Epstein Secrets

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite In 2018, two additional gaming assets are expected to open in Macau. MGM Cotai is expected to open on January 29, while the 13 could open in late March or early April. We note that the opening of the 13 has been del

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite In 2018, two additional gaming assets are expected to open in Macau. MGM Cotai is expected to open on January 29, while th

Venetian Macau 2032 Four Seasons 2032 Parisian 2032 Sands Cotai Central 2035 SJM Mar-20 Grand Lisboa 2033 Grand Lisboa Palace 2038 Wynn Macau Jun-22 Wynn Macau 2029 Wynn Cotai 2037 $0 -ere Co.yrw Renill•M Dana* &rot Tighter Junket Regulations. Given that junket operators have played

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite For your convenience, we have summarized the gaming and land concession expiry dates in Exhibit 12. 'Exhibit 12: Expiry d

eption, as the company felt it was appropriate to reinstate marketing programs at a slower pace. Macau .- GGR Growth to Continue in 2018 We expect Macau to end 2017 with higher GGR of $33.3 billion (+19.2% versus S27.9 billion). In our view, the primary drivers of the market expansion were: (1) the

January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite Impact from Tragic events of 1011/1/. Based on commentaries from several management teams, we believe that the impact from

.00 billion, we estimate net leverage at 3.7x. Downside risks to our call include lower-than-expected convention volumes, unfavorable table hold in Macau may lead to EBITDA coming in below expectations. MGM Growth Properties. We continue to believe that MGP will continue to utilize its premium valua

January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite total cash burn of $1 million in 2018. Using our projected total debt of $11.25 billion and cash interest of $603 million,

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite Economic Outlook. Our assessment of the Macau gaming market couldn't be complete without reviewing the prospects of the Chinese economy. We currently anticipate that China's economic growth wil

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite Economic Outlook. Our assessment of the Macau gaming market couldn't be complete without reviewing the prospects of the Ch

eat our investment thesis remains unchanged, as we continue to expect Wynn to be the biggest beneficiary of the second phase of the VIP recovery in Macau. Deutsche Bank Securities Inc. Page 93 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086652 CONFIDENTIAL SDNY_GM_00232836 EFTA0138

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite the Palms. While we believe that the investment at the Palms could generate an attractive ROI, we believe that the ramp of

Net Leverage 0.5x EU3x 4.7x 4.3x 4.1 Cane* 3.7x 4.3x 4.2x 4.5x 4 <our. (avow Morro Onto,* Sint Downside risks are deterioration of the Macau market, the need for cash at that entity, which may reduce liquidity. Page 94 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CR

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite With this report we are reaffirming our Buy rating on the WYNNMAC 4.875% Senior Unsecured Notes due 2024 ($100.3, 4.8% YTW