J.P.Morgan Investment Banking Pitch Book
APPENDIX
EBITDA build-up – Upside Case
-
$ millions
EBITDA:
Paradise Island
Ocean Club
Phase III
Paradise Island
CondoTel
CondoTel Fees
Harborside Fees
The Palm
Dome
UK Gaming
Mohegan
Catskills
Morocco
080 Management Fees
o&o Development Fees
Total Segment EBITDA
Corporate Expenses
New Project Expenses
Corp. Stock Comp Amort.
080 Expenses
Corporate and 080 Expenses
Minority Interest
Adjusted consolidated EBITDA
EBITDA adjustments'
Adjusted cash EBITDA
Plus: Corp. Stock Comp. Amort.
Plus: Equity earnings, Net
Cash EBITDA
Plus: Non-recurring adjustments
Plus: Land sales
Adjusted cash EBITDA
GAAP EBITDA
Plus: Corp. Stock Comp. Amort.
Plus: Equity earnings, Net
Plus: Palmilla EBITDA
Plus: Reethi Rah EBITDA
Less: Palmilla equity earnings
Less: Reethi Rah equity earnings
GAAP EBITDA
2004A
JPMorgan
144
10
156
40 28 00300@zoou1 20 THND) 17 18
~226 00400580080 33 793 10 24 179
SHOOTOONGOON €¢
HANGOO ITONGOODOONIMO A
NOOT-Ogoomo ONIMO € *
14
(29)
(4)
(2)
(14)
(49)
(2)
160
2
2
163
(15)
0
148
2
2
0
0
6
2005A
0
169
12
176
(5)
18
(0)
(27)
(9)
(3)
(13)
(52)
(2)
3245020 3207070
12
194
(75)
12
¹ Adjustments made to "Adjusted consolidated EBITDA"
'0601
57
5
2
64
0
0
(2)
0
8
(0)
80
(8)
(2)
(4)
(3)
(18)
(1)
62
4
6
72
(6)
0
66
4
6
5
2
(2)
'06Q2
77
55
4
2
61
0
0
1
1
0
0
0
74
(8)
(2)
(4)
(3)
(18)
(0)
56
423902
63
72
WAENGNA
(1)
'06Q3
73
34
2
2
37
0
0
1
1
0
3
0
52
(8)
(2)
(4)
(3)
(18)
(0)
34
4
0
39
11
0
50
4
0
5
2
1
4
51
'0604
25
2
2
29
0
0
1
1
0
0
0
8
0
47
M BEIDD 三
(8)!
(1)
(4)
(16)
31 !
4
5
40
12
0
52
4
5
2
1
48
2006E
1.70
13
9
191
0
0
4
2
0
(7)
39
0
0
24
0
254
(31)
(7)
(18)
(13)
(69)
(2)
183
18
14
214
26
0
240
18
14
20
9
(3)
9
249
00 IBA 300440470
0 Zug 810340980161 31 459195 15 13
2007E
143
13
74
231
1
23
1
296
(33)
(5)
(16)
(14)
(68)
(4)
225
16
10
251
34
5
290
16
10
21
10
(3)
8
288
2008E
172
14
93
278
21
(2)
26
(34)
(5)
(19)
(15)
(73)
(5)
294
19
17
330
11
5
347
19
17
22
11
(5)
7
365
2009E
182
14
103
299
23
0
4
24
0
0
39
0
7
29
0
425
(40)
(5)
(17)
(16)
(77)
(6)
341
17
22
381
(3)
0
378
17
22
23
12
(5)
6
416
2010E
191
15
107
312
24
0
4
26
0
0
40
0
9
30
0
446
(42)
(5)
(17)
(16)
(80)
(7)
359
17
27
404
0
0
404
17
27
24
13
(8)
5
437
PROJECT PLATO
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