Epstein Secrets

& wage growth, and rising interest rates should result in a normalized same-store GGR growth rate of —2.75%. Including the impact from new supply (Resorts World Catskills, Tiverton, Hard Rock Atlantic City and MGM Springfield), we estimate 2018 GGR growth at 3.5%. We note that tax reform will provide the consumer wit

rmalized same-store GGR growth rate of —2.75%. Including the impact from new supply (Resorts World Catskills, Tiverton, Hard Rock Atlantic City and MGM Springfield), we estimate 2018 GGR growth at 3.5%. We note that tax reform will provide the consumer with higher disposable income in 2018. Meanwhile, the comb

et. Regional gaming developments to come online in 2018 and 2019 include the Rain Rock Casino (Yreka, CA), Four Winds South Bend (South Bend, IN), Resorts World Catskills (Catskills, NY), Point Place Casino (Bridgeport, NY), MGM Springfield (Springfield, MA), Tiverton Casino (Tiverton; RI), Wynn Boston Harbor (Everet

tion from new supply. We note that a study submitted to both operators by Pyramid Associates in 2015 estimated that the GGR displacement related to MGM Springfield, Wynn Boston Harbor and Resorts World Catskills during their first full year of operations should account for 24% of Mohegan's GGR and 28% of Foxwo

arealy. We continue to expect Mohegan Gaming to further improve its balance sheet in preparation for the fierce competition that it will face from Resorts World Catskills, MGM Springfield and Wynn Boston Harbor. Further, we believe that the exposure by the company to South Korea is limited. as the $200 million invest

xpect Mohegan Gaming to further improve its balance sheet in preparation for the fierce competition that it will face from Resorts World Catskills, MGM Springfield and Wynn Boston Harbor. Further, we believe that the exposure by the company to South Korea is limited. as the $200 million investment has already