Interview with Jim Allen - CEO of Seminole Gaming and Chairman of Hard Rock International

Introduction

• Interviewer: Discussion with Jim Allen
• Sponsor: Ainsworth
• Context: Reflecting on 2020 and looking ahead to 2021

Reflections on 2020

• Impact of COVID-19:
  • Described as a 100-year event
  • Significant changes in business operations, especially in hotel, casino, and restaurant sectors
  • Airlines and cruise ships also heavily affected
  • Seminole Gaming:
    • Casino business recovering
    • Restaurants still challenged
    • Priority on safety of guests, employees, and Seminole members

Prospects for 2021

• Optimism and Caution:
  • Mixed outlook with some positive signs
  • Global footprint of Hard Rock - 76 countries
  • Need for recovery in airlines, tourism, and travel industries
  • Regional markets (e.g., Florida) more resilient
  • Urban locations (e.g., Times Square) face recovery challenges
• Operational Adjustments:
  • Focus on margins, fixed costs, labor, and rent
  • Leveraging technology and delivery services (Uber, Grubhub)

Awards and Achievements

• Global Gaming Awards:
  • Hard Rock won Land-Based Operator of the Year
  • Guitar Hotel in Florida won Property of the Year
• Guitar Hotel Performance:
  • Positive financial performance despite lower foot traffic
  • Florida's policies helped maintain business operations

Outlook for Properties in 2021

• General Hopes and Strategy:
  • Cautious optimism
  • Bright spots in recovery, potential strong year in 2022
  • Importance of vaccine distribution and public perception
  • Competitive advantage due to permanent closure of many restaurants

Future Developments

• New Projects:
  • Active in hotel and casino deals
  • No new domestic Hard Rock Cafes planned, focus on international expansion
  • Global cafe openings reduced from 20-25 to 10-15 annually

Closing Remarks

• Thank You Notes:
  • Appreciation for the interest in Hard Rock brand
  • Encouragement to follow latest developments on gamingamerica.com