ternational Inc. MAR MAR US Shaun C. Kelley MGM Growth Properties LLC MGP MGP US Shaun C. Kelley MGM Resorts International MGM MGM US Shaun C. Kelley Pinnacle Entertainment PNK PNK US Shaun C. Kelley Red Rock Resorts, Inc. RRR RRR US Shaun C. Kelley Sunstone Hotel Investors SHO SHO US Shaun C. Kelley Vail Resorts, Inc MT

sino 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

from scale and multi- asset corporations and REITs expressing willingness to grow via acquisitions. We believe that the merger of Penn National and Pinnacle Entertainment could be the first big transaction to be announced next year. In our view, a combination of both entities has the potential for significant cost an