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Sterling Forest Resort Presentation
Citation preview
1
Experience with Large New York Projects
Best-in-Class Consulting Team
Architecture Environmental Traffic
Civil Engineer Land Use Domestic Gaming Market
Legal
International Gaming Market
2
Presentation Outline
Economic Activity and Business Development1
Highest Contribution to Local Community2Best Workforce Development3
● Town of Tuxedo – Orange County● Master Plan and Architecture● Environmental Opportunities
U.S. Gaming Industry4
3
Orange County is Closest to $4 Billion Unsatisfied NYC Market
Region One – Hudson/Catskill Region
Delaware
Greene Columbia
DutchessUlster
Sullivan
Orange
New York CityNJ
PA
CT
NY
MA
Casino Zone
4
Does Not Burden Existing Exit 15A and Exit 16
Sterling Forest Resort Builds State-Approved Exit 15B
New York City
NJ
PACT
NY
Exit 16 – Currently 17 Million
Exit 15A – Currently 12 Million
Casino Zone
Proposed Exit 15B – Privately Funded
5
6
7
Culture of Environmental Stewardship
Environmentally Sensitive AlaskaNorwegian Cruise Line
8
0% 10% from Solar
UnmanagedDischarge
ManagedTreatment
Class CNot Potable Potable Water
Host CommunityTraffic Congestion
Vast ImprovementInterchange 15B
Unmanaged Restored
Significant Environmental Improvements
Waste Water
Storm Water
Traffic
Wetlands
Energy
Before After
9
Extensive Regional Benefits
Sterling Forest Resort Builds New Interchange 15B
● $30 Million
● Privately Funded
● Direct Highway Access
● No Parkland Required
● No Wetlands Impacted
10
Greatest Regional Benefits
● Included in 2011 Town of Tuxedo Comprehensive Plan Update
● Full Mitigation of Environmental and Municipal Impacts
● Public Support from Host Community and Other Municipalities
● Economic Development
Local Impact and Siting Factors
11
Local and Regional
Community Benefits
● Host Community Agreements– One-time Impact Fees – $60 Million
– Acquisition of Parkland – $10 Million
● Regional – Interchange 15B – Reducing Commutes
– Education Support
● Recurring Tax Revenue – County – $24 Million
– Town – $25 Million
– Schools – $37 Million
12
Source: Bureau of Labor Statistics, 2013 LAUS
Highest Compensation Due to NY Labor Agreement
Sterling Forest Resort Will Create More than 4,000 Careers
$39,000
$75,000
Sterling Forest Resort
National Casino Average
Average Annual Wages & Benefits
13
Source: Bureau of Labor Statistics, 2013 LAUS
Employees Will Come From Across the Region
Orange County Has the Highest Number of Unemployed
Unemployed
Orange County 12,503 7.2%
Ulster County 6,667 7.8%
Sullivan County 2,903 8.7%
Number Rate
14
Monticello55 miles
Port Jervis40 miles
Newburgh 25 miles
Easily Accessible Within a 1-Hour Drive
Locations of High Unemployment
Kingston55 miles
Poughkeepsie45 miles
Sterling Forest Resort, Tuxedo
Orange
Ulster
Dutchess
Putnam
Sullivan
Pike
Sussex
Rockland Westchester
Passaic
15
Municipal
Outpouring of SupportPrivate
16
Regional Casinos Pre-2003 Declining
U.S. Commercial Casino Revenue
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Jurisdictions Post-2003,and Las Vegas Strip
Regional Casinos Jurisdictions Pre-2003,
$20
$10
–
Billion
$30
$40
Source: UNLV ResearchEstimated
17
Increased Table Games Revenue
Las Vegas Strip Casino Revenue Recovery
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Tables
Slots
$7
$3
$2
$1
–
Billion
$4
$5
$6
Source: UNLV Research
Estimated
18
Source: UNLV Research
Baccarat Revenues from Overseas Asian Players Driving Growth
Las Vegas Strip Table Games Revenues at All-Time High
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Baccarat
Other Table Games
Estimated
$4
$3
$2
$1
–
Billion
19
Source: Kayak
26 Daily Non-Stop Flights from Asia to NYC
China to NYC Shorter Travel Time than China to LA/Las Vegas
Beijing
LA
Las Vegas
NYC13.5 hours
15.5 hours
20
2 Commercial International Airports within an Hour
26 Daily Commercial Flights from Asia
New York City
CTNY
Sterling Forest Resort
Newark
JFK
21
2 International Airports for Private Jets and Charters
Stewart International Ideal within 30 Minutes Drive
New York City
CTNY
Stewart International Airport
Sterling Forest Resort
Teterboro
22
10 Aircraft
Genting’s Global Fleet of Private Planes
23
* Resorts World NYC & Yonkers Casino
New York City Has More Attractions
Sterling Forest Resort Capitalizes on NYC Attractions
Manhattan Las Vegas StripHotel Rooms 90,000 62,000Food Beverage & Entertainment
Restaurants 18,258 3,877Bars 2,719 469Nightclubs 81 64
Shopping Ranking 1 34Museums 200+ 21Shows/Theaters 85 10Professional Sports Franchises 8 0Fortune 500 HQ 53 4
Casinos 2* 29
24
$100 Billion International Casino Market
NYC Will Attract More International Market Share
Canada $6 B
USA $66 B*
* $38B Commercial Casino, $28B Indian GamingSOURCE: PWC Consulting, with adjustments
Latin America $5 B
Asia Pacific $70 B
Europe, Middle East & Africa $17 B
Las Vegas Strip International Market $2 B
Sterling Forest Resort, NY
25
* Singapore, Malaysia, Philippines, S Korea and others
Sterling Forest Resort (NYC) 5% to 10% Market Share
Chinese Casino Spending Outside China (Macau)
$ BillionLas Vegas 2.0
Asia* 2.5
London 0.5
Total 5.0
Sterling Forest Resort $211 M – $488 M
26
12 Million Player Database Worldwide In All Key Markets
Leverage on Genting Global Loyalty Program
New York City
Miami/Bimini
Las Vegas(2017)
United Kingdom
Hong Kong
MalaysiaManila
Singapore
27
Sustainable as Anchored Between 2 Global Attractions – Manhattan and Woodbury Common
Competition from Potential Northern New Jersey Casinos
NJ
PACT
NYSterling Forest Resort
Bethlehem Sands Casino
Mt. Airy Casino
Monticello Casino
Resorts World Casino NYC
Yonkers Empire Casino
ManhattanPotential Meadowlands Casino
Potential Jersey City Casino
Woodbury Common
28
Source: Marquette Advisors, Union Gaming
Offset NJ Cannibalization by Further Penetration of International Market
Stabilizing Casino Revenues
2017 – 2018 Gaming Segments 2020
$659 Regional Market $427$211 Global Premium VIP $488$165 Domestic Tourism $165
$1,035 Total $1,080
45%International
40%Regional
15%Domestic
($ Million)
20%International
64%Regional
16%Domestic
29
Successful NY and Global Track Record
Certainty of Completion
● RWNYC● Singapore
Expedited SEQRA Process ● Complete by 12/31/2014
● Over $6 billion in Cash on hand● Major U.S. Bank Commitments
Development Experience
Certainty of Financing
30
Development Timeline
Next Steps
2014–2015 FY 2015–2016 FY 2016–2017 FYQ2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
RFA Decision – Early Fall
Complete Licensing
Completion of SEQRA Process
Payment of License Fee
Construction & Hiring
Casino Opening
31
Application Summary
$1.5 Billion Investment + $450 Million License Fee
Over 4,000 New Careers Earning a Living Wage
$283 Million Annual Gaming Taxes
Closest to Largest Domestic MarketSustainable – Convenient to Global Markets
Maximizing Economic Benefits • Positive Impact • Job Creation • Sustainability
Maximizing Economic Benefits • Positive Impact • Job Creation • Sustainability
We look forward to making Sterling Forest Resort a Reality
THANK YOU!