Gaming Property Investment Overview
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Tenant Strength Enhances Cash Flow Durability
Our Major Tenants are Credit Worthy Public Companies with: Strong
Balance Sheets, Institutional Quality Operational Platforms, Extensive
Experience, and Established Brands
PENN NATIONAL
GAMING, INC.
The largest U.S. regional
gaming operator of 40
gaming entertainment
properties in 18 jurisdictions,
with approximately $5.3
billion in annual net revenue
Enterprise Value:
$21.6 Billion +(2)
Equity Market Cap:
$12.5 Billion +(2)
Longest-dated (1/27)
unsecured debt yield to
maturity: 4.83% (2)
BOYD
GAMING
A leading multi-
jurisdictional operator of
29 gaming entertainment
properties in 10
jurisdictions, with
approximately $3.3 billion
in annual net revenue (1)
Enterprise Value:
$10.9 Billion +(2)
Equity Market Cap:
$6.8 Billion +(2)
Longest-dated (12/27)
unsecured debt yield to
maturity: 4.45%(2)
CAESARS
ENTERTAINMENT.
A highly-respected operator
of a large and diversified
portfolio of 53 gaming
assets across 16 states,
with approximately $11
billion in annual net revenue
(1)
Enterprise Value:
$33.2 Billion +(2)
Equity Market Cap:
$20.9 Billion +(2)
Long-dated (7/27)
unsecured debt yield
to maturity: 6.02% (2)
Bally
A growing and respected
operator of a diversified
portfolio of 15 gaming
assets across 11 states,
with approximately $.5
billion in annual net revenue
(1)
Enterprise Value:
$3.2 Billion +(2)
Equity Market Cap:
$2.2 Billion +(2)
Long-dated (6/27)
unsecured debt yield
to maturity: 5.43% (2)
Master Lease payments are not subject to debt subordination or restricted payment limitations
In order to cease Master Lease payments, a tenant would be required to reject the portfolio of
leases via bankruptcy, vacate all leased properties, and participate in a sale process to transfer
the gaming license to a successor
(1) 2019 revenue figures as presented by Bloomberg, descriptive information from company websites or company sources. 2019 presented as it reflects the last full calendar year of
continuous operations
(2) Based on 5/18/21 closing quotes; debt yields are closing mid YTM; enterprise value as presented by Bloomberg
Source: Bloomberg
Note: Bally's is included as a tenant pro forma based on pending transactions that are subject to regulatory approval and closing conditions
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