Gaming Facility Location Board Advisory Services

The vendor is required to provide financial advisory services to the board related to the selection of applicants for award of up to three gaming facility licenses, including analysis of applications submitted in response to the request for applications (RFA) and drafting written determinations based on such analysis, as more fully defined in this part.
- Market analysis
• Provide analysis of the revenue impact of each applicant’s proposed gaming facility on existing facilities and potential new facilities and revise the same as the board may require, to assist the board in fulfilling the board’s obligation to conduct such an analysis pursuant to racing.
- Summaries, comparisons, and comprehensive drafting
• Produce summaries and side-by-side comparisons of aspects of the applications received in response to the RFA and other materials the board may provide, as directed by the board. 
• Produce a comprehensive draft of the board’s written evaluation of each application for consideration by the board and revise such draft at the direction of the board.
- Financial advisory services
1. Evaluation of applications
• Analysis and assessment of each applicant’s ability and likelihood of achieving, maintaining, and fostering an ongoing robust gaming market in state.
• Financial analysis tools and techniques to analyze the applications to determine the strength and viability of the financial aspects of the gaming facility license applications, including meeting license fee requirements.
• This analysis includes identification of potentially missing or under-estimated costs or over-estimated revenues.
• Establishing a risk profile and analysis of each area of risk for each application as an overall application and for the various major cost and revenue components within each application to identify discrete risks associated with each application.
• Providing a fact-based, un-biased assessment of each gaming facility license application relating to the viability, reasonability, and completeness of the financial aspects of each application.
• Detailed review, analysis, and assessment of financial statements from gaming facility license applicants for at least 8 years including any sec filings and assessments of unaudited financial statements.
• Thorough analysis and assessment of each applicant’s financing structure including sources of capital, guaranties and assessment of future capital needs.
• Review, analysis and assessment of each applicant’s track record for meeting gaming facility financial projections through public documents (e.g., public firm sec filings) and with casino development industry trends and indicators, or other information submitted.
• Detailed analysis and assessment of proposed project budgets for each applicant including, without limitation: construction costs, both labor and materials; facility design costs; project and construction consulting costs and fees; development costs; pre-opening costs; marketing costs; and initial working capital needs.
• Economic trending and sensitivity analysis of cost estimates and revenue projections, including: analysis of annual budgets and cash flows for up to 5 years of pro-forma projections; sensitivity analysis and assessment of gaming revenue projections for as much as 5 years; sensitivity analysis and assessments of non-gaming revenue projections for as much as 5 years; sensitivity analysis and assessment of tax revenue estimates.
• Assessment of financial controls, including overall policies and procedures and internal audit controls.
• Assessment of gaming license applicant’s track record for achieving cost and revenue projections for other major gaming facilities.
• Financial assessment of applicant’s gaming interests in other states (e.g., realism and risk assessment of applicant’s estimates and assertions).
2. Advisory summary:
• Provide a comprehensive summary, including related documentation, of all analyses and related tasks performed in consultation with the board in the evaluation of applicants for selection to proceed to potential commission licensure.
- Market analysis
• Analysis of each gross gaming revenue scenario for new gaming facility licensees, based on potential siting locations as proposed by the applicants and the locations of other new licensees resulting from the title 2-a licensing process;
• Analysis of the economic impact that each applicant’s proposed gaming facility might have on existing gaming facilities in state, including existing casinos and online sports wagering, tribal casinos, tribal bingo facilities, video lottery facilities, horse racing tracks, interactive fantasy sports, and off-track betting corporations.
- Summaries, comparisons, and comprehensive drafting
• Consultant to assist with (1) preparing side-by-side comparisons of applications, (2) summaries of applications and staff analyses; and (3) preparation of a draft of the final board written evaluation of how each applicant responding to the RFA proposes to advance the statutory evaluation criteria, revising each as directed by the board to the board’s satisfaction.
• The board may establish interim deliverable dates for requested summaries and analyses.
• It is anticipated that drafts of initial application summaries may be required by mid-September 2025, with application summaries finalized and delivered to the board on or before October 1, 2025, as the board may require.
- Contract Period/Term: 1 year
- Questions/Inquires Deadline: July 14, 2025