The Innovation Group. Consulting and Management Services for the Gaming, Leisure and Hospitality Industries.

	When a company chooses to measure its current business performance, or wants to forecast economic situations of the future, it needs The Innovation Group. At The Innovation Group, we offer a broad range of services including feasibility studies, market assessments, economic impact studies and project valuations. To date, our reports have been responsible for more than $26 billion worth of investment decisions. Hotels, convention centers, casinos, stadiums, racetracks, entertainment halls, golf courses, spas, RV parks, restaurants, retail facilities, etc. have all relied on our financial analysis services. We also provide the nation's leading gaming analysts and investment houses with a broad range of financial reports.

	Large-Cap Companies Wynn Resorts, Macau The Innovation Group's feasibility study and market assessments for the new Wynn Macau Casino helped to confirm Steve Wynn’s vision for the $1 billion-plus mega-resort. We also provided support for a bond refinancing relating to this project and assisted in the presentations which secured financing. Caesars World Caesars World has retained The Innovation Group for a number of market assessments in the United States and throughout the world, including South Africa, Egypt, France, Dublin, Eastern Europe, Beirut, Venezuela, Argentina, Panama, Taiwan, Windsor, Canada, Macao, and the Philippines. Domestic markets include Dover Downs, Delaware and the Glory of Rome, Indiana. Hilton Hotel Corporation The Innovation Group evaluated the potential change in gaming revenues and attendance as a result of increased gaming availability on the Mississippi Gulf Coast. A regression analysis of the Gulf Coast market to date was developed relating monthly revenues to the square root of the number of devices. This study also included a telephone survey of 400 respondents to measure expected changes in gaming behavior in Mississippi with the opening of new gaming venues in Louisiana. Hyatt Hotels The Innovation Group has been retained by Hyatt Hotels Corporation to provide market research and analysis on two separate occasions. An assessment was performed for the Buffalo, New York market to project top-line revenues at a potential Hyatt gaming facility. A market analysis was also conducted for a Players International-Hyatt joint-venture in New Orleans, Louisiana. Starwood Hotels and Resorts Worldwide, Inc. The Innovation Group has conducted a number of studies for Starwood, most recently an evaluation of hotel and casino operations at the Desert Inn. This evaluation was performed to assist Starwood in its decision to revamp or dispose of the famed Las Vegas property. The Innovation Group evaluated hotel occupancy and operations, casino operations, food and beverage, and marketing of the property, and completed proformas based on our recommended repositioning of the facility in the highly competitive Las Vegas Strip environment. Sun International In anticipation of legalized gaming in Hawaii, Sun International retained The Innovation Group to conduct a market assessment and economic impact study for a casino and hotel resort on the island of Oahu. The Innovation Group also performed an economic impact analysis for an expansion of the Sun's premier Bahama casino resort, the Atlantis. Trump Casinos The Innovation Group has conducted a number of studies for Trump Casinos including potential developments in Oakland and Coachella Valley, California, Biloxi, Mississippi, Longview, Washington, Detroit, Michigan, Niagara Falls, Ontario and Kansas City and Wyatt, Missouri. In addition, we have done extensive work for the Trump Casino in Gary, Indiana, including player tracking surveys and expert witness testimony. The Venetian The Innovation Group has conducted a number of international studies for Venetian president Sheldon Addelson, including the United Kingdom, Eilat and Isle of Peace, Israel and five cities in Mexico.
	Investment Houses Bear Stearns Global Gaming Almanac Covering thirty-four states and four Canadian provinces, the Global Gaming Almanac summarizes operating statistics and regulatory and legislative changes, and assesses market feasibility for all active and over fifty potential gaming markets. The summary also includes information on international gaming markets and Native American markets. This comprehensive analysis has become a major resource for the entire gaming industry. California Impact Analysis Following the signing of the new state-tribal gaming compact in California in September 1999, Bear Stearns retained The Innovation Group to assess the impact of the new California gaming market on Nevada. Projecting for expansion of existing tribal casinos and new developments, The Innovation Group analyzed local California gaming markets by region and assessed the resulting impact on the major Nevada markets. The report was published by Bear Stearns and released at the World Gaming Congress in Las Vegas to highly favorable reviews. Ongoing Support The Innovation Group has provided ongoing data and research support for Bear Stearns since 1995. We maintain and provide to Bear Stearns a national database, updated monthly, of operating statistics, regulatory changes, and market participants from all public gaming jurisdictions. In addition, we provide demographics and graphics support for their analyst reports. Jefferies & Company California Gaming Almanac The Innovation Group prepared for Jefferies a comprehensive analysis of the California gaming market for both local and tourist market segments. Compiling a database of federally recognized California tribes and existing and proposed facilities, we applied our proprietary assessment model to determine projected revenues by region. Ongoing Support and Referrals The Innovation Group provides demographic and operating statistics and market assessments for Jefferies on various gaming jurisdictions. Recently we have completed projects for the following existing or potential gaming jurisdictions: Colorado, Vicksburg, Mississippi, St. Louis, Quad Cities, Iowa, New Mexico, Tampa, and Hollywood, Florida. In addition, The Innovation Group is a frequent reference to Native American and other developers seeking financing for casino and hotel projects. We have worked for numerous tribes and development companies throughout the United States at the request of Jefferies. *Sumitomo Trust & Banking Co.* Market analysis and revenue forecast were performed for two card clubs (one existing and one proposed) in Gardena, California. A revenue validation was performed to determine where revenue leakage was occurring at the existing facility and strategies were recommended to enhance gaming revenue.
	Small-Mid Cap Companies Foxwoods Resort Casino The gaming and non-gaming feasibility analyses that we did for development options for Foxwoods, the world's largest casino, helped to determine the right size and mix of dining, entertainment and retail for their major renovation. Seminole Hard Rock Hotel and Casinos, Tampa and Hollywood, Florida The expanded scope of the market assessment we completed for the two Seminole Hard Rock Hotel and Casinos in Florida also included an analysis of the value of the Hard Rock brand for the properties. Jumer's Casino Rock Island When Jumer's Casino Rock Island wanted to replace its 12-year old Mississippi riverboat with an inland casino, it called on The Innovation Group to evaluate the financial feasibility of the project and to recommend alternate site locations. Rockaway Beach Casino Rockaway Beach, Missouri is 15 miles from Branson and the intended site of a new floating casino. The Innovation Group did the feasibility study for Southwest Casino and Hotel Corp. to show the viability of the project. Casino Magic Development Corporation The Innovation Group prepared a market analysis for a multi-faceted development in Edmonton, Alberta. This included a market assessment for a full-service, 2,750-position casino, including consideration of the local and tourist markets. In addition, a market assessment for an adjacent 450-room hotel, an 18-hole golf course, and a theme park were prepared. The Innovation Group prepared schematic and design drawings for each of the proposed development components. The final element in the study was to compile an economic impact assessment for the entire development. To accurately reflect the impact on the local economy, a locally calibrated input/output model was employed. Grand Casino/Lakes Gaming Three alternative sites in southeast Michigan were considered in this market assessment and feasibility study for a casino and hotel to be developed by the Pokagon Band of Potawatomi Indians. Operating statements showing projected revenues, expenses and margins were completed for both the hotel and casino for each site. Isle of Capri The Innovation Group has conducted a number of studies for Isle of Capri including potential developments in California, Louisiana, and Mexico and Isle casinos in Lake Charles, Louisiana and Vicksburg, and Natchez, Mississippi. Playboy Enterprises, Inc. Playboy retained The Innovation Group to investigate the feasibility of establishing a Playboy-branded casino in Las Vegas. Playboy was considering two potential joint venture partners: Harvey's and Aladdin. The Innovation Group conducted project scoping and potential valuation of the Playboy brand for an off-strip site under consideration. Local and tourist market demographics, product positioning, and relationship with nearby themed properties were examined. Players International The Innovation Group has completed a number of studies for Players International (now owned by Harrah's) beginning in 1993, including Players operations in Indiana, Illinois, and Louisiana as well as potential developments in Mississippi, Missouri, Pennsylvania, Tennessee, Boston, Belize, and Cancun. Penn National In addition to demographic studies for the company's racetracks, The Innovation Group has completed market assessments in Penn National's movement into the casino industry. Following our market assessments for the Gulf Coast properties Casino Magic-Bay St. Louis and Boomtown Casino, Penn National completed its successful purchase of the two facilities.

	The Innovation Group of Companies
Our Affiliates:	Innovation Capital - Investment bankers focused on the middle market Innovation Marketing - Full service marketing, advertising and PR Innovation Project Development - Project construction management services, owner's representative

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