PORT ROYALE Development on ISLA ESCUDO DE VERAGUAS. Update 28JAN13REVC
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1 PORT ROYALE Development on ISLA ESCUDO DE VERAGUAS Update 28JAN13REVC HES International, S.A. Leo Ford/Harold Jeff Panama January 2, 213
2 OVERVIEW The newly formed Port Royale Administration Group, Inc., master developer is the owner of this project. The development will occur in phases, phase 1 consists of Isla Escudo de Veraguas (84 acres) and the land necessary for a large airstrip and facilities on the mainland. HES International S.A. owns 1% of Port Royale Administration Groups S.A. and holds the master concession for Isla Escudo de Veraguas and the 2 meter inland from the high water mark coastal zone strip (approximately 1 miles) on the mainland. Phase 1 will consist of a slip marina, hotel rooms and private villas, a casino, restaurants and a Hi-Tech (internet businesses) center with offices to accommodate both short and long term stays as well as the further development of the island as an semi-autonomous financial center. A small airstrip on island is planned. The airstrip would be relatively inexpensive and may be removed in future phases. A larger airstrip to accommodate large jets may be built on the mainland. Helicopter service is available today from Albrook Airport in Panama. The project will be concept-driven in which a vision for the project is designated to capture the character of the natural setting combined with innovative design. The master plan will confirm to the Ngöbe-Buglé Indian Tribe s (Comarca s) development and environmental regulations. The resulting development will have a unique sense of place and a sense of community. Beyond sustainable development, Port Royale will include regenerative design concepts that focus on natural and social systems. Regenerative design will drive development to improve the environmental for future generations. Phase 1 will attract tourists, yachtsmen, permanent residents and business people wishing to use the Comarca s semi-autonomous standing in Panama. Port Royale has one European banking company that has issued a letter of intent to open a representative office on island. A memorandum of understanding has also been received from a development management company in the United States. Future phases will follow focusing on the successes of the various business models in phase 1. This mixed-use development will incorporate a series of branded internationally recognized banking institutions, hotel resorts and casino s with ancillary amenities including diverse retail, residential and commercial. LOCATION The phase 1 property is Isla Escudo de Veraguas rebranded as Port Royale. It is comprised of 84 acres (3.4 square kilometers) with pristine white sand beaches and 247 acres of coral reef with coral species. It has been referred to as the
3 Jewel of Panama s islands and until last year, held a National Park designation. This designation was removed by an act of law, Law 11, dated March 26, 212, in order to allow the Ngöbe Buglé to develop tourist activities and promote employment in the region. Port Royale is located 17 km from the mainland and had been isolated for 9 years. In 199, Ngöbe Buglé fishermen began using it as a transient fishing camp and now some fishing families live on island. Isla Escudo de Veraguas is known as the birthplace of the Ngöbe Buglé.
4 OBJECTIVE To develop a semi-autonomous, master-planned community and Hi-Tech (internet businesses) center, world class, Caribbean destination over 3-7 years while incorporating the latest technologies, environmentally friendly features, Green engineering, and providing a significant contribution to the well-being, education and economic stability to both local and extended areas. A Board of Governors has been appointed to administer the island. The Board includes an ex-prime Minister, an International Attorney and the Comarca Representative to Congress, also an Attorney. The ultimate financial center goal from a semi-autonomous position is to
5 gain banking control utilizing a different currency, reporting to a non-us controlled Central Bank, full immigration and customs powers amongst other haven qualities. MARKET Port Royale is a destination resort for clients from Europe, Latin America and the USA. High-end gaming junkets will be made from the USA and Brazil. Business people will use the island s semi-autonomous status to conduct their businesses whether it be creating an IBC in the Comarca or utilizing the Hi-Tech internet center. Clients desiring a getaway will take advantage of the pristine beaches, the water activities and the wellness center. DEVELOPMENT Following are the typical checklists for a development of this magnitude. The checklist includes future phases as well as phase 1.
6 Checklist 1 1. PLANNING SERVICES 1.1 Research and Analysis 1.2 Entitlement Review 1.3 Opportunities and Constraints Exhibit 1.4 Preliminary Land Use Concepts 1. Pre-application Conference, Draft Plan and Project Review 1.6 Specific Plan 1.7 Public Facilities Needs Assessment 1.8 Master Development Agreement Assistance 2. PRELIMINARY ENGINEERING SERVICES 2.1 Title Report, Review and Plotting 2.2 Existing Infrastructure Documentation Research 2.3 Preliminary Water, Sewer and Power Facilities Analysis 2.4 Preliminary Dry Utility Analysis 2. Opportunities and Constraints Memorandum 2.6 Preliminary Water, Sewer and Power Master Plan 2.7 Aero-topography 2.8 Geotechnical / Seismic Studies 2.9 Hydro geologic and Drainage 2.1 Sediment Transport and Fluvial Analysis 2.11 Water Management / Landscaping Irrigation 2.12 Environmental Studies 2.13 Biological Resources 2.14 Air Quality 2.1 Noise 2.16 Transportation and Traffic Analysis 2.17 Golf Course Design 2.18 Development Schedule 3. ECONOMICAL STUDIES 3.1 Project Feasibilities 3.2 Business Plan 3.3 Employment Analysis 3.4 Demographics 4. GOVERNMENTAL 4.1 Meetings 4.2 Coordination 4.2 Processing Checklist 2 1. PLANNING 1.1 Specific Plan and Detail Layout of Entire Project Site 1.2 Digital Visual Project Mode
7 2. ARCHITECTURAL & ENGINEERING 2.1 Architectural Visual Sketches of Major Feature Sites 2.2 Transportation and Road Systems Internal and External 2.3 Water System 2.4 Sewage System 2. Electrical Generating and Distributions 2.6 Regeneration Centers 2.7 Drainage System 2.8 Landscaping and Irrigation 2.9 Development Schedule 2.1 Telecommunication POTENTIAL DEVELOPMENT TEAM Architecture/Engineering: Builder: Infrastructure: Marina Builder: Commercial Sales: Development: Finance: Christopher Crawford Get Solutions Skanska Moffett & Nichols CBRE L. Ford TBD CURRENT VALUATION OF PORT ROYALE CONCESSION $34 MILLION USD POTENTIAL NET REVENUES PHASE 1 (first full year of operation) Resort (based on rooms and extrapolated from studies of other hotels) Casino/Gaming (1 slots) Marina ( slips) Total net revenue first full year operations $ million $6 million $2 million $13 million
8 COSTS FOR PHASE 1 Note: resort/restaurant/casino build costs extrapolated from Panama City name brand hotel/restaurant build out. Marina Resort/casino/restaurants Infrastructure/arch/engineering/contingency Total build out costs $2 million $9. million $3.million $1 million PLEASE NOTE THE COMARCA HAS NO IMPORT DUTIES, NO INCOME TAXATION, NO PROPERTY TAXATION, AND NO REPORTING REQUIREMENTS (other than final planning approvals from the Comarca). PORT ROYALE IS CLOSE TO HAVEN STATUS UNDER THE CURRENT LAWS ENACTED BY THE STATE OF PANAMA GRANTING THE SEMI-AUTONOMOUS ZONE STATUS. Casino Projections These projections were prepared by a casino consultant with 2+ years of experience in gaming operations in the Caribbean, Latin America and USA. He is available for a consulting position or management in Port Royale s casino and gaming operations. These figures are for a City based casino that does not have captive customers. Note: a. These figures do not include internet gaming revenues. One of the new and under developed markets for internet gaming is Latin America. The land based casino operation may be used for live feeds to internet based operations as well as traditional internet based gaming. b. These figures are based on 4 machines and highest earning per machine $8. Captive casino earnings are much higher per machine especially with the marina market. c. There are no Comarca taxes on casino winnings.
9 PROYECCIÓN ALTA DETALLE PROYECTO: CASINO Panama City example FLUJO NETO DE EFECTIVO (MILES DE DÓLARES) HORIZONTE DE EVALUACIÓN TOTAL INGRESOS DE OPERACIONES 13,999, ,91, ,878, ,24,64. 17,422, Ingresos Máquinas Tragamonedas Cantidad de Máquinas Tragamonedas Ingresos Diarios por Máquinas Días de operación por año Total Ingreso Bruto Anual Máquinas 9,49,. 9,928,. 1,12,. 1,9,. 11,68,. Ingresos Mesas de Juego Cantidad de Mesas Ingresos Diarios por Mesas de Juego Días de Operación por Año Total Ingreso Bruto Anual Mesas de Juego,666,62. 6,19,37. 6,62,12. 6,898,. 7,144,87. TOTAL INGRESO BRUTO JUEGO MENOS: 1,16,62. 16,87,37. 17,164,12. 17,848,. 18,824,87. IMPUESTO DE JUEGO 1% J.C.J 2,273,493. 2,413,16.2 2,74, ,677,27. 2,823,731.2 TOTAL INGRESO NETO JUEGO 12,883, ,674, ,89,6. 2 1,171,22. 16,1, OTROS INGRESOS Bares, Restaurante Venta al Público, Alimentos y Bebidas 84,. 924,. 97,2. Cortesía Casino Alimentos y 1,18,71. 1,69,64. Bebidas 6,. 66,. 693,. 727,6. 764,32. 1,44,. 1,84,. 1,663,2. 1,746,36. 1,833,678. Total Ingreso Bares, Restaurante MENOS: COSTO DIRECTO: INSUMOS (3%) 4,. 4,4. 82, , ,787.3 Total Neto 936,. 1,29,6. 1,81,8. 1,13,134. 1,191,89.7
10 Eventos y Entretenimiento 18,. 198,. 27,9. 218, ,29.7 Total Ingreso Neto Anual No Juego 1,116,. 1,227,6. 1,288,98. 1,33,429. 1,421,1.4 Total de Gastos de Operación 7,1,81. 7,318, ,38, ,764, ,997, Nómina, impuesto y gasto 3,11,49. 3,194,34.7 3,29, ,389, ,49, Alquiler 937,32. 96, , ,24, ,4, Mercadeo, Entretenimiento y Publicidad 1,2,. 1,236,. 1,273,8. 1,311, ,3,61. 7 Cortesía A+B y Atención a Clientes 7,. 772,. 79, , , Electricidad 42,. 432,6. 44,78. 48, ,713.7 Honorarios Administración (Club Flush) 1,. 14,. 19, , , Transporte, Viajes y Habitaciones 12,. 123,6. 127, , ,61.6 Administrativos y Generales 7,. 77,2. 79,67. 81, , Proveedores 84,. 86,2. 89, , ,42.74 Mantenimiento y Aseo 96,. 98,88. 11, , ,48.8 Seguros 72,. 74,16. 76, , ,36.63 Otros 1,. 13,. 16,9. 19, ,.88 Utilidad antes de impuesto 6,893,322. 7,82, ,339, ,79, ,424, Impuesto sobre la Renta..... Utilidad Neta / EBITDA 6,893,322. 7,82, ,339, ,79, ,424, Menos: Participación en Máquinas (2% - 2%) 2,87,8. 2,184,16. 2,312,64. 2,18,. 2,83,2. Flujo de Efectivo 4,8,22.,398, ,27, ,241, ,621, Flujo Neto de Efectivo 4,8,22.,398, ,27, ,241, ,621, Margen de Utilidad %
11 CONTACT INFORMATION: LEO FORD Port Royale Administration Group, Inc. EMBASSY ROW PANAMA
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