Epstein Secrets

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

ND ND 5/1/17 Eldorado Resorts Isle of Capri Casino 1,700 8.8x 5/1/17 Gaming & Leisure Prop Bally's & Resorts Tunica (RE) 83 9.2x 5/1/17 Penn National Bally's & Resorts Tunica (OPI 44 3.7x 3/31/17 Seminole Hard Rock' Trump Taj Mahal 65x 6.6x 3/13/17 Casino Queen Lady Luck Marquette 40 7

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

otentially benefit from scale and multi- asset corporations and REITs expressing willingness to grow via acquisitions. We believe that the merger of Penn National and Pinnacle Entertainment could be the first big transaction to be announced next year. In our view, a combination of both entities has the potent

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite Within MODEST YIELD WITH SAFETY, we recommend CCM Merger International Game Technology Gaming & Leisure Properties, MGM Re

ane &IS In the HIGHER YIELD FOR HIGHER leverage category, we recommend Bova Gamina. Eldorado Resorts. Eyed Holdinas Golden Nuaaet, Mohegan Gaming, Penn National. Red Rock Resorts (Station Casinos) and Wynn Resorts. Exhibit 3: Higher Yield For Higher t. evelage Recommenciatione Security Rating MYSIS&P Princ

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

Senior Notes 2027 ($103.8, 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 capi

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

tion from the expansion of gaming at Massachusetts. Penn National Gaming Adjusting for cash settled stock costs and one-time acquisition expenses; Penn National was able to report a modest EBITDA beat (-$1 million) against our expectations owing to higher than expected revenues, partially offset by slightly