Epstein Secrets

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

'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

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

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

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

3/BEI- $500 $101.9 4.4% 196bps Soen flibcrriwg Anna 10aw Dwane &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 Highe