1. South Central Gaming Zone
Prepared For:
Kansas Lottery Gaming Facility Review Board Meeting
December 1, 2010
Wells Gaming Research

2. December 1, 2010 Wells Gaming Research 1
Methodology
• Customized WGR’s proprietary gravity
models
• Tested and calibrated models on casino
markets in MO, OK, & KS where actual or
highly reliable estimates of gaming revenues
were available
• Updated population data at census tract level
for 2000 and 2009 thru 2017 for the trade
area
• Defined and ran 5 scenarios for Kansas Star
and 6 scenarios for WinSpirit to evaluate
build out phases and impact of Wyandotte
casino

3. December 1, 2010 Wells Gaming Research 2
SC Kansas Trade Area
• Trade area is slightly more than a 100-mile
radius to the north, extending 150 miles south
(OKC) and 140 miles southeast (TUL)
• Includes 32 counties in Kansas, 21 counties
in Oklahoma, and 850 census tracts
• Total population is 3,032,068; of which
2,098,260 are adults
• Of the adult population, 455,119 (22%) live in
Sumner County and the seven contiguous
counties, 1,396,778 (67%) live in Oklahoma

4. December 1, 2010 Wells Gaming Research 3
SC Kansas Trade Area Map

5. December 1, 2010 Wells Gaming Research 4

6. December 1, 2010 Wells Gaming Research 5
Existing and Planned Casinos
• Existing competition includes 1 casino in Kansas and
62 casinos in Oklahoma
• Total existing capacity: 37,237 slots, 338 pit tables,
170 poker tables, 817 hotel rooms
• Expansions at Boot Hill Casino (291 slots, 3 pit
tables, 19,776 sq. ft. convention, 108 rooms, 1
restaurant and 2 entertainment venues)
• Expansions at First Council Casino (88 rooms and an
events center) and Lucky Star Casino in Concho (600
slots)
• Planned casino in Chilocco (300 slots, 1 food & bev)

7. Global Gaming’s
WinSpirit

8. December 1, 2010 Wells Gaming Research 7
Capacities and Amenities
WinSpirit Phase 1a Phase 1b Phase 1c
FBO
2016 - 2024
Years 2012 2014 2016 2016
Casino:
Square Footage 72,979 72,979 72,979 72,979
Slots Machines 1,300 1,550 1,800 2,000
Table Games 30 40 40 40
Poker Tables 20 20 20 20
Restaurants & Bar / Lounges:
# of Restaurants 2 2 2 4
# of Bar / Lounges 3 3 3 3
Event / Convention Center:
# of Seats 1,400 1,400 1,400 1,400
Hotel:
# of Rooms 80 80 80 200
Travel Plaza:
# of Fueling Positions 0 12 12 12
Parking:
# of Spaces 2,357 2,357 2,357 3,323
RV Park:
# of Spaces 0 0 0 90

9. December 1, 2010 Wells Gaming Research 8
Gaming Revenue Projections
WinSpirit
Phase 1a
2012
Phase 1b
2014
Phase 1c
2016
Full Build Out
2016
Global Gaming Projections: 1/2 year 2016 - 2024
Residential $53,043,900 $118,328,700 $130,569,600 N/A
Tourist $10,217,500 $22,110,000 $25,125,000 N/A
Total $63,261,400 $140,438,700 $155,694,600 N/A
WGR Projections :
Trade Area $45,102,500 $103,654,000 $115,162,000 $130,048,000
Incremental from Travel Plaza $0 $5,031,160 $5,337,558 $5,337,558
Total $45,102,500 $108,685,160 $120,499,558 $135,385,558
Difference - Global Gaming vs WGR $18,158,900 $31,753,540 $35,195,042 N/A
%Difference 29% 23% 23% N/A
Impact of the Wyandotte Phase 1: 1,000 slots 1,000 slots 1,000 slots 1,000 slots
With Wyandotte Tribe Casino $34,908,000 $86,705,160 $96,961,558 $112,832,558
Impact -$10,194,500 -$21,980,000 -$23,538,000 -$22,553,000
%Impact -23% -20% -20% -17%
Impact of the Wyandotte FBO: 1,000 slots 1,000 slots mirror WinSpirit mirror WinSpirit
With Wyandotte Tribe Casino $34,908,000 $86,705,160 $71,094,558 $77,063,558
Impact -$10,194,500 -$21,980,000 -$49,405,000 -$58,322,000
%Impact -23% -20% -41% -43%

10. December 1, 2010 Wells Gaming Research 9
Gaming Visit Projections
WinSpirit
Phase 1a
2012
Phase 1b
2014
Phase 1c
2016
Full Build Out
2016
Global Gaming Projections: 1/2 year 2016 - 2024
Residential 845,224 1,822,271 2,028,148 N/A
Tourist 161,572 360,567 401,304 N/A
Total 1,006,796 2,182,838 2,429,452 N/A
WGR Projections :
Trade Area 609,194 1,318,865 1,380,775 1,558,256
Incremental from Travel Plaza 0 100,623 100,623 100,623
Total 609,194 1,419,488 1,481,398 1,658,879
Difference - Global Gaming vs WGR 397,603 763,350 948,054 N/A
%Difference 39% 35% 39% N/A
Impact of the Wyandotte Phase 1: 1,000 slots 1,000 slots 1,000 slots 1,000 slots
With Wyandotte Tribe Casino 493,470 1,188,578 1,251,051 1,449,656
Impact -115,724 -230,910 -230,347 -209,223
%Impact -19% -16% -16% -13%
Impact of the Wyandotte FBO: 1,000 slots 1,000 slots mirror WinSpirit mirror WinSpirit
With Wyandotte Tribe Casino 493,470 1,188,578 922,769 996,133
Impact -115,724 -230,910 -558,629 -662,746
%Impact -19% -16% -38% -40%

11. Peninsula Gaming’s
Kansas Star

12. December 1, 2010 Wells Gaming Research 11
Capacities and Amenities
Kansas Star Phase 1a Phase 1b FBO
Years 2012 2014 2016
Casino:
Square Footage 44,100 47,200 63,700
Slots Machines 1,310 1,500 2,000
Table Games 32 42 50
Poker Tables 0 10 10
Restaurants & Bar / Lounges:
# of Restaurants 2 3 3
# of Bar / Lounges 1 2 2
Event / Convention Center:
# of Seats 0 3,000 3,000
Hotel:
# of Rooms 0 150 300
Parking:
# of Spaces 1,820 2,520 3,965
RV Park:
# of Spaces 0 20 90

13. December 1, 2010 Wells Gaming Research 12
Gaming Revenue Projections
Kansas Star
Phase 1a
2012
Phase 1b
2014
Full Build Out
2016
Peninsula Gaming Projections: Full Year
Residential $112,900,817 $146,229,083 $174,104,835
Tourist $6,007,106 $19,583,472 $28,237,904
Total $118,907,923 $165,812,555 $202,342,739
WGR Projections :
Trade Area $132,614,000 $176,228,000 $206,167,000
Incremental from Equine Events $0 $2,455,731 $3,016,759
Total $132,614,000 $178,683,731 $209,183,759
Difference - Peninsula Gaming vs WGR -$13,706,077 -$12,871,176 -$6,841,020
%Difference -12% -8% -3%
Impact of the Wyandotte Phase 1: 1,000 slots 1,000 slots 1,000 slots
With Wyandotte Tribe Casino $92,030,000 $138,977,731 $171,624,759
Impact -$40,584,000 -$39,706,000 -$37,559,000
%Impact -31% -22% -18%
Impact of the Wyandotte FBO: 1,000 slots 1,000 slots mirror Kansas Star
With Wyandotte Tribe Casino $92,030,000 $138,977,731 $123,326,759
Impact -$40,584,000 -$39,706,000 -$85,857,000
%Impact -31% -22% -41%
Gaming revenue for alternate site estimated at 2% to 4% less than primary site

14. December 1, 2010 Wells Gaming Research 13
Gaming Visit Projections
Kansas Star
Phase 1a
2012
Phase 1b
2014
Full Build Out
2016
Peninsula Gaming Projections: Ful Year
Residential 1,727,792 2,132,782 2,407,199
Tourist 99,911 169,012 240,461
Total 1,827,703 2,301,794 2,647,660
WGR Projections :
Trade Area 1,878,740 2,344,040 2,580,203
Incremental from Equine Events 0 33,640 39,179
Total 1,878,740 2,377,680 2,619,382
Difference - Peninsula Gaming vs WGR -51,037 -75,886 28,278
%Difference -3% -3% 1%
Impact of the Wyandotte Phase 1: 1,000 slots 1,000 slots 1,000 slots
With Wyandotte Tribe Casino 1,324,033 1,879,085 2,184,432
Impact -554,707 -498,595 -434,950
%Impact -30% -21% -17%
Impact of the Wyandotte FBO: 1,000 slots 1,000 slots mirror Kansas Star
With Wyandotte Tribe Casino 1,324,033 1,879,085 1,566,606
Impact -554,707 -498,595 -1,052,776
%Impact -30% -21% -40%
Casino visits for alternate site estimated at 2% to 4% less than primary site

15. Global’s WinSpirit
vs
Peninsula’s Kansas Star

16. December 1, 2010 Wells Gaming Research 15
Capacities and Amenities
WinSpirit Kansas Star
Phase 1a Phase 1c FBO Phase 1a FBO
Capacities & Amenities 2012 2016 2016 - 2024 2012 2016
Casino:
Square Footage 72,979 72,979 72,979 44,100 63,700
Slots Machines 1,300 1,800 2,000 1,310 2,000
Table Games 30 40 40 32 50
Poker Tables 20 20 20 0 10
Restaurants & Bar / Lounges:
# of Restaurants 2 2 4 2 3
# of Bar / Lounges 3 3 3 1 2
Event / Convention Center:
# of Seats 1,400 1,400 1,400 0 3,000
Hotel:
# of Rooms 80 80 200 0 300
Travel Plaza:
# of Fueling Positions 0 12 12 0 3965
Parking:
# of Spaces 2,357 2,357 3,323 1,820 90
RV Park:
# of Spaces 0 0 90 0 100

17. December 1, 2010 Wells Gaming Research 16
Gaming Revenue Projections
2012 2014 2016
Revenue Projections
(in thousands)
WinSprit
Phase 1a
(1/2 Year)
Kansas
Star
Phase 1a
(Full Year) Difference
WinSprit
Phase 1b
Kansas
Star
Phase 1b Difference
WinSprit
Phase 1c
Kansas
Star
FBO Difference
Applicants $63,261 $118,908 $55,647 $140,439 $165,813 $25,374 $155,695 $202,343 $46,648
Wells Gaming Research $45,103 $132,614 $87,512 $108,685 $178,684 $69,999 $120,500 $209,184 $88,684
Dif - Applicant vs WGR $18,159 -$13,706 -$31,865 $31,754 -$12,871 -$44,625 $35,195 -$6,841 -$42,036
% Difference 29% -12% -57% 23% -8% -176% 23% -3% -90%
Net Revenue with Wyandotte
(WGR's Projections) $34,908 $92,030 $57,122 $86,705 $138,978 $52,273 $71,095 $123,327 $52,232
Impact of the Wyandotte Casino -$10,195 -$40,584 -$30,390 -$21,980 -$39,706 -$17,726 -$49,405 -$85,857 -$36,452
% of Impact -23% -31% -35% -20% -22% -25% -41% -41% -41%
Wyandotte Casino Assumption 1,000 Slots 1,000 Slots 1,000 Slots 1,000 Slots mirror mirror

18. December 1, 2010 Wells Gaming Research 17
Gaming Revenue Projections
2016
Revenue Projections
(in thousands)
WinSprit
FBO
(2016 - 2024)
Kansas Star
FBO Difference
Applicants N/A $202,343 N/A
Wells Gaming Research $135,386 $209,184 $73,798
Dif - Applicant vs WGR N/A -$6,841 N/A
% Difference N/A -3% N/A
Net Revenue with Wyandotte
(WGR's Projections) $77,064 $123,327 $46,263
Impact of the Wyandotte Casino -$58,322 -$85,857 -$27,535
% of Impact -43% -41% -37%
Wyandotte Casino Assumption mirror mirror

19. December 1, 2010 Wells Gaming Research 18
Gaming Visit Projections
2012 2014 2016
Visit Projections
WinSprit
Phase 1a
(1/2 Year)
Kansas
Star
Phase 1a
(Full Year) Difference
WinSprit
Phase 1b
Kansas
Star
Phase 1b Difference
WinSprit
Phase 1c
Kansas
Star
FBO Difference
Applicants 1,006,796 1,827,703 820,907 2,182,838 2,301,794 118,956 2,429,452 2,647,660 218,208
Wells Gaming Research 609,194 1,878,740 1,269,547 1,419,488 2,377,680 958,192 1,481,398 2,619,382 1,137,984
Dif - Applicant vs WGR 397,603 -51,037 -448,640 763,350 -75,886 -839,236 948,054 28,278 -919,776
% Difference 39% -3% -55% 35% -3% -706% 39% 1% -422%
Net Visits with Wyandotte
(WGR's Projections) 493,470 1,324,033 830,564 1,188,578 1,879,085 690,507 922,769 1,566,606 643,837
Impact of the Wyandotte Casino -115,724 -554,707 -438,983 -230,910 -498,595 -267,685 -558,629 -1,052,776 -494,147
% of Impact -19% -30% -35% -16% -21% -28% -38% -40% -43%
Wyandotte Casino Assumption 1,000 Slots 1,000 Slots 1,000 Slots 1,000 Slots mirror mirror

20. December 1, 2010 Wells Gaming Research 19
Gaming Visit Projections
2016
Visit Projections
WinSprit
FBO
(2016 - 2024)
Kansas Star
FBO Difference
Applicants N/A 2,647,660 N/A
Wells Gaming Research 1,658,879 2,619,382 960,503
Dif - Applicant vs WGR N/A 28,278 N/A
% Difference N/A 1% N/A
Net Visits with Wyandotte
(WGR's Projections) 996,133 1,566,606 570,473
Impact of the Wyandotte Casino -662,746 -1,052,776 -390,030
% of Impact -40% -40% -41%
Wyandotte Casino Assumption mirror mirror

21. Richard H. Wells, Experience & Qualifications
Wells is founder and president of Wells
Gaming Research, a Nevada Corporation that
provides Casino Player Count ServiceŖ, a
market share tracking service to clients for 335
casinos in Nevada, Mississippi, Louisiana,
New Mexico, California, and Asia.
Wells Gaming Research also performs a wide
range of consulting and gaming research
assignments including casino market studies,
financial feasibility studies, financial
projections, due d iligence, litigation support,
legislative issue support, and gaming industry
expert witness services for the gaming
industry.
Wells has fifteen years experience as a senior executive in the casino-hotel industry
with Holiday Inns, HarrahÕs, and BallyÕs. Wells has also held positions in
management, planning, and financial analysis for a large regional bank and a major
international oil company.
Wells has a B.S. degree in business from Oklahoma State University and completed
a post-graduate program in Systems Dynamics at M.I.T. Wells has participated in a
wide range of community service activities and is listed in Marquis WhoÕsWho in
Finance and Industry and Marquis Who's Who in America.