Epstein Secrets

s and thus the operators. For your convenience, we have summarize some of the provisions we believe are relevant for the casino industry: Page 68 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086627 CONFIDENTIAL SDNY_GM_00232811 EFTA01385343

rmalized same-store GGR growth rate of —2.75%. Including the impact from new supply (Resorts World Catskills, Tiverton, Hard Rock Atlantic City and MGM Springfield), we estimate 2018 GGR growth at 3.5%. We note that tax reform will provide the consumer with higher disposable income in 2018. Meanwhile, the comb

satellite casinos in Pennsylvania and the reopening of Revel in Atlantic City given the timing uncertainty related to those developments. Page 70 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086629 CONFIDENTIAL SDNY_GM_00232813 EFTA01385345

tion from new supply. We note that a study submitted to both operators by Pyramid Associates in 2015 estimated that the GGR displacement related to MGM Springfield, Wynn Boston Harbor and Resorts World Catskills during their first full year of operations should account for 24% of Mohegan's GGR and 28% of Foxwo

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

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 Unsecured Notes 2024 ($107.2, 4.3% Y7VV,

$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

xpect Mohegan Gaming to further improve its balance sheet in preparation for the fierce competition that it will face from Resorts World Catskills, MGM Springfield and Wynn Boston Harbor. Further, we believe that the exposure by the company to South Korea is limited. as the $200 million investment has already