Investor Presentaiton

Margin Expansion Due to Proactive Cost Saving Initiatives Consistent cost discipline, while maintaining superior service and customer experience ~$100 million in reduced expenses through programs in Connecticut from 2010-2015; YTD 2016 Adjusted EBITDA +~14% y/y Guest service scores are highest they have been in over a decade Another $100 million of cost reduction potential remains CT EBITDA before slot contribution margin of 43% in FY15 compared to top regional peers at 50%-60% YTD FY16 Adjusted EBITDA Margin +240bps, Initiatives expected to continue over the next few years Adjusted EBITDA Margin Mohegan Sun Pocono Downs Impact of cost saving initiatives 29.8% Property ramp-up and 30.0% 28.6% introduction of table games 27.0% 25.6% 24.9% 25.2% 25.0% 22.3% 20.0% 15.0% Consolidated 23.4% 22.7% 22.4% 18.6% 19.0% 19.6% 19.5% 19.9% 20.6% 17.0% 17.1% 15.4% 26.0% 24.7% 10.0% 2010 2011 2012 2013 2014 2015 LTM 3/31/16 2010 2011 2012 2013 2014 2015 LTM 3/31/16 2010 2011 2012 2013 2014 2015 Note: Fiscal year 2014 results reflect unusually low table hold Mohegan Sun LTM 3/31/16 7

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