rmalized same-store GGR growth rate of —2.75%. Including the impact from new supply (Resorts World Catskills, Tiverton, Hard Rock Atlantic City and MGM Springfield), we estimate 2018 GGR growth at 3.5%. We note that tax reform will provide the consumer with higher disposable income in 2018. Meanwhile, the comb

tion from new supply. We note that a study submitted to both operators by Pyramid Associates in 2015 estimated that the GGR displacement related to MGM Springfield, Wynn Boston Harbor and Resorts World Catskills during their first full year of operations should account for 24% of Mohegan's GGR and 28% of Foxwo

negotiating edge, these acquisitions may play a significant role in making MGM a simpler story. A transaction with CityCenter or an acquisition of MGM Springfield is a simple avenue for growth. At this juncture, we are reaffirming our Buy rating on MGP's 5.625% Senior Unsecured Notes 2024 ($107.2, 4.3% Y7VV,

xpect Mohegan Gaming to further improve its balance sheet in preparation for the fierce competition that it will face from Resorts World Catskills, MGM Springfield and Wynn Boston Harbor. Further, we believe that the exposure by the company to South Korea is limited. as the $200 million investment has already