Company

Share Price

$($$$)$

Shares

Outst.

$($millions$)$

Market Cap.

$($$ millions$)$

Debt

Outstanding

$($$ millions$)$

Cash

$($$ millions$)$

Total Enterprise

Value

$($$ millions$)$ Beta

EBITDA

$2007$A

$($$ millions$)$

EBITDA

$2008$E

$($$ millions$)$

Net Income

$2007$A

$($$ millions$)$

Net Income

$2008$E

$($$ millions$)$

MGM Mirage $92\mathrm{.}69299\mathrm{.}4027,749\mathrm{.}5014,131\mathrm{.}40311\mathrm{.}6041,569\mathrm{.}300\mathrm{.}994,512\mathrm{.}504,968\mathrm{.}001,784\mathrm{.}302,039\mathrm{.}70$

Harrah's Entertainment $87\mathrm{.}30187\mathrm{.}6016,375\mathrm{.}7012,292\mathrm{.}70654\mathrm{.}7028,013\mathrm{.}700\mathrm{.}853,298\mathrm{.}403,536\mathrm{.}001,140\mathrm{.}101,232\mathrm{.}50$

Las Vegas Sands $118\mathrm{.}76355\mathrm{.}2042,177\mathrm{.}607,291\mathrm{.}201,679\mathrm{.}7047,789\mathrm{.}201\mathrm{.}183,145\mathrm{.}704,227\mathrm{.}602,107\mathrm{.}202,789\mathrm{.}50$

Eastern Star $14\mathrm{.}76320\mathrm{.}804,735\mathrm{.}00438\mathrm{.}00384\mathrm{.}604,788\mathrm{.}401\mathrm{.}33189\mathrm{.}60296\mathrm{.}80149\mathrm{.}90231\mathrm{.}50$

Wynn Resorts $134\mathrm{.}50114\mathrm{.}3015,376\mathrm{.}00978\mathrm{.}302,255\mathrm{.}5014,098\mathrm{.}801\mathrm{.}14879\mathrm{.}101,189\mathrm{.}00881\mathrm{.}601,015\mathrm{.}10$ nputs Inputs

$20082009201020112012201320142008200920102011201220132014$

Sales growth Sales growth

Gross margin $($over sales$)$ Gross margin $($over sales$)$

Operating expenses $($over sales$)$ Operating expenses $($over sales$)$

Tax rate Tax rate

NWC $($over sales$)$ NWC $($over sales$)$

MGM synergies $($over sales$)$

Pro$-$forma income statement Pro$-$forma income statement

$2007200820092010201120122013201420072008200920102011201220132014$

Sales Sales

Cost of sales Cost of sales

Gross profit Gross profit

Operating expenses Operating expenses

EBITDA EBITDA

Synergies

Adjusted EBITDA

Depreciation and amortization Depreciation and amortization

EBIT EBIT

Free Cash Flows Free Cash Flows

$2007200820092010201120122013201420072008200920102011201220132014$

EBIT EBIT

Taxes Taxes

Depreciation & Amortization Depreciation & Amortization

CF from operations CF from operations

CapEx CapEx

CF from CapEx CF from CapEx

NWC NWC

Change in NWC Change in NWC

CF fron NWC CF fron NWC

CF from operations CF from operations

CF from CapEx CF from CapEx

CF from NWC CF from NWC

Total FCF Total FCF