je — \ Wi Whi i A38.5 ACIC4.) DevelopmentSite _ onthe Las Vegas Strip *

Exclusive Agents Mare D. Renard 213-955-6413 Vice Chairman [email protected] Manfred W. Schaub 213-955-5128 Senior Director [email protected] John C. Cushman Ill 213-629-6575 Chairman [email protected] John Stinson (65) 6232 0878 Executive Managing Director (65) 6232 0878 [email protected] Ml CUSHMAN & ( WAKEFIELD Cushman & Wakefield of California, Inc. 01 South Figueroa Street, Suite 4700 Los Angeles, California 90017 Lic: #955076 Geoffrey West 702-688-6936 Senior Director [email protected] An independently owned and COM M E RCE | alll CUSHMAN & REAL ESTATE SOLUTIONS * COMRE.COM WAKEFIELD Commerce Real Estate Solutions 3773 Howard Hughes Parkway, Suite 100S Las Vegas, NV 89169 Confidentiality & Conditions This is a confidential Offering Memorandum intended solely for your limited use and benefit in determining whether you desire to express any further interest in the purchase of the 38.5-acre site (“the Property”). This Offering Memorandum was prepared by Cushman & Wakefield and Commerce Real Estate Solutions (“Cushman & Wakefield”) and has been reviewed by representatives of the owners of The Property (“the Ownership”). It contains selected information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information that prospective purchasers may desire. It should be noted that all information provided is for general reference purposes only in that such information is based on assumptions relating to the general economy, competition, and other factors beyond the control of Ownership and, therefore, is subject to material variation. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. Neither Ownership nor Cushman & Wakefield nor any of their respective officers have made any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum, any of its contents, or any other materials provided as a courtesy to facilitate prospective purchaser’s own investigations of the Property, and no legal commitments or obligations shall arise by reason of this Offering Memorandum, its contents or any further information provided by Cushman & Wakefield regarding the Property. It is essential that all parties to real estate transactions be aware of the health, liability and economic impact of environmental factors on real estate. Cushman & Wakefield does not conduct investigations or analyses of environmental matters and, accordingly, urges its clients to retain qualified environmental professionals to determine whether hazardous or toxic wastes or substances (such as asbestos, PCB’s and other contaminants or petro-chemical products stored in underground tanks) or other undesirable materials or conditions are present at the Property and, if so, whether any health danger or other liability exists. Such substances may have been used in the construction or operation of buildings or may be present as a result of previous activities at the Property. Various laws and regulations have been enacted at the federal, state and local levels dealing with the use, storage, handling, removal, transport and disposal of toxic or hazardous wastes and substances. Depending upon past, current and proposed uses of the Property, it may be prudent to retain an environmental expert to conduct a site investigation and/or building inspection. If such substances exist or are contemplated to be used at the Property, special governmental approvals or permits may be required. In addition, the cost of removal and disposal of such materials may be substantial. Consequently, legal counsel and technical experts should be consulted where these substances are or may be present. Ownership and Cushman & Wakefield expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or terminate discussions with any entity at any time with or without notice. Ownership shall have no legal commitment or obligation to any entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written commitment to purchase the Property has been fully executed, delivered and approved by Ownership and any conditions to Ownership’s obligations thereunder have been satisfied or waived. Except for representations and warranties expressly set forth in such definitive, executed purchase and sale agreement, Ownership makes and will make no representations and warranties regarding the Property and any prospective purchaser must rely entirely on its own investigations and those of its agents and consultants. By receipt of this Offering Memorandum, you agree that this Offering Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence, and that you will not disclose this Offering Memorandum or any of its contents to any other entity without the prior written authorization of Ownership nor will you use this Offering Memorandum or any of its contents in any fashion or manner detrimental to the interest of Ownership or Cushman & Wakefield. The terms and conditions stated in this section will relate to all of the sections of the Offering Memorandum as if stated independently therein. If, after reviewing this Offering Memorandum, you have no further interest in purchasing the Property at this time, kindly return this Offering Memorandum to Cushman & Wakefield at your earliest possible convenience. Photocopying or other duplication is not authorized. HOUSE_OVERSIGHT_

tents Executive Summary The OFPCTING ......ccecececeeeeseeeeeeeeeeesceeeeeseeesssneessaeeeeseseecseeesesenseessneeessanes HOUSE_OVERSIGHT_018745

CAGES ; MANDALAY BAY IB; Calibur MGMIGRAND 2nd Largest Hotel (9 3rd Largest Hotel |} 4th Largest Hotel The Largest Hotel 4752 Rooms } 4408 Rooms 4,008 Rooms _——a a Located atjacent to 4 of the 5 largest hotels in North America rectfrontage = T50' afb; a ~ TEs. a = HOUSE_OVERSIGHT_018746

Executive Summary The Offering , Cushman & Wakefield, Inc., as exclusive advisor, is pleased to offer for sale a remarkable 38.5- acre development site on the world famous Las Vegas Strip. Situated directly across from the Mandalay Bay Resort, an investor could obtain permits within approximately nine months to develop a visionary themed large-scale resort and gaming destination with up to 10,000 hotel rooms. An approved height allowance of up to 505 feet will make any future development on the Site the most highly visible on the Strip to the more than 42 million annual visitors travelling through McCarron International Airport. In addition private aircraft “high roller” terminals adjacent to the Site create a very unique opportunity to provide exclusive direct jet access points. Las Vegas gaming revenues, levels of new development, visitor volumes and visitor spending are all approaching record levels making the timing associated with the development of the Site extremely compelling. Las Vegas possesses a unique international appeal that draws an incredible 3.5 million visitors each and every month. The growth in tourism is only expected to accelerate with McCarran International Airport anticipated to be the fifth fastest growing airport in the country over the next 10 years with passenger volume projected to reach 55 million. Las Vegas’ growth is expected to be bolstered by a mix of additional seats by domestic and international carriers through more flights and larger aircraft and new service from international carriers including nonstop flights from China within three years. Over 4 million square feet of new convention space and more than $6 billion of new resort, retail and entertainment developments continue to elevate the overall “Las Vegas experience”. HOUSE_OVERSIGHT_018747

The Site Remarkable 38.5-acre site will support a themed, large-scale casino resort development Six to nine month approval process to break ground 750 feet of direct Strip frontage In-place income generated by existing buildings 505’ of FAA approved height allowance fronting the Strip H-1 zoning flexibility allows for resort casino/gaming, luxury retail, multifamily, retail, timeshare Direct visibility to 42 million visitors traveling through McCarran International Airport Views to south will be unobstructed forever due to lower buildable height restrictions on the south Existing streets bounding all sides of the Site provide excellent access

Private Aircraft “High Roller” Terminals at LAS MGM Grand | = | Triples The Lot / a= Development ) . | Tee Project ~ Las Vegas Blvd 2K aK 2 Convention Space Excalibur al epee | Ati Largest rotel 3rd Largest Hotel=stitje. MOA NDA AY. BAY / hs eee © 4,408 Rooms * 2nu Largest Hotel na 4752-Rooms HOUSE_OVERSIGHT_018749

Sirong Las $6 billion of under construction and planned Strip development is the greatest since 1950’s $45.1 billion in annual visitor revenue during 2014, a new record 41.1 million visitors in 2014; 2015 is on track to hit 42 million, a new record 4 million square feet of new convention space under development, a new record $9.6 billion in gaming revenues in 2014 near peak 2007 levels Visitor volume projected to increase by 500,000 every year for the foreseeable future Average hotel occupancy is 92% on the Strip Tier One hotel ADR was $232 in 2014 Nearly 650,000 new residents since 2000, representing 47% growth during the past decade 1.3 million more room nights were sold in 2014 over 2013 LAS VEGAS VISITOR ECONOMIC IMPACT 2000 - 2014 LAS VEGAS CONVENTION STATISTICS | Las Vegas Visitor Economic Impact = Attendance =@= Conventions $44.9 $45.0 $45.1 41.6 $41.6 $39.4 $40.2 $36.7 $36.8 33.7 $35.2 32.8 31.5 31.9 31.6 $28.7 | 24.6 63 69 © 5.2 5.0 5.1 4.9 45 4.5 7 3 Q 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 $45.1 Billion 4,000,000 Square Feet Visitor Revenues hit New Record Convention Space under Construction to Accommodate Demand ($ Billions) 3 & Attendance (millions) # of Conventions HOUSE_OVERSIGHT_018750

Ray wat i er a a 4 3 = - : RETAILERS T0 THE SOUTH RETAILERS T0 THE NORTH te ths es Ermenegildo Zegna TIFFANY&CO. LOUISVUITION 2x Sto2m BVLGARI i ark GUCCI (Crter FENDI uwermes Dior PRADA MIKIMOTO HOUSE_OVERSIGHT_018751

oat Raa (=) aac ae Sues» PANORAMA ome ts o ALL BEMDAGIO ba VaSry om a ae a PAUAG ‘ COSMOPOLITAN ce a Las Vegas Arena/ The Park (2016) NEW YOR 15 —_ _NEW YORK@SIMANDARIN Va = eo i, ORIENTAL wees on ee ee: @uxora & a ‘ “HOLLYWOOD Sac <a AT. MGMIGRAND=AO" es . * | : Sd MANDALAY; : BAY, 3. WYNDHAM y GRAND DESERT pa HOUSE_OVERSIGHT_018752

— PALACE oe STATION «i —t on, = CIRCUS ats ))))) eae 4 ‘HILTONGRAND = i, - VACATION = 8 ment Site as >” nl "SUITES — “= z ty of Rock evelopment Site vi ‘(Crown Reso rts) ; Ci ock ‘acura sa ae LS eau | Crown “TURNBERRY @ ~~ PLACE The Wynn Golf Club VAS VEGAS CASINO) Las Vegas 13 OF THE 30 LARGEST RESORTS ee IN THE-WORLD ARE ON THE STRIP Las Vegas he : Las Vegas HOUSE. OVERSIGHT_018753

THETRANSFORMATION, =. __ OF THESOUTH SIDEGF THE STR ll a | Sean <. ; = x Fit : : ———— = ee =| $100 Million Shops at Tropicana | a ze Planned a | Sil ' Luxury 300,000 Retail Frontage at | i 4 Excalibur Planned i i asi i eer = th ee mat sant! % \ ES : ive file a. ee | 4 | 2 Monte Carlo Frontage and The- j|— ‘ atre Under Construction iH Las hs. “a MGM Opened The Lot and City of Rock May 2015 | drawing 300,000 people in four days ark HOUSE_OVERSIGHT_018754 Mandalay Bay Convention Expands to 2.1 Million SF a

| S6 Billion hewn M Group’s multi-billion dollar Asian-themed ts resort on the Strip (expected to open in 2018) and Alon Crown 1,100 room Alon breaking A ground in 2016. ‘ cal mM MGM & AEG’s 20,000-seat arena under i | = =~ construction between New York-New York ; 2 on 1 | : and Monte Carlo will draw hundreds of | : ee, oe thousands of new visitors per year. i Oe ee oD —_—S~ = be M Major renovations are underway or complete : ' Se. at The Venetian, Mandalay Bay, MGM Grand, " . The Mirage, Bellagio, the New Tropicana Las 4 a § Vegas, SLS Hotel and Four Seasons Hotel. — YS opt eee Bik. I i Vill ae . ih i My eet 1 ss = Alon crown Resorts Planned Ay ds aad itl TTT? Lan | = lel an of ss ot 7 ot wr ‘ash © ane aa iz r HOUSE "OVERSIGHT. ( 018755

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Private Aircraft “High Roller” Terminals at LAS Offering Procedures Cushman & Wakefield, Inc. (“C&W”) is contacting prospective purchasers in order to solicit their interest in the acquisition of The Site on Las Vegas Strip. The Property is being offered on a strict “as-is” basis with the selection of the buyer being influenced by the level of physical and economic due diligence initially undertaken by prospective purchasers. In this regard, detailed financial information, title reports, service contracts and other relevant documentation are available for review. Property Tours Prospective purchasers are asked to contact C&W to arrange specific times for property tours. Offer Submission Prospective purchasers are kindly requested to submit offers to Cushman & Wakefield at their earliest convenience but no later than XX, XX, XXXX at the address specified below: Marc D. Renard Vice Chairman 213-955-6413 [email protected] Cushman & Wakefield of California, Inc. 601 South Figueroa Street, Suite 4700 Los Angeles, California 90017 Facsimile: (213) 627-5995 HOUSE_OVERSIGHT_018757

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The Site The Site is comprised of 12 parcels totaling approximately 38.475 net acres located at the southeast corner of Las Vegas Boulevard South and East Mandalay Bay Road on the world famous Las Vegas Strip. Current improvements on the Site include the Desert Oasis Motel, The Oasis Apartments, a two-story office building at 3951 Las Vegas Boulevard South and a one-story commercial building at 3953 Las Vegas Boulevard South. The former Skyvue development planned for the northwest portion of the Property received FAA height approvals and was planned for the world’s tallest ferris wheel approximately 467-feet tall and a two-story retail / convention complex. Two concrete support columns for the wheel, approximately 240-feet tall, and four concrete foundations were built before construction was halted in August 2012. The adjacent properties to the east fronting Haven Street are the signature private jet terminals of McCarran International Airport and the private jet terminal of the Las Vegas Sands Corp; to the west of the Site are Mandalay Bay Resort Casino and Convention Center, the Four Seasons Resort and Luxor Resort Casino; to the north of the Site are MGM's music festival property “The Lot” and the Tropicana Resort Casino; and to the south is undeveloped land primarily owned by the multinational conglomerate Triple 5 Group that is restricted by lower height limitations of approximately 284 feet. Site highlights include: HM Income in-place of approximately $500,000 from existing tenants provides revenue while planning concept and designs are approved HM Unique opportunity to create branding synergies with private ingress/egress points to the adjacent high roller jet terminals HM Preferred south Strip location adjacent to four of the largest resorts in North America (MGM Grand, Mandalay Bay, Excalibur and Luxor). M@ Established and high traffic location on the Las Vegas Strip mM Numerous world-class resorts, convention centers, luxury shopping, dining and entertainment attractions within walking distance. HM Proximate to the I-15 and |-215 Freeways HOUSE_OVERSIGHT_018759

ASSESSOR YEAR NO. PARCEL ADDRESS PROPERTY USE 2014 NOI BUILT ACREAGE 1 162-28-202-013 95 East Ali Baba Lane Former Casey Arms Apartments site/Undeveloped - - 8.965 2 162-28-301-001 47 East Mandalay Bay Road Former Happi Inn site/ Skyvue construction - - 0.769 3 162-28-301-002 47 East Mandalay Bay Road Former Happi Inn site/ Skyvue construction - - 0.45 4 162-28-301-010 3953 Las Vegas Boulevard South (1-story commercial): Psychic Sessions $18,000 1960 0.233 5 162-28-301-029 N/A Graded/Undeveloped - - 5.822 6 162-28-301-032 3951 Las Vegas Boulevard South (2-story): offices - Skyvue construction - 1998 3.348 7 162-28-301-033 N/A Graded/Concrete channel - - 3.767 8 162-28-301-034 3965 Las Vegas Boulevard South (2-story): Desert Oasis Motel & Apts- 48 rooms ($13,624) 1963 3.026 9 162-28-301-036 3941 Las Vegas Boulevard South Former Olympus Inn site/ Skyvue construction - - 1.76 10 162-28-301-037 N/A Skyvue construction - - 1.82 11. 162-28-302-001 N/A Graded/Undeveloped - - 2.229 12 162-28-310-001 5316 Danville Lane, 5333 Bethel Lane The Oasis Apartments - 128 units $268,675 1984 6.286 TOTAL $273,051 38.475 UTILITIES EXISTING INCOME The Site has full utility services provided by the following: The existing improvements on the Site, inclusive of the Desert Oasis Electricity: NV Energy Motel, Oasis Apartments and the strip retail building at 3953 Las Natural Gas: Southwest Gas Company Vegas Boulevard generate approximately $275,000 in annual net Income. Water: Las Vegas Valley Water District Sewer: Clark County Water Reclamation District Waste: Republic Services ee Pert i 7 —— ae ji q t = ne r a Pei . a “wo. \ i} ~ =a ™, HOUSE_OVERSIGHT_018760

= GILESSTREET- Improvements and Access Hy or poly 4 ity BS Existing streets bound all sides of the f aM e ges et | Site provide excellent access. Las Vegas “A. Skywue | Boulevard South is a fully improved six lane arterial with two main traffic lanes in each direction where it fronts the Site. East Mandalay Bay Road is a fully improved two lane collector streets with one traffic lane in each direction. Haven Street is a fully improved two lane street with one traffic lane in each direction. <Constrliction Jsmart (a i Bee .- chal eaecee tel Unidevelgped jf HEE GE “HOUSE _OVERSIGHT_ 018761

Tropicana Ali Baba The Site Hacienda Mandalay Bay Drive HOUSE_OVERSIGHT_018762

FAA Approved Height Allowance Up To 505 Feet On The Site The Federal Aviation Administration (FAA) has provided determination letters for the Site approving a height allowance of 505 feet fronting Las Vegas Boulevard and decreasing to 354 feet on the eastern portion of the Site. It should be noted that in March 2011 the Clark County has a Board of County Commissioners unanimously approved the development of the 500 foot observation wheel and retail/convention space on 10.0 net acres of the Site. NE ony BELLAGIO TLE CRIP yegas PROPERTY VEGAS HOTEL & CASINO HOUSE_OVERSIGHT_018763

Renderings and Plans Current ownership has drafted conceptual plans that include the development of 9,360 hotel rooms with approximately 350,000 square feet of retail, conference and casino gaming space. 7 Conference /Showroom |! i Level Summary | Site 3 | Level. +40) | Conference, Showrooms } Retail/Entertainment tovtal, reer \ Site 2B } Level edt | i Conference Showneame io | | Retail Entertainment auuog | | Hotel Level Summary | i Tower ' | Tomerr 3A Aliment Macur x: Mh 3400 f | Tomer 3A BOrocms/floorx Mé = 3,880 | | Tower 3B SOrooms/floorx 3G = =2ae0 | | Lew Rise 80'rooma;floor x - so | } $ { Libri neatnaieny | Maximum rooms per height limit | Tower 2B 00x36 = 3,600 | Fewer VA Alla = 2.80 i Tmer 3h ROT — AR ‘ Subvozal.. $60 VEY c ) a) ay oe? teers se, ale _—_— ie W€RLD PORT Elevation +40 - 420 SITE 2-3 * Hore. LEVEL a a0 Hew WORLD HART | HOWERTON r fogs de > Liesiecajer Avil er ine Soepiges = Aire Wek = Sue Pine ow yar HOUSE_OVERSIGHT_018764

6 to 9 Month Permitting Process to Break Ground The following is an outline of the estimated 6 to 9 month permitting process an investor will follow to enter into a development agreement within Clark County. Prior to starting the development agreement process with the County, the developer would acquire permit approvals from the Paradise Town Advisory Board. Redistribute . RISE reports : RISE reports Traffic study distributed Pre-submittal response submitted upon receipt conference from agencies Day 1 Day 15 Day 30 Day 45 Day 60* Pre-submittal filing: Agencies Agencies Revised initial regional encouraged encouraged RISE reports infrastructure to submit to submit submitted services evaluation draft draft by applicant (“RISE”) reports comments comments submitted. evidence of traffic study submittal. *Acceptance letter may be issued within 30 days of presubmittal conference depending upon applicant's response. **Development Agreement may be submitted in conjunction with Special Use Permit if negotiations are complete. Fixed timeline mav be flexible dependent upon applicant's response time. RISE Development acceptance agreement letter hearing Day 105° Day 150 Special use permit filed Commence and continue to negotiate Development agreement** HOUSE_OVERSIGHT_018765

Available Third Party Reports and Documentation The following summarizes available third party reports that are posted within the online due diligence site: ALTA Survey Wallace Morris Surveying, dated May 2013 Title Report by First American, dated July 2015 Tax bills 2014 — 2015 Phase | by Western Technologies Inc., dated April 2014 Phase II by Western Technologies Inc., dated August 2003 Limited Phase II by Western Technologies Inc., dated August 2004 Geotechnical Evaluation by Western Technologies Inc., dated October 2003 Geotechnical Evaluation by Western Technologies Inc., dated August 2004 Geotechnical Evaluation by Western Technologies Inc., dated July 2011 Geotechnical Recommendation Letters of by Western Technologies Inc., dated February 2012, April 2014 Zoning Declaration Letter by Clark County Planning Department, dated October 2008 Federal Aviation Administration (FAA) Height Determination Letters, dated May 2011, June 2012, February 2015 ages HOUSE_OVERSIGHT_018766

Area Overview The.Las Vegas Experience Developed as an entertainment destination, Las Vegas is driven by a consumer services economy where “the experience” is its primary commodity. Las Vegas is one of the most visited tourist destinations in the United States and it possesses a unique international appeal that draws a remarkable 3.4 million visitors each month. Identified as the global capital of entertainment and gaming, it is the iconic three-mile stretch of Las Vegas Boulevard known as “the Strip” that draws visitors to Las Vegas. With 115,000 hotel rooms located on the Strip, the concentration of tourists is more than any other metropolitan statistical area in the world. The Las Vegas Convention and Visitors Association reported 41.1 million visitors in 2014 and project the total number of visitors to reach a new market high of 42 million in 2015. HOUSE_OVERSIGHT_018767

Unparalleled Hotel and Resort Inventory Las Vegas has a larger supply of hotel rooms than any other metropolitan statistical area in the world and in return drives extraordinary spending demographics. The vast majority of Las Vegas’ lodging supply is located on the Strip, and approximately 76% of all visitors (31 million) to Las Vegas stay in hotels on the Strip each year. Luxurious mega-resorts as well as more moderately priced accommodations are concentrated on the Strip and in the immediate surrounding area to meet the needs of all segments of the visitor market. A comparable resort district cannot be found anywhere else. As summarized in the exhibit below, 17 of the 30 largest resorts in the world are located on the Las Vegas Strip: THE WORLD’S 30 LARGEST HOTELS AND RESORTS RANK RESORT 14 15 LOCATION MGM Grand Las Vegas First World Hotel Disney’s All-Star Hotel Orlando Izmailovo Moscow Mandalay Bay Las Vegas Luxor Las Vegas Ambassador City Jotiem Pattaya The Venetian Las Vegas Excalibur Las Vegas Aria Resort & Casino Las Vegas Caesars Palace Las Vegas Bellagio Las Vegas Sheraton Macau Circus Circus Las Vegas Shinagawa Prince Hotel Tokyo Located in Las Vegas Genting Highlands ROOMS 6,852 6,118 5,524 5,000 4,752 4,408 4,219 4,049 4,008 4,004 3,960 3,950 3,896 3,774 3,680 RANK RESORT 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Flamingo Atlantis Hilton Hawaiian Village Disney’s Port Orleans French Quarter Mirage Monte Carlo Venetian Macau Cosmopolitan Westgate Las Vegas Resort and Casino Paris Treasure Island Gaylord Opryland Resort Disney’s Pop Resort Bally’s Borgata LOCATION Las Vegas Paradise Island Honolulu Lake Buena Vista Las Vegas Las Vegas Macau Las Vegas Las Vegas Las Vegas Las Vegas Nashville Lake Buena Vista Las Vegas Atlantic City HOUSE_OVERSIGHT_018768 ROOMS 3,565 3,414 3,386 3,056 3,044 3,002 3,000 2,998 2,956 2,916 2,884 2,881 2,880 2,814 2,802

Convention Centers and Trade Shows Las Vegas is the world’s most preferred convention and trade show city, offering more convention and meeting space than any other city in the world, with more than 11 million square feet of existing inventory, including more than 2.0 million square feet that have been completed during the past three years and an additional 4 million square feet of convention space is currently in development. The total annual non- gaming economic impact of conventions hosted by all Las Vegas facilities totals approximately $8.0 billion. Notable conventions scheduled in Las Vegas during 2015 and 2016 include the following: CONVENTIONS & TRADE SHOWS (2015-2016) DATE January-16 November-15 January-16 August-16 February-16 September-15 September-15 March-16 May-16 June-16 May-16 April-16 March-16 October-15 September-15 June-16 November-15 November-15 September-15 January-16 July-16 February-16 December-15 October-15 October-15 March-16 October-15 October-15 September-15 June-16 March-16 March-16 EVENT International CES 2016 Automotive Aftermarket Industry Week (AAIW) 2015 Las Vegas Market - Winter 2016 Las Vegas Market - Summer 2016 World of Concrete 2016 2015 Pack Expo Las Vegas Super Mobility Week Nightclub and Bar Show 2016 RECon 2016 International Communications Industries Association/ Infocomm 2016 National Hardware Show 2016 National Automobile Dealers Association 2016 Healthcare Information & Management Systems Society (HIMSS16) National Association of Convenience Stores, Inc. (NACS) Exposition 2015 2015 Mr. Olympia International Esthetics Cosmetics & Spa Conference (IECSC) 2016 American Academy of Opthalmology Annual Meeting 2015 National Business Aviation Association, Inc. (NBAA) - 2015 Interbike Expo 2015 Kitchen and Bath Industry Show 2016 Deafnation World Expo 2016 Safari Club International 44th Annual Hunters Convention Power-Gen International Conference 2015 G2E: Global Gaming Expo 2015 ISSA / INTERCLEAN North America 2015 Western Veterinary Conference 2016 ABC Kids Expo 2015 Live Design International 2015 International Vision Expo West 2015 Waste Expo 2016 National Association of Pizzeria Operators Expo - 2016 International Wireless Communications Expo 2016 ATTENDEES 163,000 140,000 50,000 50,000 48,000 45,000 40,000 39,000 36,000 35,000 30,000 30,000 30,000 30,000 30,000 25,000 25,000 25,000 25,000 24,000 23,000 21,000 20,000 17,000 16,000 14,500 14,000 14,000 14,000 12,000 12,000 12,000 HOUSE_OVERSIGHT_018769

Strong Increase in Visitor Economics The following chart presents a history of visitor volumes and total visitor revenue for Las Vegas: LAS VEGAS TOURISM IMPACT YEAR TOTAL VISITORS % CHANGE Coe eon % CHANGE A REE % CHANGE 1988 17,199,808 - 10,039,448,000 - 584 = 1989 18,129,684 5.4 11,912,941,000 18.7 657 12.6 1990 20,954,420 15.6 14,320,746,000 20.2 683 4.0 1991 21.315,116 17 14,326,554,000 0.0 672 (1.7) 1992 21,886,865 27 14,686,644,000 25 671 (0.2) 1993 23,522,593 7S 15,127,167,000 3.0 643 (4.2) 1994 28,214,362 19.9 19,163,212,000 26.7 679 5.6 1995 29,002,122 28 20,686,800,000 8.0 713 5.0 1996 29,636,361 22 22.533,258,000 8.9 760 6.6 1997 30,464,635 28 24,952,189,000 10.7 819 ey 1998 30,605,128 0.5 24.577,469,000 (1.5) 803 (2.0) 1999 33,809,134 10.5 28,695,178,000 16.8 849 ae 2000 35,849,691 6.0 31,462,337,000 96 878 3.4 2001 35,017,317 (2.3) 31,907,492,000 14 911 3.8 2002 35,071,504 0.2 31,613,938,000 (0.9) 901 (1.1) 2003 35,540,126 13 32.777,906,000 37 922 23 2004 37,388,781 5.2 33,724,467,000 29 902 (2.2) 2005 38,566,717 3.2 36,733,453,000 8.9 952 5.6 2006 38,914,889 0.9 39,406,265,000 73 1,013 63 2007 39,196,761 0.7 41.578,079,000 aE 1,061 48 2008 37,481,552 (4.4) 42,900,000,000 3.2 1.145 79 2009 36,351,469 (3.0) 35,200,000,000 (17.9) 968 (15.4) 2010 37,335,436 27 36,800,000,000 45 986 18 2011 38,928,708 40,200,000,000 9.2 1,033 48 2012 39,727,022 44,900,000,000 11.7 1.130 9.4 2013 39,668,221 45,200,000,000 0.7 1,139 0.8 2014 41,126,512 45,200,000,000 0.0 1,099 (3.5) Source: LVCVA HOUSE_OVERSIGHT_018770

Strong Increase in Convention Attendance With 11 million square feet of existing and planned convention space, Las Vegas is one of the world’s most convention destinations. The Las Vegas Convention Center is the primary Las Vegas convention venue, a state-of-the-art facility, which features 3.2 million square-feet of exhibit and meeting space, and will soon expand to 5.8 million square feet. The following demonstrates the strong increase of convention attendance during the previous five years: CONVENTION VISITATION YEAR TOTAL VISITORS % CHANGE 1983 943,611 non 1984 1,050,916 11.4 1985 1,072,629 2.1 1986 1,519,421 41.7 1987 1,677,716 10.4 1988 1,702,158 1.5 1989 1,508,842 (11.4) 1990 1,742,194 15.5 1991 1,794,444 3.0 1992 1,969,435 9.8 1993 2,439,734 23.9 1994 2,684,171 10.0 1995 2,924,879 9.0 1996 3,305,507 13.0 1997 3,519,424 6.5 1998 3,301,705 (6.2) 1999 3,772,726 14.3 2000 3,853,363 2.1 2001 5,014,240 30.1 2002 5,105,450 1.8 2003 5,657,796 10.8 2004 5,724,864 1.2 2005 6,166,194 7.7 2006 6,307,961 2.3 2007 6,209,253 (1.6) 2008 5,899,725 (5.0) 2009 4,492,275 (23.9) 2010 4,473,134 (0.4) 2011 4,865,272 8.8 2012 4,944,014 1.6 2013 5,107,416 3.3 2014 5,169,054 Source: LVCVA HOUSE_OVERSIGHT_018771

4 Million Square Feet of The $2.5 billion convention center expansion will generate an Convention Space in Development increase in demand of 500,000 visitors per year Indicative of the strong growth in convention demand, in _~ es February 2015 the Las Vegas Convention and Visitors Authority ue 2 (LVCVA) acquired the former Riviera hotel located on 23-acres for $182.5 million. A planned $40 million demolition during 2015-2016 of the former hotel will lay the foundation for a $2.5 billion expansion of the Las Vegas Convention Center, increasing convention capacity to 5.8 million square feet. The expansion will transform the current convention center, rebranded as the Las Vegas Global Business District, and support the demand growth projected to be an additional 500,000 visitors per year. Phase One is currently underway and includes developing 750,000 square-feet of new exhibit space and 187,500 square- feet of supporting meeting space, renovating and upgrading LAS VEGAS CONVENTION STATISTICS the existing facility, incorporating touch screens, faster Internet a Se Ssseae | mk GaTEHUETE au;000 speeds, new restaurants and an updated facade. Phase Il 6.5 includes the expansion onto the former Riviera site from a current total footprint of 3.2 million square-feet to 5.7 million 25,000 e ‘\ f 20,000 square-feet of space, with new street infrastructure and new 8 5.5 —— aa = centralized transportation hub for the entire city. Additionally, £ 5 9 5° om 15,000 2 the expansion project will include development of a new office e = ‘ j : 245 oe park in the neighborhood surrounding the center. o 10,000 * < 9.2 million convention attendees in 2014 isthe highest in 6 years and 3.6 represents significant potential for growth In addition to the LVCVA space, 350,000 square feet of convention 5,000 space at Mandalay Bay and 1,000,000 square feet of convention space at Genting Group s Resorts World are under construction. 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 HOUSE_OVERSIGHT_018772

Development on the Strip With approximately $21 billion in high-profile developments completed since 2008, the Strip has attracted significant investment capital from both ownership entities that already possess a significant stake in the future success of the Strip and new capital sources seeking to benefit from Las Vegas’ exceptional long-term fundamentals. Resort and casino ownership is largely consolidated among operators that are devoted to continuing to increase visitation levels by upgrading the Las Vegas experience. RECENT LAS VEGAS STRIP DEVELOPMENTS - 2013 TO 2018 COST CONVENTION ROOMS sea ail/ ($MILLIONS) SPACE (SF) TIMESHARE HOTEL COMPLETED 2013 Caesars Palace - Nobu Hotel (former Centurion) $30 180 February 2013 The LINO (Phase 1) $550 ; Fall 2013 2014 The Grandview at Las Vegas $55 400 February 2014 The LINO (Phase 2) $230 849 February 2014 The Cromwell (Rebrand / Remodel) $185 May 2014 New York New York / Monte Carlo (Open Air Plaza) $50 June 2014 SLS Las Vegas (Rebrand / Remodel) $415 80,000 1,613 August 2014 Delano (Reband / Remodel) September 2014 Red Rock Casino (Renovation) Fall 2014 Golden Nugget (Remodel) December 2014 2015 Wyndham Desert Blue $172 281 March 2015 Bellagio (Renovation) $55 April 2015 The Grand Bazaar Shops $50 February 2015 Caesars Palace (Omnia Nightclub) $38 March 2015 Treasure Island $15 April 2015 Galleria at Sunset $26 Spring 2015 Rock in Rio (MGM Resorts Festival Grounds) May 2015 HOUSE_OVERSIGHT_018773

FUTURE DEVELOPMENT COST CONVENTION ROOMS PASI ($MILLIONS) SPACE(SF) TIMESHARE HOTEL COMPLETED 2016 MGM Resorts International Areana (Indoor Arena) $375 April 2016 Mandalay Bay Resort & Casino (Renovation) $66 January 2016 Topgolf Las Vegas (Renovation) $50 Spring 2016 Toshiba Plaza $66 January 2016 Henderson Space and Science Center $63 Spring 2016 Thomas & Mack Center (Renovation) $47 Spring 2016 Tropicana Las Vegas (Renovation) $20 Spring 2016 Boulevard Mall (Redevelopment) $23 Fall 2016 TOTAL 2016 $710 0 0 2018, All Net Resort and Arena $1,400 CY 2018 Resorts World Las Vegas (Phase 1) $4,000 Spring 2018 TOTAL 2018 $5,400 0 0 TOTAL FUTURE DEVELOPMENT $6,110 0 0 f the os Ca ower & ae 1" te, ae = % a “. ™s HOUSE. OVERSIGHT _018774

Significant Projects Resorts World Las Vegas — In 2013, the Genting Group purchased the 87-acre, former Echelon site on the northern end of the Strip for $350 million. Branded Resorts World, the planned Chinese Village-themed, four-phased mega-resort broke ground June 2015 with opening planned in 2018. Construction of Phase | on the multi-phased project is planned for 3,000-rooms, 22-villas, 3,500-gaming machines, a 100,000-square-foot casino/gaming floor, 500,000-square-foot convention center, dozens of dining options, more than 15-retail stores, a center bar with live entertainment, a 50,000-square-foot, 58-foot tall exotic aquarium, and the highest observation deck and sky park in the city. Subsequent phases will add additional hotel rooms, gaming space, convention center space, a Great Wall of China replica, a live panda exhibit, an indoor water park, a bowling alley, a movie theater, and a 4,200-seat rotating theater. Wyndham Desert Blue Time Share — The 19-story, 281-unit timeshare on Twain Avenue just west of Interstate 15 opened in July 2015. The Park by MGM - The Park is currently under construction between and around New York-New York and Monte Carlo. The eight-acre site will feature natural desert landscaping, cobblestone walkways, and several unique water features. Man-made structures will proved shade during the day and will light up at night. The outdoor space will feature live entertainment, patio style seating throughout, ample shopping and indoor/outdoor dining options. This new venue between New York-New York and Monte Carlo will connect The Park with the new Arena, and both will open concurrently in the spring of 2016. —— ~ HOU S) E OVERSIGHT 018 — ~ 775

The Arena (MGM Resorts) — Construction broke ground in May 2014 on a 16-acre, $375-million entertainment district located between Monte Carlo and New York- New York. The MGM Resorts/AEG collaboration will consist of an indoor arena that will feature 20,000-seats, 50-luxury suites, more than two-dozen private loge boxes, club seating, and other specially designed exclusive hospitality offerings and dining pavilions. Expected to hold more than 100-events annually, The Arena will be hosting concerts, red-carpet award shows, professional sports events such as basketball or hockey, boxing, mixed martial arts, and other major functions. Construction is slated for completion in Spring 2016 and will open concurrently with The Park. The Grand Bazaar Shops (Bally's) — The $50-million outdoor retail complex is located on the southeast corner of Las Vegas Boulevard and Flamingo Road, in the front portion of the property. Inspired by great markets from around the world, the shops contains 110-stores, including Swatch, Superdry, Havaianas, and Campo Marzio. More than a third of the property will feature restaurants, bars and food outlets. The main feature of the bazaar shops is an eye-catching tower called the Swarovski Crystal Starburst. The tower is positioned over the brand’s store and displays a midnight show of lights and music. The retail complex opened in January 2015. City of Rock (MGM Resorts) — Opened in May 2015, City of Rock is located on the southwest corner of East Sahara Avenue and South Las Vegas Boulevard. The $30-million open air venue is home to one of the largest music festival venues in the world, Rock in Rio (RiR). The venue has a capacity of 85,000, and during Rik, it will feature six stages, a Ferris wheel, a zipline, shopping and themed food courts. The Rock in Rio festival will held biennially, and MGM plans to use the site for other mega festivals, athletic events and concerts when not in use for RiR. HOUSE_OVERSIGHT_018776

All Net Resort Arena — is being built at a cost of approximately $1.4 billion and is set to open in early 2018 on the north end of the Las Vegas Strip. In addition to a spectacular 860,000-square-foot arena that is able to host big ticket events, the complex includes the Victory Plaza shopping and dining district and a 44-story hotel with 500 specialty suites. The arena at the All Net Resort features a unique retractable roof. The Victory Plaza area covers 300,000 square feet and is a pedestrian-only plaza that offers something akin to the Times Square experience in New York. Mandalay Bay Convention Center (Phase 1 & 2) — A $66-million expansion on the Mandalay Bay Convention Center completed is scheduled to complete January 2016. Construction on Phase 1 completed July 2015 adding more than 350,000-square-feet of exhibit space, as well as underground parking. Phase 2 of the expansion will include 70,000-square-feet of additional ballroom space that will be divisible by five breakout areas for corporate groups. When completed, the convention center will total 2,050,000 square feet. Shops at Tropicana — A new, $100-million, 275,000-square-foot, two-story, enclosed shopping mall will feature luxe retail, a food court on the ground floor with five new boutique restaurants and two Strip-facing restaurants. The project is expected to begin in fall 2015 with an anticipated completion date in the 2017. HOUSE_OVERSIGHT_018777

The Site is Visible to Over 42 Million Visitors Per Year MCCARRAN INTERNATIONAL AIRPORT EXPANSION McCarran International Airport is one of the busiest airports in the country. McCarran serves both short and long haul markets, along with international markets. In 2014, Airports Council International ranked McCarran ninth in North America and 25th in the world for passenger traffic, with approximately 43 million arriving and departing passengers each year. 2014 observed an increase of over 1 million more passengers over 2013, or a 2.4% increase in traffic. With over 30 air carriers, McCarran provides nonstop service to domestic and international destinations including Canada, Germany, Mexico, the United Kingdom and South Korea. 2014 was the highest year on record for international tourism, with over 3.3 million visitors to the Strip. Major expansion and improvements totaling $3.5 billion include Terminal 3 that opened in 2012 and the new $100 million control tower was completed in early 2015. The 1.9 million-square-foot expansion of Terminal 3 increased the airport’s annual capacity to approximately 55 million passengers. MCCARRAN AIRPORT PASSENGER TRAFFIC 50.0 47.7 i International Passengers 45.0 Mm Domestic Passengers 42.9 41.4 Ans 41.5 417 40.0 39.8 2.20 36.9 36.3 1.22 35.2 35.0 ad LTO = 42.0 : 35.6 34.1 34.0 Soe 40.0 42.4 44.2 45.5 41.8 38.3 37.6 38.9 38.8 39.0 39.5 42.9 MILLION TOTAL PASSENGERS IN 2014 3.3 MILLION 30.0 INTERNATIONAL PASSENGERS TOTAL PASSENGERS (MILLIONS) 25.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 HOUSE_OVERSIGHT_018778

Las Vegas \Vionorail = Plans for the expansion of the Monorail place the line and potential stops adjacent to the Site. The Las Vegas Monorail is a six-stop, elevated train system that travels along a 3.9-mile route connecting major hotels and attractions along the Strip. It enables passengers to travel the length of the resort corridor beginning at the MGM Grand with stops at Bally’s/Paris, Flamingo/Caesars Palace, Harrah’s/Imperial Palace, Las Vegas Convention Center, the hotel called LVH and ending at the intersection of Sahara Avenue and Las Vegas Boulevard. The train is capable of transporting 3,200 passengers per hour in each direction and has carried over 50 million passengers. Circus Circus p Hilton Grand Trump International, ~ Vacations,Club r . Turnberry Place t - —<—l Riviera’ a _ Chinatown > < Gold Coast e =I Rio All-Suite Hotel 15 | Palms Place, @ na Orleans Clarion Hotel@ e 4 / EN ee Mirage mA |S) aii |) al The Palazzo SPN. (|= Encore mee | Marriott Hotel Las Vegas The M A : : " g wl 2 Convention . 4 “a Caesars Palace - Ain £3 Y 1 26 ” : Center panera Towers NobuiHotel Vdara «& Bellagio : s Aria J ese (Cosmopolitan & Monte Carlo A. eee j 4 Mandarin Paris Ballyss | Orientalag~7< piltecle Mile > Bally’s/Paris Station , e || fa he @ The Platinum ‘ , @ Elara q iG arid The Signature THEhotel yp $ ; > p we Uy i rd . a SdHooters Casino Hotel bad / Je a => E McCarran International Airport Ic a b wy Four Seasons @ po To Town, Square B - Renierance @ Best Western Mardi Gras @ Embassy Suites @ @ Westin Las Vegas Hilton Grand Vacations Club HOUSE_OVERSIGHT_018779

HOUSE_ OVERSIGHT 018780

Market Analys Overview The Site is located within the Las Vegas Strip Gaming Enterprise Zoning District (the “GED”). The GED supports the expansion of gaming and entertainment activities and associated resort hotels. This zoning designation offers an extremely flexible development approval process offering a number of potential uses that can include, but are not limited to any combination of: Themed Resort and Hotel Casino and Gaming Condominiums Luxury/Upscale Retail Timeshares Dining and Entertainment 2014 LAS VEGAS STATISTICS Visitor Volume 41,126,512 Hotel Room Inventory 150,544 Strip ADR $248.89 Strip Occupancy 90.2% Strip RevPar $224.49 Convention Attendance 5,169,054 Convention Meetings 22,103 Clark County Gaming Revenue $9,554,002,000 Las Vegas Strip Gaming Revenue $6,372,526,000 HOUSE_OVERSIGHT_018781

Las Vegas Resort Hotel Market The Las Vegas lodging market has historically attained occupancy levels well above the national average. The following table presents an analysis of the Las Vegas lodging market since 1985: LAS VEGAS LODGING STATISTICS % TOTAL 6 HOTEL % MOTEL % TOTAL % INVENTORY CHANGE OCCUPANCY CHANGE OCCUPANCY CHANGE OCCUPANCY CHANGE of @opicp 1985 53,067 = 84.7 = 70.1 = 79.8 = 15,456,825 - 1986 56,494 6.5 86.3 1.9 70.9 1.1 81.4 2.0 16,784,932 8.6 1987 58.474 3.5 87.0 0.8 74.0 44 93.4 25 17,800,070 6.0 1988 61,394 5.0 89.3 26 73.7 (0.4) 85.1 2.0 19,069,897 7.1 1989 67.391 9.8 89.9 0.7 72.5 (1.6) 85.2 0.1 20,957,253 99 1990 73.730 9.4 89.1 (0.9) 69.8 (3.7) 84.7 (0.6) 22,793,998 8.8 1991 76.879 43 85.2 (4.4) 62.6 (10.3) 80.3 (5.2) 22,532,851 (1.1) 1992 76,523 (0.5) 88.8 42 66.1 5.6 83.9 45 23,434,021 4.0 1993 86,053 12.5 92.6 43 69.7 54 87.6 aA 27,514,586 17.4 1994 88,560 29 92.6 0.0 73.2 5.0 89.0 1.6 28,768,716 46 1995 90.046 17 91.4 (1.3) 72.4 (1.1) 88.0 (1.1) 28,922,775 1996 99.072 10.0 93.4 22 757 46 90.4 27 32,689,797 1997 105,347 63 90.3 (3.3) 68.8 (9.1) 86.4 (4.4) 33,222,230 1998 109,365 3.8 90.3 0.0 67.3 (2.2) 85.8 (0.7) 34,249,837 1999 120.294 38,638,433 2000 124.270 40,414,468 2001 126,610 39,142,115 2002 126,787 38,859,613 2003 130,482 39,760,735 2004 131,503 41,953,010 2005 133,186 43,362,698 2006 132.605 45,787,180 2007 132.947 43,867,192 2008 140,529 42,967,252 2009 148,941 41,986,134 2010 148,935 43,365,743 2011 150,161 45,654,165 2012 150,481 46,479,707 2013 150,593 46,191,449 47,497,234 _ 150,544 66.8 one 87.9 _-- --- 19,909,507 --- YTD 5/15 149,352 0.0 89.1 (1.2) 67.0 0.3 87.0 (1.0) 19,758,379 (0.8) YTD 5/14 149,347 mon 90.2 HOUSE_OVERSIGHT_018782

Luxury Resort Hotel Comparables The following provides an overview of the anticipated competitive set for a future hotel resort development at the Site. The more recently opened properties are the Aria (as part of CityCenter) in 2009 and the Cosmopolitan in 2010 Venetian/Palazzo and Wynn/Encore opened in January and December of 2008, respectively. New ‘boutique’ entrants to the Strip opening in 2014 include The Cromwell Las Vegas, an upscale boutique property backed by Caesars Entertainment and SLS Las Vegas. It should be noted that all of the newer properties are geared toward the upper end of the market. aoe: arena wine 1 — CR ENR ER OLS sIVOLUALWAWAST = <a In May 2015, Genting Gaming announced the ground breaking of Resorts World Las Vegas. Following this in June 2015, Crown Resorts announced the purchase of the former Frontier site for the development of Alon. These two projects will add approximately 4,000 high-end rooms to the Strip market. sss ve. =ey . Ct = = ie de oe me ; fie = mss! SS) oe = nee it nS SS E = Se ee em ee ce | = 2S EMRE S| ee eh on = SE ES I ae =e = aE Ss es, = a os, SS sy len il te ae [SPR eo Se aE i Sim plldchaaliat ce te! eee ee gy eas te SS | Se a rls i i BS IS 2 SE eee ee ae / i o i en = = alli eT] i im © = © ca <= - eka, mete ee te HOUSE_OVERSIGHT_018783

SELECT LUXURY RESORTS AND CASINOS ARIA RESORT & CASINO Hotel Summary Owner MGM Resorts Intl. Height 600 Acres n/a Total Guest Rooms 4,004 2014 Average Daily Rate $217 2014 Occupancy 93% 2014 RevPar $202 Casino/Gaming Summary Total Square Feet 150,000 # of Slot Machines 1,969 # of Tables 122 2014 Casino Revenue $422,979,000 Retail Summary Retail The Shops at Crystals Total Square Feet 500,000 # of Shops 57 Key Tenants Louis Vuitton, Dolce & Gabbana, Tiffany & Co., Roberto Vavalli, Bulgari, Cartier, Van Cleef & Arpels, Mikimoto Entertainment Summary # of Restaurants 16 # of Bars & Nightclubs 10 Convention/Meeting SF 300,000 Spa Square SF 80,000 BELLAGIO MGM Resorts Intl. 508 76.00 3,933 $254 93% $236 156,000 1,895 132 n/a Via Bellagio 44,000 12 Bottega Veneta, Breguet, Chanel, Dior, Fendi, Giorgio Armani, Gucci, Harry Winston, Hermes, Louis Vuitton, Prada, Tiffany & Co. 20 7 200,000 55,000 THE COSMOPOLITAN VENETIAN / PALLAZZO Blackstone 604 8.45 2,959 $307 94% $287 99,719 1,373 129 $203,247,000 n/a 35,744 16 Allsaints, Spitalfields, Sneaker Boutique, Dna2050, Jason of Beverly Hills, Molly Brown’s Swimwear, Rent the Runway, Stitched 13 8 151,500 50,000 Las Vegas Sands Corp. 642 67.00 7,095 $223 88% $196 225,000 2,350 240 $509,205,000 Grand Canal Shoppes 875,000 160 Barney’s, Christian Louboutin, Tory Burch, Jimmy choo, Burberry, Fendi, Diane von Furstenberg, Michael Kors, Sephora, Swarovski 38 11 2,300,000 134,000 WYNN / ENCORE Wynn Resorts Ltd. 631 215.00 4,750 $274 87% $238 186,000 1,864 235 $687,436,000 Wynn Esplanade 99,000 25 Alexander McQueen, Cartier, Chanel, Dior, Givenchy, Hermés, Louis Vuitton, Manolo Blahnik, Oscar de la Renta, Rolex 13 11 284,000 n/a HOUSE_OVERSIGHT_018784

Gaming Supply and Demand Analysis Las Vegas is recognized worldwide as a premier gaming destination. From traditional card and dice games, to slot machines and race and sports book betting, the casino industry has flourished and evolved into an international phenomenon. A significant portion of the visitor revenue generated in the city is attributed to the gaming industry, which posted $9.6 billion in revenue in 2014. The initial step in analyzing supply and demand trends within a given gaming market is to quantify the existing level of gaming inventory. To quantify gaming supply levels, a review of all competitive gaming facilities is performed. Once the market’s supply level is known, an analysis of the demand for gaming facilities is performed. Unlike traditional economic models of supply and demand, the price variable associated with gaming is largely determined by the consumer. Gaming is an intangible product: the consumer is purchasing the “experience” and “excitement” casino gaming offers. The price that the consumer is willing to pay for this experience is known as the “win,” and is quantified on a per-unit basis known as the “win per unit per day” (WPUPD). Research indicates that the WPUPD, or the price a market can bear for gaming activity, is highly correlated to the level of available gaming inventory. The actual WPUPD attained by a market, say $100 per gaming position, and provides an indication of the marketwide demand for gaming. As will be further discussed, these demand levels within a market can be estimated through an analysis of the actual WPUPD attained by the market. Historical fluctuations in the marketwide WPUPD at various levels of supply can provide insight into the future demand for gaming. Further impacting the demand for gaming facilities in the market are current and projected trends in economic and demographic factors such as population base, employment, disposable income levels, and visitation statistics. In addition, seasonal fluctuations must be taken into consideration when analyzing demand trends. Once the various demand trends have been identified, a variety of analytical methodologies may be employed to forecast gaming revenue for an overall market or an individual property. HOUSE_OVERSIGHT_018785

Gaming Supply Analysis The following table presents an overview of the competitive themed Casino Resort properties as of year-end 2014 operating within the Las Vegas Strip submarket. These properties contained 33,505 gaming devices and 1,979 table games. COMPETITIVE SUMMARY CASINO OWNER SLS Las Vegas The Cosmopolitan of Las Vegas Bally’s Casino Resort Stockbridge Blackstone Group Caesars Entertainment Bellagio MGM Resorts International Caesars Palace Caesars Entertainment Aria MGM Resorts International Excalibur MGM Resorts International Flamingo Hilton Caesars Entertainment Harrah’s Las Vegas Caesars Entertainment Luxor MGM Resort International Mandalay Bay MGM Resort International MGM Grand MGM Resort International Mirage MGM Resort International Monte Carlo MGM Resort International New York-New York MGM Resort International Palace Station Station Casinos Palms George Maloof Paris Caesars Entertainment Planet Hollywood Caesars Entertainment Riviera Riviera Holding Corp. Treasure Island Phil Ruffin Tropicana Resort and Casino Onex Corp. Venetian/Palazzo Wynn/Encore Las Vegas Sands, Inc. Wynn Resorts ROOMS 1,613 2,960 2,814 3,933 3,340 4,004 3,991 3,565 2,526 4,408 4,332 5,001 3,044 3,213 2,024 1,028 703 2,916 2,496 2,072 2,885 1,878 7,095 4,750 CASINO SQUARE FOOTAGE 54,000 110,000 66,187 159,734 136,573 200,544 89,074 61,000 90,041 100,000 160,344 161,675 95,900 102,207 64,269 84,000 55,689 95,195 116,000 103,800 55,680 62,011 138,684 109,900 CASINO SF PER ROOM 33.5 37.2 23.5 40.6 40.9 50.1 22.3 17.1 35.6 22.7 37.0 32.3 31.5 31.8 31.8 81.7 79.2 32.6 46.5 50.1 19.3 33.0 19.5 23.1 GAMING TABLE DEVICES GAMES 806 77 1,360 124 999 58 1,977 110 1,265 98 1,726 101 1,202 72 1,100 100 1,206 85 1,250 75 1,500 90 1,850 98 1,760 80 1,400 55 1,350 51 1,713 37 1,317 45 1,014 77 1,095 71 1,000 30 1,335 61 892 40 2,287 185 2,101 159 HOUSE_OVERSIGHT_018786

Gaming Demand Analysis The win per unit per day (WPUPD) statistic provides the basis for the analysis and projection of table game and gaming device revenues. WPUPD is calculated by dividing total gaming revenues generated by a particular type of gaming unit by the number of gaming units available. Overall, the market for gaming devices exhibited high levels of demand and absorption as evidenced by increasing WPUPD and overall win levels during periods of increasing inventory. The following exhibit summarizes the strong performance of the Strip gaming market within the industry standard “Casinos earning $72M and Over”. LAS VEGAS STRIP $72 MILLION AND OVER GAMING DEVICES YEAR WIN (000S) % CHANGE UNITS % CHANGE WPUPD % CHANGE 1 1996 $1,442,375 see 37,197 =a $106 see 2 1997 1,486,193 3.0 39,033 4.9 $104 (1.5) 3 1998 1,719,351 15.7 45,078 15.5 $104 0.2 4 1999 1,928,428 12.2 47,962 6.4 $110 5.4 5 2000 2,107,673 or 50,203 4.7 $115 4.1 6 2001 2,055,412 (2.5) 47,175 (6.0) $119 4.1 7 2002 2,111,912 2.7 47,181 0.0 $123 2.7 8 2003 2,160,261 2.3 43,787 (7.2) $135 10.2 9 2004 2,535,568 17.4 44,989 2.7 $154 13.9 10 2005 2,789,933 10.0 43,377 (3.6) $176 14.4 11 2006 3,059,179 9.7 41,753 (3.7) $201 13.9 12 2007 3,142,884 2.7 40,049 (4.1) $215 7.1 13 2008 2,850,965 (9.3) 40,153 0.3 $194 (9.8) 14 2009 2,495,093 (12.5) 39,288 (2.2) $174 (10.3) 15 2010 2,437,193 (2.3) 38,032 (3.2) $176 0.9 16 2011 2,483,244 1.9 36,685 (3.5) $185 5.6 17 2012 2,553,266 2.8 35,452 (3.4) $197 6.1 18 2013 2,593,138 1.6 34,589 (2.4) $205 4.4 19 2014 2,546,721 (1.8) 33,504 (3.1) $208 1.4 Source: Las Vegas Gaming Control Board HOUSE_OVERSIGHT_018787

Gaming Demand Analysis Demand for gaming can be classified into four primary sources: the leisure segment, local residents, tour and travel groups and convention demand. LEISURE DEMAND Leisure visitation to Las Vegas is enormous with visitors taking advantage of the year-round favorable climate and multitude of attractions. The leisure segment utilizes both table games and gaming devices and has a higher propensity to play table games than other segments. According to the Las Vegas Convention Authority Visitors Profile Study, in 2014 approximately 47% of all visitors mentioned vacation or pleasure, up significantly from 41% in 2013. Of those polled, 71% of all visitors said they gambled while in Las Vegas with an average gambling budget of $530. LOCAL DEMAND Local demand plays a part in gaming revenue contribution to the Las Vegas market. However, the local segment’s impact on the Las Vegas Strip is moderate. According to the Las Vegas Convention and Visitors Authority, 13% of locals gamble on the Strip with 45% gambling at least once per week and 75% gambling at least once per month. TOUR AND TRAVEL DEMAND Las Vegas welcomed a record 41.1 million visitors in 2014, an all time record. Las Vegas tourism generates more than $45 billion in economic impact for the local economy and supports 376,000 local jobs. Las Vegas is recognized worldwide as a premier gaming destination. From traditional card and dice games, to slot machines and race and sports book betting, the casino industry has flourished and evolved into an international phenomenon. A significant portion of the visitor revenue generated in the city is attributed to the gaming industry, which posted $9.6 billion in revenue in 2014. CONVENTION DEMAND Convention demand within the Las Vegas market is significant. Las Vegas was the most popular trade destination (with a 25% market share of the Trade Show Week 200 Shows in terms of net square footage) and third most popular convention destination in the nation. In 1990, approximately 1.7 million persons attended trade shows and conventions in Las Vegas; In 2014, convention attendance was up to 5.2 million, an increase of 8% annually over the last 25 years. Future convention expansion in demand is anticipated to see these rates of growth continue for the foreseeable future. HOUSE_OVERSIGHT_018788

Multifamily Housing and Condominium Overview With an increase in demand for luxury living accommodations in Las Vegas and a 100% sell out of the existing supply of recently delivered residential units, condominium prices have increased dramatically. The depth of demand far exceeds the amount of new supply forecasted over the next five years. In addition, the economies of scale associated with new residential, retail, hotel and office development on the Las Vegas Strip will only elevate the overall appeal of Strip living - and in turn push condominium values higher. THE RESIDENCES AT MANDARIN ORIENTAL 3740 S. Las Vegas Blvd DEVELOPER: MGM Resorts SUBMARKET: The Strip YEAR BUILT/SELLOUT: 2009 NUMBER OF HOMES: 225 STATUS TYPE SIZE SF LIST PRICE LIST PSF SOLD PSF HOA FEES ACTIVE 3-BED/3-BATHS 3,922 $5,950,000 $1,517 - = - $3,173 ACTIVE 2-BED/2-BATHS 2,998 $3,300,000 $1,101 - = - $2,765 ACTIVE 2-BED/2-BATHS 2,998 $2,799,888 $934 : $2,535 SOLD 3-BED/3-BATHS 5,628 $5,400,000 $959 3/23/15 $5,400,000 $959 $5,628 SOLD 3-BED/3-BATHS 3,922 $4,750,000 $1,211 5/20/15 $3,875,000 $988 $3,344 SOLD 3-BED/3-BATHS 3,980 $3,975,000 $999 3/31/15 $3,800,000 $955 $3,386 SOLD 2-BED/2-BATHS 2,755 $3,400,000 $1,234 5/20/15 $3,400,000 $1,234 $2,512 SOLD 2-BED/2-BATHS 2,755 $2,900,000 $1,053 12/31/14 $2,900,000 $1,053 $2,575 HOUSE_OVERSIGHT_018789

Multifamily Housing and Condominium Overview VEER TOWERS 3722 S. Vegas Blvd DEVELOPER: MGM Resprts Internationa SUBMARKET: The Strip YEAR BUILT/SELLOUT: 2010 NUMBER OF HOMES: 674 STATUS SIZE SF LIST PRICE LIST PSF ACTIVE 3-BED/3-BATHS 3328 $2,995,000 $900 = - = $2,053 PANORAMA TOWERS 4525 Dean Martin Dr DEVELOPER: Laurence Hallier = SUBMARKET: Off Strip Be YEAR BUILT/SELLOUT: 2006 2 NUMBER OF HOMES: 2006 a | 7 a yuaee--- LIST PRICE LIST PSF SOLD PSF HOA FEES STATUS SIZE SF ACTIVE 3-BED/3-BATHS 4,820 $2,950,000 $612 2 a 2 $3,120 ACTIVE 2-BED/2-BATHS 3,414 $2,199,000 $644 7 = 7 $2,116 HOUSE_OVERSIGHT_018790

Multifamily Housing and Condominium Overview TRUMP TOWERS 2000 Fashion Show Drive DEVELOPER: Donald Trump SUBMARKET: The Strip YEAR BUILT/SELLOUT: 2008 NUMBER OF HOMES: 430 STATUS TYPE SIZE SF LIST PRICE LIST PSF ACTIVE 3-BED/3-BATHS 3340 $3,350,000 $1,003 ACTIVE 3-BED/3-BATHS 3329 $2,099,000 $631 SALE DATE SOLD PRICE SOLD PSF HOA FEES - $2,877 - $3,038 HOUSE_OVERSIGHT_018791

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Las Vegas Retail Via Overview The Las Vegas Strip has historically outperformed competitive U.S. retail markets and continues to experience very strong absorption of new construction, low vacancy rates, and an abundance of retail tenants seeking to access high-traffic pedestrian locations. These factors together with controlled levels of new development will cause significant long-term rent increases across the submarket. Increasing Levels of Visitor Spending — More than half of the 41 million visitors to Las Vegas each year spend time shopping along the Las Vegas Strip. Average per capita visitor spending on shopping, dining and entertainment during 2014 was $815. As demonstrated in the exhibit below, consumers are allocating a larger percentage of their total spending on shopping and entertainment. ECONOMIC VISITOR PROFILE 2008 - 2014 2008 2009 2010 2011 2012 2013 2014 Average number of adults in immediate Party 2.4 2.4 2.4 2.3 2.4 2.4 2.4 Proportion of visitors with persons under 21 in their immediate party 6.0% 8.0% 7.0% 10.0% 11.0% 10.0% 10.0% Proportion of visitors who stayed overnight 99.6% 99.8% 99.3% 99.8% 99.7% 99.8% 99.6% Days stayed (average) 4.5 4.6 4.6 4.7 4.3 4.3 4.2 Nights stayed (average) 3.5 3.6 3.6 3.7 3.3 3.3 3.2 Proportion of visitors who stayed in a hotel or motel room 94.0% 96.0% 95.0% 95.0% 96.0% 96.0% 96.0% Number of room occupants 2.1 2.1 2 2.1 2.1 2.2 2.1 Lodging expenditures (average per night) $101.68 $75.78 $79.64 $84.04 $93.13 $83.62 $86.55 Proportion of visitors who bought a package or travel group trip 15.0% 15.0% 16.0% 18.0% 14.0% 13.0% 18.0% Average cost of package per person $746.69 $640.29 $651.02 $757.83 $743.65 $868.24 $815.14 Average trip expenditures of food and drink $273.39 $250.32 $256.82 $274.69 $256.11 $278.95 $281.88 Average trip expenditures for local transportation $59.26 $53.31 $62.87 $64.25 $57.77 $59.68 $68.83 Average trip expenditures for shopping $121.90 $101.97 $122.80 $129.34 $149.29 $140.90 $149.77 Average trip expenditures for shows $51.64 $39.87 $49.28 $47.52 $42.89 $38.45 $47.56 Average trip expenditures for sightseeing $7.12 $5.77 $7.21 $10.24 $9.63 $9.29 $14.49 Average trip gambling budget $531.98 $481.57 $466.20 $447.63 $484.70 $529.57 $530.11 HOUSE_OVERSIGHT_018793

The Strip contains some of the highest visitor counts and retail sales per square foot in the world. High profile retail properties that would compete with a future luxury or lifestyle retail development at the Site are summarized below. Located just south of the Site, Town Square Las Vegas contains a world-class 902,000 square-foot regional lifestyle center anchored by Apple, AMC Cinemas, Whole Foods, H&M, Old Navy, Staples, Guitar Center and a recently opened Saks Off Fifth Avenue. Fashion Show Mall, a +1.9 million square-foot regional mall, is located at the northwest corner of Las Vegas Boulevard and Sands Avenue. It underwent a $1 billion expansion and renovation in 2003. Anchors at this high-end fashion mall include Neiman-Marcus, Nordstrom, Saks, Robinson-May, Dillard’s, Macy’s and Bloomingdales Home. Built in 1992, Forum Shops contains +510,000 square feet. Major tenants include Niketown and high-end fashion houses such as Hugo Boss, Armani, Burberry, Christian Dior, Ferragamo, and Valentino. The Grand Canal Shoppes at The Venetian is located on the second floor of the Venetian Hotel. Built in 1999, this mall contains +500,000 square feet. It also features specialty shops such as St. John, Cannaletto, Sephora, Ann Taylor, and Bebe. The Palazzo resort opened in early 2008 and The Shoppes contain over 50 international boutiques and is anchored by Barneys New York. Other boutiques include Coach, Ralph Lauren, Burberry, and Christian Louboutin. The newest addition to the retail sector is the Crystals Shopping Center which is located in the City Center Development. ~ HOUSE_OVERSIGHT 018794

Opened in 2013, The Ling is owned by Caesars Entertainment and is Las Vegas’ newest dining, shopping, and entertainment district. The focal point is the High Roller, a 550-foot observation wheel -- the tallest in the world -- offering 360 degree views of the Las Vegas valley. This high-energy marketplace offers approximately 40 shops and restaurants in a 200,000-square-foot area. Restaurants and nightlife includes: O’Shea’s Casino, Chayo Cocina, Off the Strip Bistro, Purple Zebra, Sprinkles Cupcakes, Starbucks, Ghiradelli, Yard House, Tilted Kilt and Flour & Barley. Shops include The Polaroid Museum, Pier 30, Koto, Bella Scarpa, 12A.M. Run, Chilli Beans, Goorin Bros., Kitson and Ruby Blue. The LINO Promenade also features Brooklyn Bowl, a music venue that holds a capacity of 2,000-plus concert goers. Brooklyn Bowl has a restaurant, 32 bowling lanes, a section to watch sports during the day, nightly live performances and a nightclub area. The Crystals Shopping Center includes high end stores such as Blvgari, Cartier, Christian Dior, Fendi, Gucci, Harry Winston, Hermes and Jimmy Choo. Crystals houses over 41 retailers and six restaurants. The Cosmopolitan opened in December 2010 and contains approximately 38,000 square feet of retail space. The Cosmopolitan retail offers more than 60 specialty shops and boutiques including AllSaints, Spitafields, Beckley, CRSVR Sneaker Boutique, DNA 2050, Droog, Molly Brown’s Swimwear, Monogram, Retrospecs & Co., Skins 612 Cosmetics, Stitched, and Vitals. Retail and entertainment attractions include a number of clubs. oe i NV mets ae . HOUSE_OVERSIGHT_018795

Global Retail Location The Site’s location on Las Vegas Boulevard is one of the most highly trafficked shopping and entertainment districts in the world. Las Vegas’ unique shopping experience is an integral component of its international identity as a premier entertainment and resort destination. Significant increases in tourism and exciting new resort developments are attracting new retailers from around the globe. Strong Growth in Tourism and Conventions -— Las Vegas tourism and local residents generate retail revenues exceeding $15 billion per year within a 5-mile radius of the Site. The Strip is as an increasingly popular destination for family-oriented and middle- market vacations as well as the nation’s most preferred location for conventions and trade shows. During 2015, Las Vegas will attract over 42 million visitors and nearly 5 million convention attendees. Strong Retail Trade Potential - As demonstrated in the exhibit below, the Site provides significant retail trade potential within a 1-, 3- and 5-mile radius of the location. HOUSE_OVERSIGHT_018796

RETAIL TRADE POTENTIAL 1.0 MILE 3.0 MILES 5.0 MILES Total Retail Potential $1,493,433,472 $7,414,447 ,521 $15,213,795,034 Motor Vehicle & Parts Dealers $23,288,030 $323,988,797 $1,796,642,859 Furniture & Home Furnishings Stores $14,207,613 $86,794,421 $205,922,033 Electronics & Appliances Stores $16,175,555 $185,460,629 $461,963,988 Building Material, Garden Equipment Stores $21,169,480 $304,309,823 $566,970,483 Food & Beverage Stores $36,293,886 $341,682,473 $946,812,080 Health & Personal Care Stores $44,228,545 $191,845,413 $476,522,802 Gasoline Stations $29,830,182 $288,545,852 $591,613,648 Clothing & Clothing Accessories Stores $434,856,181 $1,434,339,776 $2,325,409,263 Sporting Goods, Hobby, Book, Music Stores $11,921,901 $83,396,033 $226,418,173 General Merchandise Stores $169,718,694 $909,634,225 $1,903,876,680 Miscellaneous Store Retailers $65,322,811 $526,781,823 $256,587,817 $1,595,920,727 $519,998,572 Foodservice & Drinking Places $2,437 ,743,867 Under Construction Entertainment Destinations Drive Retail Demand — In addition to mega projects completed in the past few years such as City Center and Crystals, new projects under construction surrounding the Site will significantly increase pedestrian traffic in the immediate area. Situated within two block of the Site, MGM's The Lot, AEG’s The Arena, and Mandalay Bay’s Convention Center expansion will draw hundreds of thousands of pedestrian foot traffic to the immediate area. Additionally, there are over 450,000 square feet of new lifestyle retail in planning at Tropicana and Las Vegas Boulevard with the Shops at Tropicana and Excalibur. Expanding Pedestrian Synergies Between New Retail — The Crystals at CityCenter to the north and the Town Square Las Vegas to the south have expanded the retail inventory within three blocks of the Site. Each of the retail projects is a Strip-accessible development, encouraging greater levels of pedestrian traffic along Las Vegas Boulevard. Retailers located within these two projects include: Apple, H&M, Prada, Gucci, Versace, Tom Ford, Mikimoto, Balenciaga, Wolfgang Puck (2 locations), Katana, Louis Vuitton, Zegna, Rolex and Tiffany & Co. Strong Residential Demand on the Strip Resort Corridor — The Resort Corridor contains the largest concentration of recent vertical high-rise developments in the nation with approximately 10,000 new residences within one mile of the Site. The amenity base on Las Vegas Boulevard has established the Strip as a preferred location for residents. HOUSE_OVERSIGHT_018797

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Competitive Retail Rent Survey 1. TOWN SQUARE LAS VEGAS Town Square Las Vegas contains a world- class 902,335 square-foot regional lifestyle center anchored by AMC Cinemas, Whole Foods, H&M, Container Store, Gameworks, Old Navy, Staples, Guitar Center and a recently opened Saks Off Fifth Avenue. In addition, Town Center Las Vegas includes approximately 243,000 square feet of Class A office space. The property is approximately 90% occupied with retail rents ranging from $40 to $80 per square foot. Tenant sales are reported to range from $400 to $600 per square foot. 2. MANDALAY PLACE Mandalay Place was completed in 2003 and is comprised of a 90,000-square-foot un- themed retail center that spans between Mandalay Bay Resort and Casino and Luxor. The property is currently 95% occupied with rents ranging from $60 to $90 per square foot. The center has an array of shops including Nike Golf, Urban Outfitters and Fredrick’s of Hollywood. Tenant sales are reported to range from $500 to $600 per square foot. 3.CRYSTALS AT CITYCENTER Opened in 2009, Crystals at CityCenter is situated on a 67-acre site at the southwest corner of Las Vegas Boulevard South and Harmon Avenue. With over 425,000 square feet of luxury and boutique shopping space, Crystals is the retail anchor of CityCenter’s first phase. A select list of world-class retailers at Crystals includes Emilio Pucci, DKNY, Stella McCartney, Assouline, Bally, Bottega Cucinelli, Bulgari, Cartier, Christian Dior, Ermenegildo Zegna, Fendi, Gucci, Hermés, Ilori, Kiton, Louis Vuitton, Marni, Mikimoto, Prada, Tiffany & Co., Versace, and Yves Saint Laurent. Crystal’s mantra is “Shopping.Dining.Nightlife,” and it offers some of the Strip’s premier restaurants and nightclubs including Mastro’s Ocean Club, Wolfgang Puck, Beso Steakhouse, The Cup, The Pods, Social House, Todd English P.U.B., and Eve the nightclub. Crystals at CityCenter reported sales ranging from $900 to $1,500 per square foot with rental rates that range from $90 to $120 per square foot. 4. MIRACLE MILE SHOPS Miracle Mile Shops contains 489,671 square feet and are located at the northeast corner of Las Vegas Boulevard and Harmon Avenue. After Forum Shops and Grand Canal, this was the third major specialty retail project to open on the Strip and is contained within the Planet Hollywood Resort and Casino. Miracle Mile Shops boasts a 1.2-mile retail/ entertainment complex with modernized storefronts, people movers, a backlit-sidewalk water feature, LED video screens, crystal chandeliers and contemporary, color-coded kiosks. The center features 170 specialty stores including Urban Outfitters, Ben Sherman, Quiksilver, bebe, Sephora, French Connection, Betsy Johnson, Frederick's of Hollywood, H&M and True Religion Brand Jeans. The property supports 15 restaurants, including Aromi D'Italia, Cabo Wabo Cantina, Pampas Churrascaria Brazilian Grille, La Salsa Cantina, Cheeseburger Las Vegas and Blondies Sports Bar & Grill. Miracle Mile Shops is currently 93% leased with tenant sales levels ranging from $800 to $900 per square foot with rents ranging from $65 to $85 per square foot. HOUSE_OVERSIGHT_018799

5. FORUM SHOPS AT CAESARS PALACE Forum Shops at Caesars Palace, originally constructed in 1992 and expanded in phases during 1997 and 2004, was the first major specialty retail development on Las Vegas Boulevard. Forum Shops has a prominent position on the Strip, situated on the west side of Las Vegas Boulevard, north of Flamingo Road, between Caesars Palace and The Mirage, and is configured with a highly “themed” retail and entertainment environment. The property is 99% leased, attracting an estimated 22 million visitors per year and is generally considered the most dominant retail center on the Strip with 150 specialty tenants that include Anthropologie, Jimmy Choo, Coach, Louis Vuitton, Montblanc, John Varvatos, Victoria’s Secret, Versace, Bvlgari, Cartier, De Beers, Harry Winston, Tiffany & Co., Abercrombie & Fitch, Armani Exchange, Brooks Brothers, Zegna and Cheesecake Factory. Tenant sales at Forum Shops at Ceasars Palace are approximately $1,000 to $1,200 per square foot with average rents ranging from $100 to $125 per square foot. 6.THE GRAND CANAL SHOPPES Opened in 1999, the Grand Canal Shoppes at the Venetian was fully leased after three months. Fashioned after the Forum Shops, the property is heavily themed with a canal flowing through the middle of the concourse area. The property consists of 536,890 square feet including mezzanine spaces with current rents ranging from $85 to $110 per square foot. Average tenant sales range from $900 to $950 per square foot, and as a result of the project’s immediate success, a second phase connected via pedestrian bridge to the Palazzo Resort was recently developed and dubbed Shoppes at Palazzo. The project is currently 94% leased and includes key tenants; Ann Taylor, Banana Republic, bebe, Coffee Bean and Tea Leaf, Cache, Sephora and Valentino. 7.THE SHOPPES AT PALAZZO Delivered in 2007 with a Grand Opening in January 2008, the 363,714-square-foot Shoppes at Palazzo is situated within the Palazzo Resort and is an expansion of the highly successful Grand Canal Shoppes. The Shoppes at Palazzo is a three-story enclosed specialty center themed, decorative characteristics intended to capture with heavily the essence of Italy. The center is anchored by Las Vegas’ first Barneys New York and features many premier luxury’ brands including Jimmy Choo, Burberry, Van Cleef & Arpels and Piaget. Upscale restaurants include Emeril Lagasse’s Table 10, Wolfgang Puck’s Cut and Shimon Bokovza’s Sushi Samba. The center is currently 89% occupied with tenant sales ranging from $900 to $925 per square foot and rents ranging from $80 to $100 per square foot. 8. FASHION SHOW MALL Fashion Show Mall, originally developed in 1981, was expanded in two phases during 2002 and 2003 to its current size of 1.9 million square feet. The property has a significant presence along the Strip, with a 600-foot canopy structure shading the outdoor plaza area fronting Las Vegas Boulevard. The project includes seven department store anchors’ including Nordstrom, Bloomingdale’s, Macy’s and Neiman Marcus, as well as 250 specialty stores and restaurants. Fashion Show Mall reports tenant sales ranging from $802 to $983 per square foot and average rents ranging from $80 to $88 per square foot. HOUSE_OVERSIGHT_018800

CompetitiveRetail Rent Survey NO. PROPERTY Town Square Las Vegas Blvd. & 215 Las Vegas, NV Mandalay Bay Place Las Vegas Blvd. & Tropicana Las Vegas, NV Crystals at CityCenter Las Vegas Blvd. S of Harmon Las Vegas, NV Miracle Mile Shops Las Vegas Blvd. & Harmon Las Vegas, NV Forum Shops at Caesars Las Vegas Blvd. N of Flamingo Las Vegas, NV The Grand Canal Shoppes 3377 Las Vegas Blvd. S Las Vegas, NV The Shoppes at the Palazzo 3327 Las Vegas Blvd. S Las Vegas, NV Fashion Show Mall 3200 Las Vegas Boulevard S. Las Vegas, NV DESCRIPTION Sub-Type: Lifestyle Center Year Built: 2008 Total GLA: 900,000 Sub-Type: Specialty Center Year Built: 2003 Total GLA: 90,000 Sub-Type: Specialty Center Year Built: 2009 Total GLA: 360,000 Year Built: 2000 Expansion: 2007 Renovation: 2008 Total GLA: 490,000 Sub-Type: Specialty Center Year Built: 1992 Expansion: 1997 Rennovation: 2004 Total GLA: 650,000 Sub-Type: Specialty Center Year Built: 1999 Total GLA: 500,000 Sub-Type: Specialty Center Total GLA: 320,000 Anchor GLA: 85,000 Anchor Ratio: 27% Sub-Type: Super Regional Center Year Built: 1981 Expansion: 1993 and 2002 Renovation: 2002 Total GLA: 1,868,219 Anchor GLA: 1,259,154 Anchor Ratio: 67% ANCHOR TENANTS Saks, Whole Foods, Apple Retail bridge between Mandalay & Luxor with shops, restaurants Upscale specialty retail project on Las Vegas Blvd. in CityCenter Specialty retail center at Planet Hollywood Upscale/themed retail project at Caesars Upscale/themed retail project at The Venetian Barney’s New York Dillard’s, Nordstrom, Neiman Marcus, Saks Fifth Avenue, Macy’s-North, Forever 21 IN-LINE SHOP RENT/SF SALES/SF $40 - $80 $400 -$600 $60 - $90 $500 -$600 $90 - $120 $900 -$1,500 $65 - $85 $800 -$900 $100 - $125 $1,000 -$1,200 $85 - $110 $900 -$950 $80 - $100 $900 -$925 $80 - $100 $800 -$1,000 VACANCY 10.0% 5.0% 12.0% 7.0% 1.0% 6.0% 11.0% 4.0% HOUSE_OVERSIGHT_018801

Retail Construction on Las Vegas Boulevard The following table summarizes the retail construction on the Las Vegas Strip since 2000. PROPERTY ADDRESS / LOCATION RENTABLE STATUS Sate a Shops (Desert Passage - 3667 Las Vegas Boulevard 490,000 Complete Showcase Mall Phase II 3785 Las Vegas Boulevard 40,000 Complete Fashion Show Mall Expansion Phase | 3200 Las Vegas Boulevard Complete Boulevard Collection Las Vegas Boulevard @ Sahara 50,000 Complete Mandalay Place 3950 Las Vegas Boulevard 90,000 Complete all Expansion Phase II 3200 Las Vegas Boulevard 609,500 Complete Hawaiian Marketplace 3742 Las Vegas Boulevard 80,000 Complete Forum Shops at Caesars Palace Phase Ill 3500 Las Vegas Boulevard 167,000 Complete 3325 Las Vegas Boulevard Las Vegas Blvd @ I-215 364,000 925,000 Complete Complete E Harmon Ave @ Las Vegas Blvd 425,000 Complete Showcase Mall IIl Las Vegas Blvd @ Tropicana Ave 97,320 Complete HOUSE_OVERSIGHT_018802

PROPERTY ADDRESS / LOCATION RENTABLE STATUS Las Vegas Blvd @ Flamingo Rd 38,000 Complete TOTAL 38,000 3717 S Las Vegas Boulevard F Complete Las Vegas Blvd @ Caesars Palace Dr. 300,000 Complete Shops at Tl Las Vegas Blvd @ Spring Mountain Rd 48,000 Complete Grand Bazaar Shops Las Vegas Blvd @ Flamingo Rd 26,500 Complete Alon Las Vegas Blvd @ Riviera Blvd 100,000 Under Construction ResortWorld Las Vegas Blvd @ Desert Inn Rd 200,000 Under Construction Shops at Excalibur Las Vegas Blvd @ Tropicana 300,000 Planned Shops at Tropicana Las Vegas Blvd @ Tropicana Planned HOUSE_OVERSIGHT_018803