J.P.Morgan Investment Banking Pitch Book
APPENDIX
Selected public market comparables (cont'd)
Gaming companies: Credit information
Company
Las Vegas Sands
Harrah's Entertainment
Starwood Hotels & Resorts
MGM Mirage
Hilton Hotels
Wynn Resorts
Gaylord Entertainment
Orient Express Hotels
04/27/06
Equity
share price market value¹
$64.64 $22,902.2
79.95
14,718.2
56.88
44.60
12,782.2
12,700.2
11,032.5
7,546.4
1,773.4
1,615.0
JPMorgan
26.99
75.65
43.76
41.00
Total
market cap. 2
$24,535.4
25,795.6
16,292.2
25,055.7
18,786.5
9,652.7
2,373.7
2,187.4
Debt-to- Debt + prfd./
Debt-to-
total market total market total book.
capitalization capitalization capitalization³
6.7%
42.8%
21.4%
49.3%
41.3%
21.8%
25.3%
26.0%
6.7%
42.8%
29.3%
25.6%
21.4%
49.3%
41.3%
21.8%
25.3%
26.0%
50.4%
44.1%
32.7%
50.1%
64.8%
57.4%
30.2%
40.3%
29.3%
25.6%
Average
Median
¹ Includes common shares, common share equivalents (excluding options)
2 Equals the sum of equity market value, minority interests, debt outstanding and preferred stock at liquidation preference. Does not include restricted cash
3 Book capitalization equals the sum of debt outstanding, preferred stock at liquidation preference, minority interests and shareholders' equity
Debt/
LTM EBITDA
2.8x
5.7
2.5
6.2
6.8
9.9
4.8
5.2
46.2%
47.1%
LTM EBITDA/
interest
6.1x
4.0
5.5x
5.5x
5.9
3.0
4.4
2.1
1.7
3.6
3.9x
3.8x
Senior debt
ratings
Moody's/S&P
B1/BB-
NA/BBB-
Ba2/BB
B2/B+
BB/Ba2
BB+/Bal
B/B3
NR/NR
PROJECT PLATO 19View entire presentation