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of the Isle of Capri integration, which had a solid start as depicted by O3'17 results. Further, this momentum continued into October 2017 as per Deutsche Bank Securities Inc. Page 87 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086646 CONFIDENTIAL SDNY_GM_00232830 EFTA01385362

ng our Buy rating on Boyd 6.375% Senior Unsecured Notes 2026 ($108.4, 4.5% YEW, 234bps STW). For 2017, we are projecting Boyd Gaming will generate Adjusted EBITDA of $596 million (+110/0 versus $536 million) on revenues of $2.37 billion (+8.5% versus $2.18 billion). Of importance, our projection includes the

proves the company free cash flow generation, which should ease some of investors' concerns regarding Everi's ability to reduce leverage. Page 88 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086647 CONFIDENTIAL SDNY_GM_00232831 EFTA01385363

d leverage and real estate ownership more than compensates the one year of incremental maturity. For 2017, we are projecting Eldorado will generate Adjusted EBITDA of $399 million (+11.0% versus $359 million) on revenues of $1.70 billion (-1.5% versus $1.72 billion). Factoring capital expenditures of $80 milli

ps STW) with a Buy rating based on price. Supporting our Buy rating on GLPI, we note that this credit offers (1) stable revenue and EBITDA Page 82 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086641 CONFIDENTIAL SDNY_GM_00232825 EFTA01385357

aintaining our Buy rating on MOTOR 6.0% Senior Unsecured Notes due 2022 ($102.5, 5.2% YTW. 300bps STW). For 2017, we project CCM Merger to generate Adjusted EBITDA of $130.0 million (+8.8% versus $119.5 million). Factoring in interest expense of $32.0 million, capital expenditures of $10.0 million, dividends o

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

x 0.0x 5.1x Come 49x 3.8x 39x 4.7x Net Lawns 8/x 5.8x 53x 4.88 Son tompry Merge ex, Ditirsch• Brit For 2017, we project MGP to generate Adjusted EBITDA of $659 million (versus $407 million). Factoring in dividends of $385 million and interest expense of 8170 million, we expect MGP to generate free

s $3.13 billion). Factoring capital expenditures of $183 million, cash interest of $137 million and cash taxes of S15 million, we project free cash Deutsche Bank Securities Inc. Page 89 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086648 CONFIDENTIAL SDNY_GM_00232832 EFTA01385364

8.75% Senior Unsecured Notes due 2025 ($105.1, 7.5% YTW, 528bps 51W) with a buy rating bas For 2017, we are projecting Golden Nugget will generate Adjusted EBITDA of $585 million (+5.0% versus $559 million) on revenues of $3.37 billion (+7.5% versus $3.13 billion). Factoring capital expenditures of $183 milli

cific measures, we do believe that the targets of the plan are achievable, especially if the company is able to drive incremental revenue of 2-3%. Deutsche Bank Securities Inc. Page 91 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086650 CONFIDENTIAL SDNY_GM_00232834 EFTA01385366

overage of 4.0x. Factoring non restricted cash of $89 million, we estimate net leverage at 4.0x. For FY'19, we are projecting Mohegan will generate Adjusted EBITDA of $290 million (-22.5% versus $375 million) on revenues of $1.20 billion (-13.5% versus $1.39 billion). Factoring capital expenditures of $105 mil

$349 million) on revenues of $1.39 billion (+0.5% versus $1.38 billion). Factoring capital expenditures of $194 million, cash interest of Page 90 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086649 CONFIDENTIAL SDNY_GM_00232833 EFTA01385365

age of 7.4x. Factoring consolidated cash of $167 million, we estimate net leverage at 7.2x. For 2018, we are projecting Golden Nugget will generate Adjusted EBITDA of $640 million (+9.5% versus S585 million) on revenues of $3.48 billion (+3.5% versus $3.37 billion). Factoring capital expenditures of $135 milli

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

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 capital expenditures of $790 m