Glen Helen Briefing Doc 8.28.2026.pdf

G L E N H E L E N A M P H I T H E AT E R A D V I S O RY S E RV I C E S

S A N B E R N A R D I N O C O U N T Y A U G U S T 2 0 2 6

Briefing Document

For reference only. The information contained herein should not be interpreted as representing a preferred concept or predetermined outcome.

Table of Contents

1 Preface

2 Executive Summary

3 Project Initiation

4 Current Conditions Analysis

5 Market Analysis

6 Concept Development

7 Synthesis & Recommendations

G L E N H E L E N A M P H I T H E A T E R

For reference only. The information contained herein should not be interpreted as representing a preferred concept or predetermined outcome.

Preface

For reference only. The information contained herein should not be interpreted as representing a preferred concept or predetermined outcome.

PURPOSE / APPROACH

4G L E N H E L E N A M P H I T H E A T E R

SAN BERNARDINO COUNTY’S TEAM WAS

COMPRISED OF THE FOLLOWING INDIVIDUALS:

BEAHTA DAVIS, DIRECTOR, REGIONAL PARKS

JOHN GOMEZ, REAL PROPERTY AGENT

DANECA STEVENS, EXECUTIVE ANALYST

In January 2026, San Bernardino County (the "County") engaged Brailsford & Dunlavey, Inc. (“B&D”) to advise on the repositioning of the Glen Helen Amphitheater as a long-term regional asset and to evaluate opportunities to strengthen its operational performance, market competitiveness, and role within Glen Helen Regional Park.

B&D conducted the assessment between January and April 2026 through an iterative process that included project initiation and criteria setting, evaluation of existing physical, operational, and financial conditions, analysis of market demand and competitive positioning, development of improvement concepts and preliminary operating projections, and synthesis of recommendations related to physical improvements and venue management. The process concluded with strategic considerations and potential next steps to support County decision-making. Throughout the engagement, B&D benefited from close collaboration and feedback from County representatives.

The findings contained herein represent the professional opinions of B&D’s personnel based on assumptions and conditions detailed in this document.

The project team performed its work using industry standards and public information that is deemed reliable, but whose accuracy cannot be guaranteed. Economic and market conditions, management action or inaction, implementation timing, and other important circumstances will affect project performance, and such deviations may be material.

B&D’S PROJECT TEAM WAS COMPRISED OF THE

FOLLOWING INDIVIDUALS:

BILL MYKINS, VICE PRESIDENT, VENUES

DAVID ALMANY, SENIOR ASSOCIATE

AIDAN LEBOW, ASSOCIATE

For reference only. The information contained herein should not be interpreted as representing a preferred concept or predetermined outcome.

SCOPE OF SERVICES

⟩ I. Project Initiation Kickoff Meeting & Criteria Setting Data Collection

⟩ II. Current Conditions Analysis Site Visit Stakeholder Interviews Operational Analysis

⟩ III. Market Analysis Demographics Competitive Context Benchmarking Calendar

B&D employed an iterative approach for the assessment, including the following services.

⟩ IV. Concept Development Program Requirements Improvement Concepts Budgeting Financial Modeling

⟩ V. Synthesis & Recommendations Physical Improvements Venue Management Alternative Uses

⟩ VI. Decision Support & Documentation Final Presentation / Briefing Document

For reference only. The information contained herein should not be interpreted as representing a preferred concept or predetermined outcome.

Executive Summary

For reference only. The information contained herein should not be interpreted as representing a preferred concept or predetermined outcome.

Executive Summary

7G L E N H E L E N A M P H I T H E A T E R

Project Background.

San Bernardino County is evaluating the future positioning of the Glen Helen Amphitheater to better align with regional market demand, operational performance goals, and long-term financial outcomes. The County engaged B&D to employ an outcome-focused process to assess and recommend improvements to the Amphitheater’s physical infrastructure, programming strategy, and operating framework to enhance its role as a regional entertainment asset.

Criteria Setting At the outset of the assessment, the County and B&D met to establish the primary vision and key criteria for success that will guide the evaluation of the Amphitheater’s operations, programming, and market positioning within the broader Southern California market. The criteria setting ensures alignment with the County’s strategic goals and long-term objectives for the asset. The discussion was around the key themes of 1) Strategic Outcomes; 2) Physical & Programming Outcomes; and 3) Operational Outcomes.

From the discussion, the following key criteria were identified:

The Amphitheater should be right-sized and modernized to attract a broader mix of concerts, festivals, and entertainment programming, improving its competitiveness within the regional market

Redevelopment should prioritize maximizing long-term revenue generation to the County by increasing volume, attendance, and per-capita spending, while diversifying revenue streams

Facility improvements should modernize physical infrastructure to meet current touring, production, and guest experience standards.

Current Conditions Analysis B&D evaluated current amphitheater conditions through site visits, stakeholder interviews, review of the operating agreement, and analysis of available County and public data. The assessment identified operational and facility limitations impacting utilization, including deferred maintenance, circulation constraints, and limited fixed concessions and restroom infrastructure.

B&D also modeled existing amphitheater operations under the current agreement structure to understand the financial picture for both the County and operator. The current agreement, which is more than 30 years old, places a larger share of operating risk and event-related expenses on the operator, which stakeholders indicated can limit the ability to support a larger event calendar under current facility conditions.

Market Analysis B&D conducted a market analysis and national benchmarking assessment to evaluate demand, utilization trends, comparable venues, and contemporary operating structures. The analysis informed B&D’s recommended event calendar, facility improvements, and operating agreement considerations, identifying that targeted improvements to venue amenities, circulation, seating configuration, and the operating structure could improve utilization, bookability, and overall financial performance.

Concept Development B&D developed a preliminary amphitheater concept informed by stakeholder input, market analysis, existing conditions, and industry benchmarking. The new concept aimed to right-size the venue to better align with market demand while increasing fixed concessions, restrooms, circulation improvements, and premium amenities to improve operational efficiency, guest experience, and long-term financial performance.

Facility Pro Forma - Operator Year 1 Year 2 Year 3 Year 4

1. Participation Rent $1,740,000 $1,790,000 $1,850,000 $1,900,000

2. Naming Rights $0 $0 $0 $0

3. Other Revenue (less COGS) $1,999,773 $2,068,551 $2,126,927 $2,188,905 Revenues $3,740,000 $3,859,000 $3,977,000 $4,089,000

1. Payment to the County $1,540,000 $1,560,000 $1,590,000 $1,630,000

2. Personnel & Admin $370,434 $381,547 $392,994 $404,784

3. Facility Operations $1,076,336 $1,108,626 $1,141,885 $1,176,142

4. Marketing $60,100 $61,903 $63,760 $65,673

5. Insurance $90,150 $92,854 $95,640 $98,509 Expenses $3,137,000 $3,205,000 $3,284,000 $3,375,000

NOI $600,000 $650,000 $690,000 $710,000

Capital Reserve $0 $0 $0 $0 NOI Less Capital Reserve $600,000 $650,000 $690,000 $710,000

Facility Pro Forma - County Year 1 Year 2 Year 3 Year 4 1a. Rent $1,540,000 $1,540,000 $1,540,000 $1,540,000 1b. Facility Business Tax $1,350,000 $1,390,000 $1,430,000 $1,470,000

2. Facility Fee $0 $0 $0 $0

3. Other Revenue $0 $20,000 $50,000 $90,000

4. Naming Rights $0 $0 $0 $0 Revenues $1,540,000 $1,560,000 $1,590,000 $1,630,000

1. Payment to the County $0 $0 $0 $0

2. Personnel & Admin $0 $0 $0 $0

3. Facility Operations $54,636 $56,275 $57,964 $59,703

4. Marketing $0 $0 $0 $0

5. Insurance $0 $0 $0 $0 Expenses $55,000 $56,000 $58,000 $60,000

NOI $1,490,000 $1,500,000 $1,530,000 $1,570,000

Capital Reserve $55,000 $56,000 $58,000 $60,000 NOI Less Capital Reserve $1,435,000 $1,444,000 $1,472,000 $1,510,000

Site & Parking Total site area 56 Acres Parking 4,400 Spaces

Venue Capacity Orchestra 4,377 Seats Loge 6,084 Seats Lawn 4,000 Seats Loge Boxes 528 Seats Premium Cabanas 48 Seats Total Capacity 15,037 Seats

Fixed Toilets Unisex 10 Fixtures Mens 70 Fixtures Womens 140 Fixtures Total Fixtures 220 Fixtures

Fixed Points of Sale Food & Beverage 170 Fixed Beverage Only 60 Fixed Total Points of Sale 230 Fixed

For reference only. The information contained herein should not be interpreted as representing a preferred concept or predetermined outcome.

Concept Budget The proposed improvements were developed to better align the amphitheater with contemporary peer venues and improve overall bookability, operational efficiency, and guest experience.

The concept focuses on investments in operational efficiency and artist/guest experience to support a larger and more financially sustainable event calendar. Preliminary County-led improvements are estimated to range from approximately $49.6M to $66.9M

Operator Participation Considerations Under a contemporary operating structure, select premium and revenue-generating improvements could potentially be supported by the operator. Improvements such as premium cabanas, beer gardens, VIP spaces, and renovated loge boxes may provide opportunities for operator participation given their connection to event revenues and guest experience, helping align incentives while reducing a portion of the County’s upfront capital costs.

These operator-led improvements are estimated to range from $4.0M to $5.5M.

Future Financial Performance The proposed improvements are anticipated to improve overall bookability, operational efficiency, and guest experience, supporting a larger and more financially sustainable event calendar. Under the current operating agreement, the operator is responsible for a high fixed base rent structure — approximately $1.54 million annually or 7.75% of ticket sales, whichever is greater — in addition to sharing a portion of ancillary revenues with the County. Based on operator interviews and stakeholder discussions, many indicated that the combination of high fixed rent obligations, operating costs, and current facility conditions can make events difficult to financially support under the existing structure.

As a result, B&D modeled a more contemporary operating agreement structure informed by industry benchmarking and operator feedback. The contemporary structure reduces fixed rent obligations while placing greater emphasis on participation-based revenues tied to venue utilization and operating performance, including facility fees and shared ancillary revenues such as parking, concessions, and sponsorships.

Based on the proposed improvements and updated event calendar, the analysis indicates the County could generate approximately $2.5 million annually during the first stabilized year under the modeled contemporary structure. Based on the projected revenue stream and anticipated public investment, the improvements are estimated to result in a payback period of approximately 20 to 25 years under this structure for County-led improvements.

Recommendations B&D recommends targeted physical and operational improvements to reposition the amphitheater as a more competitive and financially sustainable regional venue. Priority investments should focus on guest amenities, circulation, deferred maintenance, and operational infrastructure to improve bookability, support a larger and more consistent event calendar, and enhance long-term operating performance. B&D also recommends pursuing a more contemporary operating agreement structure that reduces fixed operator obligations and places greater emphasis on participation-based revenues tied to venue utilization and operating performance. Based on the analysis, the amphitheater remains the strongest long-term use for the site when supported by targeted improvements and an updated operating framework.

Executive Summary

8G L E N H E L E N A M P H I T H E A T E R

Facility Pro Forma - Operator Year 1 Year 2 Year 3 Year 4

1. Participation Rent $3,380,000 $3,480,000 $3,580,000 $3,690,000

2. Naming Rights $163,909 $168,826 $173,891 $179,108

3. Other Revenue (less COGS) $4,108,773 $4,233,551 $4,357,427 $4,484,905 Revenues $7,653,000 $7,882,000 $8,111,000 $8,354,000

1. Payment to the County $880,000 $900,000 $910,000 $930,000

2. Personnel & Admin $737,591 $759,718 $782,510 $805,985

3. Facility Operations $1,338,591 $1,378,748 $1,420,111 $1,462,714

4. Marketing $109,273 $112,551 $115,927 $119,405

5. Insurance $204,886 $211,033 $217,364 $223,885 Expenses $3,270,000 $3,362,000 $3,446,000 $3,542,000

NOI $4,380,000 $4,520,000 $4,670,000 $4,810,000

Capital Reserve $0 $0 $0 $0 NOI Less Capital Reserve $4,380,000 $4,520,000 $4,670,000 $4,810,000

Facility Pro Forma - County Year 1 Year 2 Year 3 Year 4 1a. Rent $400,000 $400,000 $400,000 $400,000 1b. Facility Business Tax $0 $0 $0 $0

2. Facility Fee $1,820,000 $1,820,000 $1,820,000 $1,820,000

3. Other Revenue $480,000 $500,000 $510,000 $530,000

4. Naming Rights $163,909 $168,826 $173,891 $179,108 Revenues $2,864,000 $2,889,000 $2,904,000 $2,929,000

1. Payment to the County $0 $0 $0 $0

2. Personnel & Admin $0 $0 $0 $0

3. Facility Operations $109,273 $112,551 $115,927 $119,405

4. Marketing $0 $0 $0 $0

5. Insurance $0 $0 $0 $0 Expenses $109,000 $113,000 $116,000 $119,000

NOI $2,760,000 $2,780,000 $2,790,000 $2,810,000

Capital Reserve $273,000 $281,000 $290,000 $299,000

NOI Less Capital Reserve $2,487,000 $2,499,000 $2,500,000 $2,511,000

PROJECT COSTS (2026 $)

Improvement Responsibility Priority Low ($) High ($)

County High $48,720,000 $65,640,000 County Low $920,000 $1,230,000

TOTAL $49,640,000 $66,870,000

PROJECT COSTS (2026 $)

Improvement Responsibility Priority Low ($) High ($) Operator High $0 $0 Operator Low $4,000,000 $5,460,000

TOTAL $4,000,000 $5,460,000

Number Improvement Improvement Responsibility

Project Costs (2026 $) Priority

Low High 1a New Stage Structure County $1,000,000 $1,250,000 High 1b Stage Acoustic Insulation County $530,000 $710,000 High 1c Stage Bird Netting County $250,000 $300,000 High 2 New Entry Plaza & Gate County $2,090,000 $3,590,000 High 3 New Concourse County $1,090,000 $1,310,000 High 4 New Ticket Office County $500,000 $670,000 Low 5 New Concessions County $13,390,000 $17,670,000 High 6 New Premium Cabanas (4) Operator $450,000 $630,000 Low 7 New Restrooms* County $4,950,000 $8,100,000 High 8 New Retail Concessions County $420,000 $560,000 Low 9 Existing Lawn Seating (4,000) N/A $0 $0 High

10 Renovated Loge Boxes (66) Operator $1,390,000 $1,940,000 Low 11 Replace Loge Seats (6,084) County $2,470,000 $2,850,000 High 12 Replace Orchestra Seats (2,877) County $1,170,000 $1,350,000 High 13 Convert Gate B to VIP Club Operator $830,000 $1,110,000 Low 14 Enhance VIP to Garden Operator $0 $0 Low 15 Beer Garden & Premium Space Operator $1,330,000 $1,780,000 Low 16 Parking Improvements* County $18,560,000 $22,880,000 High 17 Utility Connections and Infrastructure* County $3,220,000 $5,630,000 High 18 FF&E Operator $0 $0 Low

Total: $53,640,000 $72,330,000 Total: Select Projects Only*: $26,730,000 $36,610,000

For reference only. The information contained herein should not be interpreted as representing a preferred concept or predetermined outcome.

Project Initiation

For reference only. The information contained herein should not be interpreted as representing a preferred concept or predetermined outcome.

VISION / CRITERIA FOR SUCCESS

10G L E N H E L E N A M P H I T H E A T E R

⟩ The facility should be right-sized and modernized to attract a broader mix of concerts, festivals, and entertainment programming.

⟩ Redevelopment should prioritize maximizing long-term revenue generation to San Bernardino County. Investments should materially increase volume, attendance, and per-capita spending while diversifying revenue streams.

⟩ Facility improvements should modernize the amphitheater’s physical infrastructure to meet contemporary touring, production, and guest experience standards.

⟩ Upgrades should address seating, concessions, restrooms, back-of-house, and premium amenities to improve patron comfort, artist satisfaction, and booking competitiveness.

⟩ The operating framework should align promoter incentives with County financial and strategic objectives.

At the outset of the assessment, the County and B&D met to establish the primary vision and key criteria for success that would guide the evaluation of the Amphitheater’s operations, programming, and market positioning within the broader regional market, ensuring alignment with the County’s strategic goals.

Strategic Outcomes

Operational Outcomes

Physical & Programming

Outcomes

For reference only. The information contained herein should not be interpreted as representing a preferred concept or predetermined outcome.

CRITERIA FOR SUCCESS – STRATEGIC OUTCOMES

› Glen Helen Amphitheater should be repositioned to align with current touring demand, artist preferences, and regional venue competition.

› The facility should be right-sized and modernized to attract a broader mix of concerts, festivals, and entertainment programming.

› Redevelopment should prioritize maximizing long-term revenue generation to San Bernardino County. Investments should materially increase volume, attendance, and per-capita spending while diversifying revenue streams.

› The amphitheater should function as a catalyst asset within Glen Helen Regional Park, driving visitation and economic activity across park adjacent amenities.

› Programming and site design should support increased park activation while ensuring the amphitheater contributes meaningfully to the park system’s broader financial sustainability goals.

For reference only. The information contained herein should not be interpreted as representing a preferred concept or predetermined outcome.

CRITERIA FOR SUCCESS – PHYSICAL & PROGRAMMING OUTCOMES

› Facility improvements should modernize the amphitheater’s physical infrastructure to meet contemporary touring, production, and guest experience standards.

› Upgrades should address seating, concessions, restrooms, back-of-house, and premium amenities to improve patron comfort, artist satisfaction, and booking competitiveness.

› Redevelopment should resolve existing ingress, egress, and parking constraints that limit operational efficiency and guest experience. Site circulation, roadway durability, parking supply, and traffic management should be enhanced to support high-volume events without disrupting broader park operations.

› The amphitheater should be designed to support flexible capacity configurations and diversified programming.

› Physical planning should enable both large-scale events and smaller, more frequent shows, as well as festivals, community events, and alternative entertainment uses that expand calendar utilization.

For reference only. The information contained herein should not be interpreted as representing a preferred concept or predetermined outcome.

CRITERIA FOR SUCCESS – OPERATIONAL OUTCOMES

› The operating framework should align promoter incentives with County financial and strategic objectives.

› Future agreements should establish performance benchmarks, minimums, transparent financial reporting, and clearly defined capital investment responsibilities.

› Operational planning should ensure amphitheater events can coexist with regional park uses. Load-in, load-out, cleanup, and security protocols should minimize park disruption while preserving public access, safety, and revenue generation from other park activities.

› The remodel and operating structure should allocate financial risk appropriately between the County and private partners.

› Maintenance obligations, capital reinvestment, and lifecycle funding responsibilities should be clearly defined to protect long-term public asset value.

For reference only. The information contained herein should not be interpreted as representing a preferred concept or predetermined outcome.

Current Conditions Analysis

For reference only. The information contained herein should not be interpreted as representing a preferred concept or predetermined outcome.

Current Conditions Analysis

INTRODUCTION

⟩ Purpose The current conditions analysis evaluates the Glen Helen Amphitheater and broader park to understand key operational and physical pain points, assess what is working versus what is not, and establish a baseline of financial performance. The goal of the current conditions analysis is to inform strategies to optimize operations, improve utilization, and enhance long-term financial outcomes. The results are used to support strategic decision-making and to ground future recommendations in a clear understanding of existing conditions and performance.

⟩ Methodology A series of related exercises were completed to develop a comprehensive understanding of current operations, utilization, and financial structure, including:

o Stakeholder interviews with County staff, the operator, and key users to identify operational challenges and opportunities o Review of historical event calendars and utilization patterns across concerts, festivals, graduations, and community events o Analysis of the existing lease and operating agreement to understand key terms, incentives, and constraints o Evaluation of revenue flows to the County & Operator, including base rent and participation structures o Assessment of County and operator responsibilities for operating expenses, maintenance, and capital improvements

For reference only. The information contained herein should not be interpreted as representing a preferred concept or predetermined outcome.

SITE VISIT

› On March 12, 2026 B&D conducted a site visit with the County to observe conditions at the amphitheater and Glen Helen Park, including the seating bowl, stage house, concession buildings, parking lots, and premium areas, among other elements.

› During the visit, County staff and the current operator identified several pain points within the park and amphitheater, highlighting areas in need of capital repair, circulation choke points, and physical conditions affecting the overall functionality of the venue.

› The site visit helped inform B&D’s current understanding of the amphitheater and served as the baseline for recommended improvements to both the park and the amphitheater.

Existing Entry Plaza / Concessions

Seating Bowl

Artist Dressing Rooms

For reference only. The information contained herein should not be interpreted as representing a preferred concept or predetermined outcome.

STAKEHOLDER INTERVIEWS

Throughout the engagement, B&D conducted one-on-one interviews with key County staff, venue managers, users, operators, and promoters to understand current market and operational conditions, identify potential physical improvements, and uncover gaps in events and programming.

The following represent key issues identified through these stakeholder discussions:

Lack of premium seating and hospitality offerings relative to peer venues

Underutilization of the Amphitheater as a regional asset

Operational misalignment between the County and operator, limiting programming growth

Limited flexibility in the current lease structure to incentivize additional events

Deferred maintenance and aging infrastructure

Local Competition with smaller venues

Limited volume driven by high operating costs

Outdated stage house and A/V infrastructure requiring significant capital investment

Insufficient fixed restrooms and concession points of sale

Inefficient site layout and long distances between key amenities (stage, concessions, parking)

Challenging ingress and egress conditions creating circulation bottlenecks

Parking fields located far from the venue, increasing operational complexity and cost

For reference only. The information contained herein should not be interpreted as representing a preferred concept or predetermined outcome.

OPERATIONAL ANALYSIS

B&D analyzed historical utilization and event activity to establish a baseline understanding of amphitheater operations and evaluated the existing lease structure to develop a baseline operating model based on observed trends and industry assumptions.

G L E N H E L E N A M P H I T H E A T E R

On average, annually the amphitheater hosts approximately:

• 6 concerts annually

• 2 festival days

• 3 graduations

• 10 community events

Lease originally executed in 1991, with 14 subsequent amendments

Structure is base rent–heavy for the County, with additional revenue from facility business tax

Facility business tax is codified by the County to offset rent (also known as the excess ticket sales incentive)

Limited publicly available financial statements

Minimal capital investment from either operator or County since original construction

Financial performance modeled using industry assumptions and parameters from the existing operating agreement

Financial PerformanceHistorical Utilization Current Lease

Structure1 2 3

For reference only. The information contained herein should not be interpreted as representing a preferred concept or predetermined outcome.

CURRENT GLEN HELEN AGREEMENT

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Type of Revenue Due Glen Helen San Bernardino County, CA

Owner / Operator San Bernardino County / Live Nation

Base Rent $1,540,000 or a percentage of gross ticket sales, equal to 7.75%, whichever is greater

Percentage Rent: Tickets See above

Percentage Rent: Other Revenues

25% of the total "other revenue", which is defined as total gross revenue minus net ticket sales, when it exceeds the projected revenue for the designated Lease year (currently $5M / Year).

Facility Fees / Surcharges N/A

Naming Rights N/A

Parking Fees See other revenue

Type of Expense Glen Helen San Bernardino County, CA

Capital Improvements / Site investments

Live Nation funds approved improvements (with approval); shared Improvement Fund for ongoing upgrades

Repairs & Maintenance County responsible for structural systems, parking, and grounds;

Operator responsible for interior systems and event-related damage

Utilities Operator responsible for utilities within premises; County responsible for external infrastructure systems

Other County responsible (structure, major systems, roads, common areas)

Revenue Structure Expense Structure

The current agreement between the County and the operator is outlined below, detailing how revenues and expenses are shared, along with each party’s capital and maintenance responsibilities.

For reference only. The information contained herein should not be interpreted as representing a preferred concept or predetermined outcome.

General Assumptions Other Revenues (2026 $) Concession Per Caps

Current Year 2026 Concerts $15.00 Open Year 2029 Graduations $15.00 Escalation 3.00% Festival Days $15.00

Community Events $0.00 Revenue Sharing Structure (2026 $) Parking

Premium Spots 803 Base Rent $1,540,000 Cost per Spot $50.00 (%) of Gross Ticket Sales [1] 7.75% Lawn Chair Rentals (%) of other revenues (Revenue Over $5M) 25.00% Lawn Chair Rentals $15.00 Facility Fee $0.00 Lawn Chair Utilization Rate 10%

Amphitheater Seating Configuration Total Capacity Total Seats Cost per (2026 $)

Rock Boxes 66 8 528 $3,000 Premium Cabanas 0 0 0 $0 Orchestra & Loge 10,461 10,461 10,461 $70 General Admission 54,098 54,098 54,098 $70 Total: 65,087

Current Conditions Analysis

OPERATIONAL ANALYSIS - ASSUMPTIONS

Amphitheater Events & Attendance Annual Events

Average Attendance

Total Attendance

Concerts 6 20,000 120,000 Graduations 3 8,000 24,000 Festival Days 2 25,000 50,000 Community Events 10 500 5,000 Total: 21 9,476 199,000

Average Ticket Price (2026 $) Concerts $70 Graduations $5 Festival Days $120 Community Events $0

G L E N H E L E N A M P H I T H E A T E R

Due to limited publicly available financial data on past amphitheater performance, baseline operations were modeled using industry-informed assumptions and the parameters of the current lease structure. These assumptions establish a baseline performance under existing conditions, with all results reflecting revenues to the County only.

Note 1: Gross ticket sales is also known as the “facility business tax”

For reference only. The information contained herein should not be interpreted as representing a preferred concept or predetermined outcome.

FINANCIAL MODEL – REVENUE & EXPENSE SPLITS

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The tables below outline the allocation of revenues and expenses between the County and operator under the current operating agreement to illustrate how revenues flow through the structure and how operating responsibilities are distributed within the operating pro forma.

Revenues County Operator

Rent 100%

Facility Business Tax 100%

Facility Fee 100%

Other Revenue

Parking

Operator collects revenue and pays County 25% of gross revenue over $5M

F&B

Chair Rentals

Sponsorships

Naming Rights

Naming Rights 50% 50%

Expenses County Operator

Rent 0% 100%

Other Revenue Paid to County 0% 100%

Personnel (ranges - exact staffing TBD) 0% 100%

General Administrative 0% 100%

Utilities 0% 100%

Equipment Rental 0% 100%

Cleaning 0% 100%

Materials & Supplies 0% 100%

Repairs & Maintenance 100% 0%

Marketing 0% 100%

Insurance 0% 100%

Capex 100% 0%

For reference only. The information contained herein should not be interpreted as representing a preferred concept or predetermined outcome.

› County and operator financials were modeled separately under the current operating agreement structure to better understand how revenues, expenses, and operational responsibilities are allocated between the parties.

Under the existing structure, the operator assumes a larger share of operating responsibility and event-related risk while also carrying higher fixed payment obligations to the County through base rent and related participation mechanisms.

Illustrating the financials in this manner provides insight into the primary revenue and expense drivers for each party and allows for evaluation of a variety of operating structures.

County revenues under the current agreement structure are primarily derived from base rent, facility business tax revenues, and negotiated participation payments, while operator revenues and expenses reflect ticket-related participation revenues, sponsorships, event operations, staffing, marketing, insurance, and facility operations.

› While the current agreement structure generates slight positive returns for the County, it remains financially challenging for the operator given fixed payment obligations and limited bookability tied to the amphitheater’s current condition.

› Improvements to the amphitheater and a more contemporary operating agreement structure with lighter fixed rent obligations and greater incentive-based revenue participation will likely be necessary to improve financial performance.

Current Conditions Analysis

FINANCIAL MODEL – CURRENT OPERATING STRUCTURE

22G L E N H E L E N A M P H I T H E A T E R Note 1: Rent is structured as the greater of base rent or a percentage of gross ticket sales, paid to the County.

Note 2: The Facility Business Tax is currently codified in San Bernardino County.

Note 3: Year 3 reflects the first stabilized year.

Facility Pro Forma - Operator Year 1 Year 2 Year 3 Year 4

1. Participation Rent $1,740,000 $1,790,000 $1,850,000 $1,900,000

2. Naming Rights $0 $0 $0 $0

3. Other Revenue (less COGS) $1,999,773 $2,068,551 $2,126,927 $2,188,905 Revenues $3,740,000 $3,859,000 $3,977,000 $4,089,000

1. Payment to the County $1,540,000 $1,560,000 $1,590,000 $1,630,000

2. Personnel & Admin $370,434 $381,547 $392,994 $404,784

3. Facility Operations $1,076,336 $1,108,626 $1,141,885 $1,176,142

4. Marketing $60,100 $61,903 $63,760 $65,673

5. Insurance $90,150 $92,854 $95,640 $98,509 Expenses $3,137,000 $3,205,000 $3,284,000 $3,375,000

NOI $600,000 $650,000 $690,000 $710,000

Capital Reserve $0 $0 $0 $0 NOI Less Capital Reserve $600,000 $650,000 $690,000 $710,000

Facility Pro Forma - County Year 1 Year 2 Year 3 Year 4 1a. Rent $1,540,000 $1,540,000 $1,540,000 $1,540,000 1b. Facility Business Tax $1,350,000 $1,390,000 $1,430,000 $1,470,000

2. Facility Fee $0 $0 $0 $0

3. Other Revenue $0 $20,000 $50,000 $90,000

4. Naming Rights $0 $0 $0 $0 Revenues $1,540,000 $1,560,000 $1,590,000 $1,630,000

1. Payment to the County $0 $0 $0 $0

2. Personnel & Admin $0 $0 $0 $0

3. Facility Operations $54,636 $56,275 $57,964 $59,703

4. Marketing $0 $0 $0 $0

5. Insurance $0 $0 $0 $0 Expenses $55,000 $56,000 $58,000 $60,000

NOI $1,490,000 $1,500,000 $1,530,000 $1,570,000

Capital Reserve $55,000 $56,000 $58,000 $60,000 NOI Less Capital Reserve $1,435,000 $1,444,000 $1,472,000 $1,510,000

First Stabilized Year

For reference only. The information contained herein should not be interpreted as representing a preferred concept or predetermined outcome.

Market Analysis

For reference only. The information contained herein should not be interpreted as representing a preferred concept or predetermined outcome.

⟩ Purpose The market analysis evaluates the broader competitive and entertainment landscape surrounding Glen Helen

Amphitheater to understand market demand, competitive positioning, and opportunities to expand utilization. The analysis considers regional demographics, comparable venues, event activity, attendance trends, and other market factors that may influence the Amphitheater’s ability to attract additional events and visitors..

⟩ Methodology A series of related analyses were completed to evaluate the market opportunity for Glen Helen Amphitheater and inform future programming, utilization, and investment strategies, including:

o Market and demographic analysis to understand population, household characteristics, growth trends, and other factors influencing demand within Glen Helen’s primary and secondary markets o Competitive venue analysis to assess comparable amphitheaters and entertainment venues across Southern

California, including venue capacity, programming, event frequency, and market positioning o Historical event and attendance analysis to understand Glen Helen’s existing performance, utilization patterns, and ability to attract concerts, festivals, and other events o Benchmarking of comparable venues to identify industry trends and best practices related to utilization, programming, attendance, and venue positioning

For reference only. The information contained herein should not be interpreted as representing a preferred concept or predetermined outcome.

Regional County Local

DEMOGRAPHICS – DEFINITIONS

25G L E N H E L E N A M P H I T H E A T E R

B&D assessed key demographics at the regional, county, and local levels, defined by drive times and county boundaries, to evaluate the Amphitheater’s current market reach and identify likely attendees.

1-Hour Drive Time

30-Min Drive Time

San Bernardino County

LA County

Orange County Riverside County

2-Hour Drive Time

3-Hour Drive Time San Bernardino County

Site Location

Site Location Site Location

For reference only. The information contained herein should not be interpreted as representing a preferred concept or predetermined outcome.

DEMOGRAPHICS – AGE & POPULATION

26G L E N H E L E N A M P H I T H E A T E R

Market 2025 Population

2025 Median Age 0 - 14 15 - 24 25 - 34 35 - 44 45 - 54 55 - 64 65+ % Target Age

Segment (15-44) # Target Age

Segment (15-44)

Glen Helen 30-Minutes 1,711,582 35.3 20.60% 15.40% 14.90% 13.20% 12.40% 11.50% 12.00% 43.50% 744,538 Glen Helen 1-Hour 7,602,970 37.5 18.80% 14.40% 14.40% 13.30% 12.90% 12.20% 13.90% 42.10% 3,200,850 Glen Helen 2-Hour 20,214,328 38.3 17.60% 14.00% 15.00% 13.40% 12.90% 12.30% 14.70% 42.40% 8,570,875 Glen Helen 3-Hour 22,916,327 38.1 17.90% 14.10% 14.90% 13.40% 12.80% 12.30% 14.70% 42.40% 9,716,523 Average: 13,111,302 37.3 18.73% 14.48% 14.80% 13.33% 12.75% 12.08% 13.83% 42.60% 5,558,197

San Bernardino County 2,209,521 35.8 20.80% 14.70% 14.60% 13.00% 12.20% 12.00% 12.70% 42.30% 934,627 Riverside County 2,511,082 37.7 20.10% 14.40% 13.10% 12.70% 12.30% 12.20% 15.40% 40.20% 1,009,455 Orange County 3,167,074 39.8 16.90% 14.00% 13.80% 13.00% 13.70% 12.90% 15.70% 40.80% 1,292,166 LA County 9,712,112 38.4 16.80% 13.60% 15.90% 13.80% 13.20% 12.30% 14.50% 43.30% 4,205,344 Average: 4,399,947 37.9 18.65% 14.18% 14.35% 13.13% 12.85% 12.35% 14.58% 41.65% 1,860,398

Although Glen Helen is less centrally located within San Bernardino County, the surrounding population base and target age segment remain large enough to support major events.

For reference only. The information contained herein should not be interpreted as representing a preferred concept or predetermined outcome.

DEMOGRAPHICS – POPULATION & HOUSEHOLDS

27G L E N H E L E N A M P H I T H E A T E R

Market 2025 Population 2030 Population Population Change (#)

Population Change (%)

Total Households (2025)

Total Households (2030) HH Change (#) HH Change (%)

Glen Helen 30-Minutes 1,711,582 1,732,009 20,427 1.2% 521,354 536,547 15,193 2.9% Glen Helen 1-Hour 7,602,970 7,626,071 23,101 0.3% 2,428,786 2,480,894 52,108 2.1% Glen Helen 2-Hour 20,214,328 20,202,113 -12,215 -0.1% 7,021,113 7,154,995 133,882 1.9% Glen Helen 3-Hour 22,916,327 22,912,729 -3,598 0.0% 7,908,738 8,056,099 147,361 1.9%

Average: 13,111,302 13,118,231 6,929 0.4% 4,469,998 4,557,134 87,136 2.2%

San Bernardino County 2,209,521 2,226,532 17,011 0.8% 694,301 710,861 16,560 2.4% Riverside County 2,511,082 2,576,787 65,705 2.6% 807,112 838,067 30,955 3.8% Orange County 3,167,074 3,174,364 7,290 0.2% 1,099,587 1,122,726 23,139 2.1% Los Angeles County 9,712,112 9,593,388 -118,724 -1.2% 3,452,309 3,495,922 43,613 1.3%

Average: 4,399,947 4,392,768 -7,180 0.6% 1,513,327 1,541,894 28,567 2.4%

Locally, population and household growth is projected locally over the coming years, creating additional demand for future entertainment offerings.

For reference only. The information contained herein should not be interpreted as representing a preferred concept or predetermined outcome.

DEMOGRAPHICS – INCOME

28G L E N H E L E N A M P H I T H E A T E R

Households by Income

Market Median

Household Income ($)

Under $25K $25K-$50K $50K-$75K $75K-$100K $100K-$150K $150K-$200K $200K+

% Target Income

Segment ($50K+)

# Target Income

Segment ($50K+)

Glen Helen 30-Minutes $93,401 10.90% 13.80% 14.20% 14.00% 20.20% 12.80% 14.00% 75.20% 392,058 Glen Helen 1-Hour $98,606 11.10% 12.90% 13.70% 12.80% 19.20% 12.80% 17.40% 75.90% 1,843,449 Glen Helen 2-Hour $98,658 12.20% 13.00% 13.30% 12.00% 18.00% 12.00% 19.50% 74.80% 5,251,793 Glen Helen 3-Hour $97,543 12.30% 13.10% 13.40% 12.10% 18.00% 12.00% 19.00% 74.50% 5,892,010 Average: $97,052 11.63% 13.20% 13.65% 12.73% 18.85% 12.40% 17.48% 75.10% 3,344,827

San Bernardino County $87,513 12.20% 15.30% 14.60% 13.90% 19.70% 12.10% 12.20% 72.50% 503,368 Riverside County $94,138 11.80% 13.90% 13.80% 13.10% 19.30% 12.60% 15.50% 74.30% 599,684 Orange County $115,731 9.80% 10.30% 11.70% 11.10% 18.50% 13.40% 25.30% 80.00% 879,670 Los Angeles County $91,439 13.90% 13.70% 13.90% 11.90% 17.10% 10.90% 18.60% 72.40% 2,499,472

Average: $97,205 11.93% 13.30% 13.50% 12.50% 18.65% 12.25% 17.90% 74.80% 1,120,548

More than 75% of local households earn over $50,000 annually, supporting discretionary spending on entertainment and recreation.

For reference only. The information contained herein should not be interpreted as representing a preferred concept or predetermined outcome.

DEMOGRAPHICS – ENTERTAINMENT SPEND

29G L E N H E L E N A M P H I T H E A T E R

$122

$135

$145

$142

$0 $200 $400 $600 $800 $1,000 $1,200

Glen Helen 30-Minutes

Glen Helen 1-Hour

Glen Helen 2-Hour

Glen Helen 3-Hour

Theatre / Operas / Concerts Movies Parks or Museums Sporting Events Participant Sports

Glen Helen 30- Minutes

Glen Helen 1- Hour

Glen Helen 2- Hour

Glen Helen 3- Hour

Household Spend on Concerts

Spend on Concerts - Index

100 = National Average

Local households demonstrate higher spending propensity on recreation and entertainment relative to national averages.

For reference only. The information contained herein should not be interpreted as representing a preferred concept or predetermined outcome.

DEMOGRAPHICS – VISITOR ORIGIN GLEN HELEN AMPHITHEATER

30G L E N H E L E N A M P H I T H E A T E R

Visitor Origin By County

San Bernardino County 40%

Los Angeles County 20%

Orange County 9%

Riverside County 13%

The majority of visitors originate from the immediate trade area surrounding Glen Helen, including San Bernardino, Rialto, Fontana, Victorville, and Hesperia.

For reference only. The information contained herein should not be interpreted as representing a preferred concept or predetermined outcome.

COMPETITIVE CONTEXT – LA METRO AREA

31G L E N H E L E N A M P H I T H E A T E R

Existing Facilities A. Glen Helen B. Hollywood Bowl C. Greek Theatre D. Ford Amphitheater E. Great Park Live F. Garden AMP G. Yaamava Theater H. Toyota Arena I. Acrisure Arena J. Fox Theater K. Morongo Casino L. Agua Caliente

Glen Helen is the only large-capacity outdoor amphitheater in the Inland Empire (65,000 capacity), yet it hosts significantly fewer annual events than smaller and newer competing venues across Southern California.

A B C D

E F

G H

I

J K L

For reference only. The information contained herein should not be interpreted as representing a preferred concept or predetermined outcome.

COMPETITIVE CONTEXT – LOCAL COMPETITIVE FACILITIES

32G L E N H E L E N A M P H I T H E A T E R

Venue Location Year Built / Opened

Total Capacity Fixed Seats Promoter / Operator Annual

Visitors Concerts / per

Year

Glen Helen Amphitheater San Bernardino, CA 1993 65,000 10,989 Live Nation 208,000 2-8

Hollywood Bowl Hollywood Hills, Los Angeles, CA 1922 17,500 17,500 LA Philharmonic Assoc. 960,000 ~100+

Greek Theatre (LA) Griffith Park, Los Angeles, CA 1931 5,900 5,870 City of LA / ASM Global 607,000 ~50–70

John Anson Ford Amphitheater Hollywood Hills, Los Angeles, CA 1920 1,200 1,200 LA Philharmonic Assoc. 33,000 2-4

Great Park Live Irvine, CA 2024 5,000 N/A PSQ Productions (City of Irvine) N/A ~5–10

Garden AMP Garden Grove, CA 1970 850 496 Independent 131,000 ~30+

Yaamava Theater Highland, CA 2022 3,000 3,000 Yaamava' Resort 200,000 ~80+

Toyota Arena Ontario, CA 2008 13,000 9,500 Legends Global 1,000,000 ~10-15

Acrisure Arena Thousand Palms (Palm Desert area), CA 2022 11,000 11,000 Oak View Group / Live Nation 790,000 ~10-15

Fox Performing Arts Center Riverside, CA 1929 1,600 1,600 Live Nation 152,000 ~20-25

Agua Caliente (The Show) Rancho Mirage, CA 2009 2,057 2,057 Agua Caliente 119,000 ~50–70

Glen Helen is the only large-capacity outdoor amphitheater in the Inland Empire (65,000 capacity), yet it hosts significantly fewer annual events than smaller and newer competing venues across Southern California.

For reference only. The information contained herein should not be interpreted as representing a preferred concept or predetermined outcome.

COMPETITIVE CONTEXT – SELECT COMPETITIVE PROFILES

33G L E N H E L E N A M P H I T H E A T E R

Name Yaamava Theater Hollywood Bowl Greek Theatre Location Highland, CA Los Angeles, CA Los Angeles, CA

Year Built / Renovated 2021 1922 / 2005 1931 / 2015

Costs – 2026 ($) N/A N/A N/A

Capacity 3,000 17,500 5,900

Promoter Yaamava Resort & Casino LA Philharmonic Association ASM Global

Annual Visitors 200,000 960,000 607,000

Concerts / Year 80+ 100+ 50-70

Premium Offerings 9 private suites seating 10–22 guests each, plus 4 VIP boxes (A–D), all with plush seating, private restrooms, and dedicated catering service inside the casino resort.

Hundreds of private Garden Boxes (4–6 seats each) and Terrace Boxes (3–5 seats each) with wood partitions, table service, and pre-ordered catering, plus the intimate Pool Circle closest to the shell.

20 private Box Suites and 22 Elite Seats, each suite seating 4 with a table, in-seat wait service, and premium parking, located just 15 rows from the stage.

For reference only. The information contained herein should not be interpreted as representing a preferred concept or predetermined outcome.

COMPETITIVE CONTEXT – SELECT COMPETITIVE PROFILES

34G L E N H E L E N A M P H I T H E A T E R

Name Toyota Arena Fox Theater Acrisure Arena Location Ontario, CA Riverside, CA Thousand Palms, CA

Year Built / Renovated 2008 1929 / 2009 2022

Costs – 2026 ($) $224 M N/A $290 M

Capacity 13,000 1,600 11,000

Promoter Legends Global Live Nation Oak View Group / Live Nation

Annual Visitors 1,000,000 152,000 790,000

Concerts / Year 10-15 20-25 10-15

Premium Offerings 36 luxury suites across two levels, plus Skybox Suites, Concourse Suites, and a Sky Bar Seating area with a private Sky Lounge accommodating up to 143 guests.

A 1,600-capacity Art Deco theater offering private side boxes and premium suites, alongside VIP captain-chair balcony seating with in-seat service.

20 executive suites over the lower seating bowl, plus the Silvercrest Level featuring the UBS Club, Verizon Lounge, Lexus Club, and CÎROC Lounge, each hosting up to 16 guests per suite.

For reference only. The information contained herein should not be interpreted as representing a preferred concept or predetermined outcome.

BENCHMARKING – COMPARABLE NATIONAL AMPHITHEATERS

35G L E N H E L E N A M P H I T H E A T E R

Venue Name Location Year Opened

Total Capacity

Fixed Reserved

Seats

Lawn Capacity Seating Bowl Type Roof Coverage Primary Manager /

Promoter Concerts Per Year

Annual Visitors

Glen Helen Amphitheater San Bernardino, CA 1993 65,000 10,989 54,098 Fixed Pavilion + Lawn Roof over stage only Live Nation 4 208,000

Credit Union 1 Amphitheatre Tinley Park, IL 1990 28,000 11,000 17,000 Fixed Pavilion + Lawn Roof over fixed seating Live Nation 29 660,000 White River Amphitheatre Auburn, WA 2003 20,000 9,000 11,000 Fixed Pavilion + Lawn Roof over fixed seating Live Nation 12 233,000 Ameris Bank Amphitheatre Alpharetta, GA 2008 12,000 7,000 5,000 Steep Pavilion + Lawn Roof over fixed seating Live Nation 30 465,000 Dos Equis Pavilion Dallas, TX 1988 20,000 7,500 12,500 Pavilion + Lawn Roof over fixed seating Live Nation 18 709,000 Credit One Stadium Charleston, SC 2001 11,000 11,000 0 All Fixed Bowl Open air (no full roof) Live Nation 33 500,000 Truliant Amphitheater Charlotte, NC 1991 19,500 7,232 12,000 Pavilion + Lawn Roof over fixed seating Live Nation 30 695,000 Veterans United Amphitheater Virginia Beach, VA 1996 20,000 7,500 12,500 Pavilion + Lawn Roof over fixed seating Live Nation 33 493,000 First Financial CU Amphitheater Albuquerque, NM 2000 15,000 9,000 6,000 Pavilion + Lawn Roof over fixed seating Live Nation 27 397,000 Toyota Amphitheatre Wheatland, CA 2000 18,500 8,000 10,500 Pavilion + Lawn Roof over fixed seating Live Nation 11 177,000 Moody Amphitheater Austin, TX 2021 5,000 0 5,000 Open-Air Lawn Roof over stage only C3 Presents / Live Nation 32 212,000 Orion Amphitheater Huntsville, AL 2022 8,000 8,000 0 Steep European-style bowl Open-air stage canopy TVG Hospitality 23 218,000 Morton Amphitheater Riverside, MO 2026 16,000 12,000 4,000 Fixed Pavilion + Lawn Roof over fixed seating Live Nation 36 500,000 Merriweather Post Pavilion Columbia, MD 1967 19,000 7,000 12,000 Fixed Pavilion + Lawn Roof over fixed seating I.M.P. (Independent) 30 512,000

B&D conducted a national benchmarking analysis of comparable amphitheaters to identify key drivers of utilization, inform calendar potential, and guide physical improvements and seating configurations that support higher performance.

Note 1: Stars represent select amphitheater profiles on the following pages

For reference only. The information contained herein should not be interpreted as representing a preferred concept or predetermined outcome.

465,000 annual visitors

3,934,855 people within a 1-hour drive time

Median Age of 37.3

Over 25 concerts / year

Programming includes a mix of comedy shows, concerts, music festivals, and corporate events

Occasional National Symphony Concert

Mix of all music genres

Booking through Live Nation

F&B through Live Nation with on-site food courts and food trucks

Partners with Uber for ridesharing

All revenues flow to Live Nation

3,200 Parking Spaces

Indoor VIP Club

76 Premium Boxes

Lawn Cabanas

Covered, fixed roof

Large LED screens

Market Analysis

BENCHMARKING – AMERIS BANK AMPHITHEATRE

36G L E N H E L E N A M P H I T H E A T E R

Attendance & Demographics Programming Operations Key Amenities

› City of Alpharetta, GA

› Owned & Operated by Live Nation

› Built in 2008 ($35 M)

› Capacity of 12,000 (7,000 covered seats)

For reference only. The information contained herein should not be interpreted as representing a preferred concept or predetermined outcome.

512,000 annual visitors

6,409,611 people within a 1-hour drive time

Median Age of 38.4

Over 25 concerts / year

Programming includes a mix of comedy shows, concerts, corporate events, and graduations

Mix of all music genres

Booking through I.M.P

F&B / Parking through I.M.P.

I.M.P. pays rent to MACC, a 501(c)3 nonprofit

MACC uses proceeds to sponsor free events

VIP Rooftop

30 VIP Sky Box

Party Decks / Skylawns

Multiple Club Spaces

Covered, fixed roof

Large LED screens

Market Analysis

BENCHMARKING – MERRIWEATHER PAVILION

37G L E N H E L E N A M P H I T H E A T E R

Attendance & Demographics Programming Operations Key Amenities

› Columbia, MD

› Owned by MACC & Operated by I.M.P. LLC

› Built in 1966 / Renovated in 2018 ($55 M)

› Capacity of 19,000 (9,000 covered seats)

For reference only. The information contained herein should not be interpreted as representing a preferred concept or predetermined outcome.

660,000 annual visitors

6,978,473 people within a 1-hour drive time

Median Age of 38.7

Over 25 concerts / year

Multi-genre concerts (rock, R&B, country)

National touring festivals

Comedy & festival-format private s

Mix of all music genres

Booking through Live Nation

F&B through Live Nation with on-site food courts and food trucks

Partners with Uber for ridesharing

All revenues flow to Live Nation

VIP Club

55 Rock Box Sky Suites

58 Premium Boxes

10,000+ Parking Spaces

Multiple…