#1SC LEGACY SILVER LE ELDORADO ELDORADO RESORTS isle of capri CASINOS LINC. Investor Presentation September 2016 Cisle: isle GHOTEL LIGHT#2Forward Looking Statements ELDORADO RESORTS isle. capri Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the current expectations of Eldorado Resorts, Inc. ("Eldorado") and Isle of Capri Casinos, Inc. ("Isle") and are subject to uncertainty and changes in circumstances. These forward-looking statements include, among others, statements regarding the expected synergies and benefits of a potential combination of Eldorado and Isle, including the expected accretive effect of the merger on Eldorado's results of operations; the anticipated benefits of geographic diversity that would result from the merger and the expected results of Isle's gaming properties; expectations about future business plans, prospective performance and opportunities; required regulatory approvals; the expected timing of the completion of the transaction; and the anticipated financing of the transaction. These forward-looking statements may be identified by the use of words such as "expect," "anticipate," "believe," "estimate," "potential," "should," "will" or similar words intended to identify information that is not historical in nature. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. There is no assurance that the potential transaction will be consummated, and there are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. These risks and uncertainties include (a) the timing to consummate a potential transaction between Eldorado and Isle; (b) the ability and timing to obtain required regulatory approvals (including approval from gaming regulators and expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976) and satisfy or waive other closing conditions; (c) the ability to obtain the approval of stockholders of Eldorado and Isle; (d) the possibility that the merger does not close when expected or at all or that the companies may be required to modify aspects of the merger to achieve regulatory approval; (e) Eldorado's ability to realize the synergies contemplated by a potential transaction; (f) Eldorado's ability to promptly and effectively integrate the business of Eldorado and Isle; (g) uncertainties in the global economy and credit markets and its potential impact on Eldorado's ability to finance the transaction; (h) the outcome of any legal proceedings that may be instituted in connection with the transaction; (i) the ability to retain certain key employees of Isle; (j) the possibility of a material adverse change affecting Eldorado or Isle; (k) the possibility that the business of Eldorado or Isle may suffer as a result of the announcement of the transaction; (I) Eldorado's ability to obtain financing on the terms expected, or at all; (m) changes in value of Eldorado's common stock between the date of the merger agreement and the closing of the merger; and (n) the risk factors disclosed in Eldorado's most recent Annual Report on Form 10-K, which Eldorado filed with the SEC on March 15, 2016 and the risk factors disclosed in Isle's most recent Annual Report on Form 10-K, which Isle filed with the SEC on June 21, 2016, and in all reports on Forms 10-K, 10-Q and 8-K filed with the Securities and Exchange Commission by Eldorado and Isle subsequent to the filing of their respective Form 10-K's. Forward-looking statements reflect the analysis of management of Eldorado and Isle as of the date of this release. Eldorado and Isle do not undertake to revise these statements to reflect subsequent developments, except as required under the federal securities laws. Readers are cautioned not to place undue reliance on any of these forward-looking statements Important Information for Investors and Stockholders The information in this presentation is not a substitute for the prospectus/proxy statement that Eldorado and Isle will file with the Securities and Exchange Commission (the "SEC"), which will include a prospectus with respect to shares of Eldorado common stock to be issued in the merger and a proxy statement of each of Eldorado and Isle in connection with the merger between Eldorado and Isle (the "Prospectus/Proxy Statement"). The Prospectus/Proxy Statement will be sent or given to the stockholders of Eldorado and Isle when it becomes available and will contain important information about the merger and related matters, including detailed risk factors. SECURITY HOLDERS OF ELDORADO AND ISLE ARE ADVISED TO READ THE PROSPECTUS/PROXY STATEMENT CAREFULLY WHEN IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. The Prospectus/Proxy Statement and other documents that will be filed with the SEC by Eldorado and Isle will be available without charge at the SEC's website, www.sec.gov, or by directing a request when such a filing is made to (1) Eldorado Resorts, Inc. by mail at 100 West Liberty Street, Suite 1150, Reno, Nevada 89501, Attention: Investor Relations, by telephone at (775) 328-0112 or by going to the Investor page on Eldorado's corporate website at www.eldoradoresorts.com; or (2) Isle of Capri Casinos, Inc. by mail at 600 Emerson Road, Suite 300, Saint Louis, Missouri 63141, Attention: Investor Relations, by telephone at (314) 813-9200, or by going to the Investors page on Isle's corporate website at www.islecorp.com. A final proxy statement or proxy/prospectus statement will be mailed to stockholders of Eldorado and Isle as of their respective record dates. The information in this presentation is neither an offer to sell nor the solicitation of an offer to sell, subscribe for or buy any securities, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. This communication is also not a solicitation of any vote in any jurisdiction pursuant to the proposed transactions or otherwise. No offer of securities or solicitation will be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. Proxy Solicitation Eldorado and Isle, and certain of their respective directors, executive officers and other members of management and employees may be deemed participants in the solicitation of proxies in connection with the proposed transactions. Information about the directors and executive officers of Eldorado is set forth in the proxy statement for Eldorado's 2016 annual meeting of stockholders and Eldorado's 10-K for the year ended December 31, 2015. Information about the directors and executive officers of Isle is set forth in the proxy statement for Isle's 2016 annual meeting of shareholders and Isle's Form 10-K for the year ended April 24, 2016. Investors may obtain additional information regarding the interests of such participants in the proposed transactions by reading the prospectus/proxy statement for such proposed transactions when it becomes available. Non-GAAP Measures Adjusted EBITDA is a non-GAAP measurement. Eldorado defines adjusted EBITDA operating income (loss) before depreciation and amortization, stock based compensation, (gain) loss on the sale or disposal of property, equity in income of unconsolidated affiliate, acquisition charges, S-1 expenses, severance expenses and other regulatory gaming assessments, including the impact of change in reporting requirements. Isle defines Adjusted EBITDA as earnings from continuing operations before interest and other non-operating income (expense), income taxes, stock-based compensation, preopening expenses and depreciation and amortization. Combined Adjusted EBITDA is based on the combination of Eldorado's Adjusted EBITDA and Isle's Adjusted EBITDA for the applicable period. 1#3Transaction Overview E ELDORADO RESORTS isle capri CASINOS LINC of 2#4Two Highly Complementary Regional Gaming Operators Combine To Establish a Premier Regional Gaming Platform ELDORADO RESORTS isle. capri Transaction consideration Transaction value Financing Management and Governance Approval process Timing TOO Eldorado Resorts to acquire Isle of Capri for $23.00 per share Each Isle shareholder has the option to elect cash or stock consideration for each share of Isle stock Shareholder election is subject to proration procedures so that aggregate consideration is 58% cash and 42% stock Pro forma for the transaction, Eldorado shareholders will own approximately 62% and Isle of Capri shareholders will own approximately 38% of combined entity Total Isle purchase price: $1.7bn¹ inclusive of $929mm of debt Acquisition multiple of 8.8x based on Isle standalone LTM 7/24/16 EBITDA of $194mm Synergized acquisition multiple of 7.4x pro forma for $35mm of estimated cost synergies J.P. Morgan has provided $2,125mm in committed financing New 5 year, $300mm revolving credit facility and new 7 year, $1,450mm Term Loan B New 8 year, $375mm Senior Notes Expected net leverage² of 5.1x at closing Eldorado CEO, and President & CFO will maintain their respective positions at the pro forma company Isle will designate two new directors subject to mutual agreement between both companies Eldorado and Isle shareholder approval required Subject to regulatory approvals The companies have entered into a support agreement with key shareholders, i.e., Recreational Enterprises (Eldorado) and GFIL Holdings (Isle) to vote in support of the acquisition Transaction expected to close in Q2 2017, subject to customary closing conditions 1 Pro forma for announced sale of Lake Charles for net cash proceeds of $124mm 2 Net debt/ EBITDA 3#5Strategic Rationale and Transaction Benefits ELDORADO RESORTS isle. capri Increased scale and geographic diversification Creation of a $3bn+ premier regional gaming company Meaningfully increases footprint to 20¹ regional gaming facilities in 10 states Combination doubles Eldorado's net revenue and EBITDA Combined company to operate more than 20,800 slot machines & VLTS, approx. 560 table games and over 6,500 hotel rooms Earnings growth and operational efficiencies Identified $35mm in annual run-rate cost synergies in year 1 Potential for further revenue and profitability upside Share best practices across companies to drive operational enhancements Accretive to earnings and free cash flow Transaction expected to be immediately accretive to earnings and free cash flow Strong free cash flow generation to further strengthen balance sheet 1 Pro forma for announced sale for Lake Charles 2 Net debt/ EBITDA Expected net leverage2 of 5.1x at closing Utilize combined company's free cash flow to reduce leverage and make additional strategic investments over the near to medium term Combined entity will seek ratings upgrade Isle currently rated B1 (Positive Outlook) / B+ (Positive Outlook) and Eldorado rated B2 (Stable Outlook) / B (Stable Outlook) 4#6Merger of Two Leading Regional Operators RESORTS € ELDORADO # of properties 7 properties isle capri CASINOS INC ELDORADO RESORTS isle. capri ELDORADO isle RESORTS capri 13 properties 20 properties CASINOS LINC # of slot machines 9,924 10,900 20,824 # of table games 292 270 562 # of hotel rooms 4,853 1,700 6,553 MRQ end LTM net revenue¹ $904mm $854mm $1,758mm MRQ end LTM EBITDA¹ $167mm $194mm $396mm² Source: Company filings Note: Isle has an April fiscal year end. Isle metrics exclude Lake Charles 1 MRQ = Most Recent Quarterly results reported; represents period ended 6/30/16 for Eldorado and 7/24/16 for Isle 2 Pro forma for $35mm of cost synergies 5#7ELDORADO RESORTS isle. capri Combined Geographic Presence isle CARS HOTE BLACK HAWK Pady fuck CASINO BLACK HAWK LTM EBITDA: $35mm isle capri KANSAS CITY LTM EBITDA: $18mm isle Capri BOONVILLE ille CASINO HOTEL WATERLOO LTM EBITDA: $29mm LTM EBITDA: $29mm MARQUETTE LTM EBITDA: $5mm iSle CASINO HOTEL BETTENDORF LTM EBITDA: $19mm presque isle downs & casina LTM EBITDA: $21mm MOUNTAINEER CASINO RACETRACK & RESORT LTM EBITDA: $16mm SILVER LEGACY RESORT CASINO RENO CIRCUS CIRCUS ELDORADO RESORT & CASING A RENT LTM EBITDA: $58mm Lady luck CARUTHERSVILLE LTM EBITDA: $10mm ELDORADO RESORT CASINO-SHREVEPORT LTM EBITDA: $30mm Lady Luck CASINO VICKSBURG LTM EBITDA: $8mm isle саргі LULA LTM EBITDA: $12mm Source: Company filings, presentations; LTM as of 6/30/16 for Eldorado and 7/24/16 for Isle Lady Luck CASINO NEMACOLIN LTM EBITDA: $0mm SCIOTO DOWNS LTM EBITDA: $56mm ille CASINO CAPE GIRARDEAU LTM EBITDA: $15mm isle CASINO-RACING POMPANO PARK LTM EBITDA: $39mm 6#8Combination Between Eldorado and Isle Increases Scale and Provides Margin Upside $2.2 $1.8 BOYD GAMING 1 Combined isle. ELDORAINS LTM Revenue ($bn) $1.4 $1.3 $0.9 $0.9 LTM EBITDA ($mm) ELDORADO RESORTS isle. capri GANONLING $532 $472 $396 $343 $194 $167 red rock 2 4 ELDORADO RESORTS CASINO RESORT S isle. 1 2 CHURCHILL Downs Capri BOYD GAMING red rock CASINO RESORTS LTM EBITDA Margin 5 ELEKRATKO Combined isle. isle Capri ELDORADO RESORTS CHURCHILL DOWNS Combined LTM EBITDA by State WV MS 4% MO PA 5% 3 18% 5% LA 7% 34.2% 26.8% 24.3% 22.7% 22.5%5 18.4% 20.5% CO 9% 2 red rock CASINO RESORT S Combined CHURCHILL DOWNS BOYD GAMING 1 isle Capri ELEXIRAIKS Source: Company filings and press releases isle. Capri Note: LTM statistics as of 6/30/16 for all companies except Isle metrics which are as of 7/24/16 ELDORADO RESORTS 1 BYD'S LTM revenue and EBITDA exclude pro forma adjustments for acquisition of Aliante and Cannery and sale of Borgata 2 RRR's LTM revenue and EBITDA exclude pro forma adjustment for acquisition of Palms 3 Consists of Central Missouri (7%); Kansas City (5%); Cape Girardeau (4%) and Caruthersville (2%) markets 4 Consists of Waterloo (7%); Quad City (5%) and Marquette (1%) markets 5 Includes $35mm of run-rate cost synergies FL 10% OH 14% ΙΑ 4 13% $396mm LTM EBITDA5 NV 15% 7#9Potential for Multiple Expansion 9.4x Average EV/2017E EBITDA Multiple (Excluding ERI): 8.9x 8.8x 8.5x 7.6x 41 CHURCHILL DOWNS red rock CASINO RESORT SPA Las Vegas BOYD GAMING ELDORADO RESORTS Standalone Source: Company filings as of most recent period reported, Wall Street consensus, FactSet as of 09/16/16, CHDN adjusted for earnout and deferred payment liabilities related to Big Fish acquisition ELDORADO RESORTS isle. capri 8#10Compelling Transaction for Shareholders Increased scale and geographic diversification Earnings growth and operational efficiencies Accretive to earnings and free cash flow Strong free cash flow generation to further strengthen balance sheet ELDORADO RESORTS isle. capri 9#11Appendix E ELDORADO RESORTS isle capri CASINOS LINC of 10 10#12Eldorado Resorts - Ohio and Louisiana ELDORADO RESORTS isle. capri Scioto Downs Racino Leading harness horse racing facility located approximately 8 miles from downtown Columbus, Ohio One of only two licensed gaming facilities in Columbus area 132,000 square foot facility 83,000 square feet of gaming space housing with 2,256 VLTS 273-seat buffet and 120-seat casual dining restaurant 82-seat center bar/lounge with high-tech stereo and lighting 3,500 parking spaces Eldorado Shreveport Located in Downtown Shreveport, LA along the Red River Land-based 403-room, all-suite hotel connected on three levels to a casino riverboat 28,200 square feet of gaming space including 1,376 slot machines and 60 table and poker games 175-seat gourmet steakhouse and 328-seat buffet 24 hour casual diner, café and noodle bar 380-seat grand ballroom IN Lincoln Village OH WV Hollywood Columbus (Penn) Valleyview Columbus Urbancrest Grove City E PA SCIOTOP DOWNS Scioto Downs (Eldorado) Sam's Town Hotel & Casino- (BYD) ELDORADO RESORT CASING +SHREVEPORT Eldorado Resort Shreveport Margaritaville Horseshoe Bossier City (CZR) 79 Boomtown Bossier City (PINK) Harrah's Louisiana Downs (CZR) ~10 miles AR MS AL TX LA 20 DiamondJacks Casino & Resort (Legends Gaming) 11 14#13Eldorado Resorts - Reno Tri-Property Eldorado Reno, Silver Legacy and Circus Circus Eldorado Reno, Silver Legacy and Circus Circus Reno are clustered together in Reno's prime downtown gaming area Facilities are located one block from the National Bowling Stadium, Reno Event Center and city-owned downtown ballroom facility Draws from residents of Reno and Sparks, NV, respectively, as well as tourist visitation from California Property description: Resorts are seamlessly connected by a 200-foot wide skyway corridor Combined properties feature over 4,000 guest rooms including 365 suites Combined properties feature over 220,000 square feet of gaming space with over 3,200 slot machines and over 140 table and poker games Offer a wide range of dining options including 7 fine dining and 16 casual dining restaurants; buffets available in each of the three facilities Ongoing integration of the three Reno properties is reducing redundant operating and personnel costs CIRCUS CIRCUS SILVER LEGACY RESORT CASINO. BENO Harrah's Reno4TH ST (CZR) ELDORADO RESORT CASINO RENO [40] 80 80 40 Grand Sierra Resort & Casino 80 Peppermill Reno/Tahoe International Airport Resort Spa Casino (Private) ° Atlantis Casino Resort • Slots (Private) Reno Tahoe International Airport OR ID WY NV UT CA AZ (MCRI) ° 25 50 75 Mile ELDORADO RESORTS isle. capri 12 12#14Eldorado Resorts – Pennsylvania and West Virginia - - Presque Isle Downs & Casino Located in Erie, Pennsylvania and opened in February 2007 Located directly off Interstate 90 Live thoroughbred racing 153,400 square foot facility 61,400 square feet of gaming space including ~1,580 slot machines and 39 table and poker games 4 restaurants ~ 3,200 parking spaces Mountaineer Casino, Racetrack & Resort ELDORADO RESORTS isle. capri Located on the Ohio River at the northern tip of West Virginia's panhandle; approximately 30 miles from Pittsburgh International Airport 93,300 square feet of gaming space including 1,485 slot machines and 45 table and poker games 354 hotel rooms, including the Grande Hotel, which offers a full-service spa and salon 12,090 square feet of convention space, 69,000 square foot theater, events center with seating for approximately 5,000 Woodview, an 18-hole golf course and 13,650 square foot fitness center 90 5 20 98 5 ཙྪ Presque Isle State Park Erie Lawrence 20 WEasyville ــها 20 5 19 Belle Valley 97 20 McKean 90⭑ 8 Presque Isle (Eldorado) 97 5) North East 20 90 89 219 42 PA OH 45 86 90 presque isle downs & casino 19 99 97 89 8 Phillipsville Lowville Wattsburg WV Ohio River La Croft 11 39 Newell 7 East Liverpool Lawrenceville Chester Congo Wellsville MOUNTAINEER CASINO RACETRACK & RESORT Mountaineer Eldorado Hammondsville [8 89 [7] 2 Fairhaven 13#15Isle of Capri Properties - Colorado ELDORADO RESORTS isle. capri Isle Casino Hotel Black Hawk ■Commenced operations in December 1998 Property includes a land-based casino ~1,000 slot machines ■ 25 table games and 9 table poker room 238-room hotel ■ 1,100 parking spaces in an attached garage 3 restaurants 5,000 square feet of space for meetings and events ■Connected to Lady Luck Black Hawk via sky bridge Lady Luck Casino Black Hawk Acquired in April 2003 and rebranded in June 2009 Located across from the Isle Casino Hotel Black Hawk Property includes a land-based casino ■~500 slot machines ■ 10 table games and 5 table poker room 164-room hotel 1,200 parking spaces in an attached garage 2 guest dining options 2,250 square feet of space for meetings and events 119 Gregory St. Black Hawk Hotel Casino O 119 Z Casino 119 Gilpin Casi Canyon Casino Richman St. Ameristar Casino Resort Spa ° Main St. 119 The Lodge Casin Golden Gates Casino ° 0 Pady fuck CASINO BLACK HAWK 119 Lady Luck Black Hawk Golden Gulch Casino 119 iSle CASINO HOTEL BLACK HAWK Monarch Casino Black Hawk Isle Casino Hotel Black Hawk 119 14#16Isle of Capri Properties - Florida and lowa ELDORADO RESORTS isle. capri Isle Casino Racing Pompano Park Acquired Pompano Park, a harness racing track, in 1995 ■Located in Pompano Beach, Florida, midway between Miami and West Palm Beach Only racetrack licensed for harness racing in Florida ■Casino opened in 2007 ~1,500 slot machines and 42 table poker room 3,800 parking spaces 4 restaurants Grab-and-go food outlet, feature bar, sports bar, outdoor trackside food truck Isle Casino Bettendorf Acquired in March 2000 and converted to land based in June 2016 ■Serves the Quad Cities metropolitan area Property includes a land-based casino that opened in June 2016 ~1,000 slot machines and 17 table games 509-room hotel 2,057 parking spaces ■ 3 restaurants 40,000 sq. ft. of space for meetings and events Agreement with the city of Bettendorf to manage the Quad Cities Waterfront Convention Center, adjacent to the property West Palm Beach Race Track Rd. Isle Casino Racing Pompano Park iSle Miami POMPANO PARK ليها 4 هها 1A D 1A هها 1A 280 Davenport 61 ille CASINO HOTEL BETTENDORF • Rhythm City Casino Resort Bettendorf 74 Rock Island Moline 67 87 Isle Casino Hotel Bettendorf 84 92 Quad City+ International Airport 150 80 5 280 15 15#17Isle of Capri Properties - Iowa Lady Luck Casino Marquette Acquired in March 2000 Located in Northeast Iowa Property includes a dockside casino ■~500 slot machines and 8 table games ■ 475 parking spaces 3 restaurants Isle Casino Waterloo Opened in June 2007 Located in Eastern Iowa Property includes a land-based casino ■~900 slot machines, 22 table games and 4 table poker room ■195-room hotel 1,500 parking spaces in an attached garage 3 restaurants 5,000 sq. ft. of space for meetings and events 18 Lady Racks CASINO MARQUETTE Lady Luck Casino Marquette WISCONSIN --------- 18 N Marquette Rd 18 G 35 27 E Blackhawk Ave 35 Đ 27 G لميها "Isle Casino Hotel Waterloo isle CASINO HOTEL WATERLOO لميها 248 لميم Eastern lowa 20 ELDORADO RESORTS isle. capri 16 46#18Isle of Capri Properties – Mississippi - Isle of Capri Casino Lula Acquired in March 2000 Located in Northwestern Mississippi Property includes two dockside casinos ■~900 slot machines and 20 table games ■451 hotel rooms 1,611 parking spaces ■ 28-space RV park 3 restaurants 49 (40) G 10 Memphis isle capri ° Hollywood Casino & Hotel Tunica о Bally's Tunica Casino LULA Isle of Capri Casino Hotel Lula Đ Lady Luck Casino Vicksburg Acquired in June 2010, rebranded in 2013 ■Located in Western Mississippi Property includes a dockside casino ■ ~600 slot machines and 7 table games ■ 977 parking spaces in an attached garage ■ 4 restaurants 20 20 Lady Luck ° CASINO VICKSBURG * 61 ° WaterView Casino and Hotel 61 Delta Casino O Ameristar 20 ◇ Casino Hotel Riverwalk Casino Hotel Lady Luck Casino Vicksburg Vicksb 61 61 Jackson ELDORADO RESORTS isle. capri 17#19Isle of Capri Properties - Missouri ELDORADO RESORTS isle. capri Isle of Capri Casino Boonville Opened in December 2001 Located in Central Missouri between St. Louis and Kansas City Property includes dockside casino ■~900 slot machines and 20 table games 140 hotel rooms 1,100 parking spaces 3 restaurants, a ballroom and an event center 32,400 sq. ft. pavilion/entertainment center Isle Casino Cape Girardeau Opened in October 2012 Located in Southeast Missouri Property includes a dockside casino ■~900 slot machines, 22 table games and 4 poker tables 1,049 parking spaces 4 restaurants 7,725 sq. ft. event center Isle of Capri Casino Kansas City 70 Hotel Boonville 70 isle ° 70 BOONVILLE 55 70 70 St. Louis, MO 55 74 G 74 G ille CASINO CAPE GIRARDEAU 177 Isle Casino Sape Girardeau Farmer's Pick Buffet MISSOURI ILLINOIS 18#20- Isle of Capri Properties – Missouri (continued) Lady Luck Casino Caruthersville Acquired in June 2007 Located in Southeast Missouri Property includes a riverboat casino ■~600 slot machines and 9 table games 1,151 parking spaces 2 restaurants 40,000 sq. ft. pavilion ARKANSAS MISSOURI 60 55 Isle Casino ape Girardeau 57 57 57 MISSOURI KENTUCKY 55 KENTUCKY 15 TENNESSEE Lady Luck Lady Luck Casino CASINO CARUTHERSVILLE Caruthersville 69 Isle of Capri Casino Kansas City Acquired in June 2000 ■ Closest gaming facility to downtown Kansas City, Missouri Property includes a dockside casino ■~1,000 slot machines and 18 table games 1,426 parking spaces 3 restaurants ° Argosy Casino Hotel & Spa о (45 70 67 7th Street Casino isle capri KANSAS CITY 70 70 35 70 67 67 29 29 Harrah's North Kansas City 0 Isle of Capri Casino Kansas City 70 19 ELDORADO RESORTS isle. capri#21Isle of Capri Properties – Pennsylvania - ELDORADO RESORTS isle. capri Lady Luck Casino Nemacolin Opened in July 2013 Located in Western Pennsylvania on the Nemacolin Woodlands Resort Property includes a land-based casino ~600 slot machines and 29 table games 766 parking spaces 2 restaurants D OHIO WEST VIRGINIA 76 422 79 376 The Meadows Racetrack & Casino о Hyatt Place Pittsburgh South/Meadows 70 Wheeling Island Hotel Casino-Racetrack 79 PENNSYLVANIA WEST VIRGINIA 79 119 219 Casino Theatre ° Rivers Casino 76 99 Pennsylvania Gaming Distribution 76 99 Lady Lick NEMACOLIN 68 70 PENNSYLVANIA Rocky Gap MARYLAND Casino Resort 68 MARYLAND WEST VIRGINIA 20 20#22Eldorado Resorts LTM 2Q FY 2016 EBITDA Reconciliation Consolidated Adjusted EBITDA¹ EBITDA Reconciliation for the Twelve Months Ended June 30, 2016 (In $000's) ELDORADO RESORTS isle. capri Operating Income Depreciation & Amortization Stock-Based Compensation Transaction Expenses Severance Expense Other² Adjusted EBITDA $93,927 $63,701 $2,700 $3,306 $1,645 $1,740 $167,019 1 Results of operations for the twelve months ended June 30, 2016 include the operations of Silver Legacy and Circus Reno, which were acquired by ERI on November 24, 2015, as if the acquisition occurred on July 1, 2015. Such presentation does not conform with GAAP or the Securities and Exchange Commission rules for pro forma presentation; however, we have included the combined information because we believe it provides a meaningful comparison for the periods presented 2 Other is comprised of (gain) loss on the sale or disposal of property, equity in income of unconsolidated affiliate and other regulatory gaming assessments. 21 21#23Isle of Capri LTM 1Q FY 2017 EBITDA Reconciliation EBITDA Reconciliation for the Twelve Months Ended July 24, 2016 (In $000's) Adjusted EBITDA ELDORADO RESORTS isle. capri Operating Income Depreciation & Amortization Stock-Based Compensation Pre-Opening Expense Exit Agreement Expense Adjusted EBITDA Note: Pro forma for the sale of Lake Charles $116,571 $71,141 $5,004 $750 $870 $194,336 22 22