Epstein Secrets

26 5.6x 8/1/16 MGM Growth Prop Borgata IREI 1.175 118x 913/16 Full House Resorts Bronco Billy's Casino 30 6.9x 4/28/16 Gaming & Leisure Pinnacle's Real Estate 4.547 12.1x VliliThItC0 • • lAIIV0.11:9,0•110, Sy/WOOS SOCK( CCOV•inf MN'Sare Damn Sart MGM and MGP have mentioned that they may e

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, R

nnounced next year. In our view, a combination of both entities has the potential for significant cost and revenue synergies. We believe that while Pinnacle has a lean cost structure, significant cost synergies could be achieved from the removal of public company costs, reduced marketing expenses, and e

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite Increased MZA Activity Facing a lack of new greenfield opportunities, gaming operators have once again shifted their focus

to our call include worse-than-expected cannibalization from existing or new competitors that may lead to EBITDA coming in below expectations. Pinnacle downside risks include increases in promotional activity in PNK's competitive markets. Pinnacle upside risks include improved performance at Lake

January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite management commentary. We estimate that the company will be able to generate meaningful free cash flow, which we anticipat