Epstein Secrets

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

ent 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 Foxwoods' GGR. The same study estimates that the ramp up of these casinos should further cannibalize GGR by an additional -13.6% a

GGR and 28% of Foxwoods' GGR. The same study estimates that the ramp up of these casinos should further cannibalize GGR by an additional -13.6% at Mohegan and -16.9% at Foxwoods three years post opening. For further details on this study, please refer to: futos://aoo.al/GST2o2. Fa hil:it 5: Recent Elnd

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

es, we project free cash flow of $24 million in 2018. Using our projected total debt of $1.57 billion and cash interest of $93 million, we estimate Mohegan will end the year with leverage of 4.2x and coverage of 4.0x. Factoring non restricted cash of $89 million, we estimate net leverage at 4.0x. For

$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

notes are attractive to investors, particularly those willing to tolerate higher risk in exchange for a higher yield. For FY'18, we are projecting Mohegan will generate Adjusted EBITDA of $375 million (+7.5% versus $349 million) on revenues of $1.39 billion (+0.5% versus $1.38 billion). Factoring capi