Historic Moulin Rouge Hotel & Casino - Executive Summary

HISTORIC MOULIN ROUGE HOTEL AND CASINO EXECUTIVE SUMMARY

Las Vegas Moulin Rouge LLC September 2025

Neighborhood Multi-Site Revitalization Mixed-Use Community Center + Gaming Live Work Spaces & Entertainment Center LVMR LLC

Our Goal is to create an Entertainment based Community Center

Contents .......................................

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1.0

Summary

2.0 Competative Analysis

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3.0 Project Description

4.0 Operations

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5.0 Financials

6.0 Supplemental

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Contents

3

EXECUTIVE SUMMARY 1.0

4

Executive Summary

Executive Summary A. Project Concept The Las Vegas Moulin Rouge LLC (LVMR LLV) is proposing to re-develop, finance and build Phase I, II & III of the Moulin Rouge Hotel & Casino in the City of Las Vegas. On April 2, 2008, the City of Las Vegas approved a re-zoning of 15.44 contiguous acres located in “Uptown” Las Vegas. The historic re-zoning allows for the rebirth of one of Las Vegas’ oldest chartered hotel and casinos, and now allows for an unparralled investment opportunity in an emerging market in the Las Vegas Market.

This proposed project is in a unique position to capitalize not only on the propoerty’s Historic Significance but on the continued revitalization of “Downtown Las Vegas” as it is already home to the Smith Center, the Lou Rouvo Brain Institute, the Clevland Clinic and the World Market Center (currently planning an expansion starting in 2018). Las Vegas as whole is experiencing a renaisance of new and existing project expansions that only add to the opportunity which included the promise of a mono-rail stop along the eastern edge of the project.

Phase One Costs of the New Moulin Rouge Hotel & Casino are projected to be approximately $400 million, Phase Two is estimated be an additional $400 million with $ 800 million required for Phase Three including all additional property aquisitions.

Executive Summary

5

Executive Summary Moulin Rouge Hotel & Casino: Transforming the Westside into “Uptown” Las Vegas The hotel and casino will be built in two primary phases. At full build-out, the Moulin Rouge Hotel & Casino will be the centerpiece for a comprehensive master plan development of the west side of Las Vegas encompassing a Performing Arts Center, World Entertainment Center (WEC) complex, mixed-use residential/commercial and retail components, and high-rise condominium apartment projects transforming the area into “Uptown” Las Vegas. With over $400 million of “minority” money being spent in Las Vegas each year, MRDC is poised to capture a large portion of this revenue through a two-phase build-out. Phase I is anticipated to be a locals and destination hotel and casino, while the second phase will be geared toward attracting small to large conventions that continue to be a large revenue generator to the world’s most popular city.

Phase I - The first phase of the Moulin Rouge Hotel & Casino maximizes

the unrestricted gaming license with an over 36,000 SF gaming floor, 200 new hotel rooms with “Venetian Style” suites in one hi-rise tower, Three restaurants, 30,000 SF of convention and meeting rooms, as well as a poolside night club. Included is a 2,000-seat show room, lounges, a “Vegas” style pool with a pool-side sports book, along with supporting retail and spa facilities. The pool areas will emphasize live performances. The new hotel

6

Executive Summary

will also incorporate the current historic “Moulin Rouge” neon sign as well as portions of the original casino façade. A 7,500 SF historical museum is also included in the initial phase of the project.

Phase One will create thousands of direct and indirect jobs to the west side of Las Vegas and will include major public subsidy for roadway and pedestrian improvements. At its completion, the hi-rise hotel tower will be a visible historic landmark that will become a beacon for the newly-created “Uptown” Las Vegas.

Phase II - is currently in the conceptual design phase, which will include additional gaming floor, retail spaces, entertainment, and restaurant venues as well as an additional hotel tower containing 1,000 new hotel rooms along with 50,000 SF of new convention space and associated structured parking facilities. The conceptual design of Phase II is completed with full design and construction drawings commencing as market demand dictates the need for additional hotel keys.

Master Plan: LVMR continues to acquire adjacent properties that surround

the Moulin Rouge Hotel & Casino. This includes land to the east where the new alignment of Freeway Interstate 15 will see a new off ramp directly onto West Bonanza Road, land to the north that is owned and controlled by the Housing and Urban Development Department, and properties across West Bonanza Road (south) in order to accomodate Phase Three of the planned development.

Executive Summary

7

History of moulin rouge 1.1 8

Executive Summary

History of moulin rouge • The Moulin Rouge opened on May 24, 1955, built at a cost of $3.5 million. It was the first integrated hotel casino in the United States. Until that time almost all of the casinos on the Strip were totally segregated—off limits to blacks unless they were the entertainment or labor force.

• A veritable "A" list of performers regularly showed to party until dawn. Great black singers and musicians such as Lena Horne, Sammy Davis Jr., Louis Armstrong, Sarah Vaughan, Nat King Cole, Duke Ellington, Dorothy Dandridge, Harry Belafonte, Pearl Bailey, and Count Basie would perform often.

These artists were banned from gambling or staying at the hotels on the Strip. In November 1955 the Moulin Rouge closed its doors, and by December 1955, the casino had declared bankruptcy.

• In 1992 the building was listed on the National Register of Historic Places and became a symbol of the expanding of black civil rights, and a monument of Las Vegas’s racist past.

• The Moulin Rouge is the only entertainment site recognized on the U.S. National Register of Historic Places for its significance to the civil rights movement.

Executive Summary

9

current state of affairs 1.2 10

Executive Summary



Moulin Rouge project is a 15.44 acre site located 15 minutes from McCarran International Airport and less than 1 mile from Downtown Las Vegas.



Historic gaming area 5.44 acres of project has a grandfathered non-restricted gaming license and an unlimited liquor license. Gaming license is renewed every two years.



Property is in foreclosure and controlled by Resource Transition Group of Seattle Washington. Las Vegas Moulin Rouge LLC has lease contract and purchase agreement.



Site has been abandoned for a number of years.

Estimated $3.5M required to raze existing structures. Property is zoned for intended use.

Executive Summary

11

Moulin rouge gaming lice

In November 1955 the Mou 1955, the casino had decla Nevertheless, to maintain it closed properties) operates minimum of eight hours eve

The Moulin Rouge Non-re

Gaming license 1.3 12

Executive Summary

While numerous types of lic non-restricted gaming licen ü a property having 16 or ü a property having any n device, race book or sp

ense status

ulin Rouge closed its doors, and by December ared bankruptcy. ts gaming license, the Moulin Rouge (like many s on a temporary basis for a state-mandated ery two years.

estricted Gaming License is Active and Intact

censes and approvals can be granted by the commission. The nse, is granted for the operation of: r more slot machines; number of slot machines together with any other game, gaming ports pool at a single location.

Executive Summary

13

Location by Google earth 1.4 14

Executive Summary

Executive Summary

15

strategy

Planned use 1.5 16

Executive Summary

Moulin Rouge will be three (3) phases of development.

When fully built out, the Moulin Rouge Hotel and Casino will be the center piece of a comprehensive master planned development which will include a performing arts center, world-class entertainment center complex, and a mixed-use residential /commercial project.

Phase1

 Hotel and Casino, Bars, Meeting Rooms, Restaurants, Buffet, Showroom, Historical Museum

P h a s e 2  Additional Rooms and Gaming + Entertainment, retail and restaurant venues

 Phase3 Mixed Use residential space with street level retail, office, parking and a 12,000 seat arena.

Executive Summary

17

Based on an appraisal done in 2008 by Cushman Wakefield

Current land value

74M

Land on Las Vegas Blvd w per acre. Off the Strip it is

1.6 18

Executive Summary

Current Appraisals will be ordered during the due diligence period

We take a conservative approach to the valuation and estimate

20M+

??M

with gaming license is valued between $16M -$33M s valued between $2M – $4M per acre.

Executive Summary

19

COMPETITIVE ANALYSIS 2.0

20

Competitive Analysis

Competitive Analysis

21

How many visitors Q1 Las Vegas per yea 42,312,216 What is Las Vegas Q2 revenue? (Strip &

Las vegas stats and facts 2.1 22

Competitive Analysis

$6.842 Billion

What is the avera Q3 gambling budget p $579

s come to ar?

What is Las Vegas' hotel Q4 occupancy?

89.8%

What is the average nightly gaming Downtown) Q5 room rate?

n

$120

How long is the average age visitor's Q6 visitor's trip (in nights)? per trip?

3.4 *The data based on LVCVA Research Center

Competitive Analysis

23

How downtown performed in the past six months Downtown Las Vegas is up for the period (+2.10%), with a growing slot win(+ 2.65%) helped slightly by a growing game win (0.33%).

2.2 24

Competitive Analysis

T S G

Total win

+2.10% Slot win

+2.65% Game win

0.33%

$60,000,000

$50,000,000

$40,000,000

$30,000,000

$20,000,000

$10,000,000

$0

Slot Win Feb

Mar

Apr

Game Win

Total Win

May

July

June

Competitive Analysis

25

How downtown performed by top table games

Craps

$29,346,000 34 Units

3-Card Porker

$10,005,000 17 Units

2.3 26

Competitive Analysis

Roulette

Other Games

32 Units

29 Units

$14,034,000

$9,450,000

Twenty-one

Pai Gow

216 Units

15 Units

$47,601,000

$4,162,000

Competitive Analysis

27

HIGHLIGHTS Acreage

15.18

Location

Central Las Vegas

APN

139-28-703-014 139-28-703-013 139-28-703-005 139-28-711-001

Visibility

Visible from I-15 and I-95 Freeways

Frontage

Bonanza Rd.

Zoning

PROPERTY OVERVIEW 2.4 28

Competitive Analysis

C-2

Moulin Rouge | 15.18 Acres • Overview

MOULIN ROUGE PROPERTY OVERVIEW The subject property consists of 4 separate parcels totaling 15.18 acres which was formerly the historical Moulin Rouge Hotel & Casino site and the adjacent parcels that have been previously improved with a 109-unit motel in 1955, a 56-unit apartment facility in 1964 and a 59-unit condominium complex in 1964. The structures were typically constructed of wood frame and stucco on concrete slabs which have all been boarded up, vacant and, based on information provided as well as an exterior inspection, are in a poor, uninhabitable condition. As such, the existing improvements no longer contribute to the value to the subject and the valuation of the parcels will be based on land value minus costs to demolish existing improvements.

The subject is located in the City of Las Vegas’ redevelopment area which is planned for revitalization.

It is our understanding that the 5.44 acre parcel has been grand fathered with a non-restricted gaming license and that the remaining parcels benefit from their immediate proximity to the site.

ACREAGE BREAKDOWN

APN

Address

Acreage

1

139-28-703-014

840 W. Bonanza Ave.

5.44

2

139-28-703-013

920 W. Bonanza Ave.

2.33

3

139-28-703-005

1001 McWilliams Ave.

3.56

4

139-28-711-001 thru 059

901 McWilliams Ave.

3.85

NORTHCAP COMMERCIAL Competitive Analysis

29

SITE This map is for assessment use only and does NOT represent a survey.

NOTES

No liability is assumed for the accuracy of the data deliniated herein.

Information on roads and other non-assessed parcels may be obtained from the Road Document Listing in the Assessor's Office.

This map is compiled from official records, including surveys and deeds, but only contains the information required for assessment. See the recorded documents for more detailed legal information.

USE THIS SCALE(FEET) WHEN MAP REDUCED FROM 11X17 ORIGINAL

0

100 40

40

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R=15

106 060 031

30

>

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400

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200.51

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61

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61

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61

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48.76

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595.56

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M ST

N ST

051

561.36

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600.29

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042

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26.27

214 012

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203

100

017 6.58

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008

30

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30

MARTIN L KING BLVD

80.04

041

100.06

PARCEL MAP

204 R=15

036

10

010

640.82

179.6

037

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8.

MORGAN AVE

701

053

640

-PHASE 1

048

2.5

100

PM 101-97

150

150

007 0.34

008 0.52

049 036 027

150

037

024

025

100

026

026

014

LAND INVESTMENT OPPORTUNITY | MOULIN RO 30

Competitive Analysis

Moulin Rouge | 15.18 Acres • Site

202

61

61

61

61

19

61

61

61

71

35

34.2

033 033

002

15 24 50.11

35

23

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104

WASHINGTON AVE

22

50.11

21

50.11

087 090

19

20

50.11

18

080 082 098 078

138

124

6 7

139

140

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161

16

15

50.11

076 103

14

50.11

5

N 2 SE 4

MAP

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50

25 25

100 084 105 085

074

2

1

4

Rev: 5/3/2016

Scale: 1" = 200' 17

28

123

162

163

5

61

125

139-28-7

8

4

8

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1

5

1

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104.35

MAP LEGEND

PARCEL BOUNDARY CONDOMINIUM UNIT SUB BOUNDARY 001 PARCEL NUMER AIR SPACE PCL PM/LD BOUNDARY 1.00 ACREAGE RIGHT OF WAY PCL ROAD EASEMENT PARCEL SUB/SEQ NUMBER SUB-SURFACE PCL MATCH / LEADER LINE PB 24-45 PLAT RECORDING NUMBER HISTORIC LOT LINE HISTORIC SUB BOUNDARY BLOCK NUMBER HISTORIC PM/LD BOUNDARY 5 LOT NUMBER SECTION LINE GL5 GOV. LOT NUMBER

T20S R61E

101

50

48.7

069 067 095

071

52.16

50

80

94

068 061

065

066

>

30

001 ROAD PARCEL NUMBER

SEC.

BOOK

ASSESSOR'S PARCELS - CLARK CO., NV. Michele W. Shafe - Assessor

034

DOWNEY WY

003

REED PL

11

MORGAN AVE

031 5 R =2

702

20

14

GRANT ST

LEVY LN

J ST

DOWNEY WY

13

I ST

001 35.74 GERSON AVE

25

12 11

711 203

650

325

019

DESERT CACTUS

140 2

005

125

225

70 20

R=25

006

150

100

407.02

039 017

020

50

030

022 001

096

107

96.04

65 284

096

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140

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095

20

195

20

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194.82

66.68

66.63

181.99

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095

30

029

BONANZA RD

014 5.44

40 .

140 82

10

028

22 6.

0

013 2.33

023

150

12

140

195

"A"

72

VAC 2209:2168951

See Condo List Page

010 0.88

335

OUGE

325

10

027

325

384.43

020

VAC 2209:2168951

146.3

142

295.27

401.58

66.58

004 4.71

630

630

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021

PB 28-76

650

710 PB 24-94

006 0.22

13 14

018

"B"

238.4

238.4

CONTRACTORS SQUARE

703

See Condo List Page

005 3.56

25

035

20

30

016

015

014

017

H ST

214

MCWILLIAMS AVE

TAX DIST 203,204,214

NORTHCAP COMMERCIAL Competitive Analysis

31

BOYS & GIRLS CLUB OF AMERICA

TERRIBLES HERBST CAR WASH / CHEVRON

N. Ma rtin L. Kin g Blv d.

UPS CUSTOMER CENTER

W. McWi lliams

PENSKE TRU RENTAL

PACIFIC SUPPL

W. Bonan za

VICINITY MAP

XTREME MANUFACTURING

95

2.6 32

Competitive Analysis

LAS VEGAS REVIEW JOURN

Moulin Rouge | 15.18 Acres • Overview Aerial

s Ave.

LY

3

4 H St .

UCK

1

2

15

a Rd. KEENAN SUPPLY

TENAYA CREEK BREWERY

S NAL

NORTHCAP COMMERCIAL Competitive Analysis

33

LAS VEGAS BUSINESS

BUISNESS

INCENTIVES 2.7

LAND INVESTMENT OPPORTUNITY | MOULIN RO 34

Competitive Analysis

Moulin Rouge | 15.18 Acres • Las Vegas Business Incentives

S INCENTIVES

OUGE

NORTHCAP COMMERCIAL Competitive Analysis

35

BUISNESS

INCENTIVES 2.7 36

Competitive Analysis

Moulin Rouge | 15.18 Acres • Las Vegas Business Incentives

NORTHCAP COMMERCIAL Competitive Analysis

37

FINANCIAL INCENTIVE

FINANCIAL INCENTIVES 2.8

LAND INVESTMENT OPPORTUNITY | MOULIN ROU 38

Competitive Analysis

Moulin Rouge | 15.18 Acres • Financial Incentive Programs

E PROGRAMS

UGE

NORTHCAP COMMERCIAL Competitive Analysis

39

DOWNTOWN LAS VEGAS

95

15

PROPERTY AERIALS 2.9 40

Competitive Analysis

LAND INVESTMENT OPPORTUNITY | MOULIN ROUG

GE

Moulin Rouge | 15.18 Acres • Drone Visuals

LAS VEGAS STRIP

WORLD MARKET CENTER LAS VEGAS

NORTHCAP Competitive Analysis COMMERCIAL 41

95

15

PROPERTY AERIALS 2.9 42

Competitive Analysis

Moulin Rouge | 15.18 Acres • Drone Visuals

NORTHCAP COMMERCIAL

Competitive Analysis

43

PROPERTY AERIALS 2.9

LAND INVESTMENT OPPORTUNITY | MOULIN RO 44

Competitive Analysis

OUGE

Moulin Rouge | 15.18 Acres • Drone Visuals

W. B o n

anz a R

d.

15

NORTHCAP COMMERCIAL Competitive Analysis

45

PROPERTY AERIALS 2.9 46

Competitive Analysis

W.

Bo

nan

za

Rd

.

Moulin Rouge | 15.18 Acres • Drone Visuals

W

.B

on

an

za

Rd

.

NORTHCAP Competitive Analysis COMMERCIAL 47

Project NEON w “Spaghetti Bowl”

PROJECT NEON 2.9

LAND INVESTMENT OPPORTUNITY | MOULIN ROU

48

Competitive Analysis

Moulin Rouge | 15.18 Acres • Project Neon

will widen 3.7 miles of Interstate 15 between Sahara Avenue and the interchange in downtown Las Vegas.

UGE

NORTHCAP COMMERCIAL

Competitive Analysis

49

15 min 10 min 5 min

DRIVE TIMES

Drive Times Population Number of Employers Number Of Employees

2.9 50

Competitive Analysis

Median Age Average Income

Moulin Rouge | 15.18 Acres • Drive Time & Demographics

5 min

10 min

15 min

36,888

320,542

944,817

2,261

14,471

43,795

49,783

218,646

662,345

34.6

33.1

34.9

$37,227

$46,630

$56,114

NORTHCAP COMMERCIAL Competitive Analysis

51

NFL STADIUM

Excerpt from nfl.com

By Gregg Rosenthal | March 2017 The Raiders are leaving Oakland again, this time for the neon lights of Las Vegas.

In a decision that would have been hard to fathom not so long ago, NFL owners voted 31-1 on Monday at the Annual League Meeting to approve the Raiders’ proposal to relocate to Las Vegas.

CURRENT

PROJECTS

The decision comes after years of fruitless efforts by Raiders owner Mark Davis to build a viable stadium in Oakland. The failure to do so, which goes back to Davis’ late father Al Davis’ stewardship of the team, led to exploring stadium options in Los Angeles and eventually Las Vegas, where Nevada lawmakers approved $750 million in public funding for a new stadium. The Autumn Wind will no longer blow through Raiders games as the team is expected to move into a planned $1.7 billion domed stadium in Las Vegas.

In what is sure to be an awkward process, the Raiders won’t be moving immediately.

The new stadium in Las Vegas is not expected to be ready until 2020. The Raiders plan to play at the Oakland Coliseum in 2017 and 2018, Davis said in a statement.

Davis also expressed openness to staying in Oakland in 2019, although NFL Commissioner Roger Goodell said the league would look into potential venues for 2019. In the meantime, the Raiders will remain the Oakland Raiders.

“My father always said, ‘the greatness of the Raiders is in its future,’ and the opportunity to build a world-class stadium in the entertainment capital of the world is a significant step toward achieving that greatness,” Davis said.

This is a surreal moment involving one of the NFL’s most iconic franchises, although

2.9

NFL teams changing cities is sadly becoming routine. The news caps a frenetic 14-month stretch during which three teams announced plans for relocation.

The Rams moved from St. Louis back to Los Angeles last year and the Chargers announced their decision to move from San Diego to L.A. in January. Goodell said last week on MMQB Peter King’s podcast that leaving Oakland would be “painful.” ...”

LAND INVESTMENT OPPORTUNITY | MOULIN ROU

52

Competitive Analysis

Moulin Rouge | 15.18 Acres • Development Projects NHL

UNLV SCHOOL OF MEDICINE

Excerpt from espn.com

Excerpt from knpr.org

By Arash Markazi | March 2017

By Joe Schoenmann | February 2017

The Vegas Golden Knights officially joined the NHL as the league’s 31st team and were formally cleared to make trades and roster transactions before the league’s trade deadline.

Nevada lawmakers provided $27 million two years ago to get the school up and running.

Governor Brian Sandoval wants to add another $53 million to that total. The request is in his current budget.

While the team finished the day without making its first transaction, Foley and general manager George McPhee are beginning to get a good sense of the team they will be able to put together following June’s expansion draft and entry draft.

Most of that money has been used to hire faculty, Atkinson said.

“We’ve been downstairs the last 2½ days doing mock drafts with all of the pro scouts and going through every team, and George is getting calls periodically from various teams on potential ideas for things that could happen,” Foley said. “We’ve done nothing yet. There are lots of different discussions, but we’re just not in a position to make commitments. We just don’t want to do something that would hamper us in the expansion draft.

“That’s what we’re all preparing for now: The focus on various players is becoming more clear and more pronounced. We’re picking the same players assuming they’re going to be available.”

The first 60 students in the school will pay no tuition. That means the total of their more than $100,000 in debt will be covered by a fundraising effort Atkinson spearheaded.

With big help from the Engelstad Family Foundation -- which is paying tuition for 26 students for each of the next four years -- she raised $13.5 million in just 60 days in 2015.

Meanwhile, the city of Las Vegas is expecting a big redevelopment spurt in the city’s urban core from the medical school. Betsy Fretwell, city manager, said by 2020--just three years from now -- the school will have a $600 million impact on the economy; will result in more than 4,000 new jobs; and bring in an addition $30 million in tax revenue.

In 13 years, those numbers are projected to quadruple.

Foley was initially scheduled to make his final payment on April 5 to make the team an active member of the NHL, but he moved up that date up so the team could field calls during the trade deadline, and McPhee could participate in the general managers meetings in Boca Raton, Florida, next week, and Foley could prepare for the board of governors meetings next month.

“The whole notion of moving it up to March 1 from April 1 came up casually several months ago,” McPhee said, “but I said, ‘Gee, it would be kind of nice to do it on March 1 so we can be involved in the trading deadline and I can go to the GM meetings and we can start competing for young free agents out there.’ Bill said, ‘Well, if we need it, I’m going to do it.’ That’s a big help for all of us...”

UGE

NORTHCAP COMMERCIAL

Competitive Analysis

53

CONVENTION CENTER

Excerpt from knpr.org

Excerpt from reviewjournal.com

By Joe Schoenmann | February 2017

By Richard N. Velotta | December 2016 The $1.4 billion Las Vegas Convention Center expansion and improvement project authorized in a special session of the Nevada Legislature in October took a big step forward Tuesday.

The Las Vegas Convention and Visitors Authority board of directors approved the second phase of the project by unanimously authorizing an eight-month $1.28 million contract extension with its builder representative, Cordell Corp., to begin the process of designing a 600,000-square-foot exhibit hall.

The first phase involved demolition of the Riviera.

CURRENT

PROJECTS

Between the middle of February and the end of March, Cordell officials will meet with convention authority staff, its contracted partners and customers that conduct conventions and trade shows in Las Vegas to solicit ideas for needs in the construction program. Those ideas will be reviewed by the authority board and a seven-member oversight panel appointed by Gov. Brian Sandoval to develop the building design.

Cordell principal Terry Miller said he hopes to bid the design and engineering of the project by August and have a construction process in place by the end of the year, with the groundbreaking of the new hall by early 2018.

Terry Jicinsky, senior vice president of operations, said Cordell would conduct focus groups and interviews and present industry trends and best practices to develop a quality facility.

2.9 54

Competitive Analysis

“We’re not looking at using Italian marble and building a 300,000-square-foot ballroom, but we won’t be using residential carpet either,” Jicinsky said of the quality the authority will work to provide...”

Moulin Rouge | 15.18 Acres • Development Projects INTERSTATE-11

HAINAN AIRLINES

Excerpt from lasvegassun.com

Excerpt from prnewswire.com

By Mick Akers | March 2017

Provided by Hainan Airlines Co | December 2016

Construction of the first 15 miles of Interstate 11, which will link Las Vegas to Phoenix and could eventually stretch from Mexico to Canada, is making progress.

The Nevada Department of Transportation is in charge of the 2.5-mile phase one, while the Regional Transportation Commission is heading the 12.5-mile phase two.

Both phases have been under construction since 2015 and are expected to be completed by 2018.

The first phase of the $318 million Interstate 11 project is about 60 percent complete, according to the Nevada Department of Transportation.

NDOT’s phase is projected to make up $83 million of the project’s total cost. “We opted to use concrete pavement due to its longevity, which, federally funded studies show, costs 13 to 28 percent less in the long run than asphalt ” NDOT spokesman Tony Illia said. “It also reduces rutting and potholes, thereby cutting maintenance expenses by up to 75 percent.”

The maiden voyage of Hainan Airlines’ new non-stop service took off from Beijing and landed at McCarran International Airport in Las Vegas at 11:00 am on December 2, 2016, following a 12-hour journey. The flight, serviced by a Boeing 787 with a Kung Fu Panda motif adorning the plane’s cabins, served as the announcement of Hainan Airlines’ formal launch of non-stop service between Beijing and Las Vegas. The new service further complements the airline’s intercontinental network. Hainan Airlines is the sole Chinese airline providing non-stop service between the two cities.

A brief yet grand welcoming ceremony for the maiden voyage was held by the Las Vegas Convention and Visitors Authority at the arrivals hall in McCarran International Airport, after the plane landed at the airport.

Data from the US government shows that close to 7.3 million Chinese tourists are projected to travel to the US between now and 2021. Since the launch of the BeijingSeattle service in 2008, Hainan Airlines has continued to expand its flight services to the US. Hainan Airlines’ non-stop flight to Las Vegas adds an additional transportation choice for business travelers, international students and tourists traveling between China and the US.

The stretch will allow motorists to bypass the main street through Boulder City, alleviating frequent bottlenecks and quickening the drive between Las Vegas and Phoenix.

NORTHCAP COMMERCIAL

Competitive Analysis

55

THE A’s STADIUM

By Mick Akers | August 8, 2025

The Athletics’ $1.75 billion Las Vegas ballpark project hit another milestone this week as crews began to pour concrete at the Strip site.

The A’s announced Friday via social media platform X that the first concrete was poured on the site, which is tied to foundation work on the project, according to the team.

Crews since July have been driving piles into the ground that will support the 33,000-fan-capacity stadium’s foundation.

CURRENT

PROJECTS

Work on the stadium began in late April as crews began early grading work on the 9 acres the stadium is allotted on the 35-acre site. The remaining 26 acres will be dedicated to Bally’s Corp.’s planned resort and shared space with A’s for a ballpark entertainment district.

The A’s have been issued multiple permits on the site, including for grading and foundation work, which is valued at over $45 million. On top of that, permits totaling over $157 million worth of work have been filed by the A’s with Clark County. Those include constructing concrete from the lowest level up to the main concourse and primary steel work above the main concourse. Those permit applications are under review by the county.

A’s officials are scheduled to provide a project update at the Aug. 21 Las Vegas Stadium Authority meeting.

2.9 56

Competitive Analysis

Competitive Analysis

57

PROPOSED DEVELOPMENT 3.0

58

Proposed Development

Proposed Development

59

MASTER PLAN 3.1 60

Proposed Development

PHS 3a PHS 3b PHS 1

PHS 2 PHS 3c

Proposed Development

61

FLOOR PLANS 3.2 62

Proposed Development

PHASE ONE - LEVEL O

ONE Proposed Development

63

FLOOR PLANS 3.2 64

Proposed Development

PHASE ONE - LEVEL T

TWO Proposed Development

65

FLOOR PLANS 3.2 66

Proposed Development

PHASE ONE - LEVEL T

THREE Proposed Development

67

FLOOR PLANS 3.2 68

Proposed Development

PHASE TWO - LEVEL O

ONE Proposed Development

69

FLOOR PLANS 3.2 70

Proposed Development

PHASE TWO - LEVEL T

TWO Proposed Development

71

TECHNICAL

PLAN 3.2 72

Proposed Development

PHASE ONE & TWO

Dark grey area indicates the original 5.5 acres of the Moulin Rouge. All gaming positions must fall within this area.

Proposed Development

73

SITE PLANS 3.2 74

Proposed Development

PHASE THREE

Proposed Development

75

SITE PLANS 3.2 76

Proposed Development

PHASE THREE

Proposed Development

77

PROJECT IMAGES 3.3 78

Proposed Development

PHASE ONE - LOO

OKING SOUTH WEST Proposed Development

79

PROJECT IMAGES 3.3 80

Proposed Development

PHASE TWO - LOO

OKING NORTH EAST Proposed Development

81

PROJECT IMAGES 3.3 82

Proposed Development

PHASE THREE - CONVEN

NTION CENTER & HOTEL -LOOKING NORTH EAST

Proposed Development

83

PROJECT IMAGES 3.3 84

Proposed Development

PHASE THREE - OFF

FFICE COMPLEX - LOOKING NW Proposed Development

85

PROJECT IMAGES 3.3 86

Proposed Development

PHASE THREE - MIX

XED USE DEVELOPMENT - LOOKING EAST

Proposed Development

87

MASTER PLAN IMAGE - LOOKING SOU 88

Proposed Development

UTHEAST Proposed Development

89

PROJECT OPERATIONS 4.0

90

Operations

Operations

91

Scott Johnson

Principal | LVMR LLC

CAREER SUMMARY Scott Johnson has been an active community member of Las Vegas since 1991. Scott graduated from the University of Arkansas, Fayettville with a B.S., in Construction Management, and was the recipient of Transition, Retention, Minority Engineering Scholarship.

PROJECT TEAM 4.1 92

Operations

Through this he has become more than proficient at the use of all construction management software, Excel, Peachtree and the like. Having had his contractor’s license in the state of Nevada for over 24 years now, has allowed Scott the opportunity to work on a broad scope of both private and public construction and infrastructure projects including 24 years as the project manager and superintendent for the Richardson Construction Company.

Scott’s current position of President of Las Vegas Moulin Rouge LLC., has allowed him the honored position of voluntary community spokesperson and activist for the Las Vegas community. Scott has utilized this opportunity to continue to fight for the heritage and community prosperity of Las Vegas through his persistency in pursuit of the iconic Moulin Rouge Hotel and Casino, granting a huge employment influx and expansion of the socio-economic status of the community as a whole.

Gene Collins

Peyton McKinney

CAREER SUMMARY

CAREER SUMMARY

Eugene (Gene) Collins is a community activist and leader who served as the NAACP President of Las Vegas Chapter from 1999-2003. He was the National Action Network President of the Las Vegas Chapter from 2001- 2012.

Peyton McKinney, owner of Capitalize Group Inc., will lead investment strategy and implementation across all projects under the LVMR umbrella, beginning with the landmark Las Vegas Moulin Rouge Hotel & Casino.

Gene sought public office in 1982-86 and became State Assemblyman of Nevada 6th District. He was instrumental in introducing the Martin Luther King Jr. Day, holiday bill during his term.

Peyton earned his B.A. in Management with a minor in Marketing from Hofstra University, where he developed the foundation for a career defined by innovation and results. Early in his professional journey, he specialized in alternative business lending, successfully managing highperforming teams that consistently ranked among the top producers in their offices.

Building on that success, he went on to establish his own Miami-based firm focused on assetbased lending and equity raising.

Principal | LVMR LLC

Mr. Collins was involved in establishing the first business incubator in “Historical West Las Vegas.” During this period, he was actively involved in passing the City of Las Vegas redevelopment plan, first black president of the Sara Allen Credit Union and advocated on the committee for the construction of West Las Vegas Library.

Through his activism he fought against one of Nevada gaming giants the MGM Resorts International. He held MGM Resorts accountable for not extending service contracts to minority own businesses. Because of this, in 2009, MGM Resorts was the only company based in Nevada to be named the Diversity Inc., Top 50 Companies for Diversity. In 2005, Terri Lanni, former chairman and chief executive officer of MGM, personally acknowledged Mr. Collins for his efforts.

COO | LVMR LLC

Within just 15 months, Peyton transitioned from financing to direct investment, taking on leadership roles within multiple companies.

Notably, he serves as CFO of a petroleum business where he is spearheading a nine-figure debt raise to support large-scale expansion.

In parallel, he is developing an online platform designed to revolutionize the lending landscape— an interactive network connecting lenders and deal makers across both domestic and international markets.

Operations

93

Edward Vance, FAIA Architect | LVMR LLC

CAREER SUMMARY Edward A. Vance, FAIA, is the founder and design principal of EV&A Architects, a specialized design firm serving the hospitality, commercial, and healthcare industries. With a career spanning more than four decades, Mr. Vance has made a profound impact on his clients, community, and the architectural profession. Known for his unwavering commitment to design excellence, his body of work has garnered numerous accolades and led to a series of significant commissions that define his distinguished career.

PROJECT TEAM 4.1 94

Operations

He founded EV&A Architects in 2006 to provide a more personalized approach to serving clients and advancing the profession. Mr. Vance’s legacy in Las Vegas is marked by over three decades of outstanding service, earning him numerous prestigious honors, including the AIA Nevada Young Architect Citation, the AIA Nevada Service Award, and the AIA Nevada Silver Medal, the highest architectural accolade in the state. His national contributions include serving on the AIA National Board of Directors, where he earned the Richard Upjohn Fellowship in 2012. In 2014, Mr. Vance was elevated to the AIA College of Fellows and received the AIA Regional Silver Medal. As the 57th Chancellor of the AIA College of Fellows in 2019, he further cemented his reputation as a visionary leader in the architectural profession.

Rick Richards

Rich Stern

CAREER SUMMARY

CAREER SUMMARY

Accomplished growth-focused professional with extensive experience in leading day-today operations, including key projects, strategic initiatives, high-value events, and operational budgets in a fast-paced environment.

Richard Stern will oversee the development of the Moulin Rouge Hotel/Casino and Entertainment Mixed-Use Project.

General Manager | LVMR LLC

Expert in steering and completing assigned functions, programs, and projects within timely and budgetary constraints. Natural and dedicated leader with proven adeptness in training and driving employees to improve efficiency, productivity, and business processes toward successful attainment of organizational goals.

Demonstrated ability to streamline functions, optimize operational efficiency, and enhance bottom-line results by implementing effective strategies and restructuring processes. Adept a building and strengthening relations with key stakeholders, clients, vendors, and partners.

Skilled in determining areas of concern, mitigating potential risks, resolving complex issues, and rendering improvement recommendation, along with an ability to foster and maintain everlasting relationships.

Principal | LVMR LLC

Mr. Stern has a B.A. from UCLA, and an MBA from the University of Southern California. He also presently maintains an active California Real Estate Broker’s license.

Mr. Stern’s banking background began at Union Bank National Division, and then he transitioned to the Controller of an eight branch Savings and Loan.

Within the Real Estate industry, Mr. Stern was President of Professional Mortgage Corporation focusing on residential and multi-family lending.

Later, as President of Wheatley Investments Inc., he successfully orchestrated the purchase, finished construction, and resale of nine condominium projects.

In the entertainment field, Mr. Stern directed the profitable renovation, operation, and ultimate sale of a 2500 seat concert venue in Southern California.

Operations

95

Greg Yochum CFO | LVMR LLC

CAREER SUMMARY A second second-generation finance professional, Mr. Yochum graduated from Canisius College in 1988 with a Business Administration degree with a focus in Accounting. Later he became a Certified Public Accountant in New York State.

PROJECT TEAM 4.1 96

Operations

Mr. Yochum first entered the gaming business as Senior Auditor with BDO Seidman. Later assuming the Controller/Director of Finance duties at Lady Luck Casino in Las Vegas Mr. Yochum was responsible for the modernization of the accounting procedures in a very traditional environment.During the next 7 years Mr. Yochum facilitated a $47 MM refinancing package for Lady Luck which allowed access to $7 MM in additional capital. In 2000 Mr. Yochum was named Assistant General Manager and soon after VP and General Manager of Lady Luck. At the helm of this venerable property he was responsible for all aspects of the operation.

Mr. Yochum assumed the Director of Finance position at Sunset Station Hotel Casino in Las Vegas during which this time he implemented value/cost relationships in departmental budgets focused on service and guest relations. This property is widely considered the premier “locals” casino in Las Vegas and has enjoyed incredible success during Mr. Yochum’s tenure. Most recently Mr. Yochum has been the VP and Chief Financial Officer of the Valley View Casino in San Diego California.

Sam Nicholson

Roland Rosenberg

CAREER SUMMARY

CAREER SUMMARY

Nicholson is the president/founder of Grand Canyon Development Partners. With more than 35 years of civil and building construction experience ranging from manufacturing ready-mix concrete and asphalt paving, to the construction of water and amusement parks, hotel casinos, sports facilities, sports arenas, retail and entertainment venues.

Roland Rosenberg brings more than 25 years of distinguished experience in the commercial and federal construction industry, with a proven track record of successfully leading complex projects from the ground up. His expertise spans the full spectrum of construction, including site development, building construction, and permitting services, making him an invaluable leader for one of Las Vegas’s most historic redevelopment efforts.

President | Grand Canyon Dev.

Some of the notable projects he and his team have been associated with include the Cosmopolitan of Las Vegas, Grand Bazaar Shops of Las Vegas, Paris Hotel & Casino, Luxor Hotel, Caesars Coliseum, Trump International Hotel, Green Valley Ranch, Marriott Renaissance, Hyatt Regency, Phoenix Coyotes Hockey Arena, Arizona Diamondbacks Baseball Stadium, and the Phoenix Suns Basketball Arena.

Grand Canyon has performed pro-bono work for St. Jude’s Ranch for Children, Southern Nevada Children First, Noah’s Animal House, and many other organizations in Nevada, assisting in the development and construction of new projects, or the repair and remodel of current facilities.

Director of Construction | LVMR LLC

Roland’s extensive hands-on experience covers every stage of the construction process— underground utilities, horizontal control, grading, paving, and vertical construction—for both public and private sector projects. He excels in managing field operations and on-site administration, ensuring seamless execution from initial site preparation to vertical construction and final punch list completion. Known for his ability to manage multiple crews, utility companies, and foremen simultaneously, Roland coordinates subcontractor schedules and daily operations with precision and efficiency.

As Director of Construction for the Moulin Rouge, Roland’s role is central to transforming vision into reality. His unwavering commitment to safety, quality, and operational excellence—combined with his ability to balance technical detail with bigpicture oversight—ensures that the redevelopment of the Moulin Rouge will stand as both a technical achievement and a cultural milestone for Las Vegas.

Operations

97

Damon Butler

Director of Utilities | LVMR LLC

CAREER SUMMARY Damon Butler brings nearly four decades of distinguished experience in the electrical trade, with a career defined by excellence in maintenance, construction, and utility operations. Over the course of 38 years, he has built a reputation as a results-driven leader with the technical expertise and strategic insight required to manage the most complex infrastructure and utility challenges.

PROJECT TEAM 4.2 98

Operations

Damon’s mastery of electrical systems, contract management, and safety compliance has enabled him to successfully oversee and deliver large-scale projects across multiple sectors, always with a focus on efficiency, reliability, and cost-effectiveness. His ability to seamlessly integrate hands-on technical knowledge with leadership and project management skills has consistently positioned him as a trusted authority in his field.

As Director of Utilities for the Moulin Rouge, Damon now applies his deep expertise to one of Las Vegas’s most iconic redevelopment projects. Tasked with ensuring the seamless delivery of critical infrastructure and utilities, he plays a vital role in supporting the operational backbone of the property. His leadership not only safeguards the reliability of essential systems, but also contributes to the long-term sustainability, safety, and operational excellence of the Moulin Rouge Hotel & Casino.

Bart Gallia

Hillary Sepulveda Brown

CAREER SUMMARY

CAREER SUMMARY

A proud Las Vegas native, Bart Gallia brings more than two decades of leadership and operational expertise to his role as Director of Operations for the iconic Moulin Rouge. A graduate of the University of Nevada, Las Vegas, Bart earned his B.A. degree while distinguishing himself as a fouryear letterman on the UNLV men’s soccer team,

Hillary Sepulveda Brown is a visionary leader and dynamic strategist whose career bridges the worlds of business growth, human potential, and transformational leadership. An accomplished entrepreneur and Licensed Spiritual Psychology Coach, Hillary also holds credentials as a Licensed Spiritual Practitioner through Emerson Theological Institute and is currently pursuing her Doctorate in Metaphysical Science. Her unique blend of academic rigor, entrepreneurial expertise, and holistic insight has positioned her as a trusted advisor to executives and corporations worldwide.

Dir. of Operations | LVMR LLC

Bart launched his professional journey in the Las Vegas homebuilding industry, quickly expanding his scope beyond residential development to include large-scale commercial and municipal projects.

Over the past 24 years, his work has taken him across the Southwestern United States—including Nevada, Utah, Arizona, Idaho, New Mexico, and California—managing complex developments that required both strategic foresight and operational precision. His expertise spans forward planning, land acquisition, entitlement, and ground-up development, making him a trusted leader in every phase of the building process.

In addition to his technical and managerial accomplishments, Bart’s passion for coaching and mentoring has been a hallmark of his career.

Whether guiding teams in the field or collaborating with stakeholders, he has built a reputation as a results-driven leader who thrives on collaboration and innovation. At the Moulin Rouge, Bart brings his blend of strategic vision, operational excellence, and deep community roots to help shape the future of one of Las Vegas’s most historic and culturally significant landmarks.

Corp. Growth Strategist | LVMR LLC

A #1 international best-selling author and globally recognized wellness and leadership coach, Hillary has worked extensively with topperforming businesses to cultivate resilience, inspire innovation, and drive sustainable success.

As the founder and author of Radical Recovery of Self™, Hillary developed a groundbreaking framework that helps organizations and individuals break free from limitations, foster authentic alignment, and unlock their highest potential. In her role as Corporate Growth Strategist for the Moulin Rouge, Hillary brings this powerful philosophy to one of Las Vegas’s most iconic institutions, guiding its evolution with a focus on growth, empowerment, and longterm vitality.

Operations

99

PROJECT FINANCIALS 5.0

100

Operations

Financials

101

Moulin

Financial Projections - 20 Year 1 Amt.

Year 2 %

Amt.

Revenue By Department

% 2

Gaming

5

Slot Machines

78,840,000

55.8%

83,220,000

Table Games

8,760,000

6.2%

10,512,000

Total Gaming Revenue (Net)

87,600,000

62.0%

93,732,000

Hotel Revenue

6,668,550

4.7%

7,705,880

Food and Beverage

21,768,000

15.4%

23,273,040

1

Showroom

20,800,000

14.7%

26,520,000

1

Retail and Miscellaneous

4,380,000

3.1%

4,686,600

Total Non Gaming Revenue

53,616,550

38.0%

62,185,520

Total Gross Revenue

141,216,550

100.0%

2025 MRLV 155,917,520 10

Less: Free Play and Promotional Allowances

(17,520,000)

-12.4%

(18,746,400)

-1

Total Adjusted Gross Revenue

123,696,550

87.6%

137,171,120

8

6

Non-Gaming Revenue

Operating Expenses

% of Dept.

% of D

Gaming Department

21,900,000

25.0%

23,433,000

2

Hotel Department

3,000,848

45.0%

3,467,646

4

Food and Beverage Department

17,414,400

80.0%

18,618,432

8

Showroom

19,760,000

95.0%

25,194,000

9

Retail and Other

2,190,000

50.0%

2,343,300

5

% General and Administrative Total Operating Expenses

EBITDA

102

3

Financials

%

24,739,310

17.5%

25,481,489

1

89,004,558

63.0%

98,537,867

6

34,691,993

24.6%

38,633,253

2

Rouge

00 Rooms 1,200 Games Year 3

%

Amt.

Year 4 %

Amt.

3

Year 5 %

Amt.

4

% 5

53.4%

87,600,000

53.4%

89,790,000

53.0%

91,980,000

52.5%

6.7%

10,950,000

6.7%

11,388,000

6.7%

11,826,000

6.7%

60.1%

98,550,000

60.1%

101,178,000

59.7%

103,806,000

59.2%

4.9%

8,002,260

4.9%

8,298,640

4.9%

8,891,400

5.1%

14.9%

24,333,000

14.8%

24,911,160

14.7%

25,489,320

14.5%

17.0%

28,288,000

17.2%

30,056,000

17.7%

31,824,000

18.2%

3.0%

4,927,500

3.0%

5,058,900

3.0%

5,190,300

3.0%

39.9%

65,550,760

39.9%

68,324,700

40.3%

71,395,020

40.8%

V 5-yr Proforma 00.0% 164,100,760

100.0%

169,502,700

100.0%

175,201,020

100.0%

12.0%

(19,710,000)

-12.0%

(20,235,600)

-11.9%

(20,761,200)

-11.8%

88.0%

144,390,760

88.0%

149,267,100

88.1%

154,439,820

88.2%

Dept.

% of Dept.

% of Dept.

% of Dept.

25.0%

24,637,500

25.0%

25,294,500

25.0%

25,951,500

25.0%

45.0%

3,601,017

45.0%

3,734,388

45.0%

4,001,130

45.0%

80.0%

19,466,400

80.0%

19,928,928

80.0%

20,391,456

80.0%

95.0%

26,873,600

95.0%

28,553,200

95.0%

30,232,800

95.0%

50.0%

2,463,750

50.0%

2,529,450

50.0%

2,595,150

50.0%

%

%

%

%

16.3%

26,245,934

16.0%

27,033,312

15.9%

27,844,311

15.9%

63.2%

103,288,201

62.9%

107,073,778

63.2%

111,016,347

63.4%

24.8%

41,102,559

25.0%

42,193,322

24.9%

43,423,473

24.8%

Financials

103

Moulin

Financial Projections - 2

Assum

Gaming Positions Slot Machines

1,200

1,200

Table Games

24

24

1,344

1,344

180

190

1,000

1,200

203

203

Total Gaming Positions Net Win per Unit per Day WPU - Slot Machines WPU - Tables Room Statistics Rooms ADR

$

Occupancy Occupied Rooms

120.00

$

130.00

75%

80%

54,750

58,400

1,197,525

1,249,900

Revenue per Guest Total Casino Guest Gaming Revenue Per Guest

$

73.15

$

74.99

Food and Beverage Per Guest

$

18.18

$

18.62

Other Revenue Per Guest

$

3.66

$

3.75

Showroom Seats Average Ticket

$

125.00

2,000 $

150.00

Occupancy

80%

85%

Events

104

104

166,400

176,800

Tickets Sold

104

2,000

Financials

n Rouge

200 Rooms 1,200 Games

mptions

$

1,200

1,200

1,200

24

24

24

1,344

1,344

1,344

200

205

210

1,250

1,300

1,350

203

203

203

135.00

$

140.00

$

150.00

80%

80%

80%

58,400

58,400

58,400

1,286,400

1,286,400

1,286,400

$

76.61

$

78.65

$

80.69

$

18.92

$

19.37

$

19.81

$

3.83

$

3.93

$

4.03

2,000 $

160.00

2,000 $

170.00

2,000 $

180.00

85%

85%

85%

104

104

104

176,800

176,800

176,800

Financials

105

106

Financials

LVMR Program & OPC

MOULIN ROUGE HOTEL & CASINO

OPINION OF PROBABLE COST

PHASE ONE

February 6, 2025

FF&E not Included

Item #

Building Component

Count

Unit

$Unit

$Cost

1 2 3 4 5 6 7 7A 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34

Hotel (new) NOT USED Hotel Lobby and BOH Casino Gaming Area (1,200) Slots) Casino Gaming Area (Pit) Casino/Support Areas Three Restaurants Three Quick Serve Bays Center Bar Sports Bar Sports BOOK NOT USED MR Lounge/Showroom 2,000 seats Ticketing and Pre-function Cultural Center Convention/Meeting Rooms Shell Retail Space (w/TI Allowance) Poker Area Spa/Beauty/Fitness Center Receiving/Warehouse Back of House Structured Parking Garage NOT USED Central Plant Restrooms Pool Area Bungalo Cabana Area NOT USED Loading Dock Area Circulation Top of Tower Night Club (Leased) Top of Tower Restaurant (Leased) Temp Convention Ctr. (Tent) On-Site Improvements Off-Site Improvements SUB-TOTAL

203

Rms. SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF CAR

$285,000

SF SF SF SF SF SF SF SF SF SF SF

$1,000 $300 $400 $400

$57,855,000 $0 $1,600,000 $18,000,000 $1,250,000 $3,040,000 $18,000,000 $2,500,000 $2,125,000 $1,275,000 $2,640,000 $0 $38,250,000 $1,250,000 $3,750,000 $10,500,000 $1,000,000 $0 $811,500 $1,040,000 $6,500,000 $12,500,000 $0 $10,000,000 $2,400,000 $6,000,000 $2,000,000 $0 $600,000 $8,000,000 $0 $0 $0 $5,227,200 $2,000,000 $220,113,700

Item # 35 36 37 38 39 40

Other Costs Soft Cost Budget Gaming Equipment Room FF&E Furniture Fixtures and Equipment Contigency Pre Opening Costs

Count 1

Unit Construction

$Unit 10%

203 267,500

Rooms SF

$15,000 $150

4,000 36,000 2,500 8,000 24,000 5,000 2,500 1,500 5,000 45,000 2,500 7,500 30,000 2,000 1,500 4,000 25,000 500 10,000 8,000 15,000 5,000 3,000 20,000

435,600 LS

$400 $500 $500 $380 $750 $500 $850 $850 $528 $850 $500 $500 $350 $500 $500 $541 $260 $260 $25,000

$200 $400 $300 $300 $5 $12

$Cost $22,011,370 $36,000,000 $3,045,000 $40,125,000 $5,059,069 $25,000,000

SUB-TOTAL

$131,240,439

Total Costs

$351,354,139

Updated 2/6/2025 4:39 PM

Financials

107

Project Timeline - LVMR 2025 JAN

FEB

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 108 | Financials |

MAR APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

| | | | | | | | | | | | | | Prepare | Entitlement | | Package | | | | | | | | | | | | | | | | | | | Planning | |Review | | | | | | | | | | | | | | | | | | Planning | |Approval | | | | | | | | | | | | Schematic Design | | | | | | | | | | | | | | | | | | | | | | | | Design | Development | | | | | | | | | | | | Construction | | Docume | | | | | | | | | | | | | | | | | | | | | | | Civil|Improvement | | Plans | | | | | | | | | | | | | | | | | | | | | | | | | Public Works Review & | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

2026

Q1

Q2

| | | | | | | | | | | | | | | | | | | | | | ents | | | | | | | | | | & Approval | | | | | | | | | | | | | | | | | | | | | |

Q3

Q4

2027

Q1

Q2

Q3

Q4

2028

Q1

Q2

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | BD Plan Review | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Building Construction (24 months) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |Occupancy | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

Q3

| | | | | | | | | | | | | | | | | | | | | | | | | | |

Q4

| | | | | | | | | | | | | | | | | | | | | | | | | | Financials |

109

SUPPLEMENTAL INFORMATION 6.0

110

Supplemental

Supplemental

111



Promotion Video links

 

Projec

https://www oref=e&n=

Moulin

https://www oref=e&n=

Projec

https://www

Slide / 21 6.1

The informa,on contained in this document is priv

112

Supplemental

ct Fly-over

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n Rouge Promotion

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ct Neon

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vate and confiden,al Disclosure and reproduc,on are prohibited, unless expressly provided by Las Vegas Moulin Rouge LLC

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• By accepting this following: •

PROTECTION OF CON

acknowledges that the Con the investment of significan valuable, special and uniqu competitive advantage, and receipt by the Recipient of t

ü No Disclosure. The Rec

Non disclosure privacy agreement Slide / 2 6.2

disclose the Confidential Inf Owner. No Copying/Modifyi without the prior written con

ü Unauthorized Use. The

aware of any possible unau

ü Application to Employ

any employees of the Recip Information in order to perfo Agreement. Each permitted non disclosure agreement s

The informa,on contained in this document is priv

114

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document the recipient agrees to the

NFIDENTIAL INFORMATION. The Recipient understands and

nfidential Information has been developed or obtained by the Owner by nt time, effort and expense, and that the Confidential Information is a ue asset of the Owner which provides the Owner with a significant d needs to be protected from improper disclosure. In consideration for the the Confidential Information, the Recipient agrees as follows:

cipient will hold the Confidential Information in confidence and will not formation to any person or entity without the prior written consent of the ing. The Recipient will not copy or modify any Confidential Information nsent of the Owner.

e Recipient shall promptly advise the Owner if the Recipient becomes uthorized disclosure or use of the Confidential Information.

yees. The Recipient shall not disclose any Confidential Information to

pient, except those employees who are required to have the Confidential orm their job duties in connection with the limited purposes of this d employee to whom Confidential Information is disclosed shall sign a substantially the same as this Agreement at the request of the Owner.

vate and confiden,al Disclosure and reproduc,on are prohibited, unless expressly provided by Las Vegas Moulin Rouge LLC

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Neighborhood Multi-Site Revitalization Mixed-Use Community Center + Gaming Live Work Spaces & Entertainment Center LVMR LLC