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

'Sare Damn Sart MGM and MGP have mentioned that they may engage in conversations for the acquisition of CityCenter. Lastly, we believe Boyd Gaming, Eldorado Resorts, Cordish Companies, and Full House Resorts could be either acquirers or candidates. In our view, post the acquisition of the Isle portfolio, Eldora

clude the price negotiation given high valuations for regional assets and forced dispositions related to ownership limitations in certain markets. Deutsche Bank Securities Inc. Page 71 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086630 CONFIDENTIAL SDNY_GM_00232814 EFTA01385346

lion (closed transactions at -$5.14 billion). The most notable transactions that have closed so far include (1) the acquisition of Isle of Capri by Eldorado Resorts. (2) the sale-leaseback of MGM National Harbor to MGM Growth Properties, and (3) the sale of American Casino and Entertainment Properties to Golden

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

3/BEI- $500 $101.9 4.4% 196bps Soen flibcrriwg Anna 10aw Dwane &IS In the HIGHER YIELD FOR HIGHER leverage category, 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 Highe

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

imate Eldorado will end the year with leverage of 5.2x. Factoring consolidated cash of $135 million, we estimate net leverage at 4.9x. 'Exhibit 2: Eldorado Resorts ($ Millions) 2018(P) MA(P) 2017 (El 2018(E) Adjusted EM MA $050 WOO $309 $450 Less:Capital 5m:enthuses $100 $100 $80 $125 Less: Cash I