Investor Presentaiton
Strong Collateral Relative to
Other Native American Casino Operators
.
MTGA's corporate assets are arguably the strongest in Indian Country and approach that of smaller
commercial operators
Pro Forma for the Transaction, funded First Lien Debt is covered by MTGA's collateral package, which has an
estimated value of approximately $1.9Bn
Pro Forma Collateral Coverage
($ in millions)
$2,000
$1,800
$1,600
$720
$1,400
$1,200
$42
$1,000
$116
$18
$76
$800
$193
$600
$224
$400
$983 million
(fully-drawn
Revolver)
$925
$200
$482
Pocono
Mohegan Sun CT Sky Hotel
(1)
CT Mall (2) Golf Course
(1) Calculated assuming a 9.0x EBITDA multiple
Cowlitz
Receivable &
Dev Fee (3)
(4)
Cowlitz
MGMT Fees Development
Fee (5)
Inspire
Inspire
MGMT Fees
(6)
First Lien
Debt
(2)
Calculated assuming a 6% Cap Rate
(3)
Represents Cowlitz Receivable as of 3/31/2016
(4)
(5)
Development fees for Phase 1, conservatively does not include future development fees
Assumes facility generates net revenues/adjusted EBITDA equal to Mohegan Sun Pocono in FY14; and average fee income of $16mm for 7 years
(6) Assumes average management fee income of $30mm per year for 24 year life of management agreement
Mohegan Sun
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