• Financial Projection of the Project under Different Scenarios

I could express the possibility that I do not deny that the Korean Government would approve no casino table. However, based on the situations below, the revenue scenario focuses only on the possible scenarios that the company would have gaming tables on the project.

But there's an exciting opportunity through potential mergers and acquisitions (M&A) within the existing market.

This approach unlocks access to established licenses like Landing International in Jeju Island, allowing us to leverage existing infrastructure and revitalize struggling casinos by joining forces and relocating the current license with an M&A strategy, transforming a financial nightmare into a thriving success story. This M&A strategy positions us to capitalize on the undeniable potential of the Korean casino market while minimizing risk and maximizing impact.

Total gaming tables of 50 under Scenario A came from the Korean Government. Scenario B reflects a 30% discount on that number (35). The probability of happening of scenario B is unlikely to be even.

The relationship between the reduction of gaming tables and the resulting table gaming revenue depends on various market and environmental factors such as a 'monopolistic vs free' market, a saturation of the marketplace, location of the property, and others.  The gaming table numbers will not be the sole determinant of that relationship.

As estimated numbers, even the number of tables granted would be less than the 50 as planned; the hotel will mitigate the impact by effective yield management and marketing strategy.

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Gaming Table Assumptions:    From 1/4 of 2030

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Total Gaming Tables

$$ Total / Mass / Rolling / Junket $$

$$ Scenario A         50          35          10          5 $$

$$ Scenario B          35          20          10          5 $$

All the non-gaming revenue, mainly contributed by hotel and food and beverage revenue, would follow the trend of gaming revenue under Scenario B because most of their demands are expected to be driven by casino players.

Following the project's business plan, there are five revenue streams to be earned: gaming revenue, hotel revenue, food and beverage revenue, retail revenue, and other revenue.

I expect DE TAE Hotel and restaurants to start operation in 1/4 quarter of 2029, and the casino will open in 1/4 quarter of 2030.