About Us - Global Market Advisors: Economic Researchglobalmarketadvisors.com/.../GMA-Brochure-Dec-2019.pdf¡¡E-Sports ¡¡Technology ... GMA provides these services across the Americas,

About UsGlobal Market Advisors (GMA) is the world’s leading gaming and hospitality research and consulting firm. The company is well-regarded for its independence and quality of thought leadership. The global capabilities of GMA are enhanced by its multi-office footprint and staff associate network.

GMA is a Limited Liability Corporation with offices in Las Vegas, Denver, and Bangkok.

1 Copyright 2018 Global Market Advisors, LLC

• Hospitality¡¡ Hotel Feasibility

¡¡ Project Development

¡¡ Food & Beverage

¡¡ Sports & Entertainment

• Casinos & Gaming¡¡ Feasibility Studies

¡¡ Gaming Legislation

¡¡ Economic Impact Studies

¡¡ Internet & Social Gaming

¡¡ Marketing Plan Development

¡¡ Marketing Reviews

¡¡ Player Rewards Programs

• Operations & Development¡¡ Project Development

¡¡ Operational Reviews & Due Diligence

¡¡ Emergency Management Services

¡¡ Crisis Communications

• Public Policy¡¡ RFP/RFC/RFI Advisory

¡¡ Tourism Strategy

¡¡ Regulation

¡¡ Advocacy

¡¡ Corporate Social Responsibility

• Sports Betting and Emerging Gaming Technologies¡¡ Sports Betting

¡¡ Daily Fantasy Sports

¡¡ E-Sports

¡¡ Technology

• Thought Leadership

GMA Capabilities

2www.GlobalMarketAdvisors.com

Steve Gallaway

Bill Bryson

Jeffrey Smith

Kit Szybala

Managing Partner

Steve Gallaway leads GMA’s global gaming and hospitality consulting practice. His knowledge and understanding of emerging markets has led him to advise public and private companies, institutional investors, and developers on a broad array of opportunities. Steve is highly regarded for his knowledge of casino and hospitality operations, market assessment expertise, and strategy planning and development. Steve advises clients throughout North America, Europe, Asia, and other international markets. He is a visiting lecturer at the University of Nevada, Reno’s School of Continuing Education, a contributor to Global Gaming Business Magazine and a frequent and recognized voice at industry conferences. Steve graduated from Boston College with a B.A. in Economics.

DENVER +1 303-759-5944 [email protected]

Senior Legal Counsel

Bill Bryson oversees GMA’s Legal Affairs Group. He has practiced law in New York and Taipei for over 25 years. Bill is recognized as a leading lawyer in the fields of gaming, hospitality, real estate development, mergers & acquisitions, and financial transactions. He has extensive experience in the representation of hospitality industry clients in their operations and investments throughout Asia. Bill has represented casino gaming companies, gaming machine manufacturers and consultants to the industry in 39 jurisdictions on a variety of issues, including corporate structuring, taxes, employment issues, marketing restrictions, internet/interactive gaming, debt collection, and gaming development. Bill is a graduate of Duke University (B.A., Cum Laude) and Tulane University School of Law (J.D., Magna Cum Laude).

[email protected]

Managing Director, Racing

Jeffrey Smith specializes in horse racing, entertainment, and gaming with expertise in venue management and working with regulators and lawmakers. Throughout his career, he has guided organizations through rapidly changing business environments, enabling them to capitalize on opportunities requiring significant change in strategies, markets, and scale. During Jeffrey’s progressive leadership responsibilities, Churchill Downs successfully navigated new business paradigms to evolve from a single-location operation to the premier, multi-state industry leader. He also played a key role in transforming Hoosier Park into a successful, fully integrated racing, gaming, dining, and entertainment destination. Jeffrey earned a B.A. in Accounting from the University of Kentucky and is a Certified Public Accountant.

LAS VEGAS +1 702-547-2225 [email protected]

Director of Government Affairs

Brendan Bussmann focuses on assisting clients on the complex issues that they face in handling government affairs, crisis communications, and community development. His background is in the hospitality, healthcare, energy, higher education, and sports sectors. Brendan’s gaming and hospitality experience includes Las Vegas Sands Corp. (LVS) where he served as Director of Government Relations and Community Development. While at LVS, he worked extensively on numerous RFPs including successful bids in Singapore and Pennsylvania. Additionally, he oversaw initiatives and legislative efforts at the local, state, national, and international levels. He also implemented their global programs for responsible gaming and community development. Brendan is a graduate of the University of Nebraska-Lincoln. He is an industry speaker and has peer reviewed publications for the University of Nevada, Las Vegas.


Partner, Executive Director of Operations

Kit Szybala oversees the output and quality of GMA’s feasibility studies, due diligence assignments, and market assessments. He has created over 150 financial models and extensive, analytical reports. Kit has in-depth experience in various markets with broad knowledge of markets in North America, India, Japan, and Australia. He is a visiting lecturer on casino feasibility analysis at the University of Nevada, Reno’s School of Continuing Education, a periodic contributor to Global Gaming Business Magazine, and speaks at industry conferences and events. Kit graduated from Southern Methodist University as a Hunt Leadership Scholar with a B.B.A. in Finance, B.A. in International Studies - European Concentration, and minor in History.

DENVER +1 303-759-5944 [email protected]

Brendan Bussmann

John English

Bob Boughner

Partner, Managing Director of Sports Betting & Technology

John English specializes in sports betting for the regulated gaming industry, with an emphasis on technology, content, and distribution. He previously was an equity partner with American Wagering Incorporated, the first company to receive Nevada Gaming Control Board approval for mobile sports betting within the state of Nevada. He also created the first sports betting app in the United States to be distributed from the Apple Store. Additionally, he created the first kiosk sports betting device to gain Nevada regulatory approval. Prior to joining GMA, John was the founder and President of WEBE Worldwide, a global operator, developer, and distributor of sports betting, social, casino, and lottery products for the regulated gaming industry.


Senior Partner

Bob Boughner assists clients with capital project planning, hospitality and gaming operations, and strategy planning engagements. Prior to GMA, Bob served Boyd Gaming Corporation in a variety of senior executive roles, including Executive Vice President and Chief Business Development Officer. He served as CEO of Borgata, where he directed the design, development, and operations of the $1.6 billion integrated resort. Bob is active in community affairs. He is a member of IAGA and a board member of the Nevada regional chapter of the Anti-Defamation League. Bob and the Harrah’s Hotel College at UNLV established the Bob Boughner Career Center to assist students pursuing careers in hospitality.


HospitalityGMA has worked on hospitality projects in over 40 countries. Assignments include feasibility analysis, strategic development plans, assisting governments in developing public policies for integrated resorts, advising public and private companies in evaluating new markets, and performing due diligence on potential acquisitions. GMA also assists clients with contract negotiations, including development and management agreements.

Regardless of the nation or jurisdiction, GMA has the experience to assist its clients with any hotel or integrated development, acquisition, or expansion project.


Hotel FeasibilityGMA’s approach to hotel feasibility analysis is to first understand the client’s vision for the project. The next step is to recognize the wants and needs of the market. In evaluating a hotel project, it is also important to understand the nature of the competition, their service processes and service gaps. Then, GMA examines the market and the customers that the project will serve. The team then poses the question: Is there something about the hotel that will create new demand or can it create its own micro-operating environment?

Once a full understanding of the client’s vision is realized, the needs of the customer are understood and the strengths and weaknesses of the competition are recognized, GMA can then prepare accurate forecasts for the hotel project and determine if it is indeed, feasible.

Project Development GMA can assist in the planning, design, construction, and financing of an integrated resort. From the initial feasibility study to the project’s opening, GMA’s Project Development Group can help its clients navigate the development process. Whether the development is an expansion of an existing facility or a new-build, GMA has the expertise to ensure that the project captures the imagination of the marketplace, is brought to fruition on time, and on budget.

Food & BeverageNo aspect of an integrated resort challenges the operator more than its food & beverage operations. Meeting customer needs, creating compelling dining environments and operating profitable dining outlets need not be mutually exclusive endeavors. Rather, they must be part of a sound food & beverage strategy.

GMA has in-depth experience in all aspects of food & beverage operations including facility programming, pricing, marketing, and day to day operations. GMA can help design the right mix of dining and forecast those results or help the enterprise improve food & beverage quality and profitability.

Sports & EntertainmentGMA works with clients to evaluate the viability of additional non-gaming assets in the areas of sports and entertainment as well as facility programming and marketing. As operators look at options to diversify or enhance their existing amenities, GMA can assist with the feasibility and development of these areas to maximize their potential.


Casinos & Gaming

GMA has been one of the premiere consulting firms to the casino industry since 2005. GMA’s clients include nearly all of the public gaming companies, over 70 Native American tribes, and some of the world’s largest investment banks in the Americas, Asia, Australia, and Europe.

GMA is known for its in-depth knowledge of gaming markets across the globe, its analysis, marketing and operational knowledge of casinos and casino resorts, and contacts throughout the gaming industry. There is no firm more qualified to assist with the planning of a gaming venture than GMA.


Feasibility StudiesGMA has worked in nearly every market in the Americas, Asia, Australia, and Europe. GMA’s studies are used in bank financing, RFP submissions, and public forums. In evaluating a market, GMA first looks at the market’s past performance and compares that with public data from similar markets. Next, GMA conducts an analysis of existing and potential competition, providing an understanding of the competitive market. Then, GMA looks at the current and future demand for gaming within the subject region and forecasts future demand. Finally, GMA applies proven methods to forecast revenues and expenses for subject property.

Gaming LegislationPartners at GMA have extensive experience crafting gaming legislation. With in-depth knowledge of gaming laws in jurisdictions across the globe, GMA’s Legal Affairs Group is able to provide appropriate language for gaming legislation that is clear and unambiguous. GMA also understands the impact that gaming taxes can have on casinos and their ability to develop gaming and non-gaming amenities. Gaming taxes must be based on sound government policy and how it relates to its tourism strategy. GMA can help governments navigate this path to successful casino development. GMA can also help clients manage various legal, employment, and foreign exchange issues, applicable marketing restrictions, and how to handle such issues as debt collection. GMA provides these services across the Americas, Asia, and Europe. GMA has the expertise to address other issues that can arise in legislative debates including limits on casino size, entry levies, and levels of investment.

Economic Impact StudiesAn Economic Impact Study (EIS) is an independent research report that quantifies the economic benefits that a proposed casino project will have on the surrounding region. This analysis quantifies the number of jobs that will be created, wages paid, taxes generated, and total output of a project. The analysis measures the direct, indirect and induced impacts of a gaming and hotel project. An EIS examines these impacts for two distinct phases: the construction phase, which is a onetime stimulus on the region’s economy; and the operational phase, which provides ongoing stimuli to the region’s economy on an annual basis. An EIS is essential to the successful development of a new casino as it addresses the concerns of all stakeholders within the community.


Casinos & Gaming cont

Internet & Social GamingGiven the increased proclivity of the world’s population to enjoy entertainment on their mobile devices, and as visa restrictions and increased government oversight constrain customers’ ability to visit their favorite gaming destinations, the online, social, and proxy gaming industries have emerged as powerful and profitable sectors. GMA’s Digital Marketing Group has the knowledge and expertise to provide gaming operators with a variety of online gaming solutions. GMA can provide technological services that enhance customers’ gaming experiences, including proxy gaming, online, and live-dealer/online programs.

Marketing Plan DevelopmentThe task of developing a casino marketing plan requires time and experience. While a casino’s marketing and advertising executives possess the experience, they often are too busy implementing promotions and addressing the day to day needs of the organization to stop and write an annual marketing plan. GMA works with the property’s marketing team in developing the annual marketing plan, integrating their strategies and tactics into a cohesive plan.


The Marketing ReviewTraditional audits of casino marketing departments, performed by accounting firms, tend to focus on internal controls, cash handling procedures and how marketing expenditures are accounted for. Audits often do not question why certain promotions are conducted, only how they are conducted. They also do not address how casino marketing allocates its expenditures across advertising, promotions, direct mail, comps and other programs. Most importantly, traditional audits do not examine a casino’s player reinvestment rate.

The GMA Marketing Review qualitatively examines the strengths of a casino’s marketing strategies, quantitatively looks at the performance of marketing expenditures against revenue, evaluates player reinvestment by tier segment, and examines the ways that strategies and tactics are implemented. The GMA Marketing Review provides an accurate evaluation of a casino’s marketing efforts and a roadmap to make marketing more effective.

Player Rewards ProgramsA well-designed player rewards program is essential to any casino’s success. Like most hospitality enterprises, customers frequent those businesses that recognize their loyalty and give them reasons to return. GMA has developed reward programs for casinos and resorts across the globe. GMA designs programs that match the capabilities of the property, and incorporates both aspirational and attainable elements that meet the needs of the market and the needs of the business. GMA also determines the appropriate level of player reinvestment for each tier so that players are compensated appropriately for their loyalty.


Operations & DevelopmentCasinos are multifaceted business enterprises. Far more than just buildings with table games, slot machines, restaurants, and hotels, they are integrated operations that when designed and executed properly, can generate significant returns on invested capital.

Investors and operators must carefully consider their decisions regarding five key attributes: the Product, its Position in the market, the Processes deployed, the Pricing strategy, and the People who comprise the business. Conversely, poorly conceived and designed facilities have great difficulty in achieving their earning potential.

GMA can help an operator develop a new property, expand, and rehabilitate an existing property, evaluate operations or conduct due diligence for an acquisition. No other gaming and hospitality consulting firm can provide the depth of knowledge in project operations and development than GMA.


Project Development The development and operation of a casino project is a complex process. GMA’s partners have extensive experience developing, opening, and operating casino properties, from modest sized casinos to multi-billion dollar integrated resorts. The process begins by carefully examining the five key attributes (Product, Position, Processes, Pricing, and People). GMA can assist the developer in financial forecasting, site selection, master-planning, facility programming, and project management, helping to mitigate development and startup risks. A carefully considered and well executed plan will aid the operators to meet and exceed market expectations and achieve forecasted results.

Operational Reviews & Due DiligenceOperational reviews and due diligence provide an unbiased, independent evaluation of the enterprise’s operations. By bringing in an independent third party, the client will benefit from a fresh perspective on the operation’s efficiency, marketing programs, and internal strengths and weaknesses.

• Review of historical financial performance• Conduct site visits, meet with management, talk with employees and guests• Shop the property and the competition• Analysis• Prepare a summary of findings• Offer recommendations to improve property performance

GMA’s partners and associates have the knowledge and experience to effectively evaluate a property and provide the guidance necessary to improve customer service levels, enhance team member engagement, and improve financial performance.

Emergency Management ServicesEvery casino at one time or another is faced with a vacancy in its leadership team. The loss of a general manager or director requires that leadership carefully and thoughtfully conduct a search to identify the ideal candidate to lead the casino enterprise. This task takes time, yet the casino still needs leadership to guide the property on a day-to-day basis. GMA provides Emergency Management Services, where highly skilled and experienced management assumes the leadership role on an interim basis, thereby allowing leadership to conduct a thorough executive search without pressure to fill the position immediately. GMA’s interim general managers provide stability and continuity during the search process.

Crisis CommunicationsAt any point in time, a hospitality enterprise or company can experience an incident or event that creates a communications crisis. GMA has the expertise to handle rapid response communications for organizations at their most critical times. GMA’s team members have dozens of years of experience in gaming, hospitality, tourism, and other sectors to address the organization’s most critical communications needs.


Public PolicyGMA has advised governments around the world on economic policy, tourism strategy, and casino gaming legalization initiatives, and assisted with crafting casino gaming legislation. GMA’s partners and staff have over 100 years of combined experience, ensuring that local, state, and national governments receive the best guidance and advice that accounts for political dynamics, public relations, and overall solution architecting. It has additionally advised various companies and organizations on gaming, tourism, and hospitality initiatives, political climate, and on legislative and campaign management.

GMA regularly responds to RFP’s, RFC’s, and RFI’s in response to government interest in its services. GMA also designs RFP’s for governments, particularly for key sectors in which a government may want to receive substantial foreign investment. GMA’s geographic exposure in public policy advisory extends to Asia, Europe, and North America.


RFP/RFC/RFI Advisory The partners at GMA have served as close advisors to senior political leaders and heads of state in regard to various initiatives in the casino gaming, hospitality, and tourism industries. At various points in public policy making, the convergence of strategy, politics and public relations becomes critical. GMA helps regulatory authorities design and manage RFP/RFC processes that attract the most qualified bidders and identify those bidders that best meet the needs of government and its citizenry. The GMA team has successfully worked on RFPs in North America, Asia, and Europe.

Tourism StrategyGovernments around the world are now contending with ever-increasing competition within their home regions and globally for increased tourism dollars. GMA understands the global tourism market and has advised governments on public policy as it relates to economic and tourism strategies. GMA can help local, regional, and national policy makers develop strategies to effectively grow tourism.

RegulationGMA has advised governments around the world on economic policy, tourism strategy, and casino gaming legalization initiatives, and assisted with crafting casino gaming legislation. Its staff continually monitors language and regulatory changes in jurisdictions around the world.

AdvocacyGMA partners have in-depth experience in public advocacy. GMA’s experience includes working with governments on issues of importance to international companies doing business in the Americas, Asia, and Australia, reviewing and revising legislation and regulations, and developing advocacy strategies for both clients and industry groups. It assists clients in developing strategies to work with and advocate to government, business, and community stakeholders.

Corporate Social ResponsibilityOne of the most important issues companies are measured on within an emerging or existing jurisdiction is their corporate social responsibility and corporate citizenship. GMA has written and implemented local and global plans to address responsible gaming, charitable giving, community outreach, purchasing practices, hiring practices, and sustainability programs. The company has also worked with governments in establishing prudent requirements in their RFPs.


Sports Betting & Emerging Gaming

Technologies GMA’S Sports Betting and Emerging Technologies Group specializes in global business development for the sports betting industry, with an emphasis on content, distribution, public relations, and contract negotiation. GMA’s Sports Betting and Emerging Technologies Group provides support to gaming industry leaders seeking consulting services to expand their sports betting, daily fantasy sports, and esports operations. Additionally, GMA’s Government Affairs Group has extensive experience preparing gaming legislation to accommodate sports betting and is very familiar with the political climate in jurisdictions across the globe as it relates to sports betting.


Sports BettingAs sports betting continues to expand around the world, GMA recognizes the revenue potential from legalized sports betting in the United States. GMA is prepared to address the operational hurdles facing casino operators as they seek to expand into new markets. GMA understands key issues such as the positions of professional sports leagues, regulatory hurdles, and the importance of creating products and services that can effectively compete with illegal sports betting.

GMA has hands-on experience working with sports betting operators to further grow their markets, evaluate potential opportunities, and advise on business development strategies. GMA also assists regulatory authorities in developing sound fiscal policy, allowing governments to optimize revenue streams through smart tax structures that are economically efficient and that yield robust results for both the government bodies and operators alike. Tax policy for sports book operators must be designed in a way that stimulates growth and optimizes tax revenue. GMA has the capability to advise regulatory authorities on how develop sound fiscal policies.

Daily Fantasy and EsportsEsports and skill-based games will play a vital role in the gaming industry as operators continue to grow their menu of gaming options. GMA has the necessary knowledge and skills to advise its clients on the appropriate mix of skill-based games and esports offerings.

GMA also recognizes the increasing popularity of Daily Fantasy Sports (DFS) as an alternative to season-long fantasy sports leagues. GMA’s Sports Betting and Emerging Technologies Group provides its clients with independent analysis in regards to the production and distribution of DFS games, as well as helping to develop optimized user experience strategies.

TechnologyWith the rapid development and introduction of new technologies in sports wagering, companies are constantly challenged to deliver new content to their customers. GMA has in-depth experience evaluating and creating sports betting platforms, mobile wagering applications, and kiosk based solutions. GMA utilizes technologies such as artificial intelligence, augmented reality, and streaming services to enhance sports betting products, customer convenience, and experiences.



Thought LeadershipThe partners of GMA have authored over 100 articles, white papers, academic papers and research reports relating to all aspects of the casino gaming, hospitality, and tourism industries. GMA is widely respected for its thought leadership in various areas of the global travel and leisure sectors and are often quoted in industry publications and featured in various media.

To access the complete library of GMA articles, white papers, academic papers and research reports, log on to:

www.globalmarketadvisors.com/news/www.globalmarketadvisors.com/research/


DenverGlobal Market Advisors, LLC

757 E. 20th Ave, Suite 370 #406Denver, CO 80205

United States of America

Office: +1 (303) 759-5944

Las VegasGlobal Market Advisors, LLC

7220 S. Cimarron Rd, Suite 220Las Vegas, NV 89113

United States of America

Office: +1 (702) 547-2225

BangkokGlobal Market Advisors, LLC

199 Column Tower G24th Floor, Suite 2405

Kweng Kongtoey, Khet KongtoeyBangkok, Thailand 10110

[email protected]

Documents

About Us - Global Market Advisors: Economic Researchglobalmarketadvisors.com/.../GMA-Brochure-Dec-2019.pdf¡¡E-Sports ¡¡Technology ... GMA provides these services across the Americas,