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, Revel, Tropicana and Wild Rose Casinos. We believe that many operators could be interested in the Tropicana assets. We remind investors that Tropicana owns and operates eight casinos in the United States: Tropicana Atlantic City, Tropicana Evansville, Lumiiire Place, Tropicana Laughlin, MontBleu, Belle of Baton Rouge, Greenville and Tropicana Aruba. [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 Growth Prop MGM National Harbor 1.188 12.5x 8/31/17 Steve Wilkoff Fontainebleau Las Vegas 600 NM 5/23/17 Memel° Group SLS Las Vegas 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 7.5x 2/1/17 Z Capital Partners Allinity Gaming 580 8.4x 12/20/16 Boyd Gaming Cannery Casino 230 10.2x 7.2x 10/3/16 Red Rock Resorts Palms Casino Resort 313 12.5x 9/22/16 Boyd Gaming Aliante Casino 380 17.3x I2.7x 9/12/16 Pinnacle Entertainment The Meadows (BEI 13B 6.4x 9/12/16 Gaming & Leisure Prop The Meadows (OPI 302 11.9x 8/1/16 MGM Resorts Borgata ION 626 5.6x 8/1/16 MGM Growth Prop Borgata IREI 1.175 118x 913/16 Full House Resorts Bronco Billy's Casino 30 6.9x 4/28/16 Gaming & Leisure Pinnacle's Real Estate 4.547 12.1x VliliThItC0 • • lAIIV0.11:9,0•110, Sy/WOOS SOCK( CCOV•inf MN'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, Eldorado is more of a seller than a buyer. We believe that the assets that don't quite fit the portfolio include Lula, Lake Charles, Vicksburg, Nemacolin and Mountaineer Park. We continue to believe that Boyd remains a willing seller of regional assets, while keeping an eye on potential acquisition candidates at the Las Vegas Locals market. Further, we believe that Boyd would also be interested in expanding its presence in new markets with a REIT partnership deal, with Boyd acting as the operator. Exhibit 8: Acquisition landscape for the Gaming Acquirer AcquiredCendldetee Gaming and Leisure Properties Boyd Gaming Laguna Development Eldorado Resorts MGM Growth Properties Cordish Companies Penn National Full House Resorts Poarch Band of Creek Indians Seminole Tribe VICI Properties scuini orinieweini Page 72 Candidates CityCenter Cosmopolitan Pinnacle Entertainment Sands Bethlehem Tropicana Wild Rose Casinos Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086631 CONFIDENTIAL SDNY_GM_00232815 EFTA01385347