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

'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

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

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

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

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