J.P.Morgan Investment Banking Pitch Book
APPENDIX
Kerzner model
Room Margin
% growth
Rev PAR
% growth
ADR
% growth
Occupancy
% growth
Phase I # of Rooms
Phase II # of Rooms
Phase III # of Rooms
Total Rooms
Win/Table/Day
% growth
Slot Win/Day
% growth
% of revenue
Food
Beverage
Food COGS
Beverage COGS
Payrol & related
Telephone expense
F&B margin
% growth
F&B/ occupied room night
% growth
Food/occupied room night
% growth
-
- Key drivers
Beverage/occupied room night
% growth
Telephone/occupied room night
JPMorgan
2004A
78.1%
0.2%
$207.00
2.9%
$257.06
2.1%
80.5%
0.7%
1,116
1,201
2,317
$2,636
(12.0%)
$177
8.4%
72.4%
26.2%
27.9%
19.8%
32.3%
40.6%
29.9%
10.9%
$189.33
6.6%
$137.03
6.9%
$49.52
5.1%
$13.18
2005A
79.0%
0.8%
$221.09
6.8%
$271.52
5.6%
81.4%
0.9%
1,116
1,201
2,317
$2,788
5.8%
$213
20.6%
71.5%
26.9%
27.8%
18.9%
31.8%
32.3%
29.7%
(0.5%)
$207.71
9.7%
$148.54
8.4%
$55.79
12.7%
$10.86
2006E
78.8%
(0.2%)
$230.76
4.4%
$281.20
3.6%
82.1%
0.6%
1,116
1,201
2,317
$2,814
0.9%
$208
(2.5%)
72.2%
26.8%
27.7%
18.9%
31.7%
33.7%
30.9%
4.1%
$257.93
24.2%
$186.10
25.3%
$69.01
23.7%
$11.17
2007 E
78.6%
(0.1%)
$239.89
4.0%
$298.76
6.2%
80.3%
(1.8%)
1,116
1,201
600
2,917
$3,172
12.7%
$238
14.6%
72.2%
26.7%
27.8%
18.9%
31.7%
40.9%
30.9%
(0.3%)
$270.90
5.0%
$195.60
5.1%
$72.35
4.8%
$11.39
2008 E
78.8%
0.1%
$255.67
6.6%
$316.32
5.9%
80.8%
0.5%
1,116
1,201
600
2,917
$3,452
8.8%
$258
8.2%
72.2%
26.8%
27.7%
18.9%
31.7%
40.6%
30.9%
0.3%
$284.38
5.0%
$205.18
4.9%
$76.09
5.2%
$11.85
2009E
78.8%
(0.0%)
$269.02
5.2%
$328.80
3.9%
81.8%
1.0%
1,116
1,201
600
2,917
$3,587
3.9%
$268
4.0%
72.2%
26.8%
27.7%
18.9%
31.7%
40.7%
30.9%
(0.0%)
$298.60
5.0%
$215.45
5.0%
$79.89
5.0%
$12.20
2010E
78.8%
0.0%
$279.77
4.0%
$341.94
4.0%
81.8%
0.0%
1,116
1,201
600
2,917
$3,694
3.0%
$276
3.0%
72.2%
26.8%
27.7%
18.9%
31.7%
40.7%
30.9%
0.0%
$313.53
5.0%
$226.22
5.0%
$83.88
5.0%
$12.56
PROJECT PLATO 31View entire presentation