Epstein Secrets

Properties scuini orinieweini Page 72 Candidates CityCenter Cosmopolitan Pinnacle Entertainment Sands Bethlehem Tropicana Wild Rose Casinos Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086631 CONFIDENTIAL SDNY_GM_00232815 EFTA01385347

3Janualy 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite We believe that other targets of consolidation could include CityCenter, Sands Bethlehem, The Cosmopolitan of Las Vegas, Revel, Tropicana and Wild Rose Casinos. We believe that many operators could be interested in the

0 million of dividends to shareholders, 8100 million of share repurchases, and $354 million of distributions from MGM Growth Properties, we project Deutsche Bank Securities Inc. Page 85 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086644 CONFIDENTIAL SDNY_GM_00232828 EFTA01385360

million, MGM's share of MGM China's capital expenditures of $554 million, cash interest of S629 million, cash taxes of $170 million, dividends from CityCenter and Grand Victoria of S314 million, dividends from MGM China of $69 million, share repurchases of $328 million, $250 million of dividends to shareh

perceived lack of independence given MGM's ownership. Upside risks: MGP reducing its leverage with the proceeds from an equity offering. Page 86 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086645 CONFIDENTIAL SDNY_GM_00232829 EFTA01385361

ties. In addition to an embedded negotiating edge, these acquisitions may play a significant role in making MGM a simpler story. A transaction with CityCenter or an acquisition of MGM Springfield is a simple avenue for growth. At this juncture, we are reaffirming our Buy rating on MGP's 5.625% Senior Unse