Iowa Gaming Market Analysis Marquette Advisors

IOWA GAMING MARKET ANALYSIS
October 2017
Marquette Advisors File #17018
Prepared for:
c/o Mr. Brian J. Ohorilko, Administrator

1300 Des Moines Street, Suite 100
Des Moines, IA 50309
Prepared by:
Minneapolis Office: 80 South 8th Street, Suite 900, Minneapolis, MN 55402

Phone: 612-335-8888; Fax: 612-334-3022
Seattle Office: 2723 California Avenue SW, Seattle, WA 98116
Phone: 425-392-7482; Fax: 425-392-7330
New York Office: 1325 Avenue of the Americas, 28th Floor, New York, NY 10019
Phone: 212-786-6360; Fax: 612-334-3022
October 2, 2017
Mr. Brian J. Ohorilko

Administrator
Iowa Racing and Gaming Commission
1300 Des Moines Street, Suite 100
Des Moines, IA 50309
Dear Mr. Ohorilko:
Marquette Advisors is pleased to present the accompanying report entitled: "Iowa Gaming
Market Analysis." This report presents an analysis of the existing gaming market in Iowa
completed during the Summer and Fall months of 2017, together with an overview of the
current and projected economic climate of the region, an assessment of the potential
market support for added gaming facilities, and estimated Iowa casino utilization and
financial projections under varied development scenarios.
Our conclusions are based on information developed from research of the market, a review of
market and property statistics, our knowledge of the industry and meetings with market
participants during which we were provided with significant information. The sources of
information and the basis of the estimates and assumptions are stated in the body of this report.
This information and supporting documentation was assumed to be accurate and no attempt at
independent verification was made. We have no responsibility to update this report for events
and circumstances occurring after the conclusion of our fieldwork, which is concurrent with the
report date.
The market and individual casino utilization and revenue projections presented in this report are
based on estimates and assumptions developed in connection with our market study.
However, some assumptions inevitably will not materialize and unanticipated events and
circumstances may occur; therefore, actual results achieved during the period covered by our
analysis will vary from our projections and the variations may be material. Further, we are not
responsible for future marketing efforts and other management actions upon which actual
casino results will depend.
Marquette Advisors Offices:

Minneapolis Office: 80 South 8th Street, Suite 900, Minneapolis, MN 55402
Phone: 612-335-8888; Fax: 612-334-3022
Seattle Office: 2723 California Avenue SW, Seattle, WA 98116
Phone: 425-392-7482; Fax: 425-392-7330
New York Office: 1325 Avenue of the Americas, 28th Floor, New York, NY 10019
Phone: 212-786-6360; Fax: 612-334-3022
Mr. Brian J. Ohorilko, Administrator
Iowa Racing and Gaming Commission
Page ii
We appreciate the opportunity to be of service and remain available to answer any questions
which may arise regarding our work, or if additional analysis and/or advisory services are
required.
Best Regards,
MARQUETTE ADVISORS
IOWA GAMING MARKET ANALYSIS
Letter of Transmittal i-ii
TABLE OF CONTENTS
PAGE
INTRODUCTION
BACKGROUND ................................................................................................ 1
SCOPE OF SERVICES ...................................................................................... 1
IOWA GAMING MARKET CONDITIONS
IOWA GAMING DEVELOPMENT & SUPPLY TRENDS ............................... 3

IOWA COMPARISON WITH OTHER U.S. GAMING MARKETS .................. 9
INDIVIDUAL CASINO & SUBMARKET PERFORMANCE ......................... 12
SUMMARY: IOWA GAMING MARKET CONDITIONS............................... 22
REGIONAL DEMOGRAPHY & ECONOMICS
GAMING DEMAND INDICATORS ............................................................... 24

POPULATION & INCOME GROWTH TRENDS ........................................... 26
THE IOWA ECONOMY.................................................................................. 35
KEY POINTS: DEMOGRAPHY & ECONOMICS ......................................... 37
IOWA GAMING MARKET FORECAST
REVIEW OF MARQUETTE ADVISORS JANUARY 2014 FORECAST ....... 38

BASELINE MODEL -- FY 2017...................................................................... 39
BASELINE FORECAST -- FY 2022 ................................................................ 41
2012 FORECAST WITH NEW CEDAR RAPIDS CASINO ............................ 45
ECONOMIC IMPACT ..................................................................................... 51
SUMMARY OF CONCLUSIONS.................................................................... 53
ADDENDA
Iowa Casino Profiles ..................................................................................................... 1

Profile of Marquette Advisors ........................................................................................ 2
Iowa Gaming Market Analysis
October 2017 Page 1
BACKGROUND
On two prior occasions, Marquette Advisors has provided an assessment of gaming market
conditions on behalf of IRGC, both in 2009 and 2014. The 2009 analysis included a review of
the potential for new facilities at varied locations throughout the State, as well as Statewide and
facility-specific revenue forecasting and an analysis of cannibalization related to the possible
development of new facilities. Subsequent to that analysis, IRGC authorized a new casino in
Larchwood (Lyon County), known as Grand Falls Casino Resort. In 2014, Marquette Advisors
authored a report which provided a comprehensive forecast of gaming revenues for all
commercial casinos in Iowa, and analyzed potential gaming facilities in Cedar Rapids (Linn
County) and Jefferson (Greene County), and the related market impacts of these developments.
Thereafter, IRGC authorized a new casino in Greene County, which now operates as Wild Rose
Casino & Resort-Jefferson.
Recently, IRGC again retained Marquette Advisors to provide an updated market assessment to:
1) Estimate the likely future performance of existing commercial casinos,
2) Identify any underserved markets and/or underperforming facilities in the State,
3) Consider the revenue potential for three separate proposals for gaming operations in
Cedar Rapids (Linn County), and
4) Estimate the impact of these developments upon existing casinos in Iowa.
The scope of services provided under this engagement is summarized below.
SCOPE OF SERVICES1
This research and report components provided under this engagement are summarized as follows:
This analysis constitutes a complete review of all casinos and submarkets within Iowa, along
with relevant competitive facilities in neighboring states. This includes a detailed review of
historical market and facility performance, current facilities and customer patterns, and all
underlying local and regional market demography and economic conditions.
We have interviewed Iowa casino operators and analyzed all available customer visitation and
expenditure information, as provided by the casinos, voluntarily, under agreement with the
licensees that such information will to remain confidential.
1
Scope of services as per contractual agreement between Marquette Advisors and Iowa Racing and Gaming
Commission.
Marquette Advisors - International Hospitality & Gaming Consultants

October 2017 Page 2
All Iowa casinos and submarkets were closely evaluated so as to determine whether there are
any underserved or underperforming markets, presently, in Iowa.
We have developed full projections of future gaming market potential and individual facility
performance (admissions and gaming revenue) forecasts for each of Iowas commercial
casinos. Also provided is a forecast of in-state and out-of-state patronage and revenues at each
casino, and for the State as a whole.
We have evaluated three separate gaming license applications for facilities of varying size and
scope in Cedar Rapid. Herein we provide projections of admissions and revenue performance
for each of these proposals, along with sensitivity analyses with corresponding forecasts of
revenue under assumed 10%, 25%, and 50% increases in the number of gaming positions from
each application. This analysis also provides an estimate of the impact of each proposal upon
tourism and economic development, notably job creation.
As well, in evaluating each of the Cedar Rapids proposals, we have measured the potential
cannibalization impact upon existing casino operations in Iowa, in terms of customer
admissions and gaming revenues.

October 2017 Page 3
IOWA GAMING MARKET CONDITIONS

Iowa Gaming Development & Supply Trends
Casino gaming in Iowa today is an approximately $1.59 billion industry, and includes a variety of
riverboat and land-based casinos, with 19 commercial casinos and 3 tribal casinos.2 The following
table illustrates the opening date of commercial casinos throughout the State.
Iowa's Commercial Casinos -- Development Timeline
Name Casino Opening City Notes

Mississippi Belle June 10, 1991 Clinton
Diamond Jo Casino-Dubuque May 1, 1994 Dubuque
Catfish Bend Casino-Ft. Madison November 16, 1994 Ft. Madison
Argosy Casino December 1, 1994 Sioux City
Horseshoe Council Bluffs March 17, 1995 Council Bluffs
Prairie Meadows Racetrack and Casino April 1, 1995 Altoona
Isle of Capri Casino April 21, 1995 Bettendorf
Dubuque Greyhound Park & Casino November 1, 1995 Dubuque
Harrah's Council Bluffs January 1, 1996 Council Bluffs
Ameristar Casino Hotel January 19, 1996 Council Bluffs
Terrible's Lakeside Casino January 1, 2000 Osceola
Lady Luck Casino & Hotel March 2, 2000 Marquette
Rhythm City Casino October 10, 2000 Davenport
Diamond Jo Casino Northwood April 1, 2006 Northwood
Wild Rose Casino-Emmetsburg July, 2006 Emmetsburg
Riverside Casino and Golf Resort August 31, 2006 Riverside
The Isle Casino and Hotel at Waterloo June 30, 2007 Waterloo
Catfish Bend Casino July, 2007 Burlington * replaces boat at Ft. Madison
Wild Rose Casino-Clinton July, 2008 Clinton * replaces Miss. Belle boat
Diamond Jo Casino-Dubuque December, 2008 Dubuque * replaces boat
Grand Falls Casino Resort June, 2011 Larchwood
Hard Rock July 31, 2014 Sioux City
Wild Rose Casino-Jefferson July 13, 2015 Jefferson
Rhythm City Casino June 13, 2016 Davenport
Isle of Capri Casino June 24, 2016 Bettendorf
*Replacement casino developments shown in italics
Source: IRGC
The commercial and Tribal casino facilities dispersed throughout the state offer a combined
23,490 total gaming positions and 3,114 hotel rooms. Iowas 19 commercial casinos employ an
estimated 9,230 workers with a total payroll estimated at $331.02 million, according to a 2016
study by the American Gaming Association (AGA).3 The table and map on the following pages
illustrates the size and location of Iowas casinos. Note that the map also highlights the location
of Cedar Rapids and Linn County, where new commercial gaming facilities are proposed.
2
This $1.59 billion includes approximately $1.45 billion at the States 19 commercial casinos (per IRGC statistics)
and another $142 million (2015) at three Tribal casinos (per Casino Citys most recent Indian Gaming Industry
Report, 2017 edition).
3
State of the States, 2016. American Gaming Association.

State of Iowa
Competitive Commercial & Tribal Gaming Facilities
B
i
Table n
Total Games g
Gaming Gaming (non- Poker Total Food/Bar o Hotel
Casinos Location Type Machines Tables poker) Tables Positions Outlets S Rooms*
Prairie Meadows Racetrack and Casino Altoona Racino 1,589 49 34 15 1,962 5 168
Isle of Capri Casino Bettendorf Casino 971 20 16 4 1,119 4 509
Catfish Bend Casino Burlington Casino 607 25 16 9 800 7 185
Wild Rose Casino and Resort Clinton Casino 549 13 11 2 644 3 60
Ameristar Casino Hotel Council Bluffs Casino 1,589 26 22 4 1,779 6 344
Harrah's Council Bluffs Council Bluffs Casino 543 22 20 2 701 4 251
Horseshoe Council Bluffs Council Bluffs Racino 1,409 64 40 24 1,905 4 0
Rhythm City Casino Davenport Casino 790 31 20 11 1,029 4 106
Diamond Jo Casino Dubuque Casino 939 20 19 1 1,081 8 0
Q Casino Dubuque Racino 827 22 15 7 995 6 116
Wild Rose Casino Emmetsburg Casino 489 11 8 3 572 3 70
Wild Rose Casino and Resort Jefferson Casino 512 13 10 3 609 2 72
Grand Falls Casino Resort Larchwood Casino 786 35 23 12 1,055 5 97
Casino Queen Marquette Marquette Casino 533 8 6 2 593 3 0
Diamond Jo Casino Northwood Northwood Casino 968 32 22 10 1,212 3 162
Blackbird Bend Casino Onawa Casino (Tribal) 355 9 8 1 420 1 0
Lakeside Casino Osceola Casino 752 13 11 2 847 4 150
Riverside Casino and Golf Resort Riverside Casino 974 48 28 20 1,350 4 201
Hard Rock Hotel & Casino Sioux City Casino 852 31 27 4 1,077 6 54
Winna Vegas Casino Sloan Casino (Tribal) 850 13 9 4 949 3 78
Meskwaki Bingo Casino Hotel Tama Casino (Tribal) 1,396 30 20 10 1,626 5 402
The Isle Casino and Hotel at Waterloo Waterloo Casino 947 30 26 4 1,165 4 195
Total Iowa Casinos (including Tribal facilities) 19,227 411 154 23,490 94 3,220
Total Commercial Casinos (excluding Tribal) 16,626 374 139 20,495 85 2,740
Note: one table equals 7 gaming positions, poker tables equal 9 gaming positions.
* Hotel room counts as shown above include connected and immediately adjacent hotels at Horseshoe, Diamond Jo-Northwood, and Ameristar.
Sources: IRGC; Individual Casino Websites; Marquette Advisors

Iowa Casino Locations
(Nearby casinos in neighboring states also shown on the map)
Iowa Gaming Historical Performance
Total Gaming Positions & Total Gaming Revenue
25,000 ~---------------------T $2,500,000,000
20,000
- - $2, 000,000,000
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= Tota l Gamin g Positions - Gaming Revenue

October 2017 Page 7
Iowa Gaming Market -- Commercial Casinos

Annual Gaming Supply and Revenue Growth, FY1995-2017
Total Gaming Annual Gaming Annual Win per Annual

Fiscal Year* Positions Growth Revenue Growth Position/Day Growth
95 7,813 $251,055,049 $88
96 10,685 36.8% $590,222,695 135.1% $151 71.9%
97 11,285 5.6% $673,196,215 14.1% $163 8.0%
98 11,750 4.1% $728,406,272 8.2% $170 3.9%
99 12,393 5.5% $794,885,038 9.1% $176 3.5%
00 13,942 12.5% $878,967,316 10.6% $173 -1.7%
01 14,241 2.1% $886,995,718 0.9% $171 -1.2%
02 14,094 -1.0% $959,958,783 8.2% $187 9.4%
03 13,914 -1.3% $979,990,103 2.1% $193 3.4%
04 13,954 0.3% $1,051,515,709 7.3% $206 7.0%
05 14,705 5.4% $1,096,436,947 4.3% $204 -1.1%
06 17,068 16.1% $1,149,059,504 4.8% $184 -9.7%
07 20,367 19.3% $1,319,964,125 14.9% $178 -3.7%
08 21,122 3.7% $1,415,377,851 7.2% $184 3.4%
09 20,917 -1.0% $1,414,907,244 0.0% $185 0.9%
10 20,998 0.4% $1,364,230,475 -3.6% $178 -4.0%
11 21,847 4.0% $1,379,171,223 1.1% $173 -2.8%
12 20,453 -6.4% $1,465,963,976 6.3% $196 13.5%
13 21,556 5.4% $1,443,858,746 -1.5% $184 -6.5%
14 21,630 0.3% $1,388,198,982 -3.9% $176 -4.2%
15 21,029 -2.8% $1,415,528,156 2.0% $182 3.3%
16 21,345 1.5% $1,437,145,230 1.5% $184 1.5%
17 20,495 -4.0% $1,452,899,016 1.1% $194 5.3%
* The IRGC fiscal year is Jul.-Jun.
Source: Iowa Racing and Gaming Commission
1990s
A significant development wave in Iowa gaming occurred during the mid-1990s, with the opening
of casinos at three racetracks in Altoona (Prairie Meadows), Dubuque (Dubuque Greyhound-
Mystique), and Council Bluffs (Bluffs Run-Horseshoe), along with the addition of riverboat
gaming facilities in Dubuque (Diamond Jo), Burlington (Catfish Bend), Sioux City (Argosy),
Bettendorf (Isle of Capri), and Council Bluffs (Ameristar and Harrahs). Between 1995 and
2000, Iowa gaming revenues grew from $250,000,000 ($88 per gaming position/day) to nearly
$880,000,000 ($173 per position/day).
Early 2000s
The year 2000 brought the addition of boats at Osceola (Terribles-Lakeside Casino), Marquette
(Lady Luck), and Davenport (Rhythm City). In spite of the expansion, the win per unit continued
to increase, reflecting the increasing popularity of gaming and increasing draw of Iowa casinos
due to their proximity to key population centers both within Iowa and neighboring states. By

October 2017 Page 8
2005, the win per position/day had increased to $204 and the States commercial casinos
generated combined revenues of nearly $1.1 billion.
Mid-2000s
In 2006 and 2007, Iowa saw the addition of new licenses and land-based casino resorts at
Northwood (Diamond Jo), Emmetsburg (Wild Rose), Waterloo (Isle) and Riverside (Riverside).
Also in 2007, a new land-based casino was constructed in Burlington (Catfish Bend), thereafter
replacing the former riverboat at Ft. Madison. In 2008, two major land-based casinos were
completed, also replacing former riverboats, including the new casino and hotel at Clinton (Wild
Rose), replacing the Mississippi Belle, and an urban casino in Dubuque (Diamond Jo), replacing
the former riverboat there also. Between 2006 & 2008, Iowa gaming revenues increased from
$1.15 billion to $1.41 billion (+23%), approximately matching the increase in the number of
gaming positions, at 24%. The average daily win per position dipped slightly from $184 in 2006
to $178 in 2007, before rebounding to $184 in 2008.
FY2010-2012
In 2009, IRGC commissioned market studies by Marquette Advisors and The Innovation Group
which assessed the revenue potential and market impact of new casinos at varied locations
throughout Iowa. Thereafter, IRGC awarded a license for a new facility in Lyon County in far
northwestern Iowa, and denied applications for licenses in Webster and Tama Counties in central
Iowa, as well as Wapello County in southeast Iowa. The new Grand Falls Casino Resort opened
in Lyon County in the town of Larchwood in June 2011.
On the heels of a serious economic recession, Iowa casino revenues declined from $1.415 billion
in FY2008 to $1.306 billion in FY2010 (-7.7%), before rebounding to $1.379 billion in FY2011,
and then $1.465 billion in FY2012 with the opening of Grand Falls Casino Resort, which posted
revenues of $57.4 million during FY2012.
FY2013 to Date
Again during the 2014 fiscal year, IGRC retained Marquette Advisors and Union Gaming to
provide market studies to determine the potential revenue from new facilities proposed for Linn
County (Cedar Rapids) and Green County (Jefferson). Following these studies, IRGC voted to
reject the Linn County application, and approved the new Wild Rose Casino-Jefferson in Greene
County, which opened in July 2015.
Iowa commercial casino revenues declined by approximately 5.4% (-$77.8 million) between
FY2012-2014, before increasing to $1.415 billion in 2015, following the opening of the new Hard
Rock Casino Hotel in Sioux City in July of 2014. Hard Rock posted revenues of $70.1 million in
FY2015.

October 2017 Page 9
In FY2016, total statewide gaming revenue increased to $1.437 billion, up $21.6 million for the
year, or +1.5%. This included the opening of Wild Rose Casino-Jefferson, which generated $26.9
million in gaming revenue during the year, while the other Iowa casinos experienced mixed
results, some up, some down slightly in FY2016.
Both Isle of Capri-Bettendorf and Rhythm City opened new land-based casinos in the Quad Cities
market, both opening in June of 2016 and replacing former boats. For FY2017, statewide gaming
revenues totaled $1.452 billion, reflecting a modest increase of approximately $15.8 million
(+1.1%). Our analysis indicates this increase reflects a redistribution of market share in the Quad
Cities, with both Isle and Rhythm City recapturing market share that had been lost to the Jumers
Casino Hotel across the Mississippi River in Rock Island, IL.
The introduction of varied new facilities throughout the State as noted above has prompted
modest growth in Iowa gaming revenues between FY2014 and FY2017. Even with the significant
investment in new facilities during this timeframe, annual gaming growth averaged just 1.5% from
FY2014-2017. Total admissions have remained relatively flat during this period, indicating a
slight decline in casino gaming participation rates when factoring in adult population growth. The
average spend per admission has increased slightly from $65 in FY2015 to $67 in FY2017. Most
recently, in FY2017, casino performance in Iowa was mixed, with 12 out of 19 casinos posting a
decline in revenue compared to the prior year. We note that the net increase in statewide casino
revenues of approximately $15.8 million during FY2017, includes a $25.0 million combined
increase in revenue at Isle-Bettendorf and Rhythm City who opened new casinos and were able to
recapture market share from Jumers in Rock Island. This net gain was offset in part by moderate
declines at 12 other casinos in Iowa.
Iowa Comparison with other U.S. Gaming Markets
Marquette Advisors also analyzed Iowa casino revenue trends in comparison with several other
U.S. gaming markets, as depicted on the table on the following page. Growth in gaming was
compared with key variables including adult population and increases in the gaming supply
(number of gaming positions). Key points from our analysis are summarized as follows.
The Iowa gaming market experienced significant growth in gaming revenues corresponding with
casino development phases in the mid-1990s and 2000, and again in 2006/2007. Between 2005
and 2008 Iowa gaming revenues increased from approximately $1.096 billion to $1.415 billion, a
29.1% increase, while the number of gaming positions in the State increased by 43.6%.
Meanwhile, the Iowa adult population increased by only 1.8% during this three-year period. This
trend reflects a marked increase in gaming participation and expenditure rates during this time, as
casino gaming facilities were constructed and expanded across the State.

October 2017 Page 10
Commercial Gaming Market Performance, 2013-20017

Iowa and Selected U.S. Gaming Markets
IRGC Fiscal Year (July-June)

Iowa 2013 2014 2015 2016 2017
Adult Population 2,259,944 2,279,476 2,299,008 2,318,540 2,338,072

Total Gaming Positions 21,556 21,148 21,626 21,051 20,495
Adult Population per Gaming Position 105 108 106 110 114
Casino Net Win $1,443,858,746 $1,388,198,982 $1,415,528,156 $1,437,145,230 $1,452,899,016
Casino Net Win Per Position Per Day $184 $180 $179 $187 $194
Casino Net Win Per Adult Resident per Year $639 $609 $616 $620 $621
% Change - Gaming Revenues -3.9% 2.0% 1.5% 1.1%
% Change - Adult Population 0.9% 0.9% 0.8% 0.8%
% Change - Gaming Supply -1.9% 2.3% -2.7% -2.6%
Missouri 2013 2014 2015 2016 2017

Casino Net Win $1,744,763,437 $1,662,192,791 $1,682,084,673 $1,713,124,386 $1,718,944,567
% Change - Gaming Revenues -4.7% 1.2% 1.8% 0.3%
% Change - Adult Population -0.1% -0.1% -0.1% -0.1%
% Change - Gaming Supply -1.2% -3.0% -1.6% -3.5%
Illinois 2013 2014 2015 2016 2017

Casino Net Win $1,552,039,190 $1,463,418,253 $1,438,029,348 1,413,478,308 1,405,588,030
% Change - Gaming Revenues -5.7% -1.7% -1.7% -0.6%
% Change - Adult Population -0.8% -0.8% -0.8% -0.8%
Indiana 2013 2014 2015 2016 2017

Casino Net Win $2,563,217,764 $2,297,775,488 $2,221,134,903 $2,228,651,671 $2,220,174,297
% Change - Gaming Revenues -10.4% -3.3% 0.3% -0.4%
% Change - Adult Population 0.7% 0.7% 0.7% 0.7%
United States 2012 2014 2015 2016 2017
Adult Population 229,700,000 235,275,000 240,850,000 246,425,000 N/A

Casino Net Win $65,240,000,000 $66,444,000,000 $68,250,000,000 $69,400,000,000 N/A
Casino Net Win Per Adult Resident per Year $284 $282 $283 $282 N/A
% Change - Gaming Revenues 0.6% 0.9% 0.6% N/A
* US gaming revenue statistics are combined commercial & tribal statistis. Individual market statistics shown above are
for commercial casinos only.
Sources: Various State Gaming Commissions, American Gaming Association, US Census & ESRI Business Information Solutions (population data)

Iowa casinos saw revenue declines related to the recent recession (an impact that hit Iowa later as
compare to many US markets). Iowa gaming revenues bounced back in 2011 and 2012, but then
declined by 5.3% between FY2012 and FY2014. Since that time, in spite of the addition of a new
licensed facility at Jefferson (Wild Rose-Jefferson) and three new land-based casinos which
replaced boats in Sioux City, Davenport and Bettendorf, Iowa gaming revenues have increased by
just 5.3%, averaging 1.5% annual growth.
The decline in gaming revenues in Iowa in 2014 is related to a particularly harsh winter, which
ranked as the 6th coldest on record and impacted travel throughout the state. Averaging +1.5%
over the past three years, the Iowa gaming growth rate has outpaced that experienced in the
nearby states of Illinois, Missouri and Indiana. Total gaming revenue in Iowa, at $1.452 billion in
FY2017, equals approximately $657 per adult resident in Iowa. This is far greater compared to
the ratio in neighboring states, which ranges from $153 in Illinois to $454 in Indiana. This relates
largely to the impact of non-Iowa resident gamers who frequent Iowa casinos regularly,
particularly those located near one or more of the States borders. In fact, from our analysis of
casino visitation and expenditure data furnished by Iowa licensees, we estimate that out-of-state
gamers accounted for about 45% of Iowa combined commercial casino revenues in FY2017.
As of the end of FY2017, the Iowa commercial gaming supply consisted of 20,495 total gaming
positions. There were about 114 Iowa adults (age 21+) for each gaming position. We note that
the ratio of adults per gaming position is considerably lower in Iowa as compared to nearby
markets such as Missouri, Indiana and Illinois, which feature 200 to more than 700 adults per
gaming position. Illinois casinos benefit from a dense population base and a comparatively limited
casino gaming supply, thereby showing a ratio of 756 adult residents per casino gaming position
and a much higher win-per-gaming position by comparison to Iowa, Indiana and Missouri.
It is important, however, to note the effect of limited stakes gaming in Illinois, as slot machines
were authorized in bars and restaurants in 2012. A total of 23,600 of these machines have since
been added at 5,700 locations. Limited stakes gaming has grown to a $1.1 billion industry in
Illinois, while its commercial casino revenues have declined by 13.9%. Illinois 10 commercial
casinos have seen a combined reduction of -$98.3 million in revenues since 2012. According to
Rubin Browns 2017 report on the US gaming industry, Illinois 10 commercials have seen a
reduction in total employment related to this downturn of approximately 1,000 combined jobs (-
12.8%).4
4 Rubin Brown, Gaming Statistics, 2017, p. 19.

Individual Casino and Submarket Performance
Marquette Advisors has toured and analyzed each of Iowas casinos, in addition to reviewing
historical and recent performance data for all facilities. This included published statistics through
IRGC and casino visitation and net win reporting by zip code as provided by the casinos
themselves through their player tracking programs. Property profiles and photographs are
provided in the Addenda. The tables on the following pages summarize individual casino
performance statistics. The following are key points from our analysis of Iowa gaming and the
historical revenue performance of individual casinos and submarkets in Iowa.
There is significant variance in per-unit/day gaming revenues among Iowas casinos. Casinos near
to or within significant urban centers such as those at Council Bluffs, Des Moines and Waterloo
sustain a steadier pattern of local business throughout the week, which results in a higher win per
unit, ranging from $248-$279 per unit in Council Bluffs to $205-$266/unit at Isle-Waterloo and
Prairie Meadows-Altoona, respectively, over the past year. This compares to casinos in smaller
cities and more remote casinos which rely more heavily upon weekend business, such as Wild
Rose-Emmetsburg, Casino Queen-Marquette, and Lakeside in Osceola, where the win per unit
has been around $120 to $155 over the past year.
Another notable trend related to the proliferation of gaming across Iowa is the tightening of
individual gaming markets. Today, most of Iowas resident base has one or more casino venues
lying within a one-hour drive from their residence. Iowans in markets such as Council Bluffs and
the Quad Cities have three large casinos within a short drive. Dubuque residents have access to
two mid-sized casinos within the city and four more within 90 minutes. Cedar Rapids, which is of
particular focus as part of this engagements, has no casino presently. Cedar Rapids residents have
three casinos within a 45 to 60-minute drive, including Meskwaki, Isle-Waterloo and Riverside.
With 19 commercial casinos and 3 tribal casinos in Iowa, the market area for most Iowa casinos is
relatively tight, with most casinos now attracting the majority of their customers within a primarily
local market spanning in most cases not more than 45 to 60 minutes.

State of Iowa
Commercial Gaming Facilities
B
i
Table n
Total Games g FY 2017
Gaming Gaming (non- Poker Total Food/Bar o Hotel Casino Gaming Revenue Revenue per Revenue per
Casinos Location Machines Tables poker) Tables Positions Outlets S Rooms* Admissions (FY 2017) Position/Day Admission
Prairie Meadows Racetrack and Casino Altoona 1,589 49 34 15 1,962 5 168 3,155,137 $190,172,316 $266 $60
Isle of Capri Casino Bettendorf 971 20 16 4 1,119 4 509 1,075,519 $77,459,196 $190 $72
Catfish Bend Casino Burlington 607 25 16 9 800 7 185 668,883 $41,715,632 $143 $62
Wild Rose Casino and Resort Clinton 549 13 11 2 644 3 60 567,370 $31,362,880 $133 $55
Ameristar Casino Hotel Council Bluffs 1,589 26 22 4 1,779 6 344 1,856,303 $171,435,126 $264 $92
Harrah's Council Bluffs Council Bluffs 543 22 20 2 701 4 251 1,139,940 $71,271,483 $279 $63
Horseshoe Council Bluffs Council Bluffs 1,409 64 40 24 1,905 4 0 2,016,310 $172,142,344 $248 $85
Rhythm City Casino Davenport 790 31 20 11 1,029 4 106 1,274,293 $61,945,577 $165 $49
Diamond Jo Casino Dubuque 939 20 19 1 1,081 8 0 917,395 $66,856,145 $169 $73
Q Casino Dubuque 827 22 15 7 995 6 116 847,435 $47,639,628 $131 $56
Wild Rose Casino Emmetsburg 489 11 8 3 572 3 70 424,122 $28,420,748 $136 $67
Wild Rose Casino and Resort Jefferson 512 13 10 3 609 2 72 442,626 $28,214,880 $127 $64
Grand Falls Casino Resort Larchwood 786 35 23 12 1,055 5 97 1,022,242 $54,802,316 $142 $54
Casino Queen Marquette Marquette 533 8 6 2 593 3 0 253,122 $26,384,268 $122 $104
Diamond Jo Casino Northwood Northwood 968 32 22 10 1,212 3 162 1,237,613 $85,196,088 $193 $69
Lakeside Casino Osceola 752 13 11 2 847 4 150 539,892 $48,135,113 $156 $89
Riverside Casino and Golf Resort Riverside 974 48 28 20 1,350 4 201 1,524,135 $85,682,854 $174 $56
Hard Rock Hotel & Casino Sioux City 852 31 27 4 1,077 6 54 1,721,017 $77,027,496 $196 $45
The Isle Casino and Hotel at Waterloo Waterloo 947 30 26 4 1,165 4 195 1,119,847 $87,034,926 $205 $78
Total Commercial Casinos 16,626 374 139 20,495 85 2,740 21,803,201 $1,452,899,016 $194 $67
Note: one table equals 7 gaming positions, poker tables equal 9 gaming positions.
* Hotel room counts as shown above include connected and immediately adjacent hotels at Horseshoe, Diamond Jo-Northwood, and Ameristar.
Sources: IRGC; Individual Casino Websites; Marquette Advisors

Iowa Casino Performance, FY2010-2017
Casino Location FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017
Wild Rose Emmetsburg $28,656,825 $30,784,794 $31,930,925 $32,226,026 $31,011,415 $30,508,336 $29,017,941 $28,420,748
% change 3.5% 7.4% 3.7% 0.9% -3.8% -1.6% -4.9% -2.1%
Admissions 549,646 549,189 535,294 532,977 492,595 492,704 450,589 424,122
% change N/A -0.1% -2.5% -0.4% -7.6% 0.0% -8.5% -5.9%
Win per Admission $52 $56 $60 $60 $63 $62 $64 $67
% change N/A 7.5% 6.4% 1.4% 4.1% -1.6% 4.0% 4.1%
8
Wild Rose Jefferson $0 $0 $0 $0 $0 $0 $26,865,904 $28,214,880
% change N/A N/A N/A N/A N/A N/A N/A 5.0%
Admissions 0 0 0 0 0 0 471,306 442,626
% change N/A N/A N/A N/A N/A N/A N/A -6.1%
Win per Admission N/A N/A N/A N/A N/A N/A $57 $64
% change N/A N/A N/A N/A N/A N/A N/A 11.8%
6
Argosy Sioux City $57,839,568 $59,819,153 $60,998,698 $56,050,206 $48,008,342 $3,155,190 $0 $0
% change 2.1% 3.4% 2.0% -8.1% -14.3% N/A N/A N/A
Admissions 1,021,562 983,972 913,334 815,787 701,873 49,395 0 0
% change N/A -3.7% -7.2% -10.7% -14.0% -93.0% -100.0% #DIV/0!
Win per Admission $57 $61 $67 $69 $68 $64 N/A #DIV/0!
% change N/A 7.4% 9.9% 2.9% -0.4% -6.6% N/A #DIV/0!
7
Hard Rock Sioux City $0 $0 $0 $0 $0 $70,072,214 $83,178,970 $77,027,496
% change N/A N/A N/A N/A N/A N/A 18.7% -7.4%
Admissions 0 0 0 0 0 1,988,605 1,958,105 1,721,017
% change N/A N/A N/A N/A N/A N/A -1.5% -12.1%
Win per Admission N/A N/A N/A N/A N/A $35 $42 $45
% change N/A N/A N/A N/A N/A N/A 20.6% 5.4%
Ameristar Council Bluffs $156,076,576 $164,927,136 $170,263,257 $167,786,099 $163,693,452 $168,630,383 $168,960,868 $171,435,126
% change -6.6% 5.7% 3.2% -1.5% -2.4% 3.0% 0.2% 1.5%
Admissions 2,108,235 2,172,111 2,154,699 2,061,160 1,939,845 1,897,234 1,896,714 1,856,303
% change N/A 3.0% -0.8% -4.3% -5.9% -2.2% 0.0% -2.1%
% change N/A 2.6% 4.1% 3.0% 3.7% 5.3% 0.2% 3.7%
5
Harrah's Council Bluffs $84,074,010 $74,441,561 $68,206,443 $67,374,779 $73,860,093 $74,098,998 $70,588,823 $71,271,483
% change -10.4% -11.5% -8.4% -1.2% 9.6% 0.3% -4.7% 1.0%
Admissions 1,341,904 1,189,504 1,056,948 1,021,498 1,225,841 1,109,155 1,074,207 1,139,940
% change N/A -11.4% -11.1% -3.4% 20.0% -9.5% -3.2% 6.1%
% change N/A -0.1% 3.1% 2.2% -8.6% 10.9% -1.6% -4.9%
Horseshoe Council Bluffs $185,964,079 $189,189,941 $204,230,467 $200,304,722 $194,719,963 $183,462,704 $175,632,055 $172,142,344
% change -3.7% 1.7% 7.9% -1.9% -2.8% -5.8% -4.3% -2.0%
Admissions 2,463,503 2,334,630 2,336,368 2,145,985 2,026,006 1,960,032 1,996,594 2,016,310
% change N/A -5.2% 0.1% -8.1% -5.6% -3.3% 1.9% 1.0%
% change N/A 7.4% 7.9% 6.8% 3.0% -2.6% -6.0% -2.9%
Diamond Jo Northwood $80,250,957 $83,729,890 $90,571,200 $89,017,378 $84,246,476 $84,257,414 $86,539,765 $85,196,088
% change 1.7% 4.3% 8.2% -1.7% -5.4% 0.0% 2.7% -1.6%
Admissions 1,206,544 1,409,455 1,457,100 1,320,330 1,245,643 1,233,765 1,266,893 1,237,613
% change N/A 16.8% 3.4% -9.4% -5.7% -1.0% 2.7% -2.3%
% change N/A -10.7% 4.6% 8.5% 0.3% 1.0% 0.0% 0.8%
Prairie Meadows Altoona $186,625,384 $189,883,209 $194,732,348 $195,011,313 $183,171,485 $186,060,525 $182,515,752 $190,172,316
% change -3.3% 1.7% 2.6% 0.1% -6.1% 1.6% -1.9% 4.2%
Admissions 2,519,689 2,430,961 2,702,383 2,964,416 2,941,312 3,003,964 2,926,388 3,155,137
% change N/A -3.5% 11.2% 9.7% -0.8% 2.1% -2.6% 7.8%
% change N/A 5.5% -7.7% -8.7% -5.3% -0.5% 0.7% -3.4%
Lakeside Osceola $48,634,488 $49,974,281 $50,057,776 $50,450,411 $49,348,482 $51,701,963 $49,414,050 $48,135,113
% change -5.1% 2.8% 0.2% 0.8% -2.2% 4.8% -4.4% -2.6%
Admissions 792,951 763,150 712,298 662,612 650,348 657,986 630,199 539,892
% change N/A -3.8% -6.7% -7.0% -1.9% 1.2% -4.2% -14.3%
% change N/A 6.8% 7.3% 8.3% -0.3% 3.6% -0.2% 13.7%
Isle-Waterloo Waterloo $80,285,731 $80,707,597 $83,562,209 $86,049,026 $85,050,686 $88,853,364 $89,583,537 $87,034,926
% change 0.6% 0.5% 3.5% 3.0% -1.2% 4.5% 0.8% -2.8%
Admissions 1,518,495 1,513,679 1,476,275 1,412,015 1,315,343 1,294,916 1,232,766 1,119,847
% change N/A -0.3% -2.5% -4.4% -6.8% -1.6% -4.8% -9.2%
% change N/A 0.8% 6.2% 7.7% 6.1% 6.1% 5.9% 7.0%
Riverside Riverside $85,164,662 $87,330,238 $90,348,184 $88,668,376 $87,669,494 $86,746,892 $85,207,663 $85,682,854
% change -1.5% 2.5% 3.5% -1.9% -1.1% -1.1% -1.8% 0.6%
Admissions 2,016,128 1,969,863 1,989,912 1,895,752 1,826,688 1,690,304 1,550,010 1,524,135
% change N/A -2.3% 1.0% -4.7% -3.6% -7.5% -8.3% -1.7%
% change N/A 5.0% 2.4% 3.0% 2.6% 6.9% 7.1% 2.3%
Casino Queen Marquette $29,187,525 $30,015,479 $29,875,557 $29,817,861 $26,716,178 $28,553,086 $27,124,696 $26,384,268
% change -7.3% 2.8% -0.5% -0.2% -10.4% 6.9% -5.0% -2.7%
Admissions 385,022 359,001 355,885 330,691 291,196 290,135 272,140 253,122
% change N/A -6.8% -0.9% -7.1% -11.9% -0.4% -6.2% -7.0%
% change N/A 10.3% 0.4% 7.4% 1.8% 7.3% 1.3% 4.6%
1
Diamond Jo Dubuque $68,400,176 $67,243,290 $70,054,527 $66,536,532 $63,560,971 $63,910,665 $67,561,683 $66,856,145
% change 15.5% -1.7% 4.2% -5.0% -4.5% 0.6% 5.7% -1.0%
Admissions 1,161,911 1,086,106 1,150,654 1,093,815 1,053,495 983,978 977,925 917,395
% change N/A -6.5% 5.9% -4.9% -3.7% -6.6% -0.6% -6.2%
% change N/A 5.2% -1.7% -0.1% -0.8% 7.7% 6.4% 5.5%
Q Casino Dubuque $62,147,535 $60,167,056 $58,935,827 $57,611,653 $52,199,209 $50,780,625 $48,811,457 $47,639,628
% change -9.3% -3.2% -2.0% -2.2% -9.4% -2.7% -3.9% -2.4%
Admissions 1,350,757 1,230,185 1,099,522 1,027,992 922,355 891,805 867,555 847,435
% change N/A -8.9% -10.6% -6.5% -10.3% -3.3% -2.7% -2.3%
% change N/A 6.3% 9.6% 4.6% 1.0% 0.6% -1.2% -0.1%
10
Isle-Bettendorf Bettendorf $78,339,710 $78,482,933 $75,744,651 $74,505,557 $70,235,894 $68,545,030 $69,716,577 $77,459,196
% change -12.0% 0.2% -3.5% -1.6% -5.7% -2.4% 1.7% 11.1%
Admissions 1,149,086 1,145,848 1,101,393 1,041,086 922,979 848,113 822,639 1,075,519
% change N/A -0.3% -3.9% -5.5% -11.3% -8.1% -3.0% 30.7%
% change N/A 0.5% 0.4% 4.1% 6.3% 6.2% 4.9% -15.0%
9
Rhythmn City Davenport $54,759,730 $49,330,499 $50,532,098 $48,304,082 $44,422,503 $43,072,946 $43,913,493 $61,945,577
% change -5.9% -9.9% 2.4% -4.4% -8.0% -3.0% 2.0% 41.1%
Admissions 956,035 896,608 967,509 850,501 740,430 696,351 751,346 1,274,293
% change N/A -6.2% 7.9% -12.1% -12.9% -6.0% 7.9% 69.6%
% change N/A -3.9% -5.1% 8.7% 5.6% 3.1% -5.5% -16.8%
2
Wild Rose Clinton $39,153,116 $40,217,067 $39,177,457 $37,564,137 $32,830,120 $32,932,553 $32,924,975 $31,362,880
% change -6.5% 2.7% -2.6% -4.1% -12.6% 0.3% 0.0% -4.7%
Admissions 784,801 751,213 695,902 650,333 598,474 577,689 576,176 567,370
% change N/A -4.3% -7.4% -6.5% -8.0% -3.5% -0.3% -1.5%
% change N/A 7.3% 5.2% 2.6% -5.0% 3.9% 0.2% -3.3%
3
Catfish Bend Burlington $38,670,403 $38,489,278 $39,350,730 $38,407,502 $38,283,121 $42,011,471 $43,838,051 $41,715,632
% change -0.6% -0.5% 2.2% -2.4% -0.3% 9.7% 4.3% -4.8%
Admissions 781,327 749,985 689,172 763,846 797,796 806,959 756,663 668,883
% change N/A -4.0% -8.1% 10.8% 4.4% 1.1% -6.2% -11.6%
% change N/A 3.7% 11.3% -11.9% -4.6% 8.5% 11.3% 7.6%
4
Grand Falls Larchwood $0 $4,437,821 $57,391,622 $58,173,086 $59,171,098 $58,173,797 $55,748,970 $54,802,316
% change N/A N/A 1193.2% 1.4% 1.7% -1.7% -4.2% -1.7%
Admissions 0 173,831 1,433,750 1,269,489 1,207,208 1,155,833 1,060,218 1,022,242
% change N/A N/A 724.8% -11.5% -4.9% -4.3% -8.3% -3.6%
Win per Admission N/A $26 $40 $46 $49 $50 $53 $54
% change N/A N/A 56.8% 14.5% 7.0% 2.7% 4.5% 2.0%
TOTAL NET WIN $1,364,230,475 $1,379,171,223 $1,465,963,976 $1,443,858,746 $1,388,198,982 $1,415,528,156 $1,437,145,230 $1,452,899,016
% change -3.6% 1.1% 6.3% -1.5% -3.9% 2.0% 1.5% 1.1%
Admissions 22,107,596 21,709,291 22,828,398 21,860,285 20,899,427 21,628,923 21,538,433 21,803,201
% change N/A -1.8% 5.2% -4.2% -4.4% 3.5% -0.4% 1.2%
% change N/A 2.9% 1.1% 2.9% 0.6% -1.5% 2.0% -0.1%
1
Diamond Jo land based casino opens Dec. 2008, replacing boat.
2
Wild Rose Casino-Clinton opens Jul. 2008, replacing Miss. Belle boat.
3
Catfish Bend land based casino opens Jul. 2007, replacing boat at Ft. Madison.
4
Grand Falls opens July 2012.
5
Harrah's-Council Bluffs moves to land-based facility in June 2013.
6
Argosy - closed July 30, 2014 - replaced by Hard Rock.
7
Hard Rock - opened July 31, 2014 - replacing Argosy boat.
8
Wild Rose Casino-Jefferson (Greene Co.) - opened July 13, 2015
9
Rythmn City-Davenport opened new land-based casino & hotel June 13, 2016 - replacing former boat.
10
Isle of Capri-Bettendorf opened new land-based casino June 24, 2016 - replacing former boat.
Source: IRGC
The table below shows a comparison of gaming metrics and market demographics for Iowa metro
areas. For comparison purposes, the market areas shown comprise a one-hour drive time from
the central city. This comparison is helpful in determining whether any individual markets within
Iowa appear to be under-supplied in terms of gaming facilities, or whether an areas gaming
facilities are under-performing. Key ratios are gaming revenue per adult, and total gaming
revenue as a percentage of total personal income. In the case of Cedar Rapids, Dubuque, the
Quad Cities and Council Bluffs, we note that gaming revenue equates to between 1.27% and
1.58% of personal income. In Des Moines, this ratio is somewhat lower at 0.85%. This indicates
that there may be some potential for added gaming development in the Des Moines metro area.
However, it is important to note that Des Moines residents have two large casinos within a one-
hour drive, but this increases to four casinos within 90 minutes, adding Meskwaki and Wild Rose-
Jefferson. So, while one might conclude that Des Moines is under-supplied in terms of casinos,
the resident base does in fact four casino alternatives available within 90 minutes, although three
of those options lie between 45 and 90 minutes from the city center.
Gaming Market Performance Metrics - Iowa Metro Areas
Market Area * Des Moines Cedar Rapids Dubuque Quad Cities Council Bluffs
Demographics
Age 21+ Population 637,460 232,008 199,483 455,842 760,050
Age 55+ Population 232,325 84,674 89,769 194,538 276,619
Median Age 34.4 35.7 31.2 31.9 35.9
Total Households 347,552 261,273 107,223 250,152 413,449
Avg. Household Income $80,238 $72,900 $67,391 $69,214 $79,153
Total Personal Income $27,886,877,376 $19,046,801,700 $7,225,865,193 $17,314,020,528 $32,725,728,697
Gaming Market Metrics

Total Casinos 2 3 2 4 3
Prairie Meadows Riverside Diamond Jo-Dubuque Isle-Bettendorf Harrah's
Lakeside Isle-Waterloo Q Casino Rhythm City Horseshoe
Meskwaki Wild Rose-Clinton Ameristar
Jumers
Total Gaming Revenue ** $238,000,000 $268,000,000 $114,500,000 $243,000,000 $415,000,000

Gaming Revenue per Adult $373 $1,155 $574 $533 $546
Gaming Revenue as % of Income 0.85% 1.41% 1.58% 1.40% 1.27%
* For comparison purposes, market areas as shown reflect a 1-hour drive time surrounding each urban center.
** Gaming revenue for Cedar Rapids 1-hour market includes one tribal casino (Meskwaki), with revenue estimates by Marquette Advisors
Sources: ESRI Business Information Solutions (demographics); IRGC (gaming revenue)
Interestingly, although the Cedar Rapids market has three gaming venues within a 60-minute
drive, including Riverside, Isle-Waterloo and Meskwaki, the closest being Riverside at about 40
minutes. The supply increases to nine casinos within 90 minutes, which brings in each of the three
Quad Cities Casinos, as well as Wild Rose-Clinton and the two Dubuque casinos. However, our
analysis shows that the majority of gaming by Cedar Rapids area residents occurs at Riverside,
Isle and Meskwaki, with these gamers making far fewer trips to the more distant gaming facilities
mentioned.

Council Bluffs -- The Council Bluffs market contains three major gaming facilities, including
Ameristar, Harrahs and Horseshoe Council Bluffs (owned by Caesars). Horseshoe opened in
2006 with more than 100,000 sf of gaming space on a single level. Horseshoe had also offered
on-site live greyhound racing; however, racing was discontinued in December 2015. Harrahs
elected to discontinue operating its riverboat casino in 2013 and has since opened a new land-
based facility. The three Council Bluffs casinos attract strong local patronage from throughout
the Omaha-Council Bluffs metro area (pop. 885,000+). Lincoln, NE is also a key feeder market
to the west. As well, with extensive resort facilities the Council Bluffs casinos attract regular
patronage from gamers residing throughout much of Iowa, Nebraska and northern Missouri.
Combined revenues in the Council Bluffs market totaled approximately $415 million in FY2017.
This is down about 6.3% compared to five years ago, which is partly attributable to the addition
of Hard Rock in Sioux City to the north, as well as improvements to nearby tribal casinos.
Dubuque -- The Diamond Jo and Q Casinos in Dubuque attract heavy patronage from within the
local Dubuque market, as well as markets in southwestern Wisconsin and northwest Illinois.
Combined, the two Dubuque casinos generated revenues of approximately $114.5 million in FY
2017. The Dubuque facilities were been negatively impacted by the introduction of limited stakes
gaming in Illinois. As a result of the Illinois Video Gambling Act, existing taverns, clubs and
fraternal organizations which are licensed to sell liquor are now allowed to have up to five slot
machines in their premises. The slot machines were installed beginning in the Fall of 2012. As a
result, the Dubuque facilities declined from approximately $129.0 million in FY2012 to $115.8
million by FY2014, but have remained very steady over the past four fiscal years. More recently,
we have seen a slight decline in admissions at the Dubuque casinos, offset by an increase in the
average spend per visitor, increasing from $59 in 2014 to $65 in 2017.
Quad Cities The Quad Cities market is comprised of three facilities, including Isle of Capri-
Bettendorf and Rhythm City in Davenport, along with Jumers Casino Resort in Rock Island, IL.
A substantial redistribution of market share occurred in 2008 and 2009, following the December
2008 opening of the new land-based Jumers, replacing the former Rock Island riverboat facility.
Quad Cities combined gaming revenues increased from approximately $187,000,000 in 2008 to
$217,000,000 in 2009 (+16%), following the opening of Jumers. Both Isle and Rhythm City
struggled to retain market share for several years following, with both operators opening new
land-based casinos in June of 2016. The Isle development occurred on site, while Rhythm City
relocated to a new site near the intersection of I-74 and I-80 in northeast Davenport. Combined
revenues at Rhythm City and Isle showed an immediate improvement, increasing from $113
million in FY2016 to $126 million in FY2017 (+23%). Combined total admissions showed an
even greater increase at +49%, with a corresponding decline in the average spend per visitor from
$72 in 2016 to $59 in 2017. This is not surprising, as some of the initial year patronage includes
tire kickers visiting the facility for the first time, or more frequently over a limited period before
settling back in to their normal casino visitation pattern. Clearly, though, the Isle and Rhythm
City developments have had a significant impact in the Quad Cities market, recapturing visitors
and revenue which had previously been lost to Jumers, and having a positive impact on casino
gaming participation rates within the local market.

Des Moines Des Moines area residents have one local casino, that being Prairie Meadows, the
states largest gaming facility in Altoona, and a second facility, Lakeside Casino in Osceola
approximately 45 minutes to the south in Osceola. At Lakeside, revenues have fluctuated
between about $48.0 and $50.0 million for several years, after seeing its revenues decline from
closer to $60.0 million to $48.6 million in FY2010. This decline was attributable in part to the
recession, as well as increasing competition from large, destination-casino developments which
have impacted Lakeside with respect to its varied peripheral markets. Developments such as
Riverside and Horseshoe had an impact during this time, as well as major improvements at Prairie
Meadows.
Prairie Meadows continues to be the dominant facility within the greater Des Moines market, with
revenues of approximately $190.1 million in FY2017. The addition of a 168-room hotel in 2012
provided only a modest boost to gaming at Prairie Meadows, as casino revenues increased from
$189.8 million in 2011 to $195.0 million in 2013. Visitation and revenue were impacted
somewhat by renovations/improvements at Prairie Meadows thereafter, before rebounding to
$190.1 million in FY2017. Improvements and modernization of the facilitys casino and amenity
components have been intended to further solidifying the facilitys position within the local
market, as well as regionally. The potential for Prairie Meadows to attract destination gamers will
continue to be difficult, due to major competition for such business, particularly to the east, with
Meskwaki, Isle-Waterloo and Riverside all competing for similar destination business. Still,
Prairie Meadows is uniquely positioned within Iowa, such that it is able to attract Iowans and
others traveling to or passing through the Des Moines market, which is central on I-35 and I-80,
and is the states capitol market and major commercial center.
The 2006-built Wild Rose Casino-Emmetsburg captured net win of approximately $28.4 million
in FY2017. After peaking at $32.2 million in 2013, the casino has seen a slight decline in
revenues attributable to a sparse and slightly declining surrounding local population base, and lost
market share to other casinos in the region, including its sister facility in Jefferson. Still, Wild
Rose-Emmetsburg, located in northwest Iowa, attracts frequent patronage from the small
communities and unincorporated areas in this primarily rural area, which is sparsely populated.
Local participation rates are quite high. The majority of visitation comes from small communities
lying within a 45-minute drive surrounding Emmetsburg. Much less frequent drive-in business in
the form of day-trippers and hotel guests comes from throughout southern Minnesota and
northern Iowa, including Clear Lake/Mason City to the east and Fort Dodge to the south. Its
share of the Fort Dodge market has been reduced somewhat following the opening of its sister
facility, Wild Rose-Jefferson, which generated revenue of $28.2 million in FY2017. Wild Rose-
Jefferson is similar, in that it relies heavily on the local population base within 30 to 45 minutes.
The distance of both Wild Rose-Emmetsburg and Jefferson from major population centers and the
location of significant casinos in surrounding directions will prohibit them from expanding its
customer base substantially beyond their respective local markets.
Diamond Jo Casino at Northwood, IA is strategically located on I-35 in northern Iowa. Clear

Lake and Mason City are key feeder markets, situated less than 30 minutes to the south. As well,
the casino is within an easy 30 to 60-minute driving distance from southern Minnesota cities

including Albert Lea, Austin and Owatonna. Casino revenues totaled approximately $89.0 million
in FY2013, with weather and economic conditions negatively impacting the facility in FY2014, as
gaming revenues declined to $85.0 million. Since that time, revenues have remained very steady
at around $84.0 to $85.0 million. This relates to stagnant population rates, a sparse and declining
rural population, and competitive pressures from Minnesota casinos to the north, such as Jackpot
Junction and Mystic Lake which have made major investments in their facilities.
Wild Rose Casino in Clinton was completed in July of 2008. The casino draws from a local
community of about 50,000 in Clinton County, and also attracts patrons from southern Wisconsin
and western Illinois. The casino generated revenues of approximately $40.2 million in FY2011
but had declined to $37.5 million in FY2013 following the legalization of low stakes gaming in
Illinois bars and restaurants, and then to $32.8 million in FY2014. Since that time, revenues have
remained fairly steady, with a slight dip in FY2017 that can be partly explained by the opening of
new land-based casinos at Isle and Rhythm City in the Quad Cities, just 35 miles to the south.
Catfish Bend Casino, located in the far southeast Iowa city of Burlington, was completed in July
of 2007, replacing the former boat at Fort Madison. Casino revenues increased from
approximately $29,000,000 to $39,300,000 at that time, and remained fairly steady through
FY2014. The increase to $42.0 million in FY2015 and $43.8 million in FY2017 reflects a
temporary increase in the local population due to the construction of the large $3 Billion Iowa
Fertiler Co. plant in nearby Wever, IA, which brought large numbers of construction workers to
the area. The plant opened in April 2017. FY2017 casino revenue fell back to $41.7 million.
We expect that revenue will dip back to the $39.0 to $40.0 million range in the current fiscal year.
Grand Falls Casino Resort is located in the far northwest part of the state in Larchwood, and
draws heavily out of the Sioux Falls market just to the west. Grand Falls opened in July 2012 and
generated revenues of approximately $57.0 to $59.0 million during each of its first four years,
before dipping to $55.7 million in FY2016 and $54.8 million in FY2017. Recent declines relate in
part to a redistribution of market share with the opening of Hard Rock in Sioux City, as well as
improvements at southern Minnesota casinos such as Jackpot Junction. These developments have
impacted the facilitys ability to attract destination gamers from the south, and to the north and
east, although local gaming participation rates and market share remain relatively high.
Hard Rock Casino-Sioux Falls opened in July 2014 and replaces the former Argosy riverboat
facility. Nearby, tribal casinos Winna Vegas and Blackbird Bend also opened new/expanded
facilities in 2014. Hard Rock generated revenues of approximately $83.2 million during its first
full fiscal year, FY2016, before falling back slightly to $77.0 million in FY2017. The decrease is
at least partly attributable to competition from the nearby tribal casinos, as well as is located in the
far northwest part of the state in Larchwood, and draws heavily out of the Sioux Falls market just
to the west. Grand Falls opened in July 2012 and generated revenues of approximately $57.0 to
$59.0 million during each of its first four years, before dipping to $55.7 million in FY2016 and
$54.8 million in FY2017. Recent declines relate in part to a redistribution of market share with
the opening of Hard Rock in Sioux City, as well as improvements at southern Minnesota casinos
such as Jackpot Junction. These developments have impacted the facilitys ability to attract

destination gamers from the south, and to the north and east, although local gaming participation
rates and market share remain relatively high.
Summary Iowa Gaming Market Conditions
From our analysis of Iowa gaming revenues and various related indicators, most importantly the
gaming supply and performance of its facilities relative to the state and regional population base,
the location of casinos related to key population centers, and household incomes and consumer
spending patterns throughout the state, we reach the following primary conclusions regarding the
state of the Iowa commercial gaming market:
As a market, Iowa is approaching maximum market penetration, with low population

growth and participation rates declining in parts of the state. Because of the addition of
facilities at varied locations throughout Iowa, market areas surrounding each casino have
become increasingly localized and competitive, as most Iowans have multiple casino
venues (several in many cases) available to them within a relatively short driving distance.
An exception appears to be Des Moines, which features one local casino at Altoona and
one other within 45 minutes at Osceola. However, there are nine facilities within two
hours which presently capture occasional visits from gamers originating in the Des Moines
market, such that the addition of a second urban Des Moines casino would have an impact
on several surrounding casinos throughout the state.
With respect to the Cedar Rapids market, we note that the local population base
demonstrates a casino gaming participation rate that is fairly low, likely in the range of 3.5
to 4.0 casino visits per year per adult. As such, we expect that a new casino in Cedar
Rapids would prompt a fairly significant increase in local participation, and a redistribution
in area market share, with nearby Riverside, Isle-Waterloo and Meskwaki casinos seeing
the most substantive impact. A new casino here is expected to attract most of its
patronage from a local market extending about 45 minutes, with less frequent visitation
coming from more distant markets (depending on the size and scope of facilities offered)
and low levels of visitation from out-of-state gamblers.
Pressure from neighboring jurisdictions, notably Illinois, will also continue to impact Iowa
casinos going forward. This has occurred recently, with the addition of gaming machines
in Illinois bars and restaurants, while each year gaming legislation is considered in Illinois.
Further expansion of gaming in Illinois in the form of land-based casinos throughout the
state will have a more pronounced impact on casinos in eastern Iowa. For purposes of our
forecast, we have assumed no change in the gaming supply in Illinois at this time.
Meanwhile, investment by Tribes in their casinos in western Iowa (Winna Vegas and
Blackbird Bend) and possible further expansion over time will continue to impact the
Council Bluffs and Sioux City markets, as would any expansion of gaming in eastern
Nebraska.

It is likely that revenue growth going forward will correlate with modest population and
income growth over time. Our analysis has shown that adult gaming participation rates in
the Iowa market area have actually declined in recent years, offset by higher expenditure
rates per visit. This issue is discussed in detail in forthcoming sections and our revenue
forecast.

REGIONAL DEMOGRAPHY & ECONOMICS

Gaming Demand Indicators
The amount of gaming demand that exists in a market is a function of the following major factors:
Population
Income
Quantity of gaming facilities
Quality and amenities of gaming facilities
Proximity and convenience of gaming facilities
Variety and quality of entertainment alternatives
In evaluating the potential gaming market available for a gaming market as a whole, or a particular new
casino, each of these factors must be weighed in relation to the particular characteristics of the market.
These factors are discussed in greater detail below.
Quantity of gaming facilities: The number of gaming devices and tables present in a
market in relation to the population base available is a major determinant of the
performance of those gaming devices and tables. To a certain extent, the gaming dollars
available in a market are spread over the number of devices in that market. However this
relationship is not constant. Depending upon the facilities and infrastructure of the casino
itself and the surrounding area, a casinos market need not be entirely limited by the local
or even regional population base present. To the extent the population base in the region
is low, significant demand can be imported from elsewhere, particularly from places where
gaming is not available. Hotels and bussing programs can import demand. Las Vegas is
an extreme example of a market that has developed such a large concentration of gaming
facilities and amenities that they attract patrons from around the world. In most local
markets where multiple casinos exist, the local population has a tendency to participate
more frequently, due to the convenience and variety of gaming facilities available, thereby
expanding the pool of gaming dollars. For example, if a second casino of similar size were
added to a market, the first casino would not be expected to lose one-half its volume.
Instead, the total gaming volume available to the two casinos would be expected to
increase somewhat, for both casinos to share, although some dilution of the first casinos
business would occur. As a market begins to approach equilibrium between the supply of
gaming positions and the gaming demand available within that market, however, each
additional expansion has an increasingly larger dilutive effect on the overall market. From
our analysis, we believe that the majority of Iowas casinos have reached maximum market
penetration. Facility improvements and the replacement of riverboats with land-based
facilities, such as those finished recently in the Quad Cities market, as well as Sioux City,
can have a moderate impact upon gaming participation rates within the regional
population base, while also prompting a redistribution of casino trips and revenues among
competing facilities.

Proximity and convenience of gaming facilities: Related to the quantity of gaming

facilities is the proximity and convenience factor in influencing gaming demand. People
are more likely to visit a casino that is close to their home and/or is easily accessed. This
is especially true during an economic recession (such as the recent situation within the
U.S.) and in periods of rising fuel and travel costs. During these periods, people are much
more likely to visit those casinos which are closest to their residence most frequently,
making fewer visits to more distant gaming facilities. With the development of facilities
throughout that State, most Iowans now have multiple casinos available to them within a
relatively short driving distance. An effect of this is that many of the casinos in Iowa now
draw from relatively smaller geographic area spanning 30 to 60 minutes from the facility.
Quality and amenities of gaming facilities: A casino that features onsite lodging and
other complimentary amenities, in addition to an overall high quality gaming environment
will entice the area population to visit more frequently and will encourage people to travel
a greater distance, thereby increasing the casinos market share and possibly increasing the
size of the areas gaming pool. Hotels have the single most direct impact on a casinos
ability to attract gamers from a greater distance. Large convention hotels such as the one
at Isle of Capri-Bettendorf can have a pronounced impact on the draw area if they area
able to attract convention business from more distant markets in Illinois. Meanwhile,
restaurants often assist a casino in attracting more frequent visits among a local or regional
population base, especially since many casino customers combine a meal with their casino
visit. A casino with high quality and varied food & beverage offerings can gain a
significant advantage over another nearby with more limited or lesser quality dining
options and service.
Variety and quality of entertainment alternatives: A populations propensity to

participate in gaming activities is also influenced by the variety and quality of
entertainment alternatives available to them. In general, urban populations that have
movies, shopping, sporting events, restaurants and other entertainment alternatives readily
available tend to participate in gaming activities less frequently than do rural populations
that do not have these activities conveniently available. For example, persons residing in
the Des Moines and Cedar Rapids areas have a more diverse variety of recreational and
entertainment options as compared to persons residing in a smaller community in rural
Iowa. Therefore, gaming participation rates in Polk County and Linn County will remain
considerably lower compared to rural communities where casinos exists and there are far
fewer entertainment options, such as Emmetsburg or Jefferson.
Population: The most fundamental economic factor affecting casino performance is the
number of people in the market, specifically the number of adults of gaming age. Although the
correlation is not necessarily direct, the population base in the surrounding region is a major
determinant of the number of gaming devices and tables an area can support. Iowas age 21+
population base is estimated at 2.33 million people in 2017, with a projected annual growth
rate of less than 0.7% over the next five years.

Income: Income also plays an important role in affecting the performance potential of a casino
market. However, the exact role played is not as obvious as it might seem. The gaming
industry has long known that its reputation as being attractive primarily to under-educated,
lower income classes was completely false. Rather the propensity to gamble tends to increase
with income. Certainly casino executives spend a great deal of effort and money to attract and
cater to high-income patrons.
Nevertheless, it also does not follow that the higher the average income in a particular market,
the larger the gaming pool and the higher the average expenditure per person will be at the
casino. The average win per person is far more directly influenced by the regulatory
environment within which the casino operates and the overall level of competition present
within the market. Markets in which casino play is inhibited by such regulations as table game
limits, restricted games, and loss limits generally experience lower win per person
characteristics than do less regulated markets. Similarly, casinos in markets where there is little
competition generally experience higher levels of play that result in higher win per person.
Rather, the importance of income comes as a supplement to the population base and tourism
potential by determining the total pool of dollars available to be spent on discretionary activities
such as casino gaming. Another way of examining that pool of dollars is to look at growth in
personal incomes in a market. Based upon statistics from ESRI Business Information
Solutions, a nationally recognized econometric forecasting firm, total personal income in Iowa
is estimated at $91.5 billion in 2017, and is projected to grow by about 3.0% annually over the
next five years. Revenues at commercial casinos in Iowa equate to about 1.6% of total
personal income. However, we estimate that about 45% of casino revenues come from out-of-
state gamers, as several of Iowas casinos also attract substantial patronage from neighboring
states, especially those casinos located near Iowas borders.
Adult Population (Age 21+) & Income Growth Trends: Iowa Gaming Market Area
For our analysis purposes, Marquette Advisors divided the state of Iowa into four quadrants,
including northwest, southwest, northeast and southeast. We reviewed adult population and
household income data by county, and for each quadrant. As well, we analyzed growth trends for
counties within portions of each neighboring state. The map on the following page illustrates our
market segmentation. Based on our review of player tracking data as provided by Iowa casino
operators, this area as a whole provides the vast majority of customer visits to Iowas 19
commercial casinos.
The map on the following page is followed a table which summarizes population and income
growth by county for all of Iowa and relevant portions of adjacent states.

Competitive Gaming Market: Iowa & Surrounding States
Note: shaded areas as a whole reflect the primary collective draw area for Iowas commercial casinos
Adult Population (Age 21+) and Income Growth Trends, 2017-2022
Iowa Gaming Market Area (Iowa and Selected Counties in Adjacent States)
2017 2022
Adults (21+) Households Avg. HH Income Total Income Adults (21+) Households Avg. HH Income Total Income
Northwest Iowa Counties
Boone 20,212 11,062 $69,001 $763,289,062 20,812 11,318 $76,618 $867,162,524
Buena Vista 14,594 7,596 $62,234 $472,729,464 14,605 7,625 $69,746 $531,813,250
Calhoun 7,826 4,109 $64,004 $262,992,436 7,652 3,991 $72,999 $291,339,009
Carroll 15,299 8,685 $65,334 $567,425,790 15,032 8,614 $73,385 $632,138,390
Cherokee 9,001 5,015 $63,924 $320,578,860 8,610 4,806 $73,520 $353,337,120
Clay 13,073 7,517 $64,209 $482,659,053 13,299 7,654 $71,319 $545,875,626
Crawford 12,174 6,396 $63,590 $406,721,640 12,078 6,339 $73,278 $464,509,242
Dickinson 14,104 8,042 $71,807 $577,471,894 14,760 8,455 $80,304 $678,970,320
Emmet 7,283 4,117 $66,466 $273,640,522 7,073 3,993 $76,896 $307,045,728
Greene 6,997 3,902 $66,890 $261,004,780 6,787 3,786 $76,770 $290,651,220
Hamilton 11,556 6,424 $66,331 $426,110,344 11,456 6,328 $75,145 $475,517,560
Hancock 8,375 4,663 $64,796 $302,143,748 8,191 4,574 $74,434 $340,461,116
Humboldt 7,283 4,119 $67,434 $277,760,646 7,104 4,043 $76,451 $309,091,393
Ida 5,264 3,047 $63,525 $193,560,675 5,134 3,032 $73,353 $222,406,296
Kossuth 11,644 6,607 $71,901 $475,049,907 11,423 6,484 $82,601 $535,584,884
Lyon 8,391 4,556 $65,703 $299,342,868 8,400 4,633 $75,649 $350,481,817
Monona 7,042 3,965 $59,257 $234,954,005 6,995 3,918 $68,089 $266,772,702
O'Brien 10,657 6,010 $65,271 $392,278,710 10,469 5,937 $73,935 $438,952,095
Osceola 4,738 2,603 $63,093 $164,231,079 4,584 2,542 $72,596 $184,539,032
Palo Alto 7,043 3,985 $60,959 $242,921,615 6,948 3,965 $70,012 $277,597,580
Plymouth 18,676 10,145 $76,504 $776,133,080 18,971 10,321 $87,361 $901,652,881
Pocahontas 5,572 3,206 $60,240 $193,129,440 5,425 3,152 $69,941 $220,454,032
Sac 7,777 4,415 $66,116 $291,902,140 7,636 4,348 $75,978 $330,352,344
Sioux 24,030 12,321 $72,751 $896,365,071 24,700 12,822 $82,115 $1,052,878,530
Story 67,423 37,048 $72,199 $2,674,828,552 70,484 38,682 $80,866 $3,128,058,612
Webster 27,894 15,423 $60,062 $926,336,226 27,652 15,262 $66,654 $1,017,273,348
Winnebago 8,188 4,630 $62,265 $288,286,950 8,240 4,661 $70,805 $330,022,105
Woodbury 76,056 41,019 $63,148 $2,590,267,812 77,413 41,585 $69,893 $2,906,500,405
Wright 9,766 5,497 $64,438 $354,215,686 9,455 5,369 $74,752 $401,343,488
NW Iowa Subtotal/Average 447,938 246,124 $66,586 $16,388,332,055 451,388 248,239 $75,140 $18,652,782,649
Source: ESRI Business Information Solutions

2017 2022
Northeast Iowa Counties
Allamakee 10,657 5,837 $61,264 $357,597,968 10,407 5,747 $70,643 $405,985,321
Benton 19,272 10,386 $72,390 $751,842,540 19,315 10,362 $81,042 $839,757,204
Black Hawk 99,186 54,491 $63,533 $3,461,976,703 101,786 55,925 $70,133 $3,922,188,025
Bremer 18,871 10,076 $76,043 $766,209,268 19,706 10,565 $86,017 $908,769,605
Buchanan 15,454 8,402 $72,510 $609,229,020 15,752 8,547 $81,829 $699,392,463
Butler 11,681 6,456 $66,207 $427,432,392 11,920 6,648 $75,874 $504,410,352
Cerro Gordo 33,362 19,356 $64,079 $1,240,313,124 33,077 19,203 $71,082 $1,364,987,646
Chickasaw 9,102 5,134 $63,253 $324,740,902 8,904 5,035 $72,929 $367,197,515
Clayton 14,279 8,014 $63,471 $508,656,594 14,069 7,956 $72,643 $577,947,708
Clinton 36,942 20,447 $63,034 $1,288,856,198 36,637 20,247 $70,032 $1,417,937,904
Delaware 13,946 7,518 $65,677 $493,759,686 14,056 7,599 $75,171 $571,224,429
Dubuque 73,033 39,193 $69,849 $2,737,591,857 76,428 40,868 $77,542 $3,168,986,456
Fayette 15,372 8,468 $60,921 $515,879,028 14,812 8,210 $70,308 $577,228,680
Franklin 7,804 4,217 $66,511 $280,476,887 7,490 4,039 $76,293 $308,147,427
Floyd 12,171 6,847 $60,828 $416,489,316 11,984 6,786 $69,900 $474,341,400
Grundy 9,536 5,238 $76,634 $401,408,892 9,608 5,315 $87,911 $467,246,965
Hardin 12,989 7,262 $68,196 $495,239,352 12,993 7,251 $77,797 $564,106,047
Howard 7,055 3,940 $64,014 $252,215,160 6,963 3,916 $73,378 $287,348,248
Jackson 14,874 8,240 $65,642 $540,890,080 14,766 8,163 $73,892 $603,180,396
Jones 15,768 8,195 $67,981 $557,104,295 15,571 8,127 $77,335 $628,501,545
Linn 163,274 91,839 $77,804 $7,145,441,556 172,105 96,007 $86,166 $8,272,539,162
Marshall 29,922 15,644 $63,547 $994,129,268 30,046 15,677 $70,526 $1,105,636,102
Mitchell 8,240 4,541 $64,444 $292,640,204 8,448 4,652 $73,667 $342,698,884
Tama 13,096 6,918 $65,976 $456,421,968 13,121 6,864 $75,681 $519,474,384
Winneshiek 15,193 8,019 $70,644 $566,494,236 15,114 7,962 $79,571 $633,544,302
Worth 5,918 3,210 $64,770 $207,911,700 5,999 3,224 $73,881 $238,192,344
NE Iowa Subtotal/Average 686,997 377,888 $69,044 $26,090,948,194 701,077 384,895 $77,348 $29,770,970,514

2017 2022
Southwest Iowa Counties
Adair 5,700 3,196 $63,699 $203,582,004 5,421 3,044 $74,082 $225,505,608
Adams 3,017 1,652 $62,183 $102,726,316 2,852 1,574 $71,900 $113,170,600
Audubon 4,615 2,556 $69,567 $177,813,252 4,435 2,475 $79,716 $197,297,100
Cass 10,332 5,858 $60,195 $352,622,310 10,032 5,729 $68,872 $394,567,688
Clarke 7,007 3,799 $61,637 $234,158,963 7,098 3,842 $70,964 $272,643,688
Dallas 60,744 33,550 $104,548 $3,507,585,400 71,889 39,620 $117,253 $4,645,563,860
Decatur 6,137 3,191 $56,985 $181,839,135 6,133 3,149 $66,176 $208,388,224
Fremont 5,861 3,178 $66,480 $211,273,440 5,615 3,054 $76,287 $232,980,498
Guthrie 8,115 4,444 $67,736 $301,018,784 8,059 4,373 $78,448 $343,053,104
Harrison 11,040 5,914 $67,308 $398,059,512 10,792 5,791 $76,390 $442,374,490
Madison 11,580 6,199 $76,917 $476,808,483 11,928 6,345 $87,328 $554,096,160
Mills 11,169 5,602 $76,473 $428,401,746 11,277 5,618 $84,960 $477,305,280
Montgomery 7,917 4,425 $59,930 $265,190,250 7,737 4,275 $68,468 $292,700,700
Page 11,656 6,123 $61,708 $377,838,084 11,468 6,052 $70,322 $425,588,744
Polk 346,466 190,251 $81,470 $15,499,748,970 376,567 205,468 $90,512 $18,597,319,616
Pottawattamie 69,128 37,295 $68,009 $2,536,395,655 70,535 37,844 $75,243 $2,847,496,092
Ringgold 3,859 2,054 $62,275 $127,912,850 3,881 2,070 $72,183 $149,418,810
Shelby 9,161 5,065 $63,096 $319,581,240 9,146 5,034 $71,628 $360,575,352
Taylor 4,742 2,660 $58,114 $154,583,240 4,712 2,643 $67,189 $177,580,527
Union 9,174 5,128 $57,283 $293,747,224 8,867 4,943 $65,459 $323,563,837
Warren 35,960 18,815 $83,962 $1,579,745,030 38,451 19,928 $93,894 $1,871,119,632
SW Iowa Subtotal/Average 643,380 350,955 $79,015 $27,730,631,888 686,895 372,871 $88,911 $33,152,309,610
Southeast Iowa Counties

Appanoose 9,565 5,515 $55,132 $304,052,980 9,317 5,385 $63,857 $343,869,945
Cedar 13,769 7,558 $70,049 $529,430,342 13,702 7,531 $79,011 $595,031,841
Davis 6,294 3,293 $63,895 $210,406,235 6,427 3,337 $73,521 $245,339,577
Des Moines 30,199 17,086 $58,995 $1,007,988,570 30,295 17,200 $65,556 $1,127,563,200
Henry 15,000 7,759 $63,922 $495,970,798 15,097 7,807 $73,439 $573,338,273
Iowa 12,360 6,753 $72,828 $491,807,484 12,530 6,867 $82,490 $566,458,830
Jasper 28,156 14,840 $65,402 $970,565,680 28,428 14,948 $72,999 $1,091,189,052
Jefferson 14,162 7,244 $66,904 $484,652,576 14,622 7,516 $75,313 $566,052,508
Johnson 106,162 59,541 $79,219 $4,716,778,479 115,596 64,441 $88,256 $5,687,304,896
Keokuk 7,835 4,294 $57,570 $247,205,580 7,599 4,162 $66,687 $277,551,294
Lee 26,595 13,977 $57,773 $807,493,221 26,761 13,915 $64,691 $900,175,265
Louisa 8,344 4,304 $63,775 $274,487,600 8,333 4,251 $73,542 $312,627,042
Lucas 6,597 3,656 $59,086 $216,018,416 6,548 3,628 $67,947 $246,511,716
Mahaska 16,338 8,961 $60,171 $539,192,331 16,225 8,928 $67,968 $606,818,304
Marion 24,322 13,155 $70,592 $928,637,760 24,832 13,459 $77,953 $1,049,169,427
Monroe 6,008 3,235 $62,083 $200,838,505 5,996 3,251 $71,854 $233,597,354
Muscatine 31,743 16,793 $66,897 $1,123,401,321 32,435 17,034 $73,406 $1,250,397,804
Poweshiek 13,919 7,483 $72,361 $541,477,363 13,715 7,335 $81,180 $595,455,300
Scott 129,167 70,756 $76,767 $5,431,725,852 134,809 73,333 $84,917 $6,227,218,361
Van Buren 5,570 3,070 $59,451 $182,514,570 5,427 3,008 $68,574 $206,270,592
Wapello 26,197 14,398 $56,820 $818,094,360 25,815 14,252 $62,887 $896,265,524
Washington 16,663 9,125 $65,493 $597,623,625 17,215 9,422 $73,816 $695,494,352
Wayne 4,792 2,625 $53,526 $140,505,750 4,724 2,595 $62,075 $161,084,625
SE Iowa Subtotal/Average 559,757 305,421 $69,612 $21,260,869,398 576,448 313,605 $77,980 $24,454,785,082
Iowa Totals 2,338,072 1,280,388 $71,440 $91,470,781,535 2,415,808 1,319,610 $80,350 $106,030,847,855
2017 2022
Surrounding Areas
NE Missouri 18,955 10,564 $252,877 $536,614,390 18,754 10,438 $285,976 $598,698,878

Clark 5,642 3,153 $53,048 $167,260,344 5,349 3,018 $59,443 $179,398,974
Mercer 2,806 1,577 $50,840 $80,174,680 2,805 1,559 $57,362 $89,427,358
Putnam 3,754 2,121 $45,520 $96,547,920 3,751 2,106 $50,563 $106,485,678
Schuyler 3,287 1,799 $47,028 $84,603,372 3,351 1,817 $53,516 $97,238,572
Scotland 3,466 1,914 $56,441 $108,028,074 3,498 1,938 $65,092 $126,148,296
NW Missouri 33,414 18,036 $273,171 $987,170,988 32,767 17,658 $311,294 $1,091,425,685

Atchison 4,250 2,378 $61,759 $146,862,902 4,105 2,273 $71,237 $161,921,701
Gentry 5,025 2,676 $53,184 $142,320,384 4,969 2,632 $60,796 $160,015,072
Harrison 6,379 3,531 $50,787 $179,328,897 6,114 3,417 $57,416 $196,190,472
Nodaway 16,082 8,525 $55,161 $470,247,525 15,916 8,424 $61,525 $518,286,600
Worth 1,678 926 $52,280 $48,411,280 1,663 912 $60,320 $55,011,840
Western Illinios 797,889 428,002 $1,339,688 $27,930,611,828 785,687 420,153 $1,530,899 $31,076,127,513
Bureau 26,396 14,216 $65,267 $927,835,672 25,925 13,959 $75,672 $1,056,305,448
Carroll 11,942 6,399 $65,536 $419,364,864 11,590 6,156 $75,368 $463,965,408
Fulton 27,758 13,927 $58,790 $818,768,330 26,862 13,372 $67,698 $905,257,656
Hancock 13,904 7,727 $59,790 $461,997,330 13,505 7,543 $69,649 $525,362,407
Henderson 6,213 3,411 $60,527 $206,457,597 6,147 3,369 $69,454 $233,990,526
Henry 37,411 20,298 $69,692 $1,414,608,216 36,996 20,039 $79,350 $1,590,094,650
Jo Daviess 17,813 9,753 $69,216 $675,063,648 18,072 9,850 $78,096 $769,245,600
Knox 39,815 20,988 $57,555 $1,207,964,340 38,907 20,315 $64,981 $1,320,089,015
La Salle 85,757 44,699 $67,363 $3,011,058,737 84,466 43,795 $77,190 $3,380,536,050
Lee 27,690 13,759 $66,776 $918,770,984 27,013 13,478 $77,319 $1,042,105,482
Mcdonough 23,171 12,639 $53,744 $679,270,416 22,514 12,156 $61,906 $752,529,336
Mercer 12,337 6,649 $66,026 $439,006,874 12,048 6,494 $75,697 $491,576,318
Ogle 39,262 20,776 $73,434 $1,525,664,784 38,732 20,379 $83,858 $1,708,942,182
Putnam 4,587 2,480 $69,069 $171,291,120 4,304 2,318 $80,733 $187,139,094
Rock Island 108,038 60,230 $66,021 $3,976,444,830 107,008 59,703 $74,155 $4,427,275,965
Schuyler 5,570 2,889 $58,461 $168,893,829 5,241 2,713 $66,328 $179,947,864
Stark 4,412 2,347 $64,388 $151,118,636 4,268 2,267 $74,658 $169,249,686
Stephenson 35,344 19,526 $59,916 $1,169,919,816 34,491 18,971 $67,397 $1,278,588,487
Warren 12,814 6,897 $58,028 $400,219,116 12,586 6,763 $64,717 $437,681,071
Whiteside 43,451 23,623 $63,012 $1,488,532,476 42,915 23,283 $71,726 $1,669,996,458
Winnebago 214,204 114,769 $67,077 $7,698,360,213 212,097 113,230 $74,947 $8,486,248,810

2017 2022
Surrounding Areas
SW Wisconsin 266,409 144,268 $594,016 $9,673,347,363 271,463 147,091 $684,175 $11,337,717,639

Crawford 12,784 6,838 $59,764 $408,666,232 12,876 6,886 $68,637 $472,634,382
Grant 39,272 20,353 $61,107 $1,243,710,771 39,719 20,673 $69,553 $1,437,869,169
Green 27,922 15,200 $72,365 $1,099,948,000 28,555 15,476 $84,216 $1,303,326,816
Iowa 17,899 9,822 $71,096 $698,304,912 18,147 9,969 $83,203 $829,450,707
La Crosse 87,567 48,065 $69,438 $3,337,537,470 90,406 49,451 $79,595 $3,936,052,345
Lafayette 12,489 6,765 $66,210 $447,910,650 12,572 6,852 $76,805 $526,267,860
Monroe 33,115 18,004 $67,909 $1,222,633,636 33,720 18,444 $77,386 $1,427,307,384
Richland 12,992 7,160 $62,555 $447,893,800 12,556 6,978 $71,501 $498,933,978
Vernon 22,369 12,061 $63,572 $766,741,892 22,912 12,362 $73,279 $905,874,998
SE Minnesota 274,807 149,774 $600,632 $12,220,165,825 282,939 154,074 $698,261 $14,521,448,231

Dodge 14,658 7,823 $82,734 $647,228,082 15,247 8,083 $93,112 $752,624,296
Fillmore 15,782 8,694 $66,836 $581,072,184 15,942 8,864 $77,244 $684,690,816
Freeborn 23,524 12,967 $68,003 $881,794,901 23,046 12,754 $82,163 $1,047,906,902
Houston 14,550 7,950 $69,776 $554,719,200 14,513 7,957 $80,254 $638,581,078
Mower 28,747 15,852 $68,546 $1,086,591,192 28,652 15,872 $81,787 $1,298,123,264
Olmsted 113,270 61,897 $95,629 $5,919,148,213 120,029 65,394 $107,610 $7,037,048,340
Steele 26,948 14,684 $80,161 $1,177,084,124 27,528 14,985 $94,286 $1,412,875,710
Winona 37,328 19,907 $68,947 $1,372,527,929 37,982 20,165 $81,805 $1,649,597,825
SW Minnesota 169,470 92,352 $817,249 $6,367,042,590 169,884 92,879 $970,560 $7,549,666,738

Blue Earth 48,515 26,123 $70,898 $1,852,068,454 50,655 27,400 $81,405 $2,230,497,000
Brown 19,471 10,806 $70,492 $761,736,552 19,370 10,790 $84,169 $908,183,510
Cottonwood 8,706 4,802 $64,335 $308,936,670 8,548 4,738 $76,284 $361,433,592
Faribault 10,968 6,113 $63,082 $385,620,266 10,795 6,025 $75,042 $452,128,050
Jackson 7,759 4,383 $69,709 $305,534,547 7,589 4,291 $83,330 $357,569,030
Martin 15,498 8,747 $68,510 $599,256,970 14,956 8,434 $82,725 $697,702,650
Murray 6,579 3,631 $70,398 $255,615,138 6,341 3,529 $84,396 $297,833,484
Nobles 15,742 8,041 $66,749 $536,728,709 15,828 8,106 $80,593 $653,286,858
Pipestone 6,928 3,953 $62,832 $248,374,896 6,747 3,861 $74,550 $287,837,550
Rock 7,113 3,951 $68,739 $271,587,789 7,074 3,973 $82,614 $328,225,422
Waseca 14,065 7,339 $73,034 $535,996,526 14,053 7,346 $84,222 $618,694,812
Watonwan 8,126 4,463 $68,471 $305,586,073 7,928 4,386 $81,230 $356,274,780

2017 2022
Surrounding Areas
SE South Dakota 306,190 167,739 $1,321,764 $12,247,448,921 326,724 179,933 $1,552,466 $15,277,168,580
Bon Homme 5,497 2,435 $64,516 $157,096,460 5,393 2,396 $77,162 $184,880,152
Brookings 23,997 13,365 $63,867 $853,582,455 25,522 14,325 $72,565 $1,039,493,625
Charles Mix 6,534 3,411 $58,315 $198,912,465 6,696 3,524 $69,981 $246,613,044
Clay 9,655 5,181 $59,669 $309,145,089 9,831 5,250 $67,893 $356,438,250
Davison 14,784 8,743 $64,763 $566,222,909 15,160 9,039 $72,077 $651,504,003
Douglas 2,317 1,239 $73,841 $91,488,999 2,322 1,256 $88,764 $111,487,584
Hanson 2,201 1,077 $70,507 $75,936,039 2,214 1,094 $82,188 $89,913,672
Hutchinson 5,567 2,986 $65,042 $194,215,412 5,652 3,043 $77,150 $234,767,450
Kingsbury 3,860 2,144 $65,835 $141,150,240 3,698 2,047 $76,651 $156,904,597
Lake 9,166 5,049 $67,562 $341,120,538 9,945 5,487 $77,391 $424,644,417
Lincoln 37,024 20,255 $94,998 $1,924,184,490 41,818 23,287 $108,928 $2,536,606,336
Mccook 4,190 2,256 $69,562 $156,931,872 4,246 2,316 $86,701 $200,799,516
Minnehaha 138,247 76,282 $71,927 $5,486,735,414 150,131 83,002 $83,553 $6,935,066,106
Miner 1,730 994 $67,876 $67,468,744 1,652 955 $82,593 $78,876,315
Moody 4,778 2,591 $72,980 $189,091,180 4,774 2,620 $85,715 $224,573,300
Sanborn 1,843 1,007 $65,274 $65,730,918 1,865 1,027 $76,854 $78,929,058
Turner 6,385 3,538 $62,943 $222,692,334 6,341 3,550 $76,956 $273,193,800
Union 11,242 6,181 $90,528 $559,553,568 11,902 6,545 $108,117 $707,625,765
Yankton 17,173 9,005 $71,759 $646,189,795 17,562 9,170 $81,227 $744,851,590
NE Nebraska 188,912 103,052 $1,507,311 $6,985,931,195 188,665 103,224 $1,757,006 $8,146,501,873

Antelope 4,910 2,783 $61,530 $171,237,990 4,772 2,725 $72,077 $196,409,825
Boone 4,140 2,303 $67,950 $156,488,850 4,075 2,266 $81,107 $183,788,462
Boyd 1,573 911 $57,729 $52,591,119 1,522 882 $67,700 $59,711,400
Burt 5,119 2,842 $66,961 $190,303,162 5,030 2,782 $78,555 $218,540,010
Cedar 6,378 3,481 $64,763 $225,440,003 6,165 3,403 $76,386 $259,941,558
Colfax 7,180 3,607 $67,503 $243,483,321 7,019 3,595 $77,310 $277,929,450
Cuming 6,733 3,738 $66,200 $247,455,600 6,717 3,734 $76,923 $287,230,482
Dakota 14,582 7,421 $75,336 $559,068,456 14,760 7,538 $89,089 $671,552,882
Dixon 4,353 2,337 $62,484 $146,025,108 4,316 2,298 $75,219 $172,853,262
Dodge 27,502 15,112 $63,442 $958,735,504 27,611 15,247 $74,149 $1,130,549,803
Garfield 1,593 918 $55,204 $50,677,272 1,565 902 $62,867 $56,706,034
Greeley 1,846 1,033 $61,972 $64,017,076 1,753 985 $71,556 $70,482,660
Holt 7,748 4,421 $65,493 $289,544,553 7,572 4,359 $76,515 $333,528,885
Knox 6,560 3,678 $59,916 $220,371,048 6,628 3,709 $69,845 $259,055,105
Madison 25,342 14,091 $66,436 $936,149,676 25,073 14,019 $77,480 $1,086,192,120
Pierce 5,421 2,930 $64,907 $190,177,510 5,482 2,940 $77,042 $226,503,480
Platte 23,784 13,106 $70,503 $924,012,318 24,051 13,339 $81,862 $1,091,957,218
Stanton 4,445 2,422 $65,224 $157,972,528 4,371 2,391 $76,225 $182,253,975
Thurston 4,338 2,155 $59,141 $127,448,855 4,425 2,191 $66,633 $145,992,903
Valley 3,285 1,943 $63,343 $123,075,449 3,254 1,928 $73,170 $141,071,760
Washington 14,914 7,903 $88,109 $696,325,427 15,300 8,042 $100,028 $804,425,176
Wayne 6,582 3,586 $64,901 $232,734,986 6,659 3,636 $72,593 $263,948,148
Wheeler 584 331 $68,264 $22,595,384 545 313 $82,675 $25,877,275

2017 2022
Surrounding Areas
SE Nebraska 1,028,036 560,501 $2,012,840 $43,462,557,314 1,087,360 590,879 $2,335,141 $52,337,154,125

Adams 23,179 12,920 $68,330 $882,823,600 23,712 13,254 $78,768 $1,043,991,072
Buffalo 35,195 19,638 $68,733 $1,349,778,654 37,371 20,860 $79,563 $1,659,684,180
Butler 5,991 3,241 $69,252 $224,445,732 5,745 3,084 $80,196 $247,324,464
Cass 18,868 9,878 $83,352 $823,351,056 19,300 10,074 $96,840 $975,566,160
Clay 4,809 2,642 $64,180 $169,563,560 4,748 2,609 $74,835 $195,244,515
Douglas 400,069 220,420 $80,495 $17,742,707,900 424,490 232,897 $91,184 $21,236,480,048
Fillmore 4,366 2,400 $66,356 $159,254,400 4,266 2,344 $77,049 $180,602,856
Gage 16,746 9,406 $63,508 $597,356,248 16,740 9,424 $73,663 $694,200,112
Hall 44,424 23,545 $65,412 $1,540,125,540 46,375 24,531 $75,276 $1,846,595,556
Hamilton 6,903 3,652 $76,217 $278,344,484 7,182 3,763 $91,674 $344,969,262
Howard 4,979 2,752 $64,470 $177,421,440 5,155 2,840 $77,506 $220,117,040
Jefferson 5,635 3,258 $61,767 $201,236,886 5,421 3,162 $71,545 $226,225,290
Johnson 4,182 1,804 $60,160 $108,528,640 4,086 1,761 $69,708 $122,755,788
Kearney 4,914 2,765 $73,888 $204,300,320 4,937 2,801 $85,756 $240,202,556
Lancaster 226,455 124,228 $74,666 $9,275,607,848 242,193 132,310 $84,985 $11,244,365,350
Merrick 6,043 3,272 $62,621 $204,895,912 6,091 3,303 $74,600 $246,403,800
Nance 2,759 1,499 $61,544 $92,254,456 2,735 1,483 $70,502 $104,554,466
Nemaha 5,292 2,924 $66,883 $195,565,892 5,147 2,851 $78,202 $222,953,902
Otoe 12,234 6,603 $71,546 $472,418,238 12,507 6,765 $81,398 $550,657,470
Pawnee 2,079 1,183 $62,448 $73,875,984 1,989 1,133 $73,868 $83,692,444
Polk 3,807 2,085 $72,347 $150,843,495 3,666 2,016 $85,111 $171,583,776
Richardson 6,352 3,641 $55,590 $202,403,190 6,160 3,554 $63,270 $224,861,580
Saline 10,338 5,312 $69,897 $371,292,864 10,431 5,401 $79,148 $427,478,348
Sarpy 126,978 67,057 $90,920 $6,096,822,440 140,443 73,773 $102,967 $7,596,184,491
Saunders 15,968 8,427 $80,523 $678,567,321 16,480 8,690 $94,167 $818,311,230
Seward 12,441 6,549 $83,246 $545,178,054 12,787 6,731 $98,394 $662,290,014
Sherman 2,427 1,406 $60,387 $84,904,122 2,445 1,410 $69,100 $97,431,000
Thayer 4,019 2,309 $60,332 $139,306,588 4,007 2,310 $70,749 $163,430,190
York 10,584 5,685 $73,770 $419,382,450 10,751 5,745 $85,117 $488,997,165
Surrounding Area Totals 3,084,082 1,674,288 $71,918 $120,410,890,414 3,164,243 1,716,329 $82,697 $141,935,909,262
Total Market Area 5,422,154 2,954,676 $71,711 $211,881,671,949 5,580,051 3,035,939 $81,677 $247,966,757,117

The following are key points from our review of population and income growth data.
Demographic data and projections are from ESRI Business Information Solutions, a national
econometric forecasting firm.
Iowas adult (Age 21+) population is estimated to comprise 2,338,072 residents in 2017.
Our analysis of market and facility statistics indicate that Iowa casinos attract regular
visitation also from persons residing within a reasonable driving distance in neighboring
states. These areas add an estimated 3,084,079 adults to the Iowa regional gaming
market. In total, the age 21+ population residing within the primary draw area
surrounding Iowas casinos is estimated at 5,422,154 adults in 2017.
Modest growth is expected for the market area. Between 2017 and 2022, the market area
is forecast to grow from 5,422,154 adults (age 21+) to an estimated 5,580,051, reflecting
the addition of approximately 158,000 adults over five years. The average annual adult
population growth rate is projected to be less than 0.6% during this timeframe.
According to ESRI, the average household income within the State of Iowa is estimated at
$71,440 in 2017. Our analysis shows that household incomes vary considerably
throughout Iowa. Generally, incomes are higher within the States urban areas. The
average income in Northwest Iowa was the lowest among the four quadrants analyzed, at
$66,586, while Southwest Iowa, which includes the Des Moines metro area, had the
highest average income at $79,015. At $104,548, the average household income in Dallas
County just west of Des Moines was by far the highest among Iowa counties, while Polk
Countys average household income was estimated at $81,470, compared to $83,962 to
the south in Warren County.
Income growth is forecast to outpace the population growth rate in this region over the
next five years. ESRI projects that the average household income in the market area will
increase from an estimated $71,440 in 2017 to $81,677 in 2022. This reflects a 3.5%
annual growth rate, compared to a 0.6% annual adult population growth rate.
The Iowa Economy
The table on the following page shows unemployment rates for Iowa and its MSAs for 2008-
2017. Data is shown for year-end for 2008-2016 and as of mid-year for 2017. Iowa has
historically sustained lower unemployment than the nation as a whole and most states, even in
times of stress. A deep economic recession impacted Iowa, certainly, albeit less dramatically and
later when compared to many parts of the U.S. Unemployment in Iowa increased from 4.2% in
2008 to 6.3% in 2009. A recovery took hold throughout most of the U.S. during 2010, although
it was not until 2011 that the recovery really gained traction in Iowa. Unemployment declined to
5.5% in 2011, before improving to 5.0% in 2012 and 4.2% as of 2013 year-end. Unemployment
was <4.0% in every year from that point, and had declined to 3.1% as of June 2017.

Historical Unemployment Rates -- Iowa Metropolitan Areas
2008-2017
Unemployment Rates *
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (June)
Metropolitan Area
Des Moines 4.0% 6.3% 6.3% 5.7% 5.2% 4.4% 4.0% 3.6% 3.6% 3.0%
Omaha-Council Bluffs 3.8% 5.2% 5.0% 4.7% 4.2% 3.9% 4.1% 3.6% 3.6% 3.2%
Dubuque 4.7% 6.4% 6.4% 5.1% 4.8% 4.1% 4.0% 3.9% 3.8% 2.9%
Waterloo-Cedar Falls 3.7% 6.0% 6.1% 5.4% 5.1% 4.2% 5.0% 4.7% 4.8% 3.7%
Iowa City 3.2% 4.5% 4.5% 4.1% 3.6% 3.4% 2.8% 2.7% 3.1% 2.9%
Cedar Rapids 4.1% 6.2% 6.3% 5.7% 5.3% 4.6% 4.1% 3.7% 3.8% 3.4%
Sioux City 4.0% 6.2% 7.4% 5.7% 5.3% 4.4% 4.4% 3.9% 3.6% 3.3%
Quad Cities 5.6% 9.2% 7.8% 7.5% 7.0% 6.8% 5.1% 4.8% 5.4% 4.5%
State of Iowa 4.2% 6.3% 6.2% 5.5% 5.0% 4.2% 3.9% 3.5% 3.5% 3.1%
United States 7.3% 9.9% 9.4% 8.5% 7.9% 6.7% 5.6% 5.0% 4.7% 4.5%
* as of December 31 of each year, unless otherwise noted.
Sources: Iowa Workforce Center; U.S. Bureau of Labor Statistics

Unemployment is now relatively low in each of Iowas metropolitan areas, remaining the highest
in the Quad Cities, at 4.5%, although much improved compared to just four years ago when
employment remained at 6.8%, more than 200 bps higher than any other Iowa metro area.
Key Points: Demography & Economics
Iowas economy and its gaming market fared relatively well in comparison with many markets
around the United States prior to and during the recent recession. Nonetheless, the recessionary
impact was significant in Iowa, and occurred later when compared to many markets. The market
has improved greatly since 2011, as unemployment Statewide has declined to 3.1% compare to
4.5% nationally. Still, while the job market has improved and unemployment has declined,
household incomes and wealth have not fully recovered, while very modest 0.6% annual adult
population growth is expected for the market. From our analysis of growth trends and key
economic indicators we would expect Iowa gaming revenues to show modest growth in the
coming months, correlating with growth in population and income levels, offset somewhat by
slightly declining casino participation rates as evidenced by trends in casino admissions in the
state. Our gaming market forecast is detailed in the following section, which includes a baseline
forecast to 2022, along with a review of the impact of a proposed new gaming facility in Cedar
Rapids (Linn County).

IOWA GAMING MARKET PROJECTIONS
Review of January 2014 Forecast by Marquette Advisors
As part of our prior engagement, culminating in January 2014, Marquette Advisors provided a
similar study which included a forecast of statewide and property-specific gaming revenues. That
analysis was completed prior to the IRGC authorization of the Wild Rose Casino-Jefferson. As
part of our 2014 analysis, we provided a forecast of 2017 gaming revenues for an assumed new
facility at Jefferson, and all other casinos in the state, with a measurement of expected
cannibalization from that development. A summary of that forecast is provided below, showing
gaming revenues by facility for FY2013 and FY2017, as well as the FY2017 forecast numbers
developed by Marquette Advisors in January 2014. The table shows the variance between our
forecasted FY2017 revenues and actual casino performance.
Review of Previous Iowa Gaming Market Forecast by Marquette Advisors

Marquette 2017 forecast
Casino Location FY2013 FY2017 (Actual) (prepared January 2014) % variance
Wild Rose Emmetsburg $32,226,026 $28,420,748 $32,000,000 12.6%
8
Wild Rose Jefferson $0 $28,214,880 $28,000,000 -0.8%
6
Argosy Sioux City $56,050,206 $0 $0 0.0%
Hard Rock 7 Sioux City $0 $77,027,496 $77,000,000 0.0%
Ameristar Council Bluffs $167,786,099 $171,435,126 $170,000,000 -0.8%
Harrah's 5 Council Bluffs $67,374,779 $71,271,483 $83,000,000 16.5%
Horseshoe Council Bluffs $200,304,722 $172,142,344 $216,000,000 25.5%
Diamond Jo Northwood $89,017,378 $85,196,088 $91,000,000 6.8%
Prairie Meadows Altoona $195,011,313 $190,172,316 $196,000,000 3.1%
Lakeside Osceola $50,450,411 $48,135,113 $51,000,000 6.0%
Isle-Waterloo Waterloo $86,049,026 $87,034,926 $93,000,000 6.9%
Riverside Riverside $88,668,376 $85,682,854 $91,000,000 6.2%
Casino Queen Marquette $29,817,861 $26,384,268 $29,000,000 9.9%
Diamond Jo 1 Dubuque $66,536,532 $66,856,145 $73,000,000 9.2%
Q Casino Dubuque $57,611,653 $47,639,628 $62,000,000 30.1%
Isle-Bettendorf 10 Bettendorf $74,505,557 $77,459,196 $90,000,000 16.2%
Rhythmn City 9 Davenport $48,304,082 $61,945,577 $84,000,000 35.6%
Wild Rose 2 Clinton $37,564,137 $31,362,880 $41,000,000 30.7%
Catfish Bend 3 Burlington $38,407,502 $41,715,632 $40,000,000 -4.1%
4
Grand Falls Larchwood $58,173,086 $54,802,316 $63,000,000 15.0%
TOTAL REVENUE $1,443,858,746 $1,452,899,016 $1,610,000,000 10.8%
1
Diamond Jo land based casino opens Dec. 2008, replacing boat.
2
Wild Rose Casino-Clinton opens Jul. 2008, replacing Miss. Belle boat.
3
Catfish Bend land based casino opens Jul. 2007, replacing boat at Ft. Madison.
4
Grand Falls opens July 2012.
5
Harrah's-Council Bluffs moves to land-based facility in June 2013.
6
Argosy - closed July 30, 2014 - replaced by Hard Rock.
7
Hard Rock - opened July 31, 2014 - replacing Argosy boat.
8
Wild Rose Casino-Jefferson (Greene Co.) - opened July 13, 2015
9
Rythmn City-Davenport opened new land-based casino & hotel June 13, 2016 - replacing former boat.
10
Isle of Capri-Bettendorf opened new land-based casino June 24, 2016 - replacing former boat.

Our 2014 forecast of 2017 revenues for the new Wild Rose Casino-Jefferson was, in fact, very
accurate, with predicted 2017 revenues of $28.0 million, just 0.8% off the actual revenues of
$28.2 million.
Our 2014 report also provided a forecast for the new Hard Rock Casino in Sioux City, at $77.0
million in 2017. That facility did in fact generate gaming revenue of $77.0 million during
FY2017.
In our 2014 report, we had also predicted that approximately $22.0 million, or 79% of the gaming
revenue at Wild Rose Casino-Jefferson would be the result of cannibalization, with 21% being
from market growth. This included $6.0 million in projected lost revenue at Prairie Meadows,
$4.5 million at Meskwaki, $3.2 million at Wild Rose-Emmetsburg, and another $8.0 million in
smaller amounts spread across several other casinos throughout the state. From our recent
analysis of casino performance statistics and proprietary player tracking information, it is apparent
that our cannibalization forecast at $22.0 million was somewhat overstated. We estimate that the
actual cannibalization impact has been in the range of $14.0 to $16.0 million. While casinos such
as Wild Rose-Emmetsburg and Prairie Meadows have in fact generated lower 2017 revenues than
what was projected for those facilities without the Jefferson impact, we conclude from our
updated analysis of market information and player tracking statistics that this is not wholly
attributable to the Jefferson project. Rather, it has been a combination of the Jefferson impact,
along with other market factors, most notable being a more substantial decline in gaming
participation rates than expected.
With respect to other forecast elements, we note that the overall revenue forecast of $1.61 billion
for 2017 is 10.8% higher than the actual revenue for FY2017. This relates partly to the noted
trend of declining casino gaming participation in the market. However, we also note that our
2014 forecast was developed on the assumption that the new land-based casinos in Quad Cities
(Rhythm City and Isle) would be completed by late 2015. The opening of these facilities did not
occur until mid-2016, so the related market adjustment and revenue increases in that market are
occurring somewhat later than was assumed as part of our 2014 modeling.
Baseline Model 2017 (current market situation)
In order to facilitate the development of gaming revenue projections for the market as a whole
and for each facility in Iowa, we have first developed a model which effectively predicts the
current (FY2017) level of casino visitation and net win for each casino in Iowa, including both
commercial casinos, along with estimates for competitive tribal casinos.
Our base year model ties out to current FY2017 performance levels (annual casino visitor days and
gaming revenues) for each of Iowas existing casinos, considering their relative proximity to
population, appropriate participation rates and frequency rates, the impact of outside demand
components (tourism, etc), average spend estimates, and the respective competitive advantages and
disadvantages of each casino due to locational and facility size and attractiveness factors.

Key to the development of the base model was our market analysis and review of actual casino
player tracking information, as provided by Iowas casino operators. Player tracking
information is the basis for determining for each casino, where its casino customers are
originating from. We analyzed zip code visitation and net win information for each casino
facility, and then also aggregated this information at the county level for the market area.
To summarize, the base casino utilization and financial performance model is rooted in the base
procedure as summarized below:
County Adult Population 5 x Participation Rate 6 = Total Casino Visitors (visitor days) (per year)
These casino visits were then distributed on a percentage basis among the various Iowa gaming venues,
as well as competitive casinos available within adjacent states. Our market share allocations here too
were based upon our review of actual casino visitation data as provided by Iowas casino operators,
and our separate knowledge and review of adjacent competitive facilities.
Total casino visitors from each county x avg. win per visit 7 = Total Gaming Revenue
Our analysis of current market conditions and player tracking information shows that casino
gaming participation rates (i.e. the avg. number of annual casino visits per adult resident) vary
significantly throughout the regional gaming market, ranging from less than 2.0 in some areas
which are more distant from casino facilities to 7.0 to 10.0 in several communities where one or
more casinos are accessible within a relatively short driving distance. Participation rates are very
high (12.0 to 15.0) in a select few rural communities where casinos exist and locals visit
frequently. Overall, the participation rate for the market area as a whole is estimated at
approximately 5.0 casino trips (visitor days) per adult per year, or about 27.6 million annual
casino visits in 2017 by the market areas adult population base to commercial and tribal casinos
in Iowa and neighboring states.
The overall average spend per casino visit (i.e. net win by the casino) was estimated at $69, with
total casino spending by the market area population base of approximately $1.894 billion in 2017.
This total includes all of Iowas commercial and tribal casinos, as well as that part of net win at
casinos in adjacent states which originates from the Iowa market area population. Iowas
commercial casinos captured approximately 77% of casino spending by adults in the defined
market area, or $1.453 billion, with the remaining 23% going to Iowas tribal casinos and other
5
Adult population estimates were obtained from ESRI Business Information Solutions, a nationally recognized
econometric forecasting firm.
6
Casino gaming participation rates were determined by our market analysis and casino visitation statistics by zip
code and by county as provided by Iowa casino operators.
7
The average spend per visit was modeled based upon actual expenditure patterns by registered player club
members at Iowas casinos, in accordance with data provided by the casino operators. Average spend typically
varies by county depending on the frequency of casino visits, the distance of that county from the casino being
analyzed, and income levels within each county.

casinos in neighboring states. Our calculations indicate that an estimated 45% ($648 million)
came from persons residing outside the State of Iowa.
Baseline Forecast - 2022
Next, our 2017 base model was reconfigured to reflect adult population growth (or declines) and
projected changes in personal incomes and average casino spending assumptions over the next
five years throughout the market. Between 2017 and 2022, the market area (Iowa and portions
of adjacent states) is projected to see modest population growth from 5,422,000 adults (age 21+)
to 5,580,000 adults. This reflects an annual growth rate of just under 0.6% per year.
Our baseline model assumes no increase in supply, with no new casinos or substantial expansions
to existing Iowa casinos during this time.
Casino Gaming Participation Rates
Our analysis shows that casino gaming participation rates have declined slightly in many zip codes
throughout Iowa in recent years. From our analysis of adult population estimates and customer
visitor days as per a review of player tracking data provided by Iowa casino operators, we
estimate that gaming participation rates have declined at a rate of about 1% per year since 2010.
During this time, visitation to Iowa commercial casinos has declined from about 22.1 million to
21.8 million admissions. Our 2017 baseline model reflects a 1% annual decline in casino gaming
participation rates for the majority of the market area, with a variance in markets where there is
apparent ramp-up in participation based on our analysis. The most significant example is in the
Quad Cities, where the introduction of new land-based casinos has prompted an increase in local
casino gaming participation and a redistribution of market share among the areas casinos.
Altogether, our adjustments reflecting the 2022 projected adult population base and minor
adjustments to casino gaming participation rates result in a projection of approximately 26.8
million casino admissions in 2022 by the market area population base as defined for this
analysis, compared to 27.6 million in 2017. This includes trips to Iowa commercial and tribal
casinos, as well as various competitive casinos in bordering states.
Market share adjustments were also made to reflect the continued market adjustment in the Quad
Cities as a result of the recent development of land-based facilities at Isle and Rhythm City and
recapture of market share from Illinois.
Casino Revenues
The next adjustments to the model include increases in the average spend per visit. These inputs
also vary and were developed by county for all of the casinos that the market area population is
assumed to visit. As noted above, the average spend per casino visit was estimated at $69 in
2017. We have adjusted the 2017 modeling by county to reflect our review of historical trend

data, paired with an analysis of growth in personal incomes throughout the market area by zip
code and county. While very modest 0.6% annual adult population growth is expected in the
market area, personal income growth is forecast to outpace adult population growth during the
forecast period, increasing by 3.5% per year. We are also aware that the average spend per
admission (per IRGC statistics) increased by an average of about 0.7% per year over the past five
years. Marquette Advisors made market-specific adjustments to the assumed average spend per
casino visit, also varying by casino depending on the distance of the population base from each
casino. Average spend per visit was inflated by an average of 0.5% to 0.75% per year for most
markets. The net result of our adjustments is a projected overall average spend per admission of
$71 in 2022, compared to $69 in 2017.
Next, we multiply projected casino visits by the estimated average spend by zip code and by
casino, resulting in total projected casino revenues of $1.898 billion in 2022. This again includes
all casino trips originating from within Iowa and relevant portions of adjacent states. This total
net win was then distributed among all casinos in this same market area. Based on our market
share analysis, we estimate that Iowa commercial casinos will capture an estimated $1.473 billion
in net win in FY2022. Our 2022 baseline market projections are summarized as follows for
Iowas commercial casinos. Individual casino projections are provided on the following page.
FY 2017 FY 2022
Iowa Commercial Casino Visitors 21,803,201 21,322,000
Iowa Commercial Casino Net Win $1,452,899,016 $1,473,000,000
Avg. Revenue per Admission $67 $69
Revenue from non-Iowa residents $648,000,000 $662,000,000

Projected Gaming Revenue by Casino

2022 Baseline Forecast (no change in facilities)
Casino Location FY2017 FY2022 % change, 17-22
Wild Rose Emmetsburg $28,420,748 $28,698,000 1.0%

Admissions 424,122 419,385 -1.1%
Win per Admission $67 $68 2.1%
Wild Rose Jefferson $28,214,880 $27,682,000 -1.9%

Admissions 442,626 391,540 -11.5%
Hard Rock Sioux City $77,027,496 $76,653,000 -0.5%

Admissions 1,721,017 1,602,185 -6.9%
Ameristar Council Bluffs $171,435,126 $172,890,000 0.8%

Admissions 1,856,303 1,850,425 -0.3%
Harrah's Council Bluffs $71,271,483 $71,648,000 0.5%

Admissions 1,139,940 1,080,000 -5.3%
Horseshoe Council Bluffs $172,142,344 $174,000,000 1.1%

Admissions 2,016,310 1,937,100 -3.9%
Diamond Jo Northwood $85,196,088 $84,701,000 -0.6%

Admissions 1,237,613 1,131,000 -8.6%
Prairie Meadows Altoona $190,172,316 $191,626,000 0.8%

Admissions 3,155,137 3,169,000 0.4%
Lakeside Osceola $48,135,113 $48,567,000 0.9%

Admissions 539,892 578,260 7.1%
Win per Admission $89 $84 -5.8%
Isle-Waterloo Waterloo $87,034,926 $88,583,000 1.8%

Admissions 1,119,847 1,142,180 2.0%
Riverside Riverside $85,682,854 $87,794,000 2.5%

Admissions 1,524,135 1,477,600 -3.1%
Casino Queen Marquette $26,384,268 $27,673,000 4.9%

Admissions 253,122 306,900 21.2%
Diamond Jo Dubuque $66,856,145 $65,875,000 -1.5%

Admissions 917,395 850,700 -7.3%
Q Casino Dubuque $47,639,628 $46,847,000 -1.7%

Admissions 847,435 796,630 -6.0%

Projected Gaming Revenue by Casino (continued)

2022 Baseline Forecast (no change in facilities)
Casino Location FY2017 FY2022 % change, 17-22
Isle-Bettendorf Bettendorf $77,459,196 $79,235,000 2.3%

Admissions 1,075,519 987,900 -8.1%
Rhythmn City Davenport $61,945,577 $70,797,000 14.3%

Admissions 1,274,293 1,294,800 1.6%
Wild Rose Clinton $31,362,880 $31,500,000 0.4%

Admissions 567,370 552,730 -2.6%
Catfish Bend Burlington $41,715,632 $41,101,000 -1.5%

Admissions 668,883 679,050 1.5%
Grand Falls Larchwood $54,802,316 $57,444,000 4.8%

Admissions 1,022,242 1,074,250 5.1%
TOTAL NET WIN $1,452,899,016 $1,473,314,000 1.4%

Admissions 21,803,201 21,321,635 -2.2%
Sources: IRGC (hisotrical); Marquette Advisors (forecast)

Iowa Gaming Projections (2022) Impact of Cedar Rapids (Linn Co.) Casino Development
The following paragraphs outline our analysis and the results of scenarios regarding the addition of a
new casino in Cedar Rapids (Linn County). For each scenario, the 2022 baseline forecast model was
adjusted to reflect the development of a new casino complex. Three proposals for Cedar Rapids were
considered. Again, casino visitation and net win estimates were developed for each individual market
and distributed to various casinos throughout the area, including an assumed new casino in Cedar
Rapids. Gaming participation rates were adjusted where appropriate to reflect the development of a
new gaming venue within the submarket, thereby making casino gaming more convenient for the local
resident base. Key adjustments were also made to reflect changes in capture rates (market share)
among Iowa casinos resulting from new competition. Market share adjustments were estimated by
Marquette Advisors based on our review of actual casino performance statistics and player tracking
data as provided by Iowa casino operators, paired with our site visits and detailed review of each
proposal new casino facility in terms of the following key variables:
Casino size, components and quality

Range of amenity components (as applicable) size and quality
Proximity to various population segments
Ease of access and highway network
Casino branding and player club
The table on the following page summarizes the key metrics of each of the three (3) Cedar Rapids
proposals under consideration, including two by Cedar Rapids Development Group (Cedar
Crossing) and another by Wild Rose-Cedar Rapids.

Cedar Rapids Casino Proposals
Summary Metrics
Cedar Crossing 1.0 (larger project) Cedar Crossing 2.0 (small project) Wild Rose
Planned number of gaming 840 550 600
machines
Planned number of gaming tables 30 15 20
Planned number of hotel rooms None None None
Projected Total Employment and 355 direct jobs 231 direct jobs 225 jobs
employee wages on site (per $14.9M of annual payroll per consultant $9.1M of annual payroll per consultant $7.5M of annual Payroll
proposal) Wages will be 25% over minimum fed rates - this is $9.06 or Wages will be 25% over minimum fed rates - this is $9.06 Wages will be 25% over minimum fed rates - this is
$5.44 for tipped employees or $5.44 for tipped employees $9.06 or $5.44 for tipped employees
Hourly non-tipped workers range is $9.25-$20 Hourly non-tipped workers range is $9.25-$20 Linn County Minimum Wage:
Hourly tipped workers is $5.44-$20 Hourly tipped workers is $5.44-$20 $8.25 currently
Salaries range from $40k-$252k dependent on position Salaries range from $40k-$252k dependent on position $9.25 in Jan 2018
$10.25 in Jan 2019
Location West side of river, 1st Ave & 1st Street SW East side of river, across the street from US Cellular East side of river, across the street from US Cellular
Across the street from city-constructed parking ramp Center & Hilton Doubletree Center & Hilton Doubletree
1st Ave & 4th Street NE 401 1st Ave NE
Project Size (Sq. Ft.) 171k sf total, 40k for gaming - up to 3,636 occupants 55k sf total, 19k for gaming - up to 1,735 occupants Approximately 50-60k sf, 25k for gaming - up to 2,000
occupants
Description of the facilities Urban casino with event space and restaurants Small, urban casino with a restaurant Urban, boutique casino across the street from the US
Street-level - covered parking for 267 stalls, lobby Casino is beneath parking garage and connected to the Cellular Center
2nd level - 43k sf of gaming, 12k sf of restaurant/retail, 38k sf Hilton Doubletree via skyway Street-level, covered parking with 67 stalls
boh Street-level - covered parking for 67 VIP spots, 3-story 25,000 sf of gamining on 2nd floor
3rd level - 14k sf of event space, 5k sf boh porte cochere for lobby entrance 25,000 sf of office/storage on 3rd floor
2nd level - 19k sf of gaming, 9k sf of restaurant/bar
3rd -7th levels - structured parking (800 stalls total)
Restaurants/Amentities No attached hotel No attached hotel No attached hotel, event space, or full-service
400-seat event space Sinclairs Deli, The Rock Bar restaurant
Sinclairs Steakhouse, Kingston Buffet, PickleWorks Deli, The Bar and limited food/snack menu on gaming floor
Rock Bar No restaurants with intentional to drive business to
adjacent local spots
Project Cost $169M plus additional $27M for city-constructed parking garage $81.4M pluss additional $25M for city-constructed parking $42.3M (including contingency)
garage
Source: Cedar Crossing & Wild Rose Proposals

Cedar Crossing Proposal (large)

840 machines, 30 table games
Cedar Crossing Proposal (small)

Wild Rose Proposal


Marquette Advisors reviewed the proposed development sites and project details for each. Each
proposal profiles a high-quality urban casino with an architectural character that is attractive and fits
well within the context of their respective locations.
The map below shows a 30- and 60-minute drive time surrounding Cedar Rapids. Considering the
location and the facilities proposed, and the location and attractiveness of surrounding competitors, we
believe that a new casino in Cedar Rapids, with no on-site lodging component, would attract the
majority of its customers from within a 30-minute to 60-minute drive time, with less frequent visitation
more distant markets, as well as tourists originating from a somewhat greater distance. This would
include both Iowans and out-of-state visitors who will come occasionally for the specific purpose of
gambling at the facility, and others who may be in Cedar Rapids for another purpose, perhaps on
business, for a convention, or relating to another leisure activity. Key submarkets include the greater
Cedar Rapids market, as well as Iowa City just to the south.
Cedar Rapids Competitive Gaming Market
Subsequent to this development, we would expect a corresponding increase in casino gaming

participation rates, particularly within the Linn County market due to the addition of a new facility
here and the convenience factor by comparison to existing gaming alternatives which are clearly
more distant from Cedar Rapids. Gamers residing in the Cedar Rapids area have several casinos
available to them, although the nearest venues (Riverside and Isle-Waterloo) lie about 40 to 50
minutes from most of this population base, with Meskwaki also being about one hour to the west.
The convenience factor is expected to result in local regular gamers opting to gamble more
frequently, with the majority of those added casino trips going to the new venue. As well, the

new casino is also likely to entice new participation by current non-gamers and more casual
gamers in the area. Our model adjustments have factored in a projected increase in participation
rates in the Cedar Rapids area from about 3.5 presently to 6.0 casino visits per adult per year,
assuming a larger casino, and 5.0 for a smaller casino. By comparison, local casino gaming
participation rates in other urban Iowa markets currently featuring one or more casinos are
estimated as follows:
Waterloo: 7.5
Dubuque: 12.0
Davenport/Bettendorf: 7.5
Des Moines: 3.8
Omaha/Council Bluffs: 5.3
For more distant counties situated 30 to 60+ minutes from Cedar Rapids, we have estimated
modest 5% to 10% increases in participation rates, varying by zip code.
In redistributing our projection of casino trips, market share adjustments were also made to reflect
the impact of the assumed new Cedar Rapids casino upon other casinos in the region. Average
expenditures per casino visit were modeled for the new facility by point of origin, based on our
market analysis and review of demographic and economic data, and the expenditure
characteristics of gamers at other facilities in the region according to our analysis of player
tracking data provide by Iowa casinos.
Our adjusted model projects that the larger Cedar Crossing facility would generate approximately
$85 million by 2022, with approximately 1,225,000 annual admissions. The smaller Cedar
Crossing facility is estimated to generate about $57 million, compared to $52 million for the
Wild Rose proposal. In comparing the two smaller casino proposals, we estimate that Cedar
Crossing would command a slightly greater market share and visitation due to its somewhat more
extensive food & beverage offering.
We expect that a new venue as proposed for Cedar Rapids would in fact have a significant
cannibalization impact. That impact would be most pronounced with respect Riverside Casino &
Resort, given the importance of the Cedar Rapids and Iowa City markets to that facility presently.
Of the $85.0 million in annual revenue projected for the larger Cedar Crossing facility, we
estimate that about 55% ($27 million) would be new revenue resulting from an increase
in gaming activity, with the remaining 45%, or $38 million coming through the
cannibalization of business from other casinos. The cannibalization impact for the smaller
casino proposals is estimated to range from approximately $29 to $32 million, or about
56% of facility revenues. A summary of the projected financial performance and market impact
of each proposal is presented on the following table. Also, commensurate with our agreement
with IRGC, we have provided a summary of the anticipated impact of the possible increase in the
size of each proposal by 10%, 25% and 50%.

Proposed Cedar Rapids Casino Development
Projected Performance & Market Impact
Baseline Proposals Assume 10% Additional Gaming Positions Assume 25% Additional Gaming Positions Assume 50% Additional Gaming Positions
Cedar Crossing Cedar Crossing Wild Rose Cedar Crossing Cedar Crossing Wild Rose Cedar Crossing Cedar Crossing Wild Rose Cedar Crossing Cedar Crossing Wild Rose
(large project) (small project) proposal (large project) (small project) proposal (large project) (small project) proposal (large project) (small project) proposal
Assumed Facilities
# of Gaming Positions 1,150 655 740 1,265 721 814 1,438 819 925 1,725 983 1,110
# of Attached Hotel Rooms 0 0 0 0 0 0 0 0 0 0 0 0
Estimated Construction Cost $196,000,000 $106,400,000 $42,300,000 N/A N/A N/A N/A N/A N/A N/A N/A N/A
Projected Annual Admissions 1,225,000 830,000 760,000 1,325,000 910,000 845,000 1,465,000 1,025,000 950,000 1,725,000 1,200,000 1,120,000
Projected Net Win (2022) $85,000,000 $57,000,000 $52,000,000 $91,400,000 $61,600,000 $56,600,000 $101,000,000 $68,500,000 $63,500,000 $117,000,000 $80,000,000 $75,000,000
Net Win per Position/Day $203 $238 $218 $198 $234 $215 $192 $229 $212 $186 $223 $209
Net Win per Admission $69 $69 $68 $69 $68 $67 $69 $67 $67 $68 $67 $67
Projected New Win from Out of State Customers $5,000,000 $2,500,000 $2,000,000 $5,250,000 $2,625,000 $2,100,000 $5,775,000 $2,887,500 $2,310,000 $7,000,000 $3,500,000 $3,000,000
% of Casino Net Win 5.9% 4.4% 3.8% 5.7% 4.3% 3.7% 5.7% 4.2% 3.6% 6.0% 4.4% 4.0%
Projected "New" Statewide Incremental Gaming Revenue $47,000,000 $25,000,000 $23,000,000 $49,400,000 $27,600,000 $25,600,000 $54,000,000 $30,000,000 $28,500,000 $62,000,000 $35,000,000 $34,000,000
% of Subject Casino net win attributable to 55% 44% 44% 54% 45% 45% 53% 44% 45% 53% 44% 45%
market growth (i.e. "new" revenue)
Projected Incremental Iowa Gaming Tax Revenue $10,340,000 $5,500,000 $5,060,000 $10,868,000 $6,072,000 $5,632,000 $11,880,000 $6,600,000 $6,270,000 $13,640,000 $7,700,000 $7,480,000
Cannibalization Impact (revenue lost by existing casinos) $38,000,000 $32,000,000 $29,000,000 $42,000,000 $34,000,000 $31,000,000 $47,000,000 $38,500,000 $35,000,000 $55,000,000 $45,000,000 $41,000,000
% of Subject Casino net win attributable to cannibalization 45% 56% 56% 46% 55% 55% 47% 56% 55% 47% 56% 55%
Cannibalization Impact per Casino

Riverside $22,000,000 $20,000,000 $18,000,000 $24,300,000 $21,250,000 $19,250,000 $27,200,000 $24,100,000 $21,725,000 $31,850,000 $28,125,000 $25,450,000
Isle-Waterloo $5,000,000 $3,000,000 $2,000,000 $5,500,000 $3,200,000 $2,150,000 $6,200,000 $3,600,000 $2,400,000 $7,250,000 $4,200,000 $2,825,000
Meskwaki $6,000,000 $4,000,000 $3,000,000 $6,600,000 $4,250,000 $3,200,000 $7,400,000 $4,800,000 $3,600,000 $8,650,000 $5,625,000 $4,250,000
Others $5,000,000 $5,000,000 $6,000,000 $5,600,000 $5,300,000 $6,400,000 $6,200,000 $6,000,000 $7,275,000 $7,250,000 $7,050,000 $8,475,000
Source: Marquette Advisors

In either scenario, with a new casino in Cedar Rapids, we expect Riverside Casino would be
particularly hard hit in terms of lost market share, losing between $18.0 and $22.0 million in
annual gaming revenues. This equates to about 20% to 25% of what we would project
Riversides revenues to otherwise be in 2022 if a new casino was not developed in Cedar Rapids.
Such a decrease in gaming revenues would almost certainly prompt a reduction in the number of
gaming devices at Riverside. As well, we would expect a corresponding reduction in the casinos
workforce, with the elimination of some gaming, food & beverage, and other support jobs due to
the reduction in revenue and customer admissions. It is difficult to gauge the exact impact on
Riverside employment, as we cannot accurately predict how Riverside management would handle
such a downturn. However, as a point of reference, we have examined neighboring Illinois. It
has been noted that the introduction of gaming machines at Illinois bars and restaurants led to a
$226 million decline in casino revenues, prompting a loss of 1,000 jobs at the states casinos,
according to a 2017 report by Rubin Brown LLP. This equates to one job lost for every
$226,000 in reduced gaming revenue. If the same relationship were to apply in Iowa, a $20
million reduction in revenues at Riverside could result in a layoff of about 90 employees. This is
about 12% of the casinos workforce, based on 728 current employees at the facility according to
IRGC published reports.
Economic Impact
Job Creation -- We expect that either of the facilities will have a major impact in terms of job
creation on site. We evaluated each proposal and the proposers estimates of job creation in
comparison with the reported employment at Iowas existing casinos. This analysis suggests
that the job creation impact as estimated by each proposer is in fact very reasonable.
Presented below is a summary of estimated based jobs at each of the proposed facilities,
compared to current employment at a sampling of Iowa casinos of varying size. We evaluated the
ratio of jobs provided both on a per-revenue basis, as well as jobs per gaming position. The
subject proposals predict job creation in the range of 4.1 to 4.3 for every $1.0 million in
anticipated gaming revenue, and 0.30 to 0.35 jobs per gaming position.
Gaming Annual Gaming On-Site Jobs per Jobs per

Casino Positions Revenue ($ millions) Employment Gaming Position $1.0 million in Gaming
Cedar Crossing propsosal (large) 1,150 $85 355 0.31 4.2

Cedar Crossing proposal (small) 655 $57 231 0.35 4.1
Wild Rose Proposal 740 $52 225 0.30 4.3
Diamond Jo-Dubuque 1,081 $67 418 0.39 6.2

Casino Queen-Marquette 593 $26 162 0.27 6.2
Diamond Jo-Northwood 1,212 $85 405 0.33 4.8
Horseshoe-Council Bluffs 1,905 $172 747 0.39 4.3
Wild Rose-Emmetsburg 572 $28 192 0.34 6.9
Wild Rose-Clinton 644 $31 248 0.39 8.0
Wild Rose-Jefferson 609 $28 188 0.31 6.7
Average-sample group 945 $62 337 0.35 6.2

Casino expenditures on products, supplies and services -- Casinos also have a significant
impact on other businesses in a local and regional economy when they purchase products, supplies
and services for their operation. In estimating the potential impact of each Cedar Rapids proposal
upon the Iowa vendor base, in this way, we draw reference to an April 2017 report by Spectrum
Gaming Group on behalf of the American Gaming Association. That report, titled Gaming
Means (Small) Business: How Casinos Boost Local Economies, indicates that Iowas 19
commercial casinos spent approximately $289.4 million in 2015 on products, supplies and services
purchased from Iowa based companies.8 This equates to an average of $15.2 million in such
spending per casino, and about $1 for every $4.90 in annual gaming revenue. Applying this same
ratio, based on the expected revenue performance and characteristics of each of the proposed
facilities, we estimate an annual spending impact as follows per proposal:
Cedar Crossing (large): $17.3 million per year

Cedar Crossing (small): $11.6 million per year
Wild Rose: $10.6 million per year
Through these purchases made from Iowa businesses, a new Cedar Rapids casino will also
support (indirectly) jobs throughout the regional economy. The Spectrum report also states that
off-site spending by US casino operations totaled $52 billion nationally, supporting 350,000 jobs
and $13 billion in worker payroll. Applying a similar ratio to the projected vendor spending
impacts attributable to each of the Cedar Rapids casino proposals, we can estimate the indirect
employment impact of each facility as follows:
Cedar Crossing (large): 115 indirect jobs ($4.25 million in payroll)

Cedar Crossing (small): 77 indirect jobs ($2.85 million in payroll)
Wild Rose: 71 indirect jobs ($2.63 million in payroll)
Off-Site Spending by Casino Customers Additionally, we can consider the potential impact of
the casino proposals on nearby businesses, resulting from casino visitor spending off-site at area
restaurants/bars, convenience stores, gas stations, hotels, and other businesses. A number of
studies by the AGA and others have sited customer behavior studies and visitation patterns
whereby many casino guests also visit and spend money at nearby businesses. Such an analysis is
not included here, for the simple reason that the vast majority of these expenditures do not
represent a net increase in spending at area businesses, especially since a large share of the casino
customer base is expected to be locals. As such, these off-site expenditures are not new revenue
within the local economy. Spending at a nearby restaurant reflects substitution spending, i.e.
these are dollars that would have otherwise been spent elsewhere in the community, or on
food/beverage purchases from an area grocery store.
8
Gaming Means (Small) Business: How Casinos Boost Local Economies. -- April 2017. Spectrum Gaming
Group.

SUMMARY OF CONCLUSIONS
Casinos have been developed throughout Iowa, such that most of the states significant
population centers have access to multiple gaming venues (in most cases two to three) within a
driving distance of about one hour. As well, several casinos have been developed in border
communities, thereby attracting gaming dollars from outside Iowa. Examples include the Council
Bluffs market, which attracts gamers from nearby Omaha, Lincoln and much of Nebraska, as well
as Kansas and Missouri to a lesser degree. Dubuques two casinos and those in the Quad Cities
are positioned to capture gamer visits from neighboring Wisconsin and Illinois. Grand Falls in
Larchwood, in the far northwest corner of the Iowa, has been successful in attracting regular
patronage from the nearby Sioux Falls, SD market. Meanwhile, small to mid-size casinos in
border towns such as those at Marquette, Clinton, and Burlington operate similarly, albeit on a
smaller scale, capturing revenue locally and from neighboring states. Northern Iowa facilities
including Wild Rose-Emmetsburg and Diamond Jo-Northwood have had success in penetrating
the primarily rural northern Iowa markets, while also tapping southern Minnesota population
centers such as Albert Lea, Austin, Owatonna and Fairmont. Iowa casinos located in the central
and east-central parts of Iowa such as Riverside, Isle-Waterloo, Meskwaki, Prairie Meadows and
Lakeside provide multiple attractive gaming options for persons residing in major Iowa cities such
as Des Moines, Waterloo, Cedar Falls, Cedar Rapids and Iowa City. The recently constructed
Wild Rose Casino-Jefferson attracts most of its gamers from rural northwest Iowa.
Iowa gaming was impacted by a serious recession, although later and not as severely by
comparison to many U.S. markets. Our analysis indicates that a recovery took hold, beginning in
2010. FY 2012 revenues at Iowa casinos totaled $1.465 billion, about 3.5% greater than the pre-
recession level, before dipping slightly to $1.442 billion in FY2013, and again in FY2014 partly
attributable to a particularly harsh winter.
Revenue growth statewide has averaged 1.5% per year since FY2014, although individual market
and casino performance has been mixed. In FY2017, 12 out of the 19 commercial casinos saw
declines in gaming revenue, with 7 posting increases, the most significant being Isle-Bettendorf
and Rhythm City which opened new land-based casinos that have been able to recapture market
share from Jumers in Rock Island. In recent years, we have observed an increasingly competitive
market environment, with multiple casinos within relative close proximity competing for gamer
expenditures from a population base that continues to demonstrate a low growth rate. Some are
up, others down, as market share adjustments continue. Meanwhile, gaming participation rates in
most parts of Iowa have shown a decline. We estimate that the number of casino trips per year
per adult resident has declined by an average of 1% per year since 2010. Increases in per-capita
expenditures have offset the declines in visitation in some markets.
We find that Iowas current casinos are either at maximum penetration within their respective
markets, or fast approaching this stage. The draw area surrounding individual casinos has become
smaller; as new facilities have been developed, each facility has become more localized in terms of
its customer base.

In summary, we expect that Iowa commercial casino revenues will increase from $1.453 billion in
FY2017 to approximately $1.473 billion in FY2022, reflecting very modest 1.4% growth over
five years.
We expect that a new casino in Cedar Rapids will prompt an increase in local casino gaming
participation rates, such that a new casino here will be successful in attracting new gaming dollars
from the local population. As well, such a development will result in a redistribution of market
share among existing casinos in Iowa. This cannibalization impact will be most pronounced on
the Riverside Casino, which relies heavily on the Cedar Rapids and Iowa City markets. Other
impacted casinos will include Isle-Waterloo and Meskwaki. The large Cedar Crossing proposal
analyzed is estimated to produce $85.0 million in gaming revenue by 2022, with 45% of that
expected to be the result of cannibalization. The smaller proposals are projected to generate
revenues in the range of $52.0 to $57.0 million, with around 56% to be the result of
cannibalization.

ADDENDA
IOWA CASINO
PROFILES
Casino Name: Casino Queen-Marquette
Location: Highway 18 West
Marquette, Iowa
Year Opened: 2000 Admissions: 253,122

Gaming Revenue/Admission: $104
Total Slots: 533 Casino Square Footage: 17,514
Gaming Tables: 8 Patron Capacity: 1,200
Total Gaming Positions: 593 Hotel Rooms: 0
Dining Venues: 2
FY 2017 Net Win: $26,384,268 Dining Capacity: 151
Win Per Position/Day: $122
Casino Queen- Marquette

Annual Gaming Revenue ($000's)
$40,000
$38,000
$36,000 $34,328
$34,000
$32,000 $31,501
$30,015 $29,876 $29,818
$30,000 $29,188 $28,553
$27,125
$28,000 $26,716 $26,384
$26,000
$24,000
$22,000
$20,000
FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017
Casino Name: Q Casino
Location: 1855 Greyhound Park Rd
Dubuque, IA 52001

Total Slots: 827 Casino Square Footage: 46913
Gaming Tables: 22 Patron Capacity: 3500
Dining Venues: 6
Dining Capacity: 810
FY 2017 Net Win: $47,639,628

Q Casino-Dubuque
Annual Gaming Revenue (in $000's)
$80,000
$75,000
$71,620
$70,000 $68,500
$65,000 $62,148
$60,167
$60,000 $58,936
$57,612
$55,000
$52,199 $50,781
$48,811
$50,000
$45,000 $47,640
$40,000
Casino Name: Diamond Jo Casino - Dubuque
Location: 301 Bell Street
Dubuque, Iowa
Year Opened: 1994* Admissions: 917,395

Total Gaming Positions: 1,081 Hotel Rooms: 0
Dining Venues: 4
FY 2017 Net Win: $66,856,145

Diamond Jo-Dubuque
$80,000
$75,000
$70,055
$70,000 $68,400
$67,243 $66,537 $67,562
$63,561 $63,911
$65,000
$66,856
$59,199
$60,000
$55,000
$50,000
$45,000
$40,375
$40,000
* New land based casino completed in Dec 2008

Casino Name: Wild Rose Casino & Resort
Location: 777 Wild Rose Circle
Clinton, Iowa
Year Opened: 1991* Admissions: 567,370

Gaming Revenue/Admission: $55.28
Dining Venues: 3
Dining Capacity: 1,150
FY 2017 Net Win: $31,362,880

Wild Rose Casino & Resort-Clinton

$50,000
$45,000
$41,858
$40,000 $39,153 $40,217 $39,177

$37,564
$35,000
$32,380 $32,933 $32,925
$30,000 $31,363
$27,777
$25,000
$20,000
* new land based casino hotel replaced Miss. Belle riverboat in July 2008
Casino Name: Isle of Capri Casino
Location: 1777 Isle Parkway
Bettendorf, Iowa
Year Opened: 1995 (2016) Admissions: 1,075,519

Dining Venues: 4
FY 2017 Net Win: $77,459,196

Isle of Capri-Bettendorf
$100,000
$96,564
$95,000
$90,000 $88,975
$85,000
$80,000 $78,340 $78,483 $77,459

$75,745
$75,000 $74,506
$70,236 $69,717
$70,000 $68,545
$65,000
$60,000
Casino Name: Rhythm City Casino
Location: 101 W River Dr
Davenport, IA 52801
Year Opened: 1991 (2016) Admissions: 1,274,293

Dining Venues: 4
Rhythm City Casino-Davenport

$80,000
$75,000
$70,000
$65,000
$61,946
$60,000 $58,184
$56,664
$55,000 $54,760
$50,532
$49,330
$50,000 $48,304
$44,423
$45,000 $43,073 $43,913
$40,000
Casino Name: Riverside Casino & Golf Resort
Location: 3184 SR-22
Riverside, IA 52327
Year Opened: 2006 Admissions: 1,524,135

Dining Venues: 4
FY 2017 Net Win: $86,682,854
Riverside Casino & Resort

$100,000
$98,000
$96,000
$94,000
$92,000
$90,348
$90,000
$87,330 $87,669
$88,000
$86,132 $86,457 $86,668 $86,747
$86,000 $85,165 $85,208
$84,000 $85,683
$82,000
$80,000
Casino Name: Catfish Bend Casino & Hotel
Location: 3001 Winegard Dr
Burlington, IA 52601

Dining Venues: 7
FY 2017 Net Win: $41,715,632

Catfish Bend Casino

$50,000
$46,000
$43,838
$42,011
$42,000
$39,291 $38,893 $39,351
$38,670 $38,757 $41,716
$38,489 $38,283
$38,000
$34,000
$30,000
Casino Name: Hard Rock Hotel & Casino
Location: 111 3rd St
Sioux City, IA 51101

Dining Venues: 6
FY 2017 Net Win: $77,027,496

Hard Rock Hotel & Casino

88000
84000 $83,179
80000
76000
$77,027
72000
$70,072
68000
64000
60000
Casino Name: Harrah's Council Bluffs
Location: 1 Harrahs Blvd
Council Bluffs, IA 51501
Dining Venues: 4
FY 2017 Net Win: $71,271,483

Harrah's-Council Bluffs
$100,000 $96,997
$95,000 $93,836
$90,000
$85,000 $84,074
$80,000
$74,442 $73,860 $74,099
$75,000
$70,589 $71,271
$70,000 $68,206 $67,375
$65,000
$60,000
$55,000
$50,000
Casino Name: Ameristar Casino Hotel
Location: 2200 River Rd
Total Slots: 1,589 Casino Square Footage: 38,668
Total Gaming Positions: 1,779 Hotel Rooms: (Ameristar) 160
Hotel Rooms: Total * 344
Dining Venues: 6
Win Per Position/Day: $264 * Includes Holiday Inn (186) Hampton Inn (98)
Ameristar-Council Bluffs
$198,000
$194,000
$190,000
$186,000
$182,000 $178,899
$178,000
$174,000 $170,263
$170,000 $167,786 $168,630 $168,961
$167,099 $164,927
$166,000 $163,693 $171,435
$162,000
$158,000 $156,077
$154,000
$150,000
Casino Name: Horseshoe Council Bluffs
Location: 2701 23rd Ave
Total Slots: 1,409 Gaming Revenue/Admission: $85
Gaming Tables: 64 Casino Square Footage: 59,953
Total Gaming Positions: 1,905 Patron Capacity: 10,699
Hotel Rooms: 0
FY 2017 Net Win: $172,142,344 Dining Venues: 4
Win Per Position/Day: $203 Dining Capacity: 1037
Horseshoe-Council Bluffs
$250,000
$230,000
$210,000
$203,230
$200,305
$198,410
$193,064 $189,190 $194,720
$190,000 $185,964 $183,463
$175,632
$170,000
$172,142
$150,000
Casino Name: Lakeside Casino
Location: 777 Casino Drive
Osceola, Iowa 50213
Total Slots: 752 Casino Square Footage: 28290
Dining Venues: 4
FY 2017 Net Win: $48,135,113
Lakeside Casino-Osceola
$60,000
$56,000 $55,435
$52,000 $51,243 $51,702

$49,974 $50,058 $50,450
$49,348 $49,414
$48,634
$48,000
$48,135
$44,000
$40,000
Diamond Jo Worth Casino Northwood
777 Diamond Jo Lane
Northwood, Iowa
2000 Admissions: 1,237,613
968 Casino Square Footage: 36,363
32 Patron Capacity: 35,407
1,212 Hotel Rooms: 162
Dining Venues: 3
$85,196,088
$193
Diamond Jo Worth-Northwood
$90,571 $89,017
$86,540
$83,730 $84,246 $84,257
$78,878 $80,251 $85,196
FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017

Casino Name: Wild Rose Casino & Resort
Location: 777 Main Street
Emmetsburg, Iowa
Dining Venues: 3
FY 2017 Net Win: $28,420,748

Wild Rose-Emmetsburg
$36,000
$34,000
$31,931 $32,226
$32,000 $31,011
$30,785 $30,508
$30,000 $29,018
$28,657 $28,421
$28,000 $27,489 $27,680
$26,000
$24,000
$22,000
$20,000
Casino Name: The Isle Casino and Hotel at Waterloo
Location: 777 Isle of Capri Boulevard
Waterloo, Iowa
Gaming Revenue/Admission: 78
Dining Venues: 4
FY 2017 Net Win: $87,034,926

Isle Casino-Waterloo
$98,000
$94,000
$88,853 $89,584
$90,000
$86,000 $86,050 $85,051

$83,562 $87,035
$82,000 $80,286 $80,708
$79,835
$78,000 $76,578
$74,000
$70,000
Casino Name: Prairie Meadows Racetrack & Casino
Location: 1 Prairie Meadows Dr
Altoona, IA 50009
Total Slots: 1,589 Casino Square Footage: 80,786
Dining Venues: 5
Dining Capacity: 1,683
FY 2008 Net Win: $190,172,316

Pairie Meadows Casino-Altoona

$250,000
$240,000
$230,000
$220,000
$210,000
$200,000 $194,732
$192,943 $193,051 $195,011 $190,172
$189,883
$190,000 $186,625 $186,061
$183,171 $182,516
$180,000
$170,000
$160,000
$150,000
Casino Name: Grand Falls Casino
Location: 1415 Grand Falls Blvd.
Larchwood, IA 51241
Dining Venues: 5
Dining Capacity: 452-800
FY 2017 Net Win: $54,802,316

Grand Falls Casino-Larchwood

$60,000
$59,171
$58,173 $58,174
$58,000 $57,392
$56,000 $55,749
$54,802
$54,000
$52,000
$50,000
FY2012 FY2013 FY2014 FY2015 FY2016 FY2017
Casino Name: Wild Rose Casino & Resorts
Location: 777 Wild Rose Drive
Jefferson, IA 50129
Dining Venues: 3
FY 2017 Net Win: $28,214,880

Wild Rose - Jefferson

$30,000
$28,215
$28,000
$26,866
$26,000
$24,000
$22,000
$20,000
FY2012 FY2013 FY2014 FY2015 FY2016 FY2017
Minneapolis Office:
80 South 8th Street, Suite 900 / Minneapolis, MN 55402
Phone: 612.335.8888 / Fax: 612.334.3022
Seattle Office:
2723 California Ave SW / Seattle, WA 98116
Phone: 425.392.7482 / Fax: 425.392.7330
New York Office:

1325 Avenue of the Americas, 28th Floor / New York, NY 10019
Phone: 212.786.6360 / Fax: 612.334.3022
www.marquetteadvisors.com
Marquette Advisors
Marquette Advisors is the premier provider of financial and market analysis-based advisory
services to the casino gaming industry in North America.
Marquette provides a broad range of consulting services tailored to meet the unique needs of
the gaming and hospitality industries. We offer a team of experienced professionals to assist
developers, lenders and government officials in making prudent business decisions regarding
the market potential and financial feasibility of new developments and expansion projects.
Marquette Advisors is recognized as a distinguished market and financial expert in the North
American gaming industry, spanning both commercial and Native American gaming. We are
regularly called upon to evaluate destination commercial casino environments and tribal resort
casinos, riverboat and dockside casinos and other traditional land-based casino developments.
Our expertise in other segments of the hospitality industry extends to traditional hotels and
resorts, varied forms of resort-residential, food service operations, convention centers, sports
arenas, golf, themed-entertainment and other recreation facilities.
Our client-oriented services include:
Market and financial feasibility Market share analysis

studies for casino gaming and Business plan development
resort development, expansion, and Economic impact analysis
repositioning Litigation support
Investment Analysis and Operational analyses
underwriting
Going Concern Valuation services
Feasibility studies, impact studies and business plans prepared by Marquette Advisors have
been used to attract financing and investment for a variety of client projects valued at over $25
Billion.
We regularly execute assignments in all gaming jurisdictions across the United States,
including Las Vegas, Atlantic City, and all other commercial and Tribal gaming markets.
Feasibility Studies
Marquette Advisors can evaluate the market

support for new or expanded casinos, hotels,
exhibit halls, golf, retail, themed
entertainment, ice arenas and numerous
other recreational facilities. Our research
yields specific recommendations regarding
the size and range of facilities best suited to
a given market. We then prepare detailed
financial projections for all facility
components and compare the results to
anticipated project cost and financing terms
so as to determine project feasibility and
measure return on investment.
Operational Consulting
Operational consulting provides support to the

owner/operator in making business decisions
regarding property operations in such areas as:
changes of franchise/affiliation, management
company performance, market positioning, rate
strategies, market penetration, and market share
analysis. These services are designed to directly
impact your bottom line by increasing revenues
and reducing expenses.
Valuation Services
We provide an array of Going Concern

appraisal and valuation services for sales,
financing, property tax appeals,
condemnation proceedings, regulatory
compliance and due diligence. Our clients Financial Consulting
include:
We are experts in underwriting and clarifying
Owners/developers terms and conditions of bond issues for related
Prospective buyers and sellers parties including governmental entities. We assist
Attorneys lenders and receivers in disposing of or managing
Banks and institutional lenders assets including the development of workout
strategies, and assistance in selling, refinancing or
Municipalities
negotiating interim management agreements.
Hotel and gaming companies
Economic and Social Impact Studies Site Selection and Project Management
Marquette Advisors regularly provides We also provide site selection services for both
analyses and projections of the revenue lodging and gaming operations. Through our
potential and economic impact of individual Corporate and Investment Group, we can also
gaming and resort projects or entire provide full construction oversight and
industries. Our impact studies assist public administration services as required.
officials and policy makers in understanding
the revenue potential of varied development
scenarios, cannibalization issues, job
creation, wages and direct expenditures, tax
revenue generated tourism impact and
indirect impact of multiplier effects.
Business Plan Development and Execution
Our services include the preparation of full-

scale business plans, to provide the complete
package necessary to satisfy various lending,
governmental and other business Litigation Support
development requirements.
Our specialized hotel and casino expertise in
market and financial analysis can be used to
support damage claims due to various causes or
analyze their reasonableness. We can provide
expert testimony for these and related industry
issues.
Development Services
We have provided complete third party

development services on behalf of
ownership, including the coordination of site
selection, site approvals and permitting,
equity and debt financing, and project
management and coordination.
PROFESSIONAL QUALIFICATIONS OF
LOUIS W. FRILLMAN
President
MARQUETTE ADVISORS
Louis W. Frillman has been engaged in the real estate business nationwide since 1975. During this
time, he has completed counseling assignments dealing with significant decisions regarding real
property utilized for real estate tax petitions, market and financial feasibility studies, valuations and
disposition of major business properties, and investment analyses for acquisition of property by
major pension accounts. In addition, he has provided counsel to real estate buyers, sellers, investors
and lenders concerning virtually all types of real estate.
In the hospitality and gaming areas, Mr. Frillman has directed the execution of several thousand
market and financial feasibility studies, going concern and real estate valuations, and has provided
other counseling services to scores of hospitality and gaming projects throughout North America.
Mr. Frillman is experienced at managing and overseeing large projects nationwide. His gaming
experience spans North America and the Caribbean.
Mr. Frillman is a member of the American Gaming Association and an active supporter of the
National Indian Gaming Association. He is a frequent guest lecturer and has participated in gaming
panels, seminars, and trade shows throughout the United States. He is a member of the American
Society of Real Estate Counselors, the real estate counseling affiliate of the National Association of
Realtors. He is an elected member of the Appraisal Institute and has served on the MAI
Demonstration Appraisal Reports Committee nationally, and was a member of the Board of
Directors for the local Institute Chapter as well as on the local admissions committee.
He is a recognized expert on gaming development and is regularly retained to assist in

conceptualization, and planning for new and redevelopment gaming projects. He has testified in
multiple jurisdictions regarding gaming litigation issues.
Mr. Frillman has a Bachelor of Arts Degree in Finance from the College of St. Thomas. He has
lectured and taught gaming market evaluation and valuation.
Finally, he is an invited member of Lambda Alpha, the international Land Economics Fraternity,
and the Royal Institute of Chartered Surveyors. He is a recognized gaming and hospitality expert
within these professional societies.
PROFESSIONAL QUALIFICATIONS OF
BRENT E. WITTENBERG
Vice President
MARQUETTE ADVISORS
Mr. Wittenberg has more than 20 years of experience as a real estate feasibility consultant, with a
special expertise in gaming and hospitality projects, as well as commercial, residential and
mixed-use real estate ventures. His diverse background has included market analyses, feasibility
studies, and economic and fiscal impact studies. Brent has worked on a wide variety of gaming
and real estate consulting assignments in 37 states, as well as Canada. Mr. Wittenberg has
provided detailed utilization and financial projections for a wide variety of gaming and resort
developments, including large and complex urban casino resort projects ranging up to $3 billion.
As well, he regularly provides financial projections and market studies for a full range of
development projects and businesses such as restaurants, c-stores, truck stops and golf courses.
He is a known expert in the field of real estate research and has evaluated numerous property
types on behalf of Marquette Advisors clients. In addition to both Tribal and commercial
casinos and hotels, Brent has provided feasibility studies and financial projections for numerous
commercial real estate projects, multifamily housing, golf courses, marinas, RV Parks,
convention and event centers, retail and shopping center developments, gas station/c-stores and
full service travel plazas, community centers and health clubs.
Mr. Wittenberg has earned the designation of Counselor of Real Estate (CRE). He has been an
invited speaker at several national conferences and seminars regarding both gaming and real
estate market issues, including several IMN Native American Finance Conferences. He has also
been an invited panelist and lecturer at colleges and universities. Articles by Mr. Wittenberg
have been published in the Minnesota Real Estate Journal and Heartland Real Estate Business.
He is widely quoted in the local, regional and national press on issues pertaining to both the
hospitality and multifamily housing industries.
Mr. Wittenberg holds a Master of City and Regional Planning Degree (MCRP) from Clemson
University, where he was recognized by the American Institute of Certified Planners (AICP) for
outstanding attainment in the study of planning. He earned a Bachelor of Arts Degree in Local
and Urban Affairs at St. Cloud State University.
PARTIAL LISTING OF ENGAGEMENTS
The following is a sampling of engagements completed by our firm. The list is not intended to be
comprehensive, as Marquette Advisors has consulted on hundreds of hospitality-related
developments over 20+ years. Rather, this list is intended to demonstrate the variety and
breadth of our experiences as advisors to the industry. We are pleased to provide additional
project examples and/or references upon request.
TRIBAL GAMING, RESORT & RELATED
SEMINOLE TRIBE OF FLORIDA, Proposed Casino Resort - Clewiston, FL: Completion of financial feasibility
studies for a proposed destination-oriented casino and resort project in south-central Florida. The proposed project
included a gaming operation, hotel, convention and entertainment space, spa, and championship golf course. Marquette
Advisors provided specific recommendations regarding the size and quality of the facilities for the project, as well as
financial projections for the first five years of operation for the recommended components.
SEMINOLE TRIBE OF FLORIDA, Seminole-Immokalee Casino Immokalee, FL: Marquette Advisors provided
a market study, development recommendations and financial projections for expansion of gaming facilities and addition
of on-site lodging at the Tribes Seminole Immokalee Casino in south Florida. Report included a detailed review of
customer patterns and the potential for the facility to attract more frequent gamer participation from tourist segments and
Naples/Fort Myers area residents and visitors.
RUMSEY BAND OF WINTUN INDIANS PROPOSED POINTE MOLATE CASINO RESORT

DEVELOPMENT San Francisco, CA: Market study, development recommendations, financial projections and
feasibility analysis for proposed major resort, gaming, retail and residential development fronting San Pablo Bay near the
Oakland-San Rafael Bridge.
CAMPO BAND OF MISSION INDIANS GOLDEN ACORN CASINO - Campo, CA: Market study and
financial projections for a proposed hotel at the Golden Acorn Casino and Travel Center in Campo, California.
REDDING RANCHERIA Redding, CA: Gaming, resort and real estate market analytics and development
advisory services on behalf of the Tribe, pertaining to its gaming enterprise and land holdings in Redding, CA.
PICUYANE RANCHERIA OF THE CHUKCHANSI INDIANS CHUKCHANSI GOLD RESORT CASINO

Coarsegold, CA: Market study, development recommendations and financial projections for an expanded casino resort
in Coarsegold, CA. Report provided a full profile and analysis of customer visitation trends and expenditure patterns by
point of origin and examined the potential to further penetrate local and regional submarkets through enhancement
and/or expansion of facilities.
PICUYANE RANCHERIA OF THE CHUKCHANSI INDIANS CHUKCHANSI GOLD RESORT CASINO

Coarsegold, CA: Impact study full analysis of proposed off reservation casinos by the Big Sandy and North Fork
Tribes. Marquette Advisors provided a detailed analysis of the expected redistribution of regional gaming revenues in
the greater Fresno, CA market area and the likely impact of gaming expansion near Madera, CA and/or North Fork, CA
upon the market as a whole and Chukchansi Gold Resort & Casino specifically.
CASINO SAN PABLO, San Pablo, CA: Feasibility analysis and complete, self-contained market value appraisal
report for a proposed full-service casino operation in the San Francisco-Oakland Metropolitan Area.
BEAR RIVER TRIBE, Loleta, CA: Market study, development recommendations and financial projections for a
proposed hotel and gaming expansion at Bear River Casino in Loleta, CA.
JACKSON RANCHERIA, JACKSON CASINO, Jackson, CA: Analysis of performance of current casino and
related facilities, and potential impact of additional competitive gaming developments throughout the competitive
northern CA market. Complete casino utilization analysis, customer segmentation by point of origin, and financial
projections under varied scenarios.
ENTERPRISE RANCHERIA Marysville, CA: Market study and financial projections for a proposed casino
and hotel development in northern California.
RUMSEY BAND OF WINTUN INDIANS, Brooks, CA: Market study, financial projections and consulting
related to ongoing gaming operations by the Rumsey Indian Rancheria of Wintun Indians and potential expansion of
gaming and resort components at the Tribes Cache Creek Casino in Brooks, California.
REDDING RANCHERIA WIN RIVER CASINO, Redding, CA: Analysis of existing and potential future
market share for Win River Casino. Development of market positioning analysis, facility visitation and financial
projections under varied market and development scenarios.
KONOCTI VISTA CASINO, Lakeport, CA: Market study, financial projections and feasibility analysis for a
proposed expansion at the Konocti Vista Casino. The expansion plans analyzed included additional gaming
facilities, hotel development, RV Park and a marina.
TULE RIVER TRIBE, Porterville, CA: Feasibility study for proposed new Eagle Mountain Casino and Resort near
the Porterville Airport. Also provided detailed economic impact analysis on behalf of the Tribe.
IONE BAND OF MIWOK INDIANS, Plymouth, CA: An economic impact analysis for a proposed casino
development in northern California. The report analyzed the economic and the projected fiscal impacts of the project.
MECHOOPDA TRIBE, Chico, CA: An economic impact analysis for a proposed casino and hotel development at a
site near Chico, California. The report analyzed the economic and social benefits of the proposed project, as well as the
projected fiscal impacts of the project.
TULALIP TRIBES Tulalip Resort Casino Marysville, WA: Feasibility study, financial advisory services
and development consulting for an expanded destination resort complex including casino, hotel, convention center,
golf course and retail development on a site just north of the Seattle metropolitan area. Marquette Advisors
provided an analysis of existing gaming facilities, customer data and market penetration, and provided the Tribe
with detailed recommendations for lodging and gaming expansion within an increasingly competitive Seattle
market.
TULALIP TRIBES -- Quil Ceda Village Marysville, WA: Economic master plan study for Quil Ceda Village
in Tulalip, Washington. Marquette Advisors provided land development recommendations, including
casino/gaming, hotel/resort, office/retail, and industrial. Detailed financial projections and ROI analysis for Quil
Ceda Village.
STILLAGUAMISH TRIBE Angel of the Winds Casino Arlington, WA: Feasibility study for expansion of
the Tribes existing casino approximately 45 minutes north of Seattle, WA. Marquette Advisors provided a review
of existing facilities, financial data and customer demographics, and the surrounding competitive gaming supply,
culminating with recommendations and financial forecast for an expanded casino complex.
PUYALLUP TRIBE Emerald Queen Casinos Tacoma and Fife, WA: Marquette Advisors provided a
market study which analyzed the characteristics and performance of the Tribes gaming facilities in Tacoma and
Fife, within the context of the greater Seattle-Tacoma market. Marquette provided recommendations regarding
renovation and expansion of the Tribes facilities, so as to solidify its position within an expanding and increasingly
competitive market. Detailed financial projections and ROI analysis were provided.
SPOKANE TRIBE OF INDIANS, Proposed West Plains Casino Airway Heights/Spokane, WA: Market
study, financial projections and economic benefits study for a proposed 2,000-position gaming facility and an
attached 200-room hotel in the West Plains area near the Spokane International Airport. Marquette Advisors also
provided market studies and financial projections for ancillary commercial real estate development on adjacent
parcels.
QUINAULT NATION, Ocean Shores, WA: Market and operations assessment for existing Quinault Beach Resort
and Casino in Ocean Shores, WA.
MILLE LACS BAND OF CHIPPEWA, Onamia, MN: Market study and feasibility analysis for two casinos
owned by the Tribe in support of bond financing for infrastructure improvement. Feasibility study for a 180-room
hotel addition and event center to one casino and a feasibility study for a 300-room hotel addition to the other
casino. Review of debt coverage capacity under bond covenants for both facilities.
MILLE LACS BAND OF CHIPPEWA, Onamia, MN: Market study, financial analysis and complete appraisal of
land and improvements, as well as the going concern known as Grand National Golf Course, Hinckley, MN.
TREASURE ISLAND CASINO Red Wing, MN: Feasibility study for a 250-room hotel addition to an existing
Indian casino near Red Wing, Minnesota.
ST. REGIS MOHAWK TRIBE PROPOSED CATSKILLS CASINO RESORT, Monticello, NY: Market
study and financial projections for a proposed gaming facility and hotel proposed by the St. Regis Mohawk Tribe for
New Yorks Catskills Region.
MASHPEE WAMPANOAG TRIBE STATE OF MASSACHUSETTS GAMING ANALYSIS: The Tribe

has proposed a new gaming and hotel complex on a site in Fall River, MA. This site is within close range of the
Boston, Connecticut, and New York markets and has been the subject of consideration for licensing by the state of
Massachusetts. As part of this effort, the Tribe required an independent market analysis in order to determine the
market viability and potential financial performance of the proposed casino complex. Marquette Advisors provided
such an analysis, together with a review of the proposed development program and suggestions regarding optimal
sizing and range of facilities. This analysis involved a detailed review of several existing gaming facilities in
neighboring States and development of detailed revenue forecasts under varied development scenarios.
Additionally, Marquette was asked to provide a review and critique of a Massachusetts gaming market study
completed by The Innovation Group on behalf of the State and the Office of Senator Stanley Rosenburg.
NAVAJO NATION, Window Rock, New Mexico Comprehensive market analysis, revenue forecast, site review
and development recommendations for Arizona and New Mexico : Market study by Marquette Advisors provided
detailed review of potential gaming sites on tribal land in Arizona and New Mexico. Marquette Advisors analysis and
recommendations were utilized by the Navajo Nation Gaming Enterprise (NNGE) in the formulating a development
strategy for gaming and resort facilities on Navajo Nation land in both states. The Marquette analysis included a detailed
review of numerous sites and development scenarios and provided locational and facility recommendations for optimal
market penetration and revenue performance. Subsequently, project-specific market and financial feasibility studies
were provided on behalf of NNGE, including development recommendations and projections of utilization and revenue.
KANSAS CITY INTER-TRIBAL GAMING MANAGEMENT CONSORTIUM, Kansas City, KS: Market study,
facility recommendations and financial projections were prepared for a large casino in the Kansas City area. Testimony
on the project and its impact on existing casinos was provided to the Governors Task Force on Gaming.
KANSAS FOR ECONOMIC GROWTH: Market study, financial projections and economic impact study for a
proposed destination gaming facility in southeastern Kansas on behalf of Kansas for Economic Growth and the Three
Affiliated Tribes of Kansas.
KICKAPOO TRIBE OF KANSAS Horton, KS: Feasibility study for proposed new casino and hotel development
west of Horton, KS. Study provided an analysis of the potential economic benefit and return on investment from the
development of a new, replacement casino resort complex west of the Tribes existing gaming operation.
KICKAPOO TRIBE OF KANSAS Horton, KS: Economic impact analysis complete review of the Tribes
existing gaming enterprise and an analysis of the economic impact of Kickapoo gaming upon the Tribe and the
surrounding local and regional economies in terms of employment, worker earnings, business spending and taxes.
JENA BAND OF CHOCTAW INDIANS Jena, LA Jena Choctaw Pines Casino: Feasibility study for proposed
Class II gaming operation in Grant Parish, LA, approximately 10 miles north of Alexandria, LA.
NAVAJO NATION FIRE ROCK NAVAJO CASINO Church Rock, NM: Feasibility study provided for the
first Navajo gaming facility near Gallup, NM. This included utilization and revenue projections under varied
development scenarios, for temporary and permanent facilities. Marquette Advisors also provided a review of the
lodging market, including an inventory and analysis of rate and occupancy trends for traditional hotels in Gallup, as well
as casino hotels throughout the broader region.
NAVAJO NATION PROPOSED TWIN ARROWS CASINO Twin Arrows (Flagstaff), AZ: Market study,
development recommendations, and financial projections for a proposed casino and resort complex approximately 20-
minutes west of Flagstaff, AZ on I-40.
NAVAJO NATION PROPOSED FARMINGTON, NM-AREA CASINO Farmington, NM: Marquette

Advisors was retained to evaluate three potential gaming sites in the following Navajo Chapters: Upper Fruitland,
Shiprock and Hogback. A market study was developed which ranked the sites in terms of gaming revenue potential.
Development recommendations were provided, along with projections of casino utilization. Detailed feasibility studies
were provided for specific gaming facilities at Upper Fruitland and Hogback.
NAVAJO NATION PROPOSED TOHAJIILEE CASINO Albuquerque, NM: Market study and financial
projections for potential gaming development just west of Albuquerque on I-40 at the ToHajiilee Chapter.
NAVAJO NATION PROPOSED NAHATADZIIL CASINO & TRAVEL CENTER Albuquerque, NM:
Market study and financial projections for potential gaming development just west of Albuquerque on I-40 at the
ToHajiilee Chapter.
NAVAJO NATION PROPOSED TRAVEL CENTER Iyanbito, NM: Market study and financial projections for
potential truck stop development on I-40 at Exit 36 near Gallup, NM.
JEMEZ PUEBLO OF NEW MEXICO PROPOSED ANTHONY, NM CASINO: Marquette Advisors was
retained to provide a market study and financial projections for a proposed casino complex in southern New Mexico in
the town of Anthony. The proposed development would draw from major markets including El Paso, TX and Juarez,
MX. Study included an analysis of the capacity for gaming expansion in southern New Mexico and the potential impact
of the recommended Anthony development upon existing gaming facilities in the region.
PUEBLO OF TESUQUE Santa Fe, NM: Market study and financial projections for proposed gaming and hotel
developments. Separate market studies and financial analyses related to C-Store and RV Park developments on the
Tesuque Pueblo on US Hwy 84 north of Santa Fe.
ROUTE 66 CASINO, LAGUNA, NM: Marquette Advisors was engaged to identify a broad range of amenities
appropriate for this highly visible casino located on a major trans-continent interstate near Albuquerque. Concepts
investigated included hotel, conference center, tourist-oriented retail, destination retail, festival grounds, bowling center,
childcare, cinema, RV park, and a water park.
YAVAPAI PRESCOTT TRIBE Proposed Gaming Expansion Prescott, AZ: Marquette Advisors provided a
detailed review of the Tribes existing gaming and resort facilities in Prescott, AZ. Our analysis included a detailed
review of the casinos current customer mix and market penetration, and provided detailed recommendations regarding
expansion and consolidation of gaming and resort facilities so as to maximize the Tribes penetration within an
increasingly competitive central and northern Arizona gaming market.
SAC & FOX TRIBE OF OKLAHOMA Chandler, OK: Market study analyzing the Tribes existing gaming
operations and the potential for redevelopment/repositioning and/or expansion of those facilities and the
development of additional gaming facilities elsewhere in the region.
KIOWA CASINO OPERATIONS AUTHORITY Oklahoma: Market study and casino utilization and revenue
forecast under varied development and policy scenarios. Provided Tribe with an analysis of the economic impact of
exclusivity rights and the potential impact of racino development in Oklahoma on the Tribes gaming operation.
PROPOSED GAME LODGE CASINO RESORT Anadarko, OK: Market study and financial projections on
behalf of ONNAM Entertainment, Inc. for this proposed themed casino resort southwest of Oklahoma City.
OKLAHOMA CITY GAMING MARKET ANALYSIS: Market study and analysis of gaming revenue potential
for five possible gaming locations in the Oklahoma City metro area. Analysis provided on behalf of Stark
Investments.
IOWA TRIBE OF OKLAHOMA Perkins, OK: Market study, development recommendations and financial
projections for proposed hotel development at the Cimarron Casino in Perkins, Oklahoma. Included was a detailed
analysis of player data, hotel right-sizing and incremental gaming impact of hotel development.
KICKAPOO TRADITIONAL TRIBE OF TEXAS, Eagle Pass, TX: Market study, development
recommendations and financial projections for a proposed casino expansion and major lodging development at the
Kickapoo Lucky Eagle Casino in west Texas.
STOCKBRIDGE MUNSEE COMMUNITY, North Star Mohican Casino - Bowler, WI: Market study,
development recommendations, financial projections and feasibility analysis for the planned new and expanded
North Star Mohican Casino in Bowler, WI.
SOKAOGON CHIPPEWA TRIBE, Mole Lake, Wisconsin: Calculation of lost profits due to casino closure,
followed by expert witness testimony.
LCO CASINO, Hayward, Wisconsin: Completion of a market value appraisal report for the LCO Casino and
adjacent expansion land in Hayward, Wisconsin.
SOUTHERN UTE INDIAN TRIBE, Ignacio, CO: Feasibility study for proposed new Sky Ute Casino Resort in
Ignacio, CO and a satellite gaming facility near Lake Capote in southwestern Colorado.
SAGINAW CHIPPEWA TRIBAL NATION, Mount Pleasant, MI: Feasibility study for proposed expansion of
gaming and resort facilities at the Soaring Eagle Casino and Resort in Mount Pleasant, MI. Detailed analysis of
current facilities and customer profile, assessment of facilities and recommendations regarding market-appropriate
expansion components for this major resort complex.
KEWEENAW BAY INDIAN COMMUNITY, Baraga & Marquette, MI: Feasibility study for casino and
lodging development by the Community in both Baraga and Marquette, MI.
LAC VIEUX DESERT BAND, Watersmeet, MI: Feasibility study for a casino, hotel and golf course
development on the Michigan Upper Peninsula.
LITTLE RIVER BAND OF OTTAWA INDIANS, Manistee, MI: Feasibility study that identified and evaluated
six alternative uses for vacant casino building.
KLAMATH TRIBES KLA-MO-YA CASINO, Chilquin, OR: Market study and financial projections for
proposed hotel and travel center development adjacent to this Tribal casino on State Route 97 in southern Oregon.
NEZ PERCE TRIBAL ENTERPRISE COMMITTEE, Lewiston, ID: Master planning and market advisory
services related to gaming, lodging, entertainment and general real estate development on Tribal lands in Lewiston,
Idaho.
CONFEDERATED SALISH & KOOTENAI TRIBES, Pablo, MT: Market study and financial projections for
gaming expansion at the Tribes resort facility on Flathead Lake, as well as a full feasibility study and
recommendations for a gaming facility north of Missoula, MT.
CONFEDERATED SALISH & KOOTENAI TRIBES Gray Wolf Peak Casino Evaro, MT: Feasibility
study for proposed new replacement casino for this temporary gaming facility just north of Missoula, MT.
BLACKFEET NATION Glacier Peaks Casino Browning, MT: Feasibility study for casino expansion and
hotel development adjacent to the Tribes existing gaming facility just east of Glacier National Park in Browning,
MT.
JENA BAND OF CHOCTAW INDIANS, JENA, LA: Market study and financial projections for both Class II
and Class III gaming facilities in central Louisiana.
THE AFFILIATED OREGON GAMING TRIBES, Pendleton, Oregon: Impact study on the economic benefits
of Indian gaming in the State of Oregon on tribal, local and state economies and tax revenue generated to the state
and federal government, which included onsite interviews with each of the six participating Oregon tribes.
COMANCHE, CHEROKEE AND CREEK NATIONS OF OKLAHOMA: Marquette Advisors was engaged for
separate assignments to evaluate the impact that the states proposed compacts would have on the future cash flows that
each tribe would receive from their casino operations. In order to arrive at projections of future cash flow, the impact of
competitive racinos and charitable gaming had to be evaluated. The tribes relied on our economic analyses in their
decision to accept the compacts.
NORTHERN ARAPAHOE TRIBE, Riverton, WY: Feasibility study for a proposed Class III gaming facility on
the Wind River Indian Reservation near Riverton, Wyoming.
AFFILIATED TRIBES, New Town, ND: Feasibility study for a proposed new casino and hotel complex on the south
shore of Lake Sakakawea in west-central North Dakota.
BLUE CHIP CASINO, Michigan City, Indiana: Market study for hotel expansion, convention center, retail and
entertainment amenities for existing dockside casino.
GRAND CASINOS, INC., Minneapolis, Minnesota: Market studies and projections of gaming win for two Indian
casinos in Louisiana and two dockside gaming operations on the Mississippi Gulf Coast. Market study, financial
projections and assistance in preparing revenue assumptions for the offering document for a major mixed-use
casino, convention and golf resort development in Tunica County.
MODERN GAMES, Hamburg, Germany: Market studies, financial projections and estimates of economic impact
for three Indian gaming operations in southeastern British Columbia.
COMMERCIAL GAMING
IOWA RACING AND GAMING COMMISSION Statewide Gaming Market Analysis, Revenue Forecast,
and Economic Impact Assessment: Provided a comprehensive statewide gaming market assessment, with
projections of gaming revenues for all existing operations. Provided a detailed analysis of the potential gross
revenue and state tax impacts of varied development scenarios inclusive of up to five (5) new casinos at distinct
locations throughout the state. Modeling by Marquette Advisors was developed so as to provide a mechanism for
evaluating the potential economic impact of one or more gaming facilities of various sizes. Marquette quantified the
economic impact of new casinos upon existing operations in order to assess potential cannibalization resulting from
future licensing. The study by Marquette Advisors was used by IGRC in evaluating license proposals throughout
the state.
STATE OF RHODE ISLAND: Marquette was the financial advisor to The State of Rhode Island, providing
market assessment, facility review, and financial analysis regarding Newport Grand Casino in Rhode Islands
$500m refinancing. Marquette Advisors provided comprehensive financial advisory services on behalf of the State
of Rhode Island related to the subject gaming license and facilities, and evaluated the potential impact of a proposed
out-of-state acquisition by the operator upon that company and its financial well-being.
MGM RESORTS INTL MGM NATIONAL HARBOR Prince Georges Co. Maryland: Market study,
financial projections and economic impact analysis prepared on behalf of MGM related to gaming license
application to the State of Maryland for a new resort casino operation to be constructed at the National Harbor
complex.
STATE OF GEORGIA: Marquette Advisors provided a comprehensive market study and economic impact
analysis related to legislation regarding the proposed licensure of up to six casino resort developments throughout
the State of Georgia. This study included a detailed forecast of gaming and non-gaming revenues under varied
development scenarios, together with an estimate of the economic impacts attributable to gaming expansion that
would accrue to the State of Georgia in the form of tax revenue, business output, job creation and worker earnings.
GENTING GROUP New York Gaming License Application: Marquette Advisors served as Gentings market
and financial analyst, providing comprehensive market analyses and financial projections related to the Companys
applications for a new gaming facilities proposed for Orange County, NY.
GENTING GROUP RESORTS WORLD CASINO AT AQUEDUCT RACEWAY, New York, NY: Market
study and revenue projections for gaming development at Aqueduct Raceway. Marquette Advisors provided
detailed gaming revenue projections and evaluated the potential impact of several proposed Catskills gaming
developments upon the Aqueduct casino project, as well as casino developments proposed in neighboring states.
This study also evaluated the potential economic impact of various changes in New York gaming policy upon the
performance of all NY racino facilities.
PROPOSED PLAZA CASINO RESORT Las Vegas, NV: Feasibility study and prospective valuation for
proposed Plaza Casino located at the north end of the Strip in Las Vegas, NV. Detailed project review, development
recommendations, financial projections, as-is and prospective valuation were provided.
NEMACOLIN WOODLANDS RESORT, Farmington, PA: Market study, financial projections and economic
impact study for a proposed new casino at this luxury resort in southwestern Pennsylvania.
MT. AIRY CASINO RESORT Mount Pocono, PA: Market study, development recommendations, and
financial projections for this resort casino complex in the Pocono region of Pennsylvania.
MOUNTAINEER CASINO, RACETRACK & RESORT, Chester, WV: Due diligence assignment on behalf of
a client evaluating a potential acquisition of MTR Gaming Group. This included an assessment of the future market
potential for the Mountaineer Gaming Resort under several market expansion scenarios, reflecting proposed casinos
in Pittsburgh and elsewhere in the state. The results of our analyses were quantified and financial projections were
prepared for several scenarios. This engagement also included an evaluation of potential gaming markets at new
locations in several other states as well.
MINOR VENTURES, LLC Gaming Market Assessment Suburban Baltimore, Maryland: Market study
and detailed utilization and financial projections for a proposed casino development in Anne Arundel County,
Maryland.
FRENCH LICK CASINO, French Lick, IN: Market analysis, financial projections and valuation consulting on
behalf of the casino development team. This project involved a major renovation of the West Baden Springs Hotel,
the construction of a new hotel, convention center, and gaming complex, as well as additional resort amenities such
as two championship golf courses and an upscale full-service spa.
PENINSULA GAMING Casino Feasibility Studies, Ft. Dodge and Des Moines, IA: Market study and
financial projections for proposed new casino developments in Fort Dodge and Des Moines, IA.
AFFINITY GAMING, ST. JO FRONTIER CASINO, St. Joseph, MO: Market study and financial projections for
existing riverboat gaming facility, with utilization and financial modeling provided on behalf of client considering
relocation and construction of new facility in Downtown St. Joseph.
PINNACLE ENTERTAINMENT Kansas City Gaming Market Analysis: Market study, development
recommendations and financial projections for a proposed resort gaming complex in Wyandotte County, KS.
PROPOSED HILTON HEAD, SC CASINO RESORT Market Study & Economic Impact Analysis: Market
study, utilization and revenue forecast, and economic impact study on behalf of development partnership proposing
a major casino resort complex on a site near I-95 in Jasper County, SC.
ISLE OF CAPRI, Casino Hotel Market Studies - Kansas City and Boonville, MO: Market studies and financial
projections for proposed hotels to be added to the Isle of Capri Casinos in Kansas City and Boonville.
ISLE OF CAPRI, Bossier City, LA: Market analysis to assess the likely impact that other casino developments in
the market will have on this existing casino.
JACOBS ENTERTAINTMENT, INC. Casino/Hotel Valuation, Carson City, NV: Complete going concern
valuation of Gold Dust West Casino and Hotel in Carson City, NV. Marquette Advisors also provided detailed
highest and best use analysis related to adjoining accessory land at the property.
JACOBS ENTERTAINTMENT, INC. Land Valuation Colonial Downs - Virginia: Land valuation and
consulting services related to racino and excess lands.
RENAISSANCE RESORTS INTERNATIONAL CORPORATION, Bermuda: Comprehensive consulting

services for all aspects of financing and development for a proposed residential, gaming, and resort project on the island
of Bermuda. Proposed project site was the former U.S. Naval Refueling Base, Mid-Atlantic Fleet. Marquette
conceptualized, programmed, and negotiated all aspects of this development, including $300m USD capitalization
structure.
DETROIT MOTOR CITY CASINO, Detroit, Michigan: Advisors to a former partner of DMCC in a marriage
dissolution. Financial models were developed to arrive at a value estimate of the going concern.
GREEKTOWN CASINO, L.L.C., Detroit, Michigan: Feasibility study and economic impact analysis for a proposed
casino complex in downtown Detroit. Completion of all financial and economic impact input for submissions to the City
of Detroit in the RFP process resulting in the award of one of only three authorized casino development agreements to
the client.
BECKER GAMING GROUP, Las Vegas, Nevada: Market study and financial projections for a major expansion of
Arizona Charlie's casino, bingo hall and hotel in Las Vegas. Feasibility and economic impact study for a proposed
riverboat casino in Jefferson City, Missouri.
DUBUQUE DIAMOND JO CASINO, Dubuque, Iowa: Feasibility study for the addition of a hotel to the land based
development of an existing riverboat casino.
LADY LUCK GAMING CORPORATION, Las Vegas, Nevada: Market studies and financial projections for a
casino hotel in Biloxi, Mississippi and a casino expansion and hotel addition in Lula, Mississippi. Market study,
financial projections and market value appraisal for a proposed hotel connected to a riverboat casino in Bettendorf,
Iowa.
CASINO AMERICA, INC., Biloxi, Mississippi: Analysis of Mississippi Gulf Coast gaming market and
subsequent strategic recommendations and financial projections for expansion of the Isle of Capri Casino and Resort
in Biloxi, Mississippi. Completion of similar strategic analyses for Isle of Capri Casino in Lake Charles, Louisiana
and Isle of Capri Casino & Hotel in Bossier City, Louisiana.
FLAMINGO HOTEL AND CASINO, Kansas City, Kansas; Completion of a full valuation of the going concern
of the casino.
STATION CASINO, Kansas City, Kansas: Completion of a full and complete valuation of the going concern of
the dual water based casino(s) located on the river near Kansas City.
CLARIDGE HOTEL AND CASINO, Atlantic City, New Jersey: Completion of a full and complete valuation of
a 500 room hotel, 2500 machine casino and ancillary facilities.
THE DOWNS AT ALBUQUERQUE, NM: Feasibility study and valuation services related to a proposed new
racetrack and gaming facility east of Albuquerque, NM.
HOBBS DOWNS & CASINO, LLC: - New Mexico: Feasibility for a proposed horse track and casino in New
Mexico. A presentation on the project was made to the New Mexico Racing Commission.
JUBILEE GAMING ENTERPRISES, Cripple Creek, Colorado: Market value appraisal for a large expansion of
the Jubilee Casino in Cripple Creek, Colorado.
CLARIDGE GAMING, INC., Atlantic City, New Jersey: Market study, project positioning and financial
projections for a proposed casino resort development on the Las Vegas Paiute Indian Reservation in Las Vegas,
Nevada.
PRAIRIE MEADOWS RACETRACK, Polk County, Iowa: Feasibility study for the financing of a complete track
renovation and installation of 1,100 slot machines, including estimates of the impact upon pari-mutuel handle.
GREATER DUBUQUE RIVERBOAT COMPANY, Dubuque, Iowa: Market analysis and projection of total market
gaming revenue for installation of slot machines at Dubuque Greyhound Park.
WOODLANDS RACETRACK, Kansas City, Kansas: Feasibility study, economic impact analysis and expert
testimony in bankruptcy proceedings for the conversion of the Woodlands Racetrack into a full scale Class III Indian
casino.
SUPER G INVESTMENTS, Deadwood, South Dakota: Feasibility study and business plan for a proposed casino
and resort in Deadwood.
DOWNTOWN WICHITA, Wichita, Kansas: An economic impact analysis for a proposed casino and hotel
development that was used for lobbying purposes to win gaming approval within the state. The report analyzed the
economic and social benefits of the proposed project, as well as the projected fiscal impacts of the project.
HOTELS & RESORTS
PROPOSED PLAZA HOTEL & CASINO Las Vegas, NV: Market study, financial projections, and complete
going concern valuation for proposed luxury casino resort project on the Las Vegas Strip. Proposed development
comprises more than 2,000 hotel rooms, along with gaming, upscale retail center and residential condominiums in a
variety of formats.
THE PLAZA HOTEL New York, NY: Market value appraisal of The Plaza Hotel and The Plaza Retail Collection
in Manhattan.
THE CHAMBERS HOTEL Minneapolis, MN: Comprehensive market study, feasibility analysis, financial
projections and prospective appraisal for this proposed boutique hotel within the Hennepin Avenue Theater District of
downtown Minneapolis.
ANTELOPE POINT, Lake Powell Page, AZ Market study and financial projections for a proposed hotel
development at the Antelope Point Marina on Lake Powell, near Page, AZ.
CPM DEVELOPMENT U of M/Minneapolis, MN: Market study and development recommendations for a
complex multi-use development program for a site near the U of M campus. Analysis of lodging market conditions and
potential for dual-branded hotel development and complementary commercial uses at the site.
GREAT ADVENTURE HOTEL, Bellevue, NE: Market value appraisal of the Great Adventure Hotel located in the
Bellevue, Nebraska.
HOTEL DEVELOPMENT AT GLACIER PEAKS CASINO, Browning, Montana: Hotel feasibility study with
the Blackfeet Tribe at the Glacier Peaks Casino located in Browning, Montana. Market studies and financial projections
for a hotel to be attached to the Glacier Peaks Casino.
RAMADA INN Downtown Minneapolis, MN: Feasibility study for the purchase and refurbishment of a downtown
limited-service hotel into a Quality Inn Hotel & Suites.
CONSOLIDATED RAIL CORPORATION, Pittsburgh, Pennsylvania: Analysis of hotel development potential and
expert witness testimony for a tract of land in Columbus, Ohio in a taking proceeding.
CASINO HOSPITALITY CORPORATION, Minneapolis, Minnesota: Market studies and financial projections for
casino hotels attached to two Indian casinos in Louisiana and two dockside gaming operations in Mississippi. Market
studies and financial projections for a proposed Microtel in Turtle Lake, Wisconsin and a proposed Microtel in Eagan,
Minnesota.
CASINO RESOURCE CORPORATION, Elkhorn, Wisconsin: Market Study and financial projections and market
value appraisal for a proposed limited service hotel in Hinckley, Minnesota.
DOUBLETREE HOTEL U OF M Minneapolis, Minnesota: Feasibility study and complete appraisal of

proposed 140-room hotel adjacent to the U of MN campus and expanding medical facility.
HAMPTON INN Minneapolis, Minnesota: Complete appraisal of proposed Hampton Inn on University Avenue in
Minneapolis, MN.
IOWA-ILLINOIS GAS AND ELECTRIC COMPANY, Davenport, Iowa: Market study for a proposed Quad City
Plaza Hotel in Davenport, Iowa, developed by John Q. Hammons.
CITY OF WAUSAU, Wausau, Wisconsin: Market study, financial projections and analysis of public funding
alternatives for a proposed exhibition hall and convention hotel in downtown Wausau.
CHAFOULIAS MANAGEMENT COMPANY, Rochester, Minnesota: Preliminary market research for a proposed
convention hotel in Moline, Illinois. Preliminary market study for a proposed Hilton Garden Inn in Rochester Minnesota.
CITY OF LACROSSE, LaCrosse, Wisconsin: Market Study and financial projections for a proposed convention hotel
to be connected to the LaCrosse Civic Center.
BEST WESTERN STEPHENSON HOTEL -- Freeport, IL: Appraisal of the full service Best Western Stephenson
Hotel in Freeport, Illinois for possible acquisition.
BEAR STEARNS, New York, New York: Market value appraisal of $3.65, 56-room AmericInn Motel & Suites
located in Richfield, Minnesota.
WINGATE INN Oakdale, MN: Market value appraisal of $4.2 million, 84-room Wingate Inn hotel located in
Oakdale, Minnesota.
CONVENTION, SPORTS & RECREATION FACILITIES
CITY OF MARION, INDIANA Proposed Ice Arena: Market and financial feasibility study for new sports
arena and event center in Marion, IN. Market study evaluated the marketability and likely financial performance of
the arena, with a proposed USHL minor hockey team as primary tenant. Additional user groups evaluated included
universities and colleges in the local community and surrounding region, as well as youth hockey and figure skating.
A detailed analysis was also provided for concerts, events and conventions.
MARKET CREEK EVENTS & VENUES San Diego, CA: Market study and financial projections for this
existing conference, banquet and event facility in San Diego, including a full analysis of the current financial
performance and market positioning/market share for the facility, as well as the potential for future utilization and
financial performance enhancement through changes in facilities, marketing and operations.
MINNEAPOLIS CONVENTION CENTER Minneapolis, MN: A feasibility study for a proposed expansion
of the Minneapolis Convention Center.
ST. PAUL CIVIC CENTER St. Paul, MN: Market study, financial analysis and consulting services on behalf
of the St. Paul Port Authority.
SEMINOLE TRIBE OF FLORIDA Proposed Golf Course Clewiston, FL: Market study and financial
projections for a proposed gold course in south-central Florida.
METROPOLITAN AIRPORTS COMMISSION, Minneapolis, Minnesota: A feasibility study for a proposed

airport conference center, along with consulting services including the valuation of the Gold Concourse, airport
terminal land, proposed acquisition of new airport, and condemnation related issues regarding new north-south
runway.
CITY OF TROY, Troy, Michigan: Feasibility study for a convention center and performing arts center. In
addition to market research and financial projections for the two public facilities, the need for additional hotel rooms
was evaluated and appropriate quality level, size, and amenities were recommended.
CITY OF MANKATO, Mankato, Minnesota: Market study for a convention center and arena to be used by the
community and Mankato State University. Services included interviews with area performing arts groups, athletic
programs and state and regional convention groups.
CITY OF BRAINERD, Brainerd, Minnesota: Market study for a public assembly facility in a northern Minnesota
resort community. Objective of facility was to draw people to the area during the winter and to bring tourists into
town during the summer.
CITY OF FAIRMONT, Fairmont, Minnesota: Market study for a regional convention center. Services included
evaluation of alternative sites and adequacy of area hotel supply.
CITY OF FERGUS FALLS, Fergus Falls, Minnesota: Market study and financial projections for a
convention/exhibition center. Services included evaluation of several alternative sites and recommendations
regarding whether the facility should be operated by the city or leased to a hotel operator.
BLUE CHIP CASINO, Michigan City, Indiana: Market study for an expansion of the casinos convention center and
the addition of a showroom.
ADDITIONAL IMPACT STUDIES
MGM RESORTS INTL MGM NATIONAL HARBOR Prince Georges Co. Maryland: Market study,
financial projections and economic impact analysis prepared on behalf of MGM related to gaming license
application to the State of Maryland for a new resort casino operation to be constructed at the National Harbor
complex.
MINNESOTA INDIAN GAMING ASSOCIATION, Cass Lake, Minnesota: Impact study on the economic
benefits of Indian gaming in the State of Minnesota on tribal, local and state economies and tax revenue generated to
the state and federal government, which included onsite interviews with each of the ten participating MIGA tribes.
IONE BAND OF MIWOK INDIANS, Plymouth, California: An economic impact analysis for a proposed casino
development in northern California. The report analyzed the economic and the projected fiscal impacts of the project.
JEMEZ PUEBLO, Anthony, New Mexico: An economic impact analysis for a proposed casino development on
newly designated trust land in southern New Mexico. The report analyzed the economic and the projected fiscal impacts
of the project on both the local and regional area.
DOWNTOWN WICHITA, Wichita, Kansas: An economic impact analysis for a proposed casino and hotel
development that was used for lobbying purposes to win gaming approval within the state. The report analyzed the
economic and social benefits of the proposed project, as well as the projected fiscal impacts of the project.
KANSAS CITY INTER-TRIBAL GAMING MANAGEMENT CONSORTIUM: Market study, facility

recommendations and financial projections were prepared for a large casino in the Kansas City area. Testimony on the
project and its impact on existing casinos was provided to the Governors Task Force on Gaming.
KANSAS FOR ECONOMIC GROWTH: Market study, financial projections and economic impact study for a
proposed destination gaming facility in southeastern Kansas on behalf of Kansas for Economic Growth and the Three
Affiliated Tribes of Kansas.
THE AFFILIATED OREGON GAMING TRIBES, Pendleton, Oregon: Impact study on the economic benefits
of Indian gaming in the State of Oregon on tribal, local and state economies and tax revenue generated to the state
and federal government, which included onsite interviews with each of the six participating Oregon tribes.
MINNESOTA RESTAURANT ASSOCIATION, Saint Paul, Minnesota: Economic impact analysis on the food
service in the State of Minnesota.
SODAK GAMING SUPPLIES, INC., Rapid City, South Dakota: Analysis of the economic benefits of Indian
gaming in the State of Minnesota, based upon direct interviews with all Minnesota tribes.
GREATER MINNEAPOLIS CONVENTION & VISITORS BUREAU, Minneapolis, Minnesota: Analysis of

state tax revenue increases generated by the Minneapolis Convention Center and related projects.
UNIVERSITY OF ST. THOMAS, St. Paul, Minnesota: Analysis of the economic impact of an expansion of the
Minneapolis campus of the University of St. Thomas and construction of a multi-district K-12 magnet school.
MECHOOPDA TRIBE, Chico, CA: An economic impact analysis for a proposed casino and hotel development at a
site near Chico, California. The report analyzed the economic and social benefits of the proposed project, as well as the
projected fiscal impacts of the project.
LIBERTY ALLIANCE, LLC, Fort Lee, New Jersey: An economic impact analysis for a proposed casino project and
ancillary development

Iowa Gaming Market Analysis Marquette Advisors

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Iowa Gaming Market Analysis Marquette Advisors

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IOWA GAMING MARKET ANALYSIS

c/o Mr. Brian J. Ohorilko, Administrator

Minneapolis Office: 80 South 8th Street, Suite 900, Minneapolis, MN 55402

Mr. Brian J. Ohorilko

Dear Mr. Ohorilko:

Marquette Advisors Offices:

Letter of Transmittal i-ii

IOWA GAMING MARKET CONDITIONS

IOWA GAMING DEVELOPMENT & SUPPLY TRENDS ............................... 3

REGIONAL DEMOGRAPHY & ECONOMICS

GAMING DEMAND INDICATORS ............................................................... 24

IOWA GAMING MARKET FORECAST

REVIEW OF MARQUETTE ADVISORS JANUARY 2014 FORECAST ....... 38

Iowa Casino Profiles ..................................................................................................... 1

1) Estimate the likely future performance of existing commercial casinos,

2) Identify any underserved markets and/or underperforming facilities in the State,

4) Estimate the impact of these developments upon existing casinos in Iowa.

The scope of services provided under this engagement is summarized below.

Marquette Advisors - International Hospitality & Gaming Consultants

Marquette Advisors - International Hospitality & Gaming Consultants

IOWA GAMING MARKET CONDITIONS

Iowa's Commercial Casinos -- Development Timeline

Name Casino Opening City Notes

*Replacement casino developments shown in italics

Marquette Advisors - International Hospitality & Gaming Consultants

Sources: IRGC; Individual Casino Websites; Marquette Advisors

25,000 ~---------------------T $2,500,000,000

= Tota l Gamin g Positions - Gaming Revenue

Iowa Gaming Market -- Commercial Casinos

Total Gaming Annual Gaming Annual Win per Annual

* The IRGC fiscal year is Jul.-Jun.

Source: Iowa Racing and Gaming Commission

Marquette Advisors - International Hospitality & Gaming Consultants

Marquette Advisors - International Hospitality & Gaming Consultants

Iowa Comparison with other U.S. Gaming Markets

Marquette Advisors - International Hospitality & Gaming Consultants

Commercial Gaming Market Performance, 2013-20017

IRGC Fiscal Year (July-June)

Adult Population 2,259,944 2,279,476 2,299,008 2,318,540 2,338,072

Missouri 2013 2014 2015 2016 2017

Adult Population 4,462,192 4,457,371 4,452,550 4,447,728 4,442,907

Illinois 2013 2014 2015 2016 2017

Adult Population 9,478,551 9,404,079 9,329,608 9,255,136 9,180,664

Indiana 2013 2014 2015 2016 2017

Adult Population 4,757,266 4,790,136 4,823,006 4,855,876 4,888,746

United States 2012 2014 2015 2016 2017

Adult Population 229,700,000 235,275,000 240,850,000 246,425,000 N/A

Marquette Advisors - International Hospitality & Gaming Consultants

4 Rubin Brown, Gaming Statistics, 2017, p. 19.

Marquette Advisors - International Hospitality & Gaming Consultants

Individual Casino and Submarket Performance

Marquette Advisors - International Hospitality & Gaming Consultants

Sources: IRGC; Individual Casino Websites; Marquette Advisors

Gaming Market Performance Metrics - Iowa Metro Areas

Gaming Market Metrics

Total Gaming Revenue ** $238,000,000 $268,000,000 $114,500,000 $243,000,000 $415,000,000

Sources: ESRI Business Information Solutions (demographics); IRGC (gaming revenue)

Marquette Advisors - International Hospitality & Gaming Consultants