departments that could benefit from operational enhancements• Work with ownership in preparing job descriptions for permanent replacements• Work with company financials to ensure compliant and accurate• Instill SOPs and training to facilitate handover of operation/department

to permanent replacement• Remain available to act as owner’s representative over operation

RFP/RFC/RFI Development• Assist bidders throughout an entire RFP/RFC/RFI process including feasibility, business and

marketing plan development, design and planning, community development, responsible gaming measures, SWOT analysis, and other aspects that may be required in a competitive process

• Work with government entities to establish gaming zones, government structures, regulation,licensure, operator introduction, and selection process

• Develop a selection process for operators and other stakeholders to identify the right partner for their gaming, sports betting, online, retail, food & beverage, hotel, or other endeavor


IdentifyMarketable Gaps

DevelopSpecificStrategies

CraftRelevantTactics

DeliverMeasure& IterateQuickly

DRIVEN BY RIGOROUS DATABASE ANALYSIS

DRIVEN BY EXPERIENCE AND CREATIVITY

M A R K E T I N GGMA is the market leader in assisting clients with evaluating and structuring their marketing operations, optimizing database analytics, designing player reward programs, and developingmarketing plans.

AnalyticsThrough GMA’s Strategic Partner, DifferentialLabs, GMA combines casino best practices withAI and analytics. GMA’s proprietary processevaluates a database at the micro level allowing customized analysis and recommendationsto be made at the individual level. Analysesand recommendations usually result in 20-30%upside in EBITDA from carded players.

• Granularly segment the database to identify patrons by life-cycle, preferences and specific opportunity

• Effectively reward wallet versus timeconstrained customers

• Combine slot analytics with player analyticsto further optimize the gaming floor

• Optimize marketing reinvestment withspecific player-level recommendations

• Design loyalty program structures, benefits, tier criteria, and status currencies

Business and MarketingPlan DevelopmentThe task of developing a casino marketing andbusiness plan requires time and experience.Developing an annual tactical plan provides acrucial roadmap to allow a casino operation to runsmoothly. The strategic business and marketingplan are ideal for long-term strategy development and to explain to investors why a developmentproject will be successful.

• Work directly with marketing teams tointegrate their strategies and tactics

• Develop ghost-written plans that appropriately synthesize the client’s vision in a cohesivedocument that is beneficial to management, investors, and team members

• Create plans that are both qualitativeand quantitative


The Marketing ReviewThe GMA Marketing Review qualitativelyexamines the strengths and weaknesses of a casino’s marketing strategies, quantitatively compares the performance of marketingexpenditures against revenue, evaluates player reinvestment by tier segment, and examines the ways that strategies and tactics areimplemented.

• By tier segment, geography, and reward type, quantitatively evaluate the levels of player reinvestment

• Evaluate processes and expenditures ofnon-player reinvestment includingadvertising, payroll, production costs,and other areas

• Provide benchmarks against thecompetitive set and other markets

• Develop strategies and recommendationsto ensure that additional profit from thecasino can be realized

Reward Program Developmentand EnhancementA well-designed player rewards program isessential to any casino’s success. Like mosthospitality enterprises, customers frequent those businesses that recognize their loyalty and give them reasons to return. GMA has developed reward programs for casinos and resorts across the globe. GMA designs programs that matchthe capabilities of the property, incorporating both aspirational and attainable elements that meet the needs of the market and the needs of the business.


DRIVEN BY RIGOROUS DATABASE ANALYSIS

GMA’s Sports, iGaming, and Technology group specializes in the sportsbetting, social gaming, and iGaming industries, with an emphasis onfeasibility, legalization, regulation, responsible gaming, operations, andcontract negotiations. GMA’s experience extends throughout theAmericas, Europe, Asia, Australia, and Africa.

• Feasibility studies

• Stakeholder education

• Evaluation of platforms and technology

• Draft legislation and regulation

• Responsible gaming initiatives

• RFP/RFC oversight and development

• Operations

• Emerging solutions & development

• Market analytics and plan development

• Fan engagement

• Strategic Advisory

• Contract negotiations

• Sportsbook development and layout

• Product development


Sports BettingGMA partners have deep experience in all aspects of the sports betting industry from land-based to online. GMA understands key issues such as the positions of amateur and professional sports leagues, regulatory hurdles, and the importance of creating products and services that can effectively compete with illegal sports betting operations.

igamingThe gaming industry’s next opportunity for growth lies with iGaming. Today, iGaming encompasses a wide range of products, including casino gaming, poker, live dealer online, free to play (F2P), social gaming, and iLottery. GMA’s Sports, iGaming, and Technology group has focused its core services to assist stakeholders in understanding this rapidly evolving and growing industry from ideation to implementation and operations.

Fantasy Sports, Esports, and Virtual GamesFantasy sports, esports, and virtual games play a vital role in the gaming and entertainment industry as stakeholders continue to grow their product offering menu. GMA has a deep knowledge base and the skills to advise its clients on the development of an appropriate mix of games and offerings. GMA’s Sports, iGaming, and Technology group provides its clients with independent analysis in regard to the production and distribution of games, as well as the creation of optimized userexperience strategies.

sports and entertainmentGMA continues to develop a strong sports group that assists its clients with the development and operation of sports facilities and complementary hospitality and entertainment zones.

• Identify highest and best use for new facilities and expansions• Perform market analytics and plan development• Enhance fan engagement • Develop and solidify strategic partnerships• Optimize revenue stream development (ticket, donation, sponsorship, merchandise, etc.)

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E X T E R N A LA F FA I RSRegulatory PolicyThe development of a robust and healthy gaming market relies on the creation of sound legislative and regulatory policies that are formulated utilizing best practices from across the globe. GMA’s team has deep experience aiding policy makers in the formulation of these markets.

• Draft language for legislation and regulation• Illustrate the impact of gaming taxes and other policies • Assist government officials in navigating legislation and development, overcoming issues

regarding casino size, entry levies, and investment levels• Educate Legislative and Executive Branch officials and agencies on various gaming,

entertainment, sports, hospitality, taxation, compliance, employment, and other issues• Lobby directly at the local, state, and national levels of government

AdvocacyAdvocacy efforts are an essential part of the Government Affairs, Legal, and Communicationsplatform to effectively educate stakeholders on a specific issue or topic. GMA’s experience includes working with governments on issues of importance, as well as developing advocacy strategies for companies, associations, governments, and other stakeholders.

• Develop grassroots and grasstops strategy• Build legislative coalitions• Draft ballot initiatives and referendum• Grow community support, opposition, or educate on a specific issue

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RFP/RFC/RFI AdvisoryGMA has served as close advisors to public and private entities at the local, regional, state, and national level, as well as to senior political leaders and heads of state. GMA has assisted clients in responding to, preparing, and overseeing RFP/RFC/RFIs.

• Design and manage processes to attract the most qualified bidder, identifying those that best meet the needs of the issuing entity

• Create responses that showcase the qualifications of the applicant, while aligning strategies and goals with those desired by the issuer and providing the applicant with the greatest chance of a successful bid

• Assist throughout the process with feasibility, business and marketing plan development,design and planning, community development, government affairs, and other key initiatives

Corporate CitizenshipOne of the most important measurements of anycompany is its commitment to corporate socialresponsibility and corporate citizenship efforts. GMA has written and implemented local andglobal plans to address:

• Charitable giving• Sustainability programs• Community outreach• Employee volunteer programs• Procurement practices• Hiring and diversity practices

Responsible GamingResponsible Gaming initiatives are a critical component of an overall gaming experience, operation, and regulatory structure in every jurisdiction. Having worked the issue on a global scale, GMA is at the forefront of advising stakeholders on best practices including:

• Development of jurisdiction specific programs• Education programs for employees, consumers, and other stakeholders• Community resource development• Research studies and partnerships• Exclusion policies and integration

Crisis CommunicationsAt any point, operators, organizations, associations, and individuals can experience an incident or event that creates a communications crisis. With decades of experience, GMA has the expertise to rapidly handle response communications for organizations at their most critical times, and proactively develop communications plans to handle both routine and crisis communications needs.

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O U R T E A MSteve Gallaway Managing PartnerSteve Gallaway leads GMA’s global gaming and hospitality consulting practice. Steve is known in the industry for his knowledge and understanding of emerging markets and advises public and private companies, institutional investors, and developers on a broad array of opportunities. Mr. Gallaway has spent his entire career in the gaming and hospitality industry, starting as a valet attendant and eventually rising to CEO and Managing Partner of a casino in Colorado.

Bob Boughner Senior PartnerBob Boughner assists clients with capital project planning, hospitality and gaming operations, and strategy planning engagements. Prior to GMA, Bob served Boyd Gaming Corporation in a variety of senior executive roles, including Executive Vice President and Chief Business Development Officer, and CEO ofBorgata. Bob remains an active board member of Boyd Gaming, SouthwestGas Corporation, and other respected entities across the United States.

Bill Bryson Senior Legal CounselBill Bryson oversees GMA’s Legal Affairs group. Prior to joining GMA, Bill was a partner at Jones Day in Taipei where he built the practice into one of the leading gaming and hospitality firms in the country. He has practiced law in New York and Taipei for over 25 years and is recognized as a leading lawyer in the fieldsof gaming, hospitality, real estate development, mergers & acquisitions, andfinancial transactions.

Ray Cho Senior Research ConsultantDr. Cho has devoted his entire career to hospitality and gaming, starting as a bellman and quickly ascending to leadership roles in both operations andcorporate management. In the corporate realm, he has extensive analytics expe-rience working in a variety of gaming markets and generating strategic, data-driv-en insights. He is currently a Postdoctoral Associate at the Center for Gambling Studies, a part of the Rutgers University School of Social Work.

John English Partner, Managing Director of Sports Betting & TechnologyJohn English specializes in sports betting for the regulated gaming industry,with an emphasis on technology, content, and distribution. He previously wasan equity partner with American Wagering Incorporated, the first company to receive approval for mobile sports betting within the state of Nevada. He also created the first sports betting app in the United States to be distributed by the App Store™ and the first sports betting kiosk approved in Nevada.

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Jeff Smith CPA Managing Director, RacingJeff Smith specializes in horse racing, entertainment, and gaming with expertise in venue management and working with regulators and lawmakers. During Jeff’s career, he served as CFO and other roles at Churchill Downs, assisting with growing the company from a single-location operation to the premier, multi- state industry leader, and later at Centaur Gaming transforming Hoosier Park into a successful, fully integrated racing, gaming, and entertainment destination.

Kit Szybala Partner, Executive Director of OperationsKit Szybala oversees and directs the output and quality of GMA’s engagements and internal business operations. He has created over 200 financial models and extensive, analytical reports. Kit has in-depth experience in various markets with broad knowledge of markets in North America, India, Japan, and Australia. Among other accolades, Kit was selected to the 2018-2019 Class of Emerging Leaders of Gaming 40 Under 40.

Brendan Bussmann Partner, Director of Government AffairsBrendan Bussmann focuses on assisting clients on the complex issues that they face in handling government affairs, corporate citizenship, crisis communications, and community development. His background is in the hospitality, healthcare, energy, higher education, and sports sectors. Brendan’s gaming and hospitality experience includes Las Vegas Sands Corp. (LVS), where he served as Directorof Government Relations and Community Development.

Clay peister iGaming and Database Marketing Specialist Clay Peister is known throughout the industry for his database marketing andiGaming prowess. Most recently, Clay served as VP of Casino Marketing for Wynn in Macau, and previously worked for Crown Resorts, Sands China, Melco Resorts and Venetian Las Vegas. Today, Mr. Peister focuses his times in assisting clients in developing and implementing iGaming strategies and bringing modern day marketing practices by integrating AI and other proprietary programs.

Kirk Saylor CPA Partner, Casino Operations and FinanceKirk Saylor has accumulated over 30 years of gaming and casino industryexperience in both finance and operations. Over the span of his career,Mr. Saylor started at Levanthal & Horwash, and quickly rose in the industry later serving as President of Majestic Star Casinos, CFO of Olympia Gaming, and CFO of Horseshoe Gaming Holding Corp., where he was an integral part of orchestrating the company’s sale to Harrah’s in 2004 for $1.4 billion.

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THOUGHT LEADERSHIPThe partners of GMA have authored hundreds of articles, white papers, academic papers, and research reports relating to all aspects of the gaming, entertainment, sports, and hospitality sectors. The company additionally responds to media outlets from around the world including major print, television, radio, internet, and trade outlets. GMA is widely respected for its thought leadership around the globe.

To access the GMA research library, go to www.globalmarketadvisors.com/research

Global Market AdvisorsD E N V E R

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THE LEADER IN GAMING & HOSPITALITY CONSULTING

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