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, we project free cash flow of $132 million in 2017. Using our projected total debt of $9.93 billion and cash interest of $365 million, we estimate Wynn Resorts will end the year with leverage of 6.0x and coverage of 4.5x. Factoring consolidated cash of $2.83 billion, we estimate net leverage at 4.3x. For

1.1. 5.1% YTW, 273bps STW) given our belief that these notes are trading at attractive levels based on relative value. For 2017, we are projecting Wynn Resorts will generate Adjusted EBITDA of $1.64 billion (+44.5% versus $1.14 billion) on revenues of $6.16 billion (+38.0% versus $4.47 billion). Factoring

nd the year with leverage of 5.6x and coverage of 4.8x. Factoring consolidated cash of $2.58 billion, we estimate net leverage at 4.1x. [Exhibit 8: Wynn Resorts ($ Millions) 2015(A) 2018(A) L1M 2017(E) 2018(E) Cconeallditsd EBITDA $1,071 $1.138 51,535 51,843 $1,815 Less: Capital Expenditures 1,92

vow 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. CRIM. P. 6(e) DB-SDNY-0086653 CONFIDENTIAL SDNY_GM_00232837 EFTA01385369

ernment will grant at least six licenses. We remind investors that the monopoly of gaming in Macau was ended in 2001 by granting gaming licenses to Wynn Resorts, Galaxy- Las Vegas Sands, and Sociedade de Jogos de Macau (SJM). Galaxy and Sands, however, were allowed to split and Wynn and SJM were later allow

increase and (2) the price of the renewal. We currently believe that a significant tax increase is unlikely despite of the improved fundamentals. Deutsche Bank Securities Inc. Page 75 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086634 CONFIDENTIAL SDNY_GM_00232818 EFTA01385350

ory, we recommend Bova Gamina. Eldorado Resorts. Eyed Holdinas Golden Nuaaet, Mohegan Gaming, Penn National. Red Rock Resorts (Station Casinos) and Wynn Resorts. Exhibit 3: Higher Yield For Higher t. evelage Recommenciatione Security Rating MYSIS&P Principel Price YlW STW BYD 6.375% Sr Unsec 2026 Buy

5.3% 292bps San* Sktmewir &mewl DauticA• Ay* Each of these credits and our rationale for investment are detailed on page 18- 30 of this report. Deutsche Bank Securities Inc. Page 81 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086640 CONFIDENTIAL SDNY_GM_00232824 EFTA01385356