Mining Through Uncertainty

Las Vegas Strip Trends Billions es es to to es es es es es $0 $1 $2 $4 $3 $6 $5 $8 Gross Gaming Revenue Average Daily Room Rate Hotel Occupancy Rate $145 91% $140 90% $135 89% $130 88% $125 87% $120 86% $115 $110 85% $105 84% '07 '09 '11 '13 '15 '17 '19 LTM '13 '14 '15 '16 '17 '18 '19 LTM '13 '14 '15 '16 '17 '18 '19 LTM NEVADA Mining Association MINING THROUGH UNCERTAINTY Source: Nevada Gaming Control Board; Las Vegas Convention and Visitors Authority 123 APPLIED ANALYSIS

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