J.P.Morgan Investment Banking Pitch Book
APPENDIX
Selected public market comparables
Gaming companies: Market information
04/27/06
share price
$64.64
79.95
Company
Las Vegas Sands Corp
Harrah's Entertainment
Starwood Hotels & Resorts5
MGM Mirage
Hilton Hotels
Wynn Resorts Ltd?
Gaylord Entertainment
Orient Express Hotels
Average
Median
Gaming-median
56.88
44.60
26.99
75.65
43.76
41.00
JPMorgan
% of
52-week high
96.6%
98.9%
99.8%
95.4%
99.4%
94.3%
89.4%
97.0%
Equity
market value¹
$22,902.2
14,718.2
12,782.2
12,700.2
11,032.5
7,546.4
1,773.4
1,615.0
$10,633.8
$11,866.4
$13,709.2
$6,402.9
Total
2
market cap."
$24,535.4
25,795.6
16,292.2
25,055.7
18,786.5
9,652.7
2,373.7
2,187.4
$15,584.9
$17,539.4
$24,795.5
$9,332.9
Price/EPS³
2006E
NM
21.9x
26.1
24.0
26.0
NM
NM
33.1
26.2x
26.0x
22.9x
2007E
NM
19.0x
21.3
19.7
20.9
NM
NM
22.4
Lodging-median
¹ Includes common shares, common share equivalents (excluding options)
2 Equals the sum of equity market value, minority interests, debt outstanding and preferred stock at liquidation preference
3 Estimates for EPS are from equity research
* Aggregate value is total market capitalization less cash and cash equivalents. EBITDA estimates from analyst reports
5 Starwood Hotels pro forma for announced transaction with Host Marriott
* Hilton Hotels pro forma for announced acquisition of Hilton plc assets
7Wynn Resorts pro forma for $900 million sale of Macau casino rights
* Total debt as of 12/31/05 for Gaylord Entertainment excludes $613 million associated with the Company's secured forward exchange contract
26.1x
20.7x
20.9x
19.4x
21.3x
Aggregate value/EBITDA*
2006E
NM
9.7x
12.6
9.9
11.5
NM
15.0
15.6
12.4x
12.0x
9.8x
13.8x
2007E
NM
8.8x
11.5
9.4
9.7
NM
12.9
12.6
10.8x
10.6x
9.1x
12.1x
PROJECT PLATO 18View entire presentation