'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, Eldora

lion (closed transactions at -$5.14 billion). The most notable transactions that have closed so far include (1) the acquisition of Isle of Capri by Eldorado Resorts. (2) the sale-leaseback of MGM National Harbor to MGM Growth Properties, and (3) the sale of American Casino and Entertainment Properties to Golden

3/BEI- $500 $101.9 4.4% 196bps Soen flibcrriwg Anna 10aw Dwane &IS In the HIGHER YIELD FOR HIGHER leverage category, we recommend Bova Gamina. Eldorado Resorts. Eyed Holdinas Golden Nuaaet, Mohegan Gaming, Penn National. Red Rock Resorts (Station Casinos) and Wynn Resorts. Exhibit 3: Higher Yield For Highe

imate Eldorado will end the year with leverage of 5.2x. Factoring consolidated cash of $135 million, we estimate net leverage at 4.9x. 'Exhibit 2: Eldorado Resorts ($ Millions) 2018(P) MA(P) 2017 (El 2018(E) Adjusted EM MA $050 WOO $309 $450 Less:Capital 5m:enthuses $100 $100 $80 $125 Less: Cash I