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ruba. [Exhibit 7: Domestic Gaining M&A Transactions Dale Acquirer Target Price Muklple MJ. MultIpls Pending Pending VICI Properties Hairah's Las Vegas Caesars Resort Collection Centaur Gaming 1.100 1,700 12.6x 12.1x 10t23/17 Golden Entertainment American Casino 850 8.3x 7.0x 9/11/17 MGM

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

apparent economic feasibility, market valuation and our own industry understanding. Lem Vegas: Exceeding Prior Peak Levels in 2018 Our outlook for Las Vegas remains positive as we continue to expect low-to mid-single-digit RevPAR and low-single digit GGR growth over the near term. While the recovery of

3 January 2018 HY Corporate Credit HY Multi Sector,Media, Cable & Satellite Please note that we have constructed our acquisition landscape based on a variety of factors, including expressed interest

f consensus expectations. Similar to previous quarters, F&B headwinds and disruptions from renovations at Palms and Palace Station continue to hurt Las Vegas operations. From a strategic perspective, we are somewhat concerned regarding the incremental spend at Page 92 Deutsche Bank Securities Inc. CONF

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