J.P.Morgan Investment Banking Pitch Book
APPENDIX
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
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
40 28 00300@zoou1 20 THND) 17 18
144
10
156
14
(29)
(4)
(2)
(14)
(49)
(2)
160
2
2
179
(15)
0
163
2
2
0
0
6
0
184
2005A
HEN...AOONR
233
(27)
(13)
(52)
179
32 12 四) 0 27 32070711
12
(75)
137
(0)
¹ Adjustments made to "Adjusted consolidated EBITDA"
'06Q1
63
BENROOTOONGO NIMO = g
85NOOITONGOONONIMO ON
5
2
70
0
0
0
(2)
0
0
8
(0)
86
(8)
(2)
(4)
(3)
(18)
(1)
68
4
6
78
(6)
0
72
4
6
5
2
(2)
0
'0602
84
60
2
0
0
1
1
0
0
0
80
(8)
(2)
(4)
(3)
(18)
(0)
62
69
78
SAENGNA
(1)
'06Q3
79
37
41
429908
40 2 11 0 3
--Ogoom.
0
55
(8)
(2)
(4)
(3)
(18)
(0)
38
42
53
4
0
5
2
1
4
55
NNNOO --
ª000+N° Eg°*° 5525 ~
440H70131 12 350 份 4 0
08 195991034080161 38 459 19 0 15 12
°°°SE
'0604
27
2
2
31
0
0
1
1
0
0
0
8
0
50
(8)!
(1)
(4)
(3)
(16)
(1)
33
453205
12
4
5
2
50
2006E
1.87
14
9
210
4
2
(7)
39
0
0
24
0
272
(31)
(7)
(18)
(13)
(69)
(2)
201
18
14
232
26
0
258
18
14
20
9
(3)
9
268
2007E
157
14
74
246
0
0
23
(33)
(5)
(16)
(14)
(68)
(4)
240
16
10
267
34
5
306
16
10
21
10
(3)
8
303
2008E
297
21
(2)
26
390
(34)
(5)
(19)
(15)
(73)
(5)
19
17
349
11
5
365
19
17
22
11
(5)
7
384
2009E
200
16
103
319
23
0
4
24
0
0
39
0
7
29
0
445
(40)
(5)
(17)
(16)
(77)
(6)
361
17
22
400
(3)
0
397
17
22
23
12
(5)
6
436
୨
2010E
210
16
107
333
24
0
4
26
0
0
40
0
9
30
0
467
(42)
(5)
(17)
(16)
(80)
(7)
380
17
27
424
0
0
424
17
27
24
13
(8)
5
457
PROJECT PLATO
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