J.P.Morgan Investment Banking

APPENDIX K-2 model - Key drivers Room Margin % growth Rev PAR % growth ADR % growth Occupancy % growth Phase I # of Rooms Phase II # of Rooms Phase III # of Rooms Total Rooms Win/Table/Day % growth Slot Win/Day % growth % of revenue Food Beverage Food COGS Beverage COGS Payrol & related Telephone expense F&B margin % growth F&B/occupied room night % growth Food/occupied room night % growth Beverage/occupied room night % growth Telephone/occupied room night JPMorgan 2004A 78.1% 0.2% $207.00 2.9% $257.06 2.1% 80.5% 0.7% 1,116 1,201 2,317 $2,636 (12.0%) $177 8.4% 72.4% 26.2% 27.9% 19.8% 32.3% 40.6% 29.9% 10.9% $189.33 6.6% $137.03 6.9% $49.52 5.1% $13.18 2005A 79.0% 0.8% $221.09 6.8% $271.52 5.6% 81.4% 0.9% 1,116 1,201 2,317 $2,788 5.8% $213 20.6% 71.5% 26.9% 27.8% 18.9% 31.8% 32.3% 29.7% (0.5%) $207.71 9.7% $148.54 8.4% $55.79 12.7% $10.86 2006E 78.8% (0.2%) $230.76 4.4% $281.20 3.6% 82.1% 0.6% 1,116 1,201 2,317 $2,814 0.9% $208 (2.5%) 72.2% 26.8% 27.7% 18.9% 31.7% 33.7% 30.9% 4.1% $257.93 24.2% $186.10 25.3% $69.01 23.7% $11.17 2007 E 78.6% (0.1%) $239.89 4.0% $298.76 6.2% 80.3% (1.8%) 1,116 1,201 600 2,917 $3,172 12.7% $238 14.6% 72.2% 26.7% 27.8% 18.9% 31.7% 40.9% 30.9% (0.3%) $270.90 5.0% $195.60 5.1% $72.35 4.8% $11.39 2008 E 78.8% 0.1% $255.67 6.6% $316.32 5.9% 80.8% 0.5% 1,116 1,201 600 2,917 $3,452 8.8% $258 8.2% 72.2% 26.8% 27.7% 18.9% 31.7% 40.6% 30.9% 0.3% $284.38 5.0% $205.18 4.9% $76.09 5.2% $11.85 2009E 78.8% (0.0%) $269.02 5.2% $328.80 3.9% 81.8% 1.0% 1,116 1,201 600 2,917 $3,587 3.9% $268 4.0% 72.2% 26.8% 27.7% 18.9% 31.7% 40.7% 30.9% (0.0%) $298.60 5.0% $215.45 5.0% $79.89 5.0% $12.20 2010E 78.8% 0.0% $279.77 4.0% $341.94 4.0% 81.8% 0.0% 1,116 1,201 600 2,917 $3,694 3.0% $276 3.0% 72.2% 26.8% 27.7% 18.9% 31.7% 40.7% 30.9% 0.0% $313.53 5.0% $226.22 5.0% $83.88 5.0% $12.56 PROJECT PLATO 34

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