J.P.Morgan Investment Banking
APPENDIX
Adjusted cash EBITDA build-up - Adjusted Upside Case
10% upside on Atlantis, Paradise Island and Ocean Club over management's Upside Case EBITDA projections
$ millions
EBITDA:
Paradise Island
Ocean Club
Phase III
Total Paradise Island
CondoTel
CondoTel Fees
Harborside Fees
The Palm
Dome
UK Gaming
Mohegan
Catskills
Morocco
080 Management Fees:
Mauritius
Kanuhura
Reethi Rah
Dubai
Palmilla
Cape Town
Marketing Fees
080 Management Fees
080 Development Fees
Total Segment EBITDA
Corporate Expenses
New Project Expenses
Corp. Stock Comp Amort.
080 Expenses
Corporate and O80 Expenses
Minority Interest
Adjusted consolidated EBITDA
Plus: Corp. Stock Comp. Amort.
Plus: Equity earings, Net
Cash EBITDA
Plus: Non-recurring adjustments
Plus: Land sales
Adjusted cash EBITDA
JPMorgan
2004A
144
10
2
156
0
0
3
0
0
(2)
37
0
0
8
1
0
3
1
0
0
14
1
210
(29)
(4)
(2)
(14)
(49)
(2)
160
2
2
179
(15)
0
163
2005A
162
12
2
176
0
0
4
0
(5)
39
0
0
1
4
3
0
2
18
(0)
233
(27)
(9)!
(3)!
(13)
(52)
(2)!
179
3
12
212
(75)
0
137
'06Q1
63
5
2
70
0
0
1
0
(2)
9
0
0
N-w
2
1
1
0
1
8
(0)
86
(8)
(2)
(4)
(3)
(18)
(1)
68
4
6
78
(6)
0
72
'0602
SSDOO- TONGoo
60
5
2
67
0
0
1
1
0
(2)
9
0
0
1
0
0
1
1
0
0
5
0
80
(8)
(2)
(4)
(3)
(18)
(0)
62
4
2
69
9
0
78
'06Q3
37
2
2
41
0
0
1
1
0
(1)
10
0
0
TOTO-00mo
1
1
1
3
55
(8)
(2)
(4)
(3)
(18)
(0)
38
4
0
42
11
0
53
'0604
27
2
2
31
0
1
1
0
(2)
10
0
0
3
0
2
1
2
0
1
8
50
(8)
(1)!
(4)!
(3)!
(16)
(1)
2
5
_3 12 0 55
43
2006E
187
14
210
0
0
4
2
0
(7)
39
0
0
8
1
5
4
4
0
2
24
0
272
(31)
(7)
(18)
(13)
(69)
(2)
201
18
14
232
26
0
258
2007E
157
14
74
246
0
0
4
4
0
(4)
37
0
1
ܣ ܝ ܗ ܂
4
3
0
2
23
1
312
(33)
(5)
(16)
(14)
(68)
(4)
240
16
10
267
34
5
306
2008E
189
15
93
297
21
0
3
4
0
(2)
38
0
1
8
1
6
4
5
0
2
26
1
390
(34)
(5)
(19)
(15)
(73)
(5)
312
19
17
349
11
5
365
2009E
200
16
103
319
23
0
4
24
0
0
39
0
7
8
1
6
4
5
1
2
29
0
445
(40)
(5)
(17)
(16)
(77)
(6)
361
17
22
400
(3)
0
397
2010E
210
16
107
333
24
0
4
26
0
0
40
0
9
. 3 833JE NNGG
467
(42)
(16)
(80)
0
424
PROJECT PLATO 31View entire presentation