The Wampanoag Tribe of Gay Head Aquinnah. Aquinnah Town Hall Meeting. May 22, :00pm to 9:00pm. Apponequet High School Auditorium

Transcription

1 Aquinnah Town Hall Meeting The Wampanoag Tribe of Gay Head Aquinnah Apponequet High School Auditorium May, 01 6:00pm to 9:00pm

2 Agenda Project History Development Team Timeline Development Process Project Size and Site Representative Projects Overview of Comments and Concerns Benefits Community Impacts Next Steps 1

3 Project History The quick timelines are a mandate of the state s Gaming Act, and are not a reflection of our choices. This vote is a referendum to determine the interest of a host community, not to define the construction of the facility. The Meet N Greets were intended to obtain information from the perspective host communities. The resulting program will incorporate that input. We are at the beginning of a well laid out and thorough process designed to bring a feasible project forward with the appropriate mitigation.

4 Development Team Aquinnah Gaming Corporation Cheryl Andrews-Maltais Keith Marden Bill Allen Naomi Carney Lloyd Marden Development Company KMD Consulting Kevin Dwyer Edward Samson Legal Team Tribal Advocacy Group Scott Crowell Scott Wheat Lael Echo-Hawk Gyasi Ross Steptoe & Johnson LLP Jody Cummings John Duffy Public Relations Slowey McManus Dominic Slowey Jim McManus Strategists Donoghue Barrett & Singal Roger Donoghue Tara O Donnell Financial Advisor Sovereign Finance Courtney Monteiro Marketing, Advertising & Branding Redline Media Group S. R. Tommie Cima Georgevich 3

5 Timeline Massachusetts Gaming Expansion Act signed into law by Governor Patrick November, 011 Compact to be approved by July 31, 01, or RFP to be issued for Category 1 License by October 3, 01 Requirements for Compact negotiation Request a referendum vote in host community sent March 5, 01. Section 91(c) Vote must be scheduled not less than 60 and not more than 90 days from the date the request of received. Section 91(c). Freetown vote May 9, 01 Lakeville vote June, 01 Purchase land or have option to purchase land in host community completed 4

6 Development Process Opportunity assessment, ID of corresponding project options, resource Resource /Project Options characterization Assessment Project definition, validation Preliminary analysis of key project elements, economics, ownership structure, schedule, roles Project & responsibilities, Planning gap analysis & key participants on board High level, fatal flaw screening Detailed analysis of all project components: infrastructure, markets, technology, Project Feasibility permits/licenses, Analysis contracts, finance, risk mitigation Implementation stage: detailed engineering & design; execution of permits, Project contracts, Development agreements; site preparation; financial pro formas and investment prospectus Securing equity & debt, detailed review (due diligence) of project package by lenders and/or investors Project Financing Equipment/material procurement, contractor selection, building Project Construction Draft report, 1 st -cut financial model Business plan, funding discussions Investment prospectus Completed facility Project Development follows a structured, ordered set of steps; many are successively deeper dive examinations of project parameters. Project Commissioning Fully commissioned project Operation and maintenance of the project on an ongoing basis 5

7 Preliminary Phasing & Cost Estimate Component Cost ($MM) Phase 1 Casino 100 Hospitality (TBA) 50 Restaurants/Dining 15 Entertainment Phase Casino 35 Hospitality 50 Restaurants/Dining 7 Retail 7 Phase 3 Entertainment 10 Hospitality 35 6

8 Preliminary Revenue Mix Component Revenue Mix (%) Time to Market (Years) Phase 1 Casino 97% Restaurants/Dining Entertainment 1 Phase Casino 80 Hospitality 13 Restaurants/Dining 5 Entertainment Phase 3 Casino 60 Hospitality 13 Restaurants/Dining 10 Retail 10 Entertainment

9 Preliminary Project Conceptual Design Considerations Site Coverage: 8-10% 145,000 sq. ft. (Casino) 36 table games Total Acreage: 500+/- Building Footprint: 0 acres 150,000 sq. ft. (Hotel) Poker Hardscape, Landscape, 130,000 sq. ft. (Parking Garage) 150 key hotel Parking and Roads: 0 acres,700 machines 8

10 Site & Community Impacts The full impact of the development will be reviewed during the environmental review process which requires numerous studies (traffic, cultural, air, water, noise, geological, etc ). There are multiple opportunities for input during the development and environmental review process. The Tribe comply with all applicable state and federal regulations and statutes. 9

11 Direct & Indirect Impacts Direct Impacts 900 Construction Jobs 1,350 Permanent Jobs Payroll of approximately $100 million dollars Mitigation Plan Purchase of Goods and Services 85% of revenue to the casino expected to stay within the state Indirect Impacts Construction Multiplier of.0 Employment Multiplier of 1.5 to.5 Above Multipliers TBD based on availability of community service-industry support. 10

12 Community Benefits Benefits are borne out in reports, for example, of increased employment and income, increased tax revenues, enhanced tourism and recreational opportunities, and rising property values (Eadington, 1984, Filby & Harvey, 1988, Chadbourne et al., 1997, Oddo, 1997, Kearny, 005, Wenz, 008, Wiley, 009). While the trend is generally positive a recent comprehensive study (Kearny, 005) specifically cited that the impacts where specific to place and largely dependent on the context of the project. 11

13 Community Benefits The most recent study cited (Wiley, 009) showed a significant positive increase in commercial property values within five miles of the casino development. And, a complimentary, rather than a substitution, effect on surrounding businesses. Native American casinos have had a fairly large and positive impacts on local quality of life, while isolated non-native American casinos have had small negative impacts and casino gaming towns have led to increases in economic activity but decline in quality of life (Wenz, 008). 1