rice objective is better than expected ramp up in MCA business, and sooner than expected hike in rates, faster than expected recovery in oil prices. The Blackstone Group (BX) Our price objective (PO) for Blackstone is $29, which results in a target price-to-ENI (P/ENI or P/E} multiple of 12x our 2017 ENI estimate. Our pr

ming 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

sk, in Trump Tower, pitched Trump on the new administration’s joining him in his race to Mars, which Trump jumped at. Stephen Schwarzman, the head of the Blackstone Group— and a Kushner friend—offered to organize a business council for Trump, which Trump embraced. Anna Wintour, the Vogue editor and fashion industry que

(2.1) 176.0 9,804 Median (Excl. HLNE, JHG, WETF) (3.6) Apollo Global Mgmt APO Ow $36.42 $42 403 14.7 242 Ares Mgmt. ARES EW $24.70 $20 216 5.3 106 3 Blackstone Group BX OW $40 1,199 387 a Carlyle Group CG OW $33 343 174 s KKR & Co KKR EW $24 848 153 Oaktree Capital Group (2) OAK ow $45.20 $60 156 100 Mean (Covered