Mining Through Uncertainty

Las Vegas Strip Trends Gross Gaming Revenue Average Daily Room Rate Hotel Occupancy Rate 6% 6% 4% 5% 2% 0% 4% -2% 3% -4% -6% 2% -8% 1% -10% -12% 0% 2.5% 2.0% 1.5% 1.0% UL.. 0.5% 0.0% -0.5% -1.0% '07 '09 '11 '13 '15 '17 '19 '13 '14 '15 '16 '16 '17 '17 '18 '19 LTM LTM Source: Nevada Gaming Control Board; Las Vegas Convention and Visitors Authority '13 '14 '15 '16 '17 '18 '19 LTM NEVADA Mining Association MINING THROUGH UNCERTAINTY 124 APPLIED ANALYSIS

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