Mr. Murphy has been with Navegante since its inception and has over 30 years of hotel, casino and airline experience. He deals with all of the financial and operational reviews, oversees business planning and projections, internal controls, policies and procedures and assessments. He plays a vital part in the business strategizing, assessing financial matters and analyzing property development, construction, FF&E and development budgets.

Mr. Murphy began working in the hotel and casino industry in 1987 when he joined the MGM Grand, Inc. as Chief Financial Officer. Prior to that time, he was Senior Vice President and Chief Financial Officer for Transamerica Airlines where he served in a number of financial and operational positions for more than 18 years.

At MGM Grand Inc. he was responsible for Financing, Accounting, SEC Reporting, Financial Analysis, Taxes, Insurance and Administration. His assignments included the accounting and financial startup work for the opening of four hotel/casinos including the financial controls for the construction of the MGM Grand Hotel & Casino with a project cost of $1 billion. He was also responsible for the financial and related matters for the company�s first public stock offering and its listing on the New York Stock Exchange. He was a member of the team that obtained $830 million in public bond, and bank/lease financing which was utilized to build the MGM Grand Hotel & Casino.

As Senior Vice President for MGM Grand Hotel & Casino he was in charge of Food & Beverage Control, Purchasing, Receiving and Warehousing. In this position, he was responsible for a staff of over 500 employees. He was a member of the management team that initiated a company-wide campaign to reduce the cost of labor, materials and services resulting in an annual savings of $24 million. At the MGM Grand Hotel in Darwin, Northern Territory, Australia, a newly acquired property, his assignments included the evaluation of internal control policies, financial reporting and placement of insurance and project controls for construction and refurbishment programs. He retired from MGM Grand in late 1995 and joined the Navegante Group.

Since that time he engaged in startups and related projects including hotel and casino properties in Canada and South America. At Casino Niagara, Mr. Murphy was responsible for pre-opening planning, recruitment and staffing for all of the financial and related functions, purchasing, MIS systems, and internal controls. After opening, he served as Project Manager in the development of a Customer Service Quality Management System including service standards, scheduling, reporting and training.

At Iguazu Grand Hotel Resort & Casino in Argentina, Mr. Murphy headed up a Navegante team to conduct a comprehensive operational assessment focused on business strategy, credit, marketing, operations, security and surveillance, hotel, food and beverage, finance and administration. The assessment was accepted, Navegante�s recommendations were implemented, and revenue and cash flow improved.

At Casino Fandango, Mr. Murphy served as Navegante�s financial representative during the pre-opening development of the casino including financial projections, financing, capital budgets, licensing, staffing, internal controls and policies and procedures.

Most recently Mr. Murphy and Navegante conducted a Gaming Assessment focusing on the Albuquerque New Mexico gaming market. This market is a highly competitive and growing market with gaming operations conducted on Native American reservations. Upon completion of the assessment, Bond and related financings were funded for the Santa Ana Star Casino and affiliated entities in the amount of $60 million. Presently, the Navegante Group serves as business oversight manager for the Santa Ana Star Casino reporting to the Board of Directors.