Investor Presentaiton

Track Record of Strategic M&A TRWH is focused on creating long-term strategic value Date Estimated Purchase Multiple / Owned Multiple Adj. EBITDA (¹) Strategic Rationale Hard Rock Biloxi July 2014 10x/<7x $36M $38M Diversify from Single Property Newport Grand / Tiverton Own 2nd Rhode Island License March 2015 N/A Transferred to Tiverton $20M - $21M • Further Diversification Dover Downs March 2019 9x/<5x $23M - $25M Black Hawk Casinos January 2020 ~10x/<7x $8M $10M Kansas City & Vicksburg Pending 8.4x/<7x $42M - $43M Bally's Atlantic City Pending 2.1x/TBD TBD Shreveport & MontBleu Pending 4.1x/TBD TBD TRWH NYSE Listing Further Diversification Complement Existing Colorado Assets (Arapahoe Park + 13 OTB Licenses) 3 Sports Betting Licenses Further Diversification Diversification Redevelopment in Kansas City to Gain Market Share Accretive to Earnings Position on Atlantic City Boardwalk Mobile sports betting and iGaming Cross marketing with RI and Delaware Establishment of a destination property Diversification Accretive to Earnings (1) Estimated purchase multiple is the purchase price paid for an acquired business expressed as a multiple of estimated trailing twelve month adjusted EBITDA for the acquired business as of the date the Company agreed to acquire the business. Owned multiple of adjusted EBITDA is the purchase price paid for an acquired business, together with estimated redevelopment costs for Kansas City, expressed as a multiple of post-acquisition targeted levels of Adjusted EBITDA that the Company believes may be achievable after implementation of the Company's strategy and realization of synergies. 22

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