Master Licensing Investigations Dec 2020

ANALYSIS TOOLS TO REVIEW MANAGEMENT’S FINANCIALS

• HORIZONTAL / TREND YOY • VERTICAL / COMMON SIZE • BUDGET VS. ACTUAL • RATIOS

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TOOLS A CLOSER LOOK

CASINO & HOTEL FINANCIALS (dollars in thousands) For the Year Ended December 31,

HORIZONTAL

2017

2016

2015

REVENUES: Casino

$ 1,228,540 77% 193,260 36% 119,095 26% 65,694 22% 1,606,589 63% (133,085) 47% 1,473,504 65%

$ 693,013 13% 142,032 45% 94,312 152% 53,839 53% 983,196 25% (90,300) 39% 892,896 24%

$ 614,227 97,740 37,466 35,108 784,541 (64,757) 719,784

Food and beverage

Hotel Other

TOTAL REVENUE

Less-promotional allowances

Net operating revenues

FORMULA: (THIS YEAR – LAST YEAR) / LAST YEAR

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