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participants by the promoting organization are usually $25 per night. <br />Based on this,and assuming total revenue per horse is twice stall rentals,we use <br />revenue per horse figures of $20 and $30.We believe higher figures than those are <br />unrealistic.Our primary evidence is a survey performed for another proposed facility in <br />Washington.When asked the primary reason for changing facilities,rising facility <br />charges was the most frequent answer.Organizers of horse shows seem to be quite <br />price sensitive. <br />While equine shows will be the primary source of WSHP revenue,it is also possible <br />that the facility will be used for other types of events.An essential componentof <br />profitability will be booking eventsfor otherwiseunused times,and in our discussions <br />with industry consultantsseveral possibilities were proposed. <br />One is housing a "livery stable"-an organization that rents horses for trail riding.Given <br />the proximity to the Suncadia resort,it is possible that the WSHP may lease space to a <br />contractor who in turn rents horses for trail rides.Riding lessons may be another <br />potential market.The resort may also wish to lease the facility for very large events - <br />trade shows,etc.-that require more meeting space than is availableat the resort. <br />Entrepreneurial talent on the part of the WSHP management,as well as flexible facility <br />design will maximizethe potential of non-equine revenues.As a rough approximation, <br />it may be possible to generate $100,000 per year in non-equestrian revenue,and we <br />include this amount in one of our scenarios.This revenue stream is highly uncertain for <br />several reasons.First,the design of the proposed facility is for a relatively small <br />number of spectators.A non-equestrian event will normally generate revenue from <br />spectators(e.g.music events),so the WSHP facility with seating,restrooms ,etc. <br />designedfor an audience of 1000 will have little appeal.Given its location a mountain <br />pass away from population centers,we view ít as unlikely that it will be used for the host <br />of events normally housed in county fairgrounds,such as car and gun shows.The <br />28