gits in 4Q). Despite recent softness, Macau peers still trade at premiums to core MGM Latest report: MGM Resorts International: Notes from the road: MGM National Harbor - the new standard for regionals 1Q risks: Macau sentiment has been fading recently as the RMB continues to depreciate and investors seek new growth

ort 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

properties from new supply is -$403 million (-48% of the $852 million generated by Kansas Crossing, Jake's 58, Rivers Casino, del Lago Resort, and MGM National Harbor). 'Exhibit 2: GGR Bridge LTM 2016 to LTM 2017 (S $29.50D =9,300 124 100 UMW WOO WOD C0.300 124100 122,900 121.700 127.50D VIP* •011V•Ii