Investor Presentaiton

Potential 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

View entire presentation