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Combination Between Eldorado and Isle Increases Scale and Provides Margin Upside $2.2 $1.8 BOYD GAMING 1 Combined isle. ELDORAINS LTM Revenue ($bn) $1.4 $1.3 $0.9 $0.9 LTM EBITDA ($mm) ELDORADO RESORTS isle. capri GANONLING $532 $472 $396 $343 $194 $167 red rock 2 4 ELDORADO RESORTS CASINO RESORT S isle. 1 2 CHURCHILL Downs Capri BOYD GAMING red rock CASINO RESORTS LTM EBITDA Margin 5 ELEKRATKO Combined isle. isle Capri ELDORADO RESORTS CHURCHILL DOWNS Combined LTM EBITDA by State WV MS 4% MO PA 5% 3 18% 5% LA 7% 34.2% 26.8% 24.3% 22.7% 22.5%5 18.4% 20.5% CO 9% 2 red rock CASINO RESORT S Combined CHURCHILL DOWNS BOYD GAMING 1 isle Capri ELEXIRAIKS Source: Company filings and press releases isle. Capri Note: LTM statistics as of 6/30/16 for all companies except Isle metrics which are as of 7/24/16 ELDORADO RESORTS 1 BYD'S LTM revenue and EBITDA exclude pro forma adjustments for acquisition of Aliante and Cannery and sale of Borgata 2 RRR's LTM revenue and EBITDA exclude pro forma adjustment for acquisition of Palms 3 Consists of Central Missouri (7%); Kansas City (5%); Cape Girardeau (4%) and Caruthersville (2%) markets 4 Consists of Waterloo (7%); Quad City (5%) and Marquette (1%) markets 5 Includes $35mm of run-rate cost synergies FL 10% OH 14% ΙΑ 4 13% $396mm LTM EBITDA5 NV 15% 7

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