J.P.Morgan Investment Banking
APPENDIX
Adjusted cash EBITDA build-up - Upside Case
$ millions
EBITDA:
Paradise Island
Ocean Club
Phase III
Paradise Island
CondoTel
CondoTel Fees
Harborside Fees
The Palm
Dome
UK Gaming
Mohegan
Catskills
Morocco
080 Management Fees:
Mauritius
Kanuhura
Reethi Rah
Dubai
Palmilla
Cape Town
Marketing Fees
080 Management Fees
080 Development Fees
Total Segment EBITDA
Corporate Expenses
New Project Expenses
Corp. Stock Comp Amort.
080 Expenses
Corporate and 080 Expenses
Minority Interest
Adjusted consolidated EBITDA
Plus: Corp. Stock Comp. Amort.
Plus: Equity earings, Net
Cash EBITDA
Plus: Non-recurring adjustments
Plus: Land sales
Adjusted cash EBITDA
JPMorgan
2004A
144
10
2
156
0
0
3
0
0
(2)
37
0
0
8
1
0
3
1
0
0
14
1
210
(29)
(4)
(2)
(14)
(49)
(2)
160
2
2
163
(15)
0
148
2005A
162
12
2
176
0
0
4
0
0
(5)
39
0
0
0
1
4
3
0
2
18
(0)
233
(27)
(9)
(3)!
(13)
(52)
(2)!
179
3
12
194
(75)
0
120
'06Q1
57
5
2
64
0
0
1
0
0
(2)
9
0
0
MI NITO -0 DON
3
1
2
1
1
1
8
(0)
80
(8)
(2)
(4)
(3)
(18)
(1)
62
4
6
72
(6)
0
66
'0602
55
4
2
61
0
0
1
1
0
(2)
9
0
0
- 001 -0050
1
74
(8)
(2)
(4)
(3)
(18)
(0)
56
4
2
63
9
0
72
'0603
34
2
2
37
0
0
1
1
0
(1)
10
0
0
TOTO - OOM O
1
0
1
0
1
0
0
3
0
AKO WENO N
(8)
(2)
(3)
(18)
(0)
0
39
11
0
50
'0604
25
2
2
29
0
0
1
1
0
(2)
10
0
0
0
2
1
2
0
1
8
0
新 三
47
(8)
(1)
(4)!
(3)!
(16)
31
5
9202
40
12
52
2006E
170
13
9
191
0
0
4
2
0
(7)
39
0
0
8
1
5
4
4
0
2
24
0
254
(31)
(7)
(18)
(13)
(69)
(2)
183
18
14
214
26
0
240
2007E
143
13
74
231
0
0
4
4
0
(4)
37
0
1
ܣ ܝ ܗ ܦ ܚ ܘ
8
5
4
3
2
23
1
296
(33)
(5)
(16)
(14)
(68)
(4)
225
16
10
251
34
5
290
2008E
172
14
93
278
21
0
3
4
0
(2)
38
0
1
SECTES -NOGA - 00
371
(73)
294
11
5
347
2009E
182
14
103
299
23
0
4
24
0
0
39
0
7
8
1
6
4
5
1
2
29
0
425
(40)
(5)
(17)
(16)
(77)
(6)
341
17
22
381
(3)
0
378
2010E
191
15
107
312
24
0
4
26
0
0
40
0
9
9
1
6
5
5
2
2
30
0
446
(42)
(5)
(17)
(16)
(80)
(7)
359
17
27
404
0
0
404
PROJECT PLATO
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