1

A Kansas Legend In The Making

2

3

Agenda

The Partnership

Operating Philosophy & Keys to Success

Operating & Development Expertise

Project Overview

Program Elements

Marketing & Business Strategy

Financial Projections

Concluding Remarks

Questions

4

The Legends Sun Partnership

5

Introduction Video

6

What we bring to Kansas

Passion

World Class Destination

Respect for Employees

Financial Ability

Community Involvement

7

Operating Philosophy

8

Keys to Success – We are Built to Last

Legends Sun Core Values - We operate with a set of essential and enduring values that will never be compromised:

Blowing Away the CustomerDeveloping Passionate and Dedicated EmployeesContinuously Striving for PerfectionBottom Line PerformanceBeing part of the fabric of the Community

9

Expertise

Mohegan Sun

Uncasville, CT

Mohegan Sun at Pocono Downs

Plains Township, PA

Connecticut Sun

WNBA Franchise

10

300,000 sq ft of Gaming Space

6,181 slot machines, 328 gaming tables

Asian Gaming Pit – Sunrise Square

11,000 sq ft Race Book Simulcast

1,175 Room Luxury Hotel & Spa

10,000 seat Arena

350 seat Cabaret Theatre

400 seat Wolf Den Entertainment Lounge

100,000 sq ft Convention Center

More than 60 retail, restaurant & nightlife venues

Over $2 Billion in development over the

last 10 years

11

12

13

14

15

Purchased in January 2003, the Connecticut Sun became the first independently owned WNBA franchise.

16

17

Mohegan Sun operates a 2,500 Slot Machine Casino and Harness Race Track as a commercial entity in the Commonwealth of Pennsylvania.

The facility was the first casino in Pennsylvania to open.

We take great pride in the fact that we worked tirelessly with the newly formed Pennsylvania Gaming Control Board (PGCB) to implement licensing and regulatory processes.

18

2007 Consolidated Operating Highlights

$1.5 Billion in Gaming Revenues$283 Million in Non-Gaming Revenues$323 Million in Direct Gaming Taxes to CT & PA$423 Million in Direct Labor Costs$429 Million in Purchases of Goods and Services

19

Competition - Connecticut

Mohegan Sun Foxwoods

Connecticut Slot Market ComparisonLast Twelve Months Ended June 30th, 2008

45.7%

54.3%

30%

35%

40%

45%

50%

55%

60%Slot Units

6,083 Units

7,240 Units

53.8%

46.2%

30%

35%

40%

45%

50%

55%

60%Slot Win

$ 884 M

$ 760 M

85.1%

117.8%

30%

40%

50%

60%

70%

80%

90%

100%

110%

120%

130%Slot Efficiency

20

Competition - Pennsylvania

MSPD Mt Airy

Northeastern PA Slot Market ComparisonLast Eight Months Ended June 30th, 2008

32.3%

67.7%

30%

40%

50%

60%

70%

80%

90%

100%

Slot Units

2,523 Units

49.8% 50.2%

30%

35%

40%

45%

50%

55%

60%

Slot Win

$ 105 m $ 106 m

74.2%

154.2%

30%

50%

70%

90%

110%

130%

150%

170%

Slot Efficiency

1,203 Units

21

Recent Development Expertise

22

Project Horizon

Casino of the Wind (August 2008)Jimmy Buffet’s Margaritaville Restaurant40,000 square feet of additional gaming space42 table Poker Room

919 Room Hotel TowerMore than 200 House of Blues Themed Rooms House of Blues, Entertainment Venue & Restaurant

Additional 144,000 sq ft of Retail and Restaurants

22

23

23

24

When Project Horizon is CompletedMohegan Sun – December 31, 2010

Approximately 4.4 million sq ft

2,093 hotel rooms

More than 75 retail and restaurant outlets

More than 30 bars and lounges

Four entertainment venues

380 table games, including poker

6,812 slot machines

25

26

$203 Million Phase II facility, Project Sunburst opened July 17, 2008 2 weeks early and under budget.

The permanent casino has 57,700 sq ft of gaming space containing 2,500 Class 3 Slot Machines

An additional 67,800 sq ft of Retail and Restaurants complements the casino with a signature buffet and fine dining choices such as Ruth’s Chris Steakhouse

27

28

July 14, 2008

29

30

“We are woven into the fabric of our Community”

31

“We are honored to be in a position to provide assistance to so many worthy causes that work to improve the lives of people in our community and throughout the world. Sharing our good fortune with others has always been a fundamental part of Mohegan culture.”

Bruce “Two Dogs” Bozsum, Chairman of the Mohegan Tribal Council

32

Charitable EventsWineFest

Share Our Strength (SOS)American Liver Foundation

Juvenile Diabetes

American Heart Walk

“Walk in the Park”Hospice Southeastern Connecticut

Boot Drive/Annual TelethonMuscular Dystrophy Association

Mohegan Sun MS Bike TourMultiple Sclerosis

33

Over the last 9 Years, Mohegan Sun and its employees have contributed to the United Way and Community Heath Charities a total of:

$ 3,426,646.00

34

$ 4 Million Raised

35

Dedication to Problem Gaming Awareness

Current Involvement with National Council on Problem Gambling

Strong Plans implemented in CT & PA

Sincere Dedication to implement prevention measuresEmployee Awareness

Policy Initiatives

36

37

Over 30 projects around country that are completed, under construction or in development

Totaling over 19 million square feetCurrently RED has projects in 11 states

38

Completed 2.7 Million sq ft of development projects valued at $434 Million in the greater Kansas City area.

2 Million sq ft under development valued at $262 Million in the greater Kansas City area.

39

City Scape, Phoenix AZMixed-use development in the center of downtown Phoenix; a focal point for urban living and community activity.

Project includes four towers with a mix of office, hospitality and residential, plus approximately 200,000 sq ft of retail, dining and entertainment.

40

Community Giving

41

Community Giving

Title sponsor for the Kansas City Duck Derby to benefit the Children’s TLC Organization

American Cancer Society Gala title sponsor

RED Volunteers participated in A Day For Downtown in 2007 in Phoenix that helped to rebuild and revitalize the city. In addition, the event raised $169,072 for the downtown community

Corporate Chair for the 2008 Walk to Cure Juvenile Diabetes

Title sponsor of The Legends Reno Tahoe Open. The tournament has given over $1.7 million to local charities

42

Kansas Community Outreach

KCK Community College

Held Open Community Meeting for interested residents

130 Letters to Community Groups and Leaders

Met with all interested Community Groups

Informational booths at local events staffed by the ‘Sun-Squad’

43

Project Overview

44

Project Overview

45

Casino Resort & Golf: 1(A)

World Class Casino4 Star, 350 Room Resort HotelSpa / PoolRestaurants – Michael Jordan’sConvention CenterEntertainment ShowroomLegends National Golf Club by

Robert Trent Jones II

Project Overview

Retail/Residential: 1(B)

200,000 sq. ft. Retail 200,000 sq. ft. Residential, 250 Units Structured & Surface Parking

46

Job Creation

Employees are the core of our successLegends Sun Jobs

Estimated 2,650 Construction JobsIn excess of 2,250 Direct Full Time Employees

1,850 Casino and Resort Jobs400 Retail and Residential Jobs

Indirect JobsEstimated 2,715 Jobs Supporting Legends Sun

Diversity - EOE

47

Location

48

Project Site

49

Project Site – Ability to Master Plan

50

Infrastructure Improvements

Roadway Improvements

Transportation SystemRegional Transportation

Employee Transportation

Trolley System

Initial $1 Million contribution to Unified Government for additional infrastructure improvements in WyCo

51

Architects

52

Focused exclusively on hospitality, leisure and entertainment industries

Scripting experiences that are unique, memorable and successful

Knowledge of consumer trends, preferences and the marketplace

53

450-person firm

Six decades of specialized experience

157 countries and territories

235 built projects

84,000 guestrooms

80 casinos

60 spas

34 languages

60 cultures

46% women

By the numbers

54

55

Legends Sun

Detailed Program Elements

56

Casino

57

Casino

Circular, Themed Design and Flow2,000 Slot Machines

Best, Most Current ProductMix of Reel, Video

60 Table GamesBest, Most Current ProductMix of Black Jack, Roulette, etc

25 Poker TablesSignature Poker RoomTournaments

High Limit VIP Lounge

58

4-Star Hotel

59

4-Star Hotel

350 Elegant Hotel Rooms and Suites4-Star Rating CriteriaFitness CenterExciting Indoor –Outdoor Pool Area with BarTennis Courts

60

Convention Center

Total 76,500 sq ft

40,500 sq ft dedicated meeting and convention space

36,000 sq ft event space in the Entertainment Showroom

Full food and beverage catering

Designed for hotel conventioneers and local meetings and events

Opportunity for expansion based upon future demand

61

Spa & Pool Complex

Nationally Branded Spa

Fully Equipped Fitness Room

Pool Complex with Cabanas

62

Entertainment & Nightlife

63

Entertainment & Nightlife1,200 Seat Showroom with Convertible Event Space

36,000 sq ft

Concerts

Theatre Shows

Special Events

Meeting Space

Themed Bars and LoungesCenter Action Bar

Entertainment Lounge

Lobby Bar

Terrace & Pool Bar

64

Dining

65

Dining

The Casino program elements will contain a full mix of restaurants and lounges that will be integrated with and complement the 200,000 sq ft of retail space. Commitment for Michael Jordan’s Steakhouse and 23 Sports Cafe

350 Seat Themed Buffet

Fine Dining

Casual Dining

Quick Service

66

Legends National Golf Club

67

Legends National Golf ClubRobert Trent Jones Jr. championship caliber golf course

Serve as an additional attraction for out-of-market visitors. Provide local Wyandotte residents added recreational option

244 courses in 42 countries on 6 continents

Hosted PGA, Senior PGA, LPGA, European and Asian tour events

Will host the Ryder Cup in 2010 at its Celtic Manor (Wales) course.

68

Legends National Golf Club

Course Design

Clubhouse

Golf OperationsPublicMembershipCasino VIPs

69

70

Retail & Residential

71

Marketing & BusinessStrategies

72

Destination Marketing

Legends Sun will be a unique entertainment destination with a wide variety of amenities appealing to everyone, from the avid gamer to the casual shopper.

Our goal is simple, create and operate a facility that draws crowds and creates excitement.

73

Demographics

Distance Adult PopulationMedian HH

Income 0 - 20 Miles 1,110,042 73,598

21 - 40 Miles 399,955 68,365 31 - 60 Miles 300,394 52,018 61 - 80 Miles 168,227 51,283

81 - 100 Miles 193,500 43,286 100 - 120 Miles 258,464 43,830 121 - 140 Miles 508,620 48,443 141 - 160 Miles 826,424 54,810 161 - 180 Miles 1,516,345 59,852

Legends Sun

74

Tourist Statistics & BreakdownTourists residing more than 100 miles from Legends Sun

Leisure Business TotalMissouri 231,611 40,873 272,484 Other 180,142 31,790 211,932 Iowa 154,408 27,248 181,656 Oklahoma 128,673 22,707 151,380 Nebraska 85,782 15,138 100,920 Kansas (Outside 100 Miles) 77,204 13,624 90,828 Total 857,820 151,380 1,009,200

75

Tourist Statistics and Breakdown

Tourists are divided in two categories:

Gaming and Non-Gaming

Visits %Gaming Visits 841,000 83.33%Non-Gaming Visits 168,200 16.67%Total Tourist Visits 1,009,200 100.00%

76

Tourist Statistics and Breakdown

Gaming and Non-Gaming estimated spend per trip

Spend Per Visit Gaming Non-Gaming TotalTourist-Gamer 116.00$ 50.00$ 166.00$ Tourist - Non-Gamer -$ 81.20$ 81.20$

77

Legends Sun Marketing Plan

We build a robust customer database and use the following tactics to drive business:

Strong use of Technology and Customer Relationship Management (CRM) Systems

Creative, Energizing Casino Marketing, Promotions and Special Event programs

Steady Volume of Bus Marketing Activity

Player Rewards programs coupled with the best Non-Gaming Amenities

78

Customer Relationship Management (CRM)

Implement casino rating system to collect Player’s Club information

Utilize TeraData Warehouse to mine the data.

The integrated database can be used to foster repeat business from these activities:

Direct Marketing

Internet Marketing

79

Casino Marketing and Promotions

Implement a Player’s Club Reward program

Conduct effective special events and promotions

Implement a VIP Service / Executive Host program to deliver tiered service levels

80

Mohegan Sun currently operates the largest casino bus marketing program in the country.

Will build local operator relationships to capitalize on the areas of dense population.

Establish both line and charter service.

Bus Marketing

81

Non-Gaming Amenity Casino Marketing Connection

There is marketing benefit to having the best Non-Gaming Amenities such as Retail and Golf.

Legends Sun Rewards (Customer Loyalty Program) drives repeat visitation.

Proven to generate higher gaming revenue.

82

Projections

83

Legends SunProjected Gaming Revenue

$260,000,000

$270,000,000

$280,000,000

$290,000,000

$300,000,000

$310,000,000

$320,000,000

Year 1 Year 2 Year 3 Year 4 Year 5

Year 1 Year 2 Year 3 Year 4 Year 5Slot Revenue 229,950,000$ 239,148,000$ 251,105,400$ 258,638,562$ 266,397,719$ Table Revenue 36,682,500 38,149,800 40,057,290 41,259,009 42,496,779 Poker Revenue 4,106,250 4,270,500 4,484,025 4,618,546 4,757,102 Total Gaming Revenue 270,738,750$ 281,568,300$ 295,646,715$ 304,516,116$ 313,651,600$

Gaming Taxes to State 73,099,463$ 76,023,441$ 79,824,613$ 82,219,351$ 84,685,932$

Revenue Projections

Legends SunProjected Gaming Tax

$70,000,000

$72,000,000

$74,000,000

$76,000,000

$78,000,000

$80,000,000

$82,000,000

$84,000,000

$86,000,000

Year 1 Year 2 Year 3 Year 4 Year 5

84

Community Contributions

We pledge an initial $5 Million contribution to local community, charitable organizations, and non-host school districts

Pledge an additional $750,000 annual payment that grows in proportion to gaming revenues

Projected over 15 years, these contributions total approximately $20 Million

85

Project CostsSources & Uses

86

Project CostsCasino Resort

& GolfRetail &

ResidentialConstruction Period - 1(A)

Construction Period - 1(B)

Total Project Costs

Hard Costs 336,741,400$ 97,625,000$ 434,366,400$ Soft Costs 159,994,071 13,596,523 173,590,594 Total Construction Costs 496,735,471 111,221,523 607,956,994

Capitalized Interest 26,977,081 6,040,301 33,017,382 Development Fees 15,153,363 4,393,125 19,546,488 Subtotal 538,865,915 121,654,949 660,520,865

Financing Fees & Costs 8,750,000 - 8,750,000 Interest Costs (Income) 7,297,578 1,633,964 8,931,542 Pre-Opening Costs & Expenses 20,000,000 419,273 20,419,273 Pre-Financing Costs & Expenses 2,500,000 - 2,500,000 Privilege Fee 25,000,000 - 25,000,000 Working Capital 35,000,000 - 35,000,000 Local Community / School Allocation 5,000,000 - 5,000,000 Local Community / Infrastructure Allocation 1,000,000 1,000,000 Total Project Costs 643,413,493$ 123,708,186$ 767,121,679$

87

Sources

Casino Resort & Golf

Retail & Residential

Construction Period - 1(A)

Construction Period - 1(B) Total Project

Cash Infusion by Mohegan Resorts-Kansas, LLC 168,226,761$ 30,106,572$ 198,333,333$ Cash Infusion by RED Development 84,113,381 15,053,286 99,166,667 Proceeds From $200 Million Bank Credit Facility - Revolver 91,073,352 78,548,328 169,621,679 Proceeds From $100 Million Bank Credit Facility - Term Loan 100,000,000 - 100,000,000 Proceeds From $200 Million Senior Subordinated Notes 200,000,000 - 200,000,000 Total 643,413,493$ 123,708,186$ 767,121,679$

Sources

88

UsesCasino Resort &

GolfRetail &

ResidentialConstruction Period - 1(A)

Construction Period - 1(B) Total Project

Pre-Financing Costs & Expenses 2,500,000$ -$ 2,500,000$ Privilege Fee 25,000,000 - 25,000,000 Construction Costs (Hard & Soft Costs) 496,735,471 111,221,523 607,956,994 Financing Costs & Fees 8,750,000 - 8,750,000 Interest Costs (Income) 7,297,578 1,633,964 8,931,542 Capitalized Interest 26,977,081 6,040,301 33,017,382 Local Community/School Allocation 5,000,000 - 5,000,000 Local Community/Infrastructure Allocation 1,000,000 - 1,000,000 Development Fees 15,153,363 4,393,125 19,546,488 Working Capital - Casino Bank Roll 35,000,000 - 35,000,000 Pre-Opening Costs & Expenses 20,000,000 419,273 20,419,273 Total 643,413,493$ 123,708,186$ 767,121,679$

Uses

89

Project Timeline

Apr 2008 Dec 2010

Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10

September 2008Leg Sun, LLC Selected as Gaming Facility Manager

Dec 2010Legends Sun 1(A) OPENS

Sep 2008 - Apr 2009Development, Variances

Financing & DesignApril 2009 - December 2010

Construction

Sep 2011 Dec 2012

Oct-11 Jan-12 Apr-12 Jul-12 Oct-12

Nov 2011 - Dec 2012Construction

Sep 2011 - Nov 2011Planning & Design

November 2012Legends Sun 1(B) OPENS

90

Feasibility of Project Financing

91

Deutsche Bank Securities Inc., a subsidiary of Deutsche Bank AG, conducts investment banking and securities activities in the United States.

As one of the largest financial institutions in the world, Deutsche Bank is a leader in providing financing and advisory services to premier gaming clients.

92

Deutsche Bank plays a leading role in transactions that are shaping the future landscape of the gaming and lodging industries.

Strong track record of financing clients in the gaming, lodging and leisure industries.

93

What we bring to Kansas

Passion

World Class Destination

Respect for Employees

Financial Ability

Community Involvement

94