sterling forest resort presentation

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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

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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

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Extensive Regional Benefits

Sterling Forest Resort Builds New Interchange 15B

● $30 Million

● Privately Funded

● Direct Highway Access

● No Parkland Required

● No Wetlands Impacted

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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

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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

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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

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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

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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

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Municipal

Outpouring of SupportPrivate

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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

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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

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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

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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

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2 Commercial International Airports within an Hour

26 Daily Commercial Flights from Asia

New York City

CTNY

Sterling Forest Resort

Newark

JFK

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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

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10 Aircraft

Genting’s Global Fleet of Private Planes

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* 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

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$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

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* 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

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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

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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

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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

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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

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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

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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!