EFTA Document EFTA01385342

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite Gaming and Lodging Outlook Andrew Zarnett, (+1) 212 250-7995, andrew.zarnett@db.com In this section of the report, we present our 2018 fundamental outlook for all of the gaming markets we cover. Here we provide our short-term and long-term views based on our current expectations. Regional Markets! Positive Outlook for 2013 Over the last twelve months, gross gaming revenue at regional markets increased $743 million to $29.3 billion (+2.6% versus $28.5 billion) owing primarily to the incremental contribution from new supply in Maryland (National Harbor) and New York (del Lego, Rivers and Jake's 58). (Exhibit 1: Regional Gross Gaming Revenue IS Millions) 2010 2011 2012 2013 2014 2015 2016 LTM Colorado $760 $750 5786 5749 S746 $790 5811 5819 Now Mexico 247 249 241 241 258 266 242 238 Western Markel $1,007 $990 $1,008 5990 $1,004 $1,066 $1,053 $1,066 %charge 29% -08% 09% -19% 14% 52% -03% 09% alinois $1,374 $1.477 $1,639 $1,552 $1,465 $1439 $1,414 61.406 Indiana 2.794 2.721 2.614 2.412 2.228 2.216 2.216 2.227 Iowa 1.368 1.424 1.467 1.417 1.396 1.424 1.445 1.453 Kansas 38 48 341 365 354 337 364 381 Michigan 1.378 1.424 1,417 1.350 1.333 1.376 1.386 1.400 Missouri 1,788 1,805 1,768 1.707 1,660 1.702 1.715 1,727 Ohio 430 1.071 1A58 1.644 1.692 1.756 Oklahoma 100 106 113 113 113 Ill 113 120 South Dakota 106 101 107 103 101 102 102 101 Midwest Modest $8,908 S8.107 *895 $10,089 $10,107 $10,350 $10,447 $10,571 %aerga 07% 18% 87% 20% 02% 24% 09% 10% Now Jersey 63.564 $3.3 IC 43.051 $2,862 $2,619 $2.414 $2,406 $2.411 Connecticut 1,385 1.346 t,230 1,145 1,067 1.044 1.054 1,062 Delaware 571 548 521 432 404 405 399 404 Maine 62 59 99 126 127 130 133 135 Maryland 28 156 378 749 931 1.098 1.203 1,568 New York 1,088 1.260 1.802 1.926 1,898 1.951 2.018 2.288 Massachusetts 0 0 0 0 0 88 155 164 Pennsylvania 2,486 3.025 3,158 3,114 3,069 3,174 3.213 3.217 Rhode Island 477 513 528 558 611 616 619 626 West Virginia 872 954 943 809 717 685 662 619 Pkithest Market $10,633 $11,176 $11,710 $11,721 $11,444 $11,006 $11,802 $12,493 % change 17% 61% 48% 01% -24% 14% 22% 55% Mississippi $2,391 $2.235 62.251 $2,147 $2,068 $2,097 $2.122 $2,066 Florida 329 381 428 468 507 531 546 543 Louisiana 2,374 2.374 2,404 2,443 2,473 2.649 2.538 2.557 Southern Market $16.004 $4,800 15.003 56.050 $6,048 S6.270 $5.200 $5,106 % change -08% -20% 19% -05% -02% 45% -13% -06% Scree S. grew apircm awl 0 f4tICIN Deutsche Bank Securities Inc. Page 67 CONFIDENTIAL - PURSUANT TO FED. R. CRI M. P. 6(e) DB-SDNY-0086626 CONFIDENTIAL SDNY_GM_00232810 EFTA01385342