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ng our Buy rating on Boyd 6.375% Senior Unsecured Notes 2026 ($108.4, 4.5% YEW, 234bps STW). For 2017, we are projecting Boyd Gaming will generate Adjusted EBITDA of $596 million (+110/0 versus $536 million) on revenues of $2.37 billion (+8.5% versus $2.18 billion). Of importance, our projection includes the

3 January 2018 HY Corporate Credit HY Multi Sector.Media, Cable & Satellite Higher Yield for Higher Leverage Boyd Gaming We continue to expect Boyd will be able to generate significant free cash fl

d leverage and real estate ownership more than compensates the one year of incremental maturity. For 2017, we are projecting Eldorado will generate Adjusted EBITDA of $399 million (+11.0% versus $359 million) on revenues of $1.70 billion (-1.5% versus $1.72 billion). Factoring capital expenditures of $80 milli

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

aintaining our Buy rating on MOTOR 6.0% Senior Unsecured Notes due 2022 ($102.5, 5.2% YTW. 300bps STW). For 2017, we project CCM Merger to generate Adjusted EBITDA of $130.0 million (+8.8% versus $119.5 million). Factoring in interest expense of $32.0 million, capital expenditures of $10.0 million, dividends o

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite Modest Yield with Safety CCM Merger. We believe MotorCity will be able to further reduce leverage owing to its strong fre

x 0.0x 5.1x Come 49x 3.8x 39x 4.7x Net Lawns 8/x 5.8x 53x 4.88 Son tompry Merge ex, Ditirsch• Brit For 2017, we project MGP to generate Adjusted EBITDA of $659 million (versus $407 million). Factoring in dividends of $385 million and interest expense of 8170 million, we expect MGP to generate free

January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite total cash burn of $1 million in 2018. Using our projected total debt of $11.25 billion and cash interest of $603 million,

5.0% YTW, 261bps) given our belief that the notes are attractive on a relative value basis. For 2017, we are projecting Penn National will generate Adjusted EBITDA of $868 million (+3.0% versus S844 million) on revenues of $3.15 billion (+4.0% versus $3.03 billion). Factoring capital expenditures of $105 milli

January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite With this report we are reaffirming our Buy rating on PENN 5.625% Senior Notes 2027 ($103.8, 5.0% YTW, 261bps) given our b

8.75% Senior Unsecured Notes due 2025 ($105.1, 7.5% YTW, 528bps 51W) with a buy rating bas For 2017, we are projecting Golden Nugget will generate Adjusted EBITDA of $585 million (+5.0% versus $559 million) on revenues of $3.37 billion (+7.5% versus $3.13 billion). Factoring capital expenditures of $183 milli

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite With this report we are initiating coverage on the 7.5% Senior Unsecured Notes due 2025 ($99.3, 7.6% Y1W, 524bps STVV) wit

overage of 4.0x. Factoring non restricted cash of $89 million, we estimate net leverage at 4.0x. For FY'19, we are projecting Mohegan will generate Adjusted EBITDA of $290 million (-22.5% versus $375 million) on revenues of $1.20 billion (-13.5% versus $1.39 billion). Factoring capital expenditures of $105 mil

3 January 2018 HY Corporate Credit HY Multi Sector,Media, Cable & Satellite $93 million, distributions to the tribe of $60 million, investments in affiliates of $4 million, and no proceeds from affi

age of 7.4x. Factoring consolidated cash of $167 million, we estimate net leverage at 7.2x. For 2018, we are projecting Golden Nugget will generate Adjusted EBITDA of $640 million (+9.5% versus S585 million) on revenues of $3.48 billion (+3.5% versus $3.37 billion). Factoring capital expenditures of $135 milli

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite flow of $251 million in 2018. Using our projected total debt of $4.36 billion, we estimate Golden Nugget will end the year

given our belief that these notes are trading at attractive levels based on relative value. For 2017, we are projecting Wynn Resorts will generate Adjusted EBITDA of $1.64 billion (+44.5% versus $1.14 billion) on revenues of $6.16 billion (+38.0% versus $4.47 billion). Factoring capital expenditures of $790 m

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite With this report we are reaffirming our Buy rating on the WYNNMAC 4.875% Senior Unsecured Notes due 2024 ($100.3, 4.8% YTW