Equity Research - pdf.zacks.com

Please see page 13 for rating definitions, important disclosures and required analyst certifications All estimates/forecasts are as of 08/18/16 unless otherwise stated.

Wells Fargo Securities, LLC does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of the report and investors should consider this report as only a single factor in making their investment decision.

August 18, 2016

Equity Research

Vegas Roominations: Wells Fargo Weekly Room Survey and Trends

4Q tracking down 1% in first survey read. Our survey indicates MGM’s

October rates are down 1% yr/yr on a tough comp (+13%). The convention calendar is basically apples to apples. The overall 4Q comp is also challenging (+13%) driven by a strong event calendar last year.

3Q tracking flattish. Our survey indicates July rates at MGM’s wholly-owned properties are up 1% yr/yr, August +5% yr/yr and September down 4% yr/yr on a tough comp. We note that July and August are typically slow months for conventioneers, and our 3Q survey results have shown decelerating growth trends from our initial reads.

MGM guides 3Q RevPAR +7% against a tough comp. We believe 3Q16 RevPAR guidance of +7% yr/yr was above expectations despite a tough 3Q comp (+8% yr/yr in 3Q15). In our view, MGM’s better than expected 3Q RevPAR guidance likely reflects (1) double digit RevPAR growth in July, and (2) strong group business, which now comprises 18% of room nights.

September comp tough on strong event calendar last year. The September comp is challenging this year (+15% yr/yr) given a strong event calendar in Sept last year. These events include: (1) Mayweather vs. Berto (billed as Mayweather’s last fight), (2) a major UFC event, (3) Life is Beautiful Festival in Downtown Las Vegas, (4) iHeartRadio Music Festival, and (5) a busy event/concert schedule at Mandalay Bay/Delano. This year, the UFC is in a different city and there are no marquee fights scheduled (as of now).

Two major events announced for November/December. Manny Pacquiao will fight Jessie Vargas on November 5th at the Thomas & Mack Center. In addition, Duke will play UNLV in college basketball on December 10th at T-Mobile Arena.

Higher Resort Fees driving an est 1.5-2.0% point tailwind. MGM has consistently increased resort fees over the past few years, with published resort fees up $3.84 (14%) in 2016. MGM first began charging these fees to international groups in late summer last year. We conservatively estimate resort fees account for 1.5-2.0% points of MGM’s ADR growth over the past few quarters.

FTC could change stance on resort fees. There has been some speculation recently that the FTC might be considering requiring resort fees to be included in published hotel rates, instead of disclosing these fees separately as an additional fee. While this could impact rate comparisons and demand, we think it would be more of a perception issue for leisure customers, and note that comparable leisure destinations charge similar fees.

1Q 2017 should see double digit growth with Con/Agg convention. The Con/Agg conference returns to Las Vegas in 1Q 2017. This is a big event held only once every 3 years, with an estimated 130,000 attendees. As a point of reference, MGM’s 1Q RevPAR during the last two Con/Agg shows (in 2014 and 2011) was up 14% and 11% y/y, respectively.

Gaming

Cameron McKnight, Senior Analyst

(212) 214-5046

[email protected]

Robert J. Shore, Associate Analyst

(212) 214-8009

robert [email protected]

Daniel Adam, Associate Analyst

(212) 214-8066

daniel [email protected]

WELLS FARGO SECURITIES, LLC Gaming EQUITY RESEARCH DEPARTMENT

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The Wells Fargo Las Vegas Room Rate Survey has been conducted on a weekly basis for over 10 years. Each week, we gather Free and Independent Traveler (FIT) data from every major Las Vegas Strip property on a 13-week forward rolling basis, collecting and aggregating the average weekly rate of a double occupancy standard room. Each individual week of data in our survey is gathered every week for 13 weeks to obtain the most accurate sense of that week’s demand. For example, the week ended 8/13/2016 was initially surveyed 13 weeks prior and subsequently surveyed every week since. We believe a true read of a given week’s demand cannot be assessed via one or two checks, but rather through an average of numerous weeks of surveying, thus diluting the effects of any outliers and anomalies. By looking out over three months ahead, the Wells Fargo Las Vegas Room Rate Survey obtains a much earlier read on the subsequent quarter than similar, narrower surveys. Additionally, we track rate momentum in our survey by comparing the first quote of a particular week to the most recent surveyed quote of that particular week. In Exhibit 2, we see average survey rates for the Las Vegas Strip properties and the respective comparison to the exact period from the prior year. Exhibit 3 shows momentum of rates during our survey period, comparing the most recent vs. the first full quote for a given period. This gives a sense of the direction, or momentum, in the rates we are surveying. We believe our survey provides a read into ADR growth across the Strip. Our survey is most relevant to those companies with a higher leisure cash component (i.e., MGM) vs. those with a higher mix of convention and non-cash complimentary business (i.e., LVS, WYNN, and CZR). Exhibit 1.Matrix of Las Vegas Indicators

Indicator Direction Comments

Overall Las Vegas Strip Hotel Outlook

3Q:16 Room Rate Survey Surveyed rate comps down 2.8% yr/yr


2016-to-date Occupied Room Nights Occupied room nights up 1.3% yr/yr through June

MGM Wholly-owned Room Outlook

3Q:16 Room Rate Survey Surveyed rate comps up 0.3% yr/yr


Visitation Outlook

2016-to-date Visitor Volume Visitor Volume is up 1.6% yr/yr through June

2016-to-date Air Passengers Total air passengers are up 5.6% through June

2015-to-date Air Capacity Air Capacity is up 5.3% yr/yr through June

3-Month Forward Air CapacityForward airline capacity is expected to increase 4.0% in August,

5.8% in September, and 4.8% in October

Gaming and Non-Gaming Outlook

2016-to-date Gaming Trends Strip revenue growth is down 1.9% yr/yr through June

2016-to-date Convention Attendance Convention attendance is up 14.2% yr/yr through June

Source: Wells Fargo Securities, LLC estimates, company websites as of 8/17/2016, McCarran Airport, Las Vegas Convention and Visitors Association, and Nevada State Gaming Control Board.

WELLS FARGO SECURITIES, LLC Vegas Roominations: Wells Fargo Weekly Room Survey and Trends EQUITY RESEARCH DEPARTMENT

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Exhibit 2.Wells Fargo Las Vegas Room Rate Survey – Average Room Rates

Q1 15 Q1 16 % Chng Q2 15 Q2 16 % Chng Jul 15 Jul 16 % Chng Aug 15 Aug 16 % Chng Sep 15 Sep 16 % Chng Q3 15 Q3 16 % Chng Oct 15 Oct 16 % Chng

Bellagio $259 $265 2.2% $252 $245 -2.7% $203 $203 -0.1% $192 $206 7.0% $244 $237 -3.2% $213 $215 0.8% $271 $259 -4.2%

Mandalay Bay 196 230 17.4% 222 190 -14.2% 159 157 -1.3% 162 155 -4.6% 249 230 -7.6% 190 180 -5.0% 227 221 -2.7%

Delano Las Vegas 251 270 7.6% 270 213 -21.1% 188 190 1.3% 168 187 11.0% 285 244 -14.5% 214 207 -3.2% 255 253 -0.8%

MGM Grand 145 168 15.8% 176 140 -20.3% 140 130 -7.0% 126 131 4.3% 153 133 -12.8% 140 132 -5.7% 186 174 -6.1%

Mirage 172 181 4.7% 168 177 5.5% 136 138 1.5% 115 129 12.5% 200 179 -10.5% 150 149 -1.0% 206 166 -19.3%

High End Properties $195 $213 9.4% $208 $187 -10.2% $161 $158 -1.8% $150 $157 4.7% $212 $194 -8.6% $175 $170 -2.7% $223 $208 -6.6%

Luxor $102 $113 11.2% $107 $92 -13.9% $81 $95 17.3% $76 $92 20.2% $101 $112 10.6% $86 $99 15.5% $108 $123 13.8%

Monte Carlo 116 138 18.9% 115 100 -13.4% 94 99 5.5% 85 87 2.9% 110 115 4.7% 96 101 4.4% 127 155 21.8%

NY - NY 128 141 10.4% 130 116 -10.3% 106 100 -5.5% 102 100 -1.7% 119 133 11.4% 109 111 1.8% 133 147 10.5%

Mid End Properties $112 $127 13.5% $115 $100 -12.8% $91 $97 7.6% $84 $92 9.0% $108 $117 8.9% $94 $102 8.5% $120 $138 15.7%

Circus Circus $57 $73 29.4% $57 $57 0.7% $53 $61 13.8% $45 $48 5.3% $58 $55 -6.0% $52 $54 4.0% $61 $58 -5.4%

Excalibur 82 94 15.4% 85 75 -11.2% 72 76 5.2% 70 67 -3.6% 81 87 7.5% 74 76 3.3% 89 98 10.1%

Low End Properties $70 $84 21.0% $71 $66 -6.6% $63 $68 8.8% $58 $58 -0.2% $70 $71 2.0% $63 $66 3.6% $75 $79 4.0%

MGM Wholly Owned Total $143 $160 11.6% $151 $135 -10.4% $119 $121 1.5% $111 $116 5.0% $151 $145 -4.0% $127 $127 0.3% $160 $159 -0.9%

CityCenter - Aria $221 $214 -3.2% $219 $189 -13.5% $172 $176 2.2% $155 $182 17.2% $210 $219 4.3% $179 $192 7.4% $215 $221 2.4%

CityCenter - Vdara 184 200 8.9% 180 158 -12.1% 142 146 2.3% 140 148 5.5% 181 170 -6.4% 155 154 -0.1% 189 189 -0.4%

CityCenter - Mandarin Oriental 319 337 5.7% 295 286 -3.3% 245 295 20.3% 247 266 7.7% 318 310 -2.5% 270 290 7.5% 327 291 -11.0%

CityCenter - Total $219 $219 0.0% $215 $189 -12.3% $170 $177 4.0% $158 $180 13.8% $211 $214 1.5% $180 $190 5.9% $217 $218 0.5%

MGM Total $154 $168 9.2% $160 $143 -10.8% $126 $129 2.0% $118 $126 6.7% $159 $155 -3.0% $134 $136 1.4% $169 $168 -0.6%

Bally's $118 $124 5.1% $108 $113 4.9% $100 $82 -18.2% $83 $86 3.2% $107 $97 -9.0% $97 $89 -8.7% $132 $119 -10.1%

Caesars Palace 216 219 1.7% 205 193 -5.8% 174 157 -9.8% 183 195 6.6% 234 192 -18.0% 197 182 -7.9% 225 205 -8.7%

Flamingo Hilton 118 129 8.8% 126 113 -10.1% 122 100 -17.7% 115 93 -19.5% 142 116 -18.5% 126 103 -18.5% 159 121 -23.5%

Harrah's 120 120 -0.7% 104 99 -5.5% 81 65 -19.7% 63 57 -10.3% 112 100 -10.6% 85 74 -13.4% 122 112 -8.4%

Paris 159 138 -13.0% 144 137 -5.0% 132 127 -3.5% 129 140 8.9% 153 168 10.2% 138 145 5.4% 167 220 31.7%

Rio 133 157 18.2% 128 139 8.6% 134 120 -10.4% 86 87 2.0% 134 130 -2.5% 118 113 -4.4% 144 199 37.6%

Imperial Palace 146 128 -12.5% 103 105 1.5% 78 91 16.6% 72 91 26.0% 116 114 -1.5% 89 99 11.3% 149 136 -9.0%

Planet Hollywood 168 148 -11.7% 136 132 -2.6% 131 131 0.3% 115 125 8.5% 149 144 -3.3% 132 133 1.3% 189 171 -9.5%

HET Total $145 $144 -1.1% $131 $128 -2.6% $119 $108 -8.7% $106 $108 2.2% $143 $132 -7.5% $122 $116 -5.1% $160 $159 -1.0%

Venetian $275 $282 2.6% $229 $236 3.2% $214 $213 -0.2% $169 $199 18.2% $268 $238 -11.2% $217 $217 0.0% $285 $221 -22.5%

Palazzo 301 286 -4.8% 232 229 -1.3% 217 214 -1.7% 169 197 16.2% 289 241 -16.5% 225 217 -3.5% 280 234 -16.3%

LVS Total $288 $284 -1.3% $231 $233 1.0% $216 $213 -1.0% $169 $198 17.2% $279 $240 -14.0% $221 $217 -1.8% $283 $228 -19.4%

Wynn $348 $342 -1.8% $310 $283 -8.6% $245 $220 -10.2% $243 $185 -24.0% $346 $258 -25.4% $278 $221 -20.5% $336 $225 -33.0%

Encore 347 361 4.1% 313 300 -4.4% 249 229 -8.0% 245 191 -22.1% 314 230 -26.7% 269 217 -19.5% 421 242 -42.6%

Wynn Total $347 $350 0.7% $312 $290 -6.8% $247 $224 -9.2% $244 $187 -23.2% $332 $246 -25.9% $274 $219 -20.1% $372 $232 -37.6%

Cosmopolitan $280 $285 1.9% $247 $286 15.7% $225 $252 11.8% $211 $254 20.7% $291 $300 3.1% $242 $269 10.9% $247 $298 20.5%

Tropicana $165 NA $151 NA $105 NA $102 NA $123 NA $110 NA $184 NA

Total $179 $186 3.7% $170 $161 -5.8% $143 $140 -2.1% $130 $135 3.6% $180 $165 -8.1% $151 $147 -2.8% $191 $179 -6.3%

Source: Wells Fargo Securities, LLC estimates, and company websites as of 8/17/2016

Exhibit 3.Wells Fargo Las Vegas Room Rate Survey--Rate Momentum

First Quote Last Quote % Chng First Quote Last Quote % Chng First Quote Last Quote % Chng First Quote Last Quote % Chng First Quote Last Quote % Chng First Quote Last Quote % Chng First Quote Last Quote % Chng

Bellagio $276 $264 -4.4% $236 $246 4.1% $202 $203 0.7% $216 $204 -5.5% $221 $243 9.8% $213 $217 1.7% $240 $258 7.4%

Mandalay Bay $224 $231 3.0% $191 $190 -0.7% $145 157 8.8% $160 154 -3.9% $233 232 -0.4% $179 $181 1.0% $197 203 2.8%

Delano Las Vegas $278 $269 -3.1% $239 $211 -11.6% $174 192 10.3% $192 186 -2.7% $253 246 -2.7% $206 $208 1.0% $226 235 3.9%

MGM Grand $158 $168 6.4% $150 $139 -7.0% $129 130 0.3% $135 131 -2.8% $127 136 7.1% $130 $132 1.4% $146 171 17.3%

Mirage 172 181 5.2% 184 176 -4.4% 136 139 2.2% 140 128 -8.3% 170 188 10.9% 148 152 2.2% 160 169 5.7%

High End Properties $211 $213 1.3% $191 $187 -2.3% $154 $159 3.2% $164 $156 -4.7% $188 $199 5.6% $169 $171 1.5% $187 $202 8.1%

Luxor $116 $113 -2.9% $101 $92 -8.8% $91 $95 4.4% $105 $90 -14.1% $109 $116 5.6% $102 $100 -1.5% $119 $120 0.7%

Monte Carlo 134 138 3.2% 107 99 -7.0% 97 99 2.7% 91 87 -4.3% 118 119 1.0% 102 102 0.0% 143 150 4.5%

NY - NY 135 141 5.0% 126 116 -8.3% 101 100 -0.6% 104 99 -4.6% 132 137 4.0% 112 112 0.0% 136 142 4.1%

Mid End Properties $126 $127 1.0% $108 $99 -8.1% $95 $98 2.7% $100 $91 -9.2% $117 $121 3.7% $104 $103 -0.7% $130 $134 2.8%

Circus Circus $71 $74 4.0% $59 $57 -4.5% $68 $60 -11.2% $55 $47 -14.5% $52 $57 10.0% $58 $55 -6.0% $54 $61 12.0%

Excalibur 90 95 4.8% 80 75 -6.1% 82 75 -8.3% 71 66 -7.2% 91 90 -1.7% 82 77 -5.5% 96 97 1.0%

Low End Properties $81 $84 4.4% $70 $66 -5.4% $75 $68 -9.6% $63 $57 -10.3% $72 $74 2.3% $70 $66 -5.7% $76 $79 4.8%

Treasure Island

MGM Wholly Owned Total $157 $160 1.6% $140 $135 -3.9% $120 $121 1.3% $123 $115 -6.4% $142 $149 4.8% $128 $128 0.1% $146 $155 6.4%

CityCenter - Aria $209 $215 2.9% $188 $189 0.4% $155 $177 14.3% $172 $183 6.7% $223 $231 3.4% $183 $197 7.5% $199 $211 6.0%

CityCenter - Vdara 207 199 -3.6% 157 158 0.4% 135 146 8.4% 146 148 1.2% 180 176 -2.4% 154 157 1.9% 177 176 -0.6%

CityCenter - Mandarin Oriental 314 339 7.9% 283 286 1.0% 311 294 -5.5% 287 263 -8.3% 336 325 -3.2% 311 294 -5.6% 302 296 -1.7%

CityCenter - Total $215 $220 2.0% $188 $189 0.4% $161 $178 10.5% $174 $180 3.9% $221 $225 1.6% $185 $194 4.9% $201 $209 3.9%

MGM Total $166 $168 1.6% $147 $143 -3.1% $126 $129 3.0% $131 $125 -4.4% $153 $160 4.1% $136 $138 1.0% $154 $163 5.9%

Bally's $134 $124 -7.7% $132 $111 -15.7% $84 $82 -2.1% $92 $89 -3.3% $102 $101 -1.0% $92 $90 -2.1% $122 $119 -2.1%

Caesars Palace 232 233 0.5% 191 194 1.8% 166 156 -5.8% 173 194 12.1% 211 192 -9.1% 184 181 -1.4% 199 211 5.9%

Flamingo 129 129 -0.6% 111 114 2.4% 97 100 4.1% 80 94 17.1% 101 121 20.2% 92 105 13.7% 115 123 6.8%

Harrah's 139 130 -6.9% 109 97 -11.2% 89 62 -29.6% 69 58 -15.3% 108 104 -3.1% 88 75 -15.1% 113 112 -0.8%

Paris 137 150 9.9% 138 137 -0.2% 121 127 5.1% 121 142 17.2% 164 174 6.1% 135 148 9.1% 220 218 -1.0%

Rio 160 148 -7.3% 157 138 -12.1% 128 119 -7.2% 84 127 52.2% 130 131 0.7% 114 126 10.4% 197 196 -0.1%

CZR Same Store Total $152 $150 -1.7% $137 $130 -5.2% $112 $107 -4.6% $101 $115 13.8% $133 $136 2.0% $116 $119 3.3% $158 $161 1.5%

LINQ $132 $127 -3.6% $102 $105 3.0% $90 $91 0.5% $85 $91 7.4% $121 $117 -3.7% $99 $100 0.8% $132 $136 3.3%

Planet Hollywood 169 148 -12.6% 134 132 -1.1% 119 132 11.2% 119 125 5.4% 146 147 1.0% 128 135 5.5% 178 171 -3.9%

CZR Total $152 $147 -3.3% $133 $127 -4.0% $110 $108 -2.1% $102 $114 12.0% $133 $135 1.3% $115 $119 3.3% $158 $159 1.0%

Venetian $241 $285 18.1% $217 $238 9.8% $192 $215 11.9% $185 $201 9.2% $222 $244 10.1% $200 $220 10.4% $197 $212 7.7%

Palazzo 253 289 14.4% 217 230 6.1% 194 215 11.3% 187 198 6.0% 226 247 9.4% 202 220 8.9% 209 225 7.3%

LVS Total $247 $287 16.2% $217 $234 7.9% $193 $215 11.6% $186 $200 7.6% $224 $246 9.7% $201 $220 9.6% $203 $219 7.5%

Wynn $384 $338 -12.0% $336 $279 -16.9% $239 $219 -8.6% $228 $181 -20.9% $249 $257 3.4% $239 $219 -8.4% $230 $226 -1.8%

Encore 416 356 -14.4% 336 297 -11.6% 273 226 -17.3% 256 185 -27.6% 232 235 1.3% 254 215 -15.1% 252 246 -2.3%

Wynn Total $398 $346 -13.1% $336 $287 -14.6% $254 $222 -12.6% $240 $183 -23.9% $242 $248 2.5% $245 $217 -11.3% $239 $235 -2.0%

Cosmopolitan $267 $286 7.4% $266 $288 8.3% $241 $253 4.9% $236 $256 8.5% $263 $304 15.8% $246 $271 9.9% $279 $281 0.8%

Tropicana $157 $165 4.9% $141 $152 7.5% $101 $106 4.4% $84 $107 27.2% $128 $132 2.9% $105 $115 9.9% $157 $163 3.8%

Total $183 $184 0.4% $162 $157 -2.7% $136 $137 1.1% $134 $133 -0.5% $159 $167 4.6% $143 $146 1.9% $166 $172 3.7%

October-16August-16July-16Q1 2016 September-16 Q3 2016Q2 2016

Source: Wells Fargo Securities, LLC estimates and company websites as of 8/17/2016


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Exhibit 4.Forward Average Rates – Las Vegas Total

-20%

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Forward Average LV Room Rate Yr/Yr Growth


Exhibit 5. Forward Average Rates – MGM

-25%

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Forward Average MGM Room Rate MGM Yr/Yr Growth


Exhibit 6. Forward Average Rates – WYNN

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Forward Average WYNN Room Rate WYNN Yr/Yr Growth


Exhibit 7. Forward Average Rates – LVS

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Forward Average LVS Room Rate LVS Yr/Yr Growth



5

Exhibit 8. Forward Average Rates – CZR

-30%

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Forward Average CZR Room Rate CZR Yr/Yr Growth


Exhibit 9.Incremental ADR Growth Has a High Flow-Through To EBITDA

MGM LVS WYNN

Incremental ADR $1.00 $1.00 $1.00

Occupancy rate (2015A level) 92.7% 91.7% 85.2%

Rooms 34,034 8,105 4,748

Incremental margin 90.00% 90.00% 90.00%

Days 365 365 365

Incremental EBITDA ($mm) $10.4 $2.4 $1.3

Source: Company Reports and Wells Fargo Securities, LLC estimates

Exhibit 10.Our Las Vegas Room Rate Survey – MGM Wholly Owned Properties

Mar'15

Q1:15 Apr'15May'1

5Jun'15 Q2:15 Jul'15

Aug'15

Sep'15

Q3:15 Oct'15Nov'1

5Dec'1

5Q4:15 Jan'16

Feb'16

Mar'16

Q1:16 Apr'16May'1

6Jun'16 Q2:16 Jul'16

Aug'16

Sep'16

Q3:16 Oct'16

Last Year's Average $190 $145 $141 $143 $141 $142 $116 $113 $128 $119 $143 $154 $102 $133 $150 $114 $165 $143 $147 $181 $125 $151 $119 $111 $151 $127 $160

This Year's Average $165 $143 $147 $181 $125 $151 $119 $111 $151 $127 $160 $195 $95 $150 $203 $118 $159 $160 $137 $133 $136 $135 $121 $116 $145 $127 $159

% Change -13.0% -1.0% 4.0% 26.7% -11.6% 6.4% 2.5% -2.1% 18.0% 6.6% 12.6% 26.6% -6.1% 13.2% 34.7% 3.2% -3.7% 11.6% -6.8% -26.7% 9.0% -10.4% 1.5% 5.0% -4.0% 0.3% -0.9%

$60

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Average Y/Y Rate Comparison - MGM Wholly Owned

Last Year's Average This Year's Average

Surveyed rates trending up 0.3% in 3Q'16Surveyed rates trending down -0.9% in Oct'16

Source: Wells Fargo Securities, LLC estimates, and company web sites as of 8/17/2016


6

Exhibit 11.Our Las Vegas Room Rate Survey – MGM Wholly Owned Rate Momentum

Mar'15 Q1:15 Apr'15May'1

5Jun'15 Q2:15 Jul'15 Aug'15 Sep'15 Q3:15 Oct'15 Nov'15 Dec'15 Q4:15 Jan'16 Feb'16 Mar'16 Q1:16 Apr'16

May'16

Jun'16 Q2:16 Jul'16 Aug'16 Sep'16 Q3:16 Oct'16

First Quote $160 $137 $139 $167 $125 $144 $121 $106 $134 $120 $156 $190 $95 $147 $201 $119 $153 $157 $154 $130 $137 $140 $120 $123 $142 $128 $146

Last Quote $165 $142 $148 $182 $125 $152 $119 $111 $156 $129 $156 $169 $95 $140 $203 $118 $159 $160 $136 $133 $136 $135 $121 $115 $149 $128 $155

% Change 3.5% 3.3% 6.0% 8.7% 0.2% 5.4% -1.8% 5.0% 16.9% 7.1% 0.0% -11.0% 0.1% -4.7% 1.1% -0.9% 4.1% 1.6% -11.9% 2.2% -0.8% -3.9% 1.3% -6.4% 4.8% 0.1% 6.4%

$50

$70

$90

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$150

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$190

$210

$230 Average First and Last Quote Rate - MGM Wholly Owned

First Quote Last Quote

ADR momentum from down 3.9% in 2Q'16 to up +0.1% QTD in Q3'16



7

Exhibit 12.Las Vegas Official Visitation Data reported actuals Apr-15 May-15 Jun-15 Q2 15 Jul-15 Aug-15 Sep-15 Q3 15 Oct-15 Nov-15 Dec-15 Q4 15 Jan-16 Feb-16 Mar-16 Q1 16 Apr-16 May-16 Jun-16 Q2 16

Visitation

Growth Rates (Y/Y)

Visitor Volume 2.4% 4.8% 2.4% 3.2% 5.3% 1.6% 6.0% 4.3% 5.6% 3.7% 3.5% 4.3% 2.4% 5.3% 2.9% 3.5% 0.1% -3.9% 3.6% -0.1%

Convention Attendance 26.8% -4.6% -16.6% 1.1% -9.4% 26.1% 23.9% 15.0% 12.6% 39.8% 47.5% 28.5% 12.5% 10.5% 21.2% 14.6% 14.9% -1.2% 30.3% 13.8%

Conventions/Meetings (#) -4.7% -4.5% -19.3% -9.2% -9.6% 6.0% -11.5% -6.2% -13.9% 7.4% 38.5% 2.2% 17.2% 20.0% -4.1% 10.2% 14.4% -1.4% 13.0% 8.3%

Avg Daily Traffic

Highways 4.0% 7.1% 6.8% 6.0% 8.1% 5.7% 9.1% 7.6% 5.7% 6.1% 5.7% 5.8% 11.2% 1.6% 10.0% 7.6% -1.4% 5.9% 5.3% 3.3%

I-15 CA/NV Border 4.0% 7.0% 5.3% 5.4% 5.5% 2.2% 9.6% 5.5% 3.8% 4.2% 2.6% 3.5% 6.7% -1.5% 9.8% 5.1% -7.1% 2.2% 2.8% -0.6%

Total Air Passengers 4.9% 5.7% 5.8% 5.4% 8.8% 7.2% 5.9% 7.3% 6.4% 10.2% 8.9% 8.4% 7.3% 8.9% 5.5% 7.1% 3.4% 3.9% 5.7% 4.3%

Hotel Rooms (Total)

Avg Room Inventory 1.4% 0.0% -0.2% 0.4% -0.2% -1.2% -0.9% -0.8% -0.8% -0.9% -0.9% -0.9% -0.9% -0.7% -0.7% -0.7% -1.3% -0.1% 0.1% -0.4%

Avg Hotel Occupancy (bp) -120bp 200bp 40bp 40bp 180bp 50bp 340bp 190bp 320bp 230bp 150bp 233bp 180bp 200bp 330bp 237bp 50bp -330bp 200bp -27bp

Avg Citywide Occupancy (bp) -100bp 250bp 40bp 63bp 280bp 70bp 400bp 250bp 370bp 270bp 200bp 280bp 300bp 250bp 320bp 290bp 90bp -320bp 310bp 27bp

Avg Citywide ADR 1.7% 2.1% -0.7% 1.1% 1.2% -5.8% 8.8% 1.5% 11.7% 7.3% 1.3% 7.0% 6.5% 4.5% 1.1% 4.2% 10.2% -5.8% 6.0% 3.2%

Avg Citywide RevPAR 0.6% 5.0% -0.3% 1.9% 4.4% -5.0% 13.9% 4.5% 16.3% 10.7% 4.0% 10.9% 10.4% 7.6% 4.8% 7.6% 11.4% -9.1% 9.7% 3.4%

Occupied Room Nights 0.3% 3.1% 0.3% 1.2% 2.9% 0.2% 3.6% 2.2% 3.3% 2.1% 1.5% 2.4% 2.3% 5.2% 2.5% 3.3% -0.7% -4.0% 3.3% -0.5%

Nevada TaxiCab Trips 3.2% 5.5% -2.1% 2.3% 2.5% -0.1% 0.8% 1.0% -3.4% -5.5% -10.0% -6.0% -13.5% -10.8% -14.9% -13.2% -13.3% -25.9% -12.9% -17.8% Source: Wells Fargo Securities, LLC, and Las Vegas Convention and Visitors Association

Exhibit 13.McCarran Airport Statistics reported actuals Apr-15 May-15 Jun-15 Q2 15 Jul-15 Aug-15 Sep-15 Q3 15 Oct-15 Nov-15 Dec-15 Q4 15 Jan-16 Feb-16 Mar-16 Q1 16 Apr-16 May-16 Jun-16 Q2 16

Growth Rates

Deplaned 5.5% 5.2% 6.3% 5.7% 9.1% 6.3% 6.9% 7.4% 6.2% 10.3% 9.3% 8.5% 6.3% 10.0% 6.1% 7.4% 3.1% 3.1% 6.5% 4.3%

Enplaned 4.3% 6.1% 5.3% 5.2% 8.5% 8.2% 5.0% 7.3% 6.6% 10.6% 9.0% 8.6% 8.3% 7.7% 4.8% 6.8% 3.6% 4.8% 4.8% 4.4%

Subtotal 4.9% 5.7% 5.8% 5.4% 8.8% 7.2% 5.9% 7.3% 6.4% 10.5% 9.1% 8.6% 7.3% 8.9% 5.5% 7.1% 3.4% 3.9% 5.7% 4.3%

Connecting 2.5% 5.5% 21.0% 10.3% 13.1% 9.6% 4.6% 9.6% 5.0% 11.2% 8.9% 8.3% 10.6% 10.1% 0.7% 6.8% (2.1%) 7.5% (12.1%) (3.2%)

Total 5.0% 5.7% 4.8% 5.2% 8.5% 7.1% 6.0% 7.2% 6.5% 10.4% 9.1% 8.6% 7.1% 8.8% 5.7% 7.1% 3.6% 3.8% 6.9% 4.8%

Landings (0.2%) 1.5% 2.3% 1.2% 3.1% (0.8%) (0.5%) 0.6% (0.9%) 0.9% 5.3% 1.6% 2.6% 6.0% 0.7% 2.9% (1.7%) (0.5%) 1.6% (0.2%)

Pax/Flight 5.7% 3.7% 3.9% 4.4% 5.8% 7.1% 7.4% 6.8% 7.2% 9.3% 3.8% 6.7% 3.6% 3.8% 5.4% 4.3% 4.9% 3.6% 4.8% 4.4%

Daily Seats 4.6% 4.9% 4.3% 4.6% 4.6% 5.8% 3.6% 4.7% 3.4% 7.1% 7.6% 5.9% 6.7% 5.8% 4.3% 5.6% 5.2% 4.1% 5.8% 5.0%

Rental Car Revenue- On Airport 6.7% 9.4% 6.6% 7.6% 15.2% 9.7% 6.4% 10.5% 8.7% 12.2% 7.6% 9.6% 1.7% (0.0%) 5.4% 2.6% (4.1%) (2.8%) 8.4% 0.4% Source: Wells Fargo Securities, LLC and McCarran Airport

Exhibit 14.McCarran Airport Forward Airline Capacity as reported Q1 2015A Q2 2015A Q3 2015A Q4 2015A Q1 2016A Apr-16A May-16A Jun-16A Q2 2016A Jul-16E Aug-16E Sep-16E Q3 2016E Oct-16E

Projected Monthly

Seats into McCarran

Domestic Seats 11,351,639 12,303,218 12,413,721 12,265,696 12,189,748 4,228,223 4,390,503 4,328,247 12,946,973 4,422,830 4,394,520 4,231,629 13,048,979 4,431,264

International Seats 978,734 1,094,254 1,097,618 1,039,387 970,900 349,414 392,062 370,554 1,112,030 369,474 364,398 391,065 1,124,937 412,096

Total Seats 12,330,373 13,397,472 13,511,339 13,305,083 13,160,648 4,577,637 4,782,565 4,698,801 14,059,003 4,792,304 4,758,918 4,622,694 14,173,916 4,843,360

YOY Change

Domestic Seats 3.1% 4.1% 4.6% 6.3% 7.4% 5.9% 4.1% 5.8% 5.2% 5.4% 4.4% 5.7% 5.1% 4.4%

International Seats 13.1% 11.0% 5.4% 1.0% (0.8%) (4.0%) 3.9% 5.0% 1.6% 0.5% (0.1%) 7.5% 2.6% 9.2%

Total Seats 3.8% 4.6% 4.7% 5.9% 6.7% 5.1% 4.1% 5.8% 4.9% 5.0% 4.0% 5.8% 4.9% 4.8%

Last Read to First Read

Var%

Domestic Seats 0.8% 0.0% (0.1%) (0.2%) (0.2%) 0.0% 0.5% 0.5% 0.1% 1.0% 0.4% (0.3%) (0.1%)

International Seats (1.6%) (0.7%) 0.0% 0.9% (2.4%) (3.0%) (1.4%) (3.7%) (2.0%) 0.3% (2.1%) 0.2% (1.0%)

Total Seats 0.6% (0.0%) (0.1%) (0.1%) (0.4%) (0.2%) 0.4% 0.1% (0.0%) 0.9% 0.2% (0.3%) (0.2%) Source: Wells Fargo Securities, LLC estimates and McCarran Airport


8

Exhibit 15.Las Vegas/Nevada Gaming Revenue ($ millions)

January February March Q1 16 April May June Q2 16 July August September Q3 16 October November December Q4 16 2016 YTD

Las Vegas Strip:

Baccarat Volumes $626.0 $936.3 $576.4 $2,138.7 $582.0 $688.0 $540.8 $1,810.8 $3,949.5

yr/yr % chg. (20.3%) (3.8%) (29.1%) (16.9%) (20.8%) (27.7%) (12.3%) (21.4%) (19.0%)

Baccarat Hold % 16.2% 13.0% 11.3% 13.5% 18.1% 12.9% 14.1% 14.9% 14.1%

Prior Yr Var (BPS) -132bps 60bps 295bps 80bps 511bps 144bps 475bps 355bps 208bps

Baccarat Revenue $101.4 $121.9 $64.9 $288.2 $105.1 $88.9 $76.3 $270.3 $558.5

yr/yr % chg. (26.3%) 0.8% (3.9%) (11.6%) 10.4% (18.6%) 32.2% 3.1% (5.1%)

Slot Volumes $3,041.7 $3,138.1 $3,425.7 $9,605.5 $3,268.1 $3,204.2 $3,117.4 $9,589.7 $19,195.2

yr/yr % chg. (7.9%) 1.5% (0.1%) (2.2%) 1.5% (8.2%) 1.2% (2.0%) (2.1%)

Slot Hold % 8.5% 8.4% 7.3% 8.0% 7.7% 8.3% 8.1% 8.0% 8.0%

yr/yrVar (BPS) 72bps 42bps -35bps 24bps -47bps 52bps 64bps 22bps 23bps

Slot Revenue $258.5 $262.3 $250.4 $771.3 $250.7 $266.9 $253.4 $771.0 $1,542.3

yr/yr % chg. 0.7% 6.8% (4.6%) 0.8% (4.3%) (2.1%) 9.8% 0.7% 0.8%

Total Table Games Volumes $1,855.4 $2,169.8 $1,988.2 $6,013.5 $1,611.4 $1,948.3 $1,628.0 $5,187.7 $11,201.1

yr/yr % chg. (20.3%) 0.8% (9.6%) (10.0%) (10.9%) (24.3%) (9.9%) (16.2%) (12.9%)

Total Table Games Hold % 14.4% 13.9% 11.9% 13.4% 14.6% 13.3% 13.7% 13.8% 13.6%

yr/yrVar (BPS) 95bps 89bps 105bps 94bps 180bps 75bps 248bps 160bps 125bps

Total Table Games Revenue $267.7 $302.3 $236.4 $806.4 $235.3 $258.3 $222.5 $716.2 $1,522.5

yr/yr % chg. (14.7%) 7.7% (0.8%) (3.2%) 1.6% (19.7%) 10.1% (5.2%) (4.1%)

Core (Non-Baccarat) Gaming Volumes $4,271.0 $4,371.6 $4,837.6 $13,480.3 $4,297.5 $4,464.5 $4,204.6 $12,966.5 $26,446.8

yr/yr % chg. (11.8%) 2.4% 0.5% (3.2%) 0.1% (12.6%) (1.6%) (5.2%) (4.2%)

Core (Non-Baccarat) Hold % 10.1% 10.3% 8.7% 9.7% 9.0% 9.9% 9.8% 9.6% 9.6%

yr/yrVar (BPS) 102bps 65bps -41bps 40bps -42bps 28bps 73bps 18bps 29bps

Core (Non-Baccarat) Revenue $430.9 $448.3 $421.9 $1,301.1 $386.1 $442.1 $412.7 $1,240.9 $2,542.0

yr/yr % chg. (1.9%) 9.2% (4.0%) 0.9% (4.3%) (10.1%) 6.4% (3.3%) (1.2%)

Total Las Vegas Strip Revenues $532.3 $570.3 $487 $1,589.4 $491 $531.0 $488.9 $1,511.1 $3,100.5

yr/yr % chg. (7.7%) 7.3% (4.0%) (1.6%) (1.5%) (11.7%) 9.7% (2.2%) (1.9%)

NORMALIZED yr/yr % chg* (10.1%) 3.8% (3.8%) (3.5%) (4.4%) (16.1%) (0.5%) (7.8%) (5.6%)

Las Vegas Locals:

North Las Vegas Revenues $22.8 $24.7 $26.7 $74.2 $20.0 $27.2 $23.6 $70.7 $144.9

yr/yr % chg. 10.6% 12.9% (8.8%) 3.4% (14.4%) 27.8% (1.3%) 3.3% 3.3%

Boulder Strip Revenues $68.2 $71.0 $75.2 $214.3 $53.8 $77.6 $69.2 $200.5 $414.9

yr/yr % chg. 16.1% 10.4% (7.5%) 4.9% (18.9%) 25.9% (0.1%) 1.7% 3.3%

Balance of Clark County Revenues $92.2 $92.5 $96.9 $281.6 $92.7 $96.3 $90.6 $279.7 $561.3

yr/yr % chg. (1.1%) 11.9% 2.5% 4.1% 0.7% 4.0% 5.9% 3.5% 3.8%

Total Las Vegas Locals Revenues $183.2 $188 $199 $570.2 $166 $201.0 $183.4 $551 $1,121.1

yr/yr % chg. 6.1% 11.4% (3.1%) 4.3% (8.4%) 14.6% 2.6% 2.8% 3.6%%

Downtown Las Vegas Revenues $42.1 $50.6 $51.3 $144.0 $43 $50.4 $42.4 $135.7 $279.7

yr/yr % chg. 8.8% 17.0% (4.2%) 6.3% (13.5%) 13.1% 0.6% (0.5%) 2.9%

Laughlin Revenues $42.4 $43.4 $48.5 $134.2 $41.2 $39.6 $38.6 $119.5 $253.6

yr/yr % chg. 6.9% 0.8% -1.6% 1.7% -3.7% 1.9% 9.6% 2.2% 1.9%

Reno/Sparks Area:

Reno Area $42.6 $48.2 $47.0 $137.8 $50.1 $50.3 $48.8 $149.3 $287.1

yr/yr % chg. -2.6% 6.9% 1.1% 1.8% 18.5% -4.8% 4.5% 5.2% 3.6%

Sparks Area $9.3 $10.5 $10.9 $30.6 $10.2 $10.8 $10.1 $31.0 $61.7

yr/yr % chg. -3.0% 9.9% -0.1% 2.2% 5.3% -0.1% 7.4% 4.0% 3.1%

Total Reno/Sparks Area $51.9 $58.7 $57.9 $168.5 $60.3 $61.1 $58.9 $180.3 $348.8

yr/yr % chg. (2.7%) 7.4% 0.9% 1.9% 16.0% (4.0%) 5.0% 5.0% 3.5%

Other Nevada Revenues $73.6 $78.7 $79.0 $231.3 $74.0 $74.9 $75.1 $224.1 $455.3

yr/yr % chg. 2.7% 5.0% 0.1% 2.5% 1.4% -6.1% 2.8% -0.8% 0.9%

Total Nevada Revenues $925.3 $990 $922 $2,837.4 $876 $958.1 $887.4 $2,722 $5,558.9

yr/yr % chg. (2.9%) 8.0% (3.0%) 0.6% (2.4%) (4.5%) 6.8% (0.4%) 0.1%

2016 Gross Gaming Revenues ($MM)

*Normalized to remove the impact of changes in hold for baccarat and slots Source: Wells Fargo Securities, LLC and State Gaming Control Board


9

Exhibit 16.Upcoming Las Vegas Conferences

Start Date End Date Convention Venue Attendees

Yr/Yr

Change

1/6/2016 1/9/2016 CES 2016 Sands Expo & Convention 165,000

1/10/2016 1/14/2016 Promotional Products Association International - PPAI Expo 2016 Mandalay Bay Resort & Casino 20,000

1/19/2016 1/21/2016 Kitchen and Bath Industry Show 2016 Las Vegas Convention Center 33,000

1/20/2016 1/22/2016 Surfaces 2016 Mandalay Bay Resort & Casino 25,000

1/20/2016 1/23/2016 Adult Entertainment Expo - AVN Adult Expo 2016 Hard Rock Hotel & Casino 25,000

1/24/2016 1/28/2016 Las Vegas Market - Winter 2016 World Market Center 50,000

2/2/2016 2/5/2016 World of Concrete 2016 Las Vegas Convention Center 56,000

2/3/2016 2/6/2016 Safari Club International 44th Annual Hunters Convention Mandalay Bay Resort & Casino 21,000

2/14/2016 2/17/2016 Off-Price Specialist Show - Spring 2016 The Venetian Resort Hotel Casino 11,500

2/16/2016 2/18/2016 MAGIC Marketplace Spring Show 2016 Las Vegas Convention Center 85,000

2/17/2016 2/21/2016 World Soccer Fives USA National Tournament No Headquarter Hotel 14,000

2/28/2016 3/2/2016 ASD Las Vegas - Feb/March 2016 Las Vegas Convention Center 50,000

2/29/2016 3/4/2016 Healthcare Information & Management Systems Society (HIMSS16) Annual Conference & ExhibitionSands Expo & Convention Center 30,000

3/3/2016 3/8/2016 2016 West Coast Conference Basketball Championships Orleans Hotel and Casino 10,000

3/3/2016 3/10/2016 WPPI Wedding & Portrait Photographers Conference Expo 2016 MGM Grand Hotel and Casino 11,000

3/6/2016 3/10/2016 Western Veterinary Conference 2016 Mandalay Bay Resort & Casino 14,500

3/8/2016 3/10/2016 National Association of Pizzeria Operators - Annual International Pizza Expo - 2016Las Vegas Convention Center 12,000

3/8/2016 3/9/2016 Nightclub and Bar Show 2016 Las Vegas Convention Center 39,000

3/20/2016 3/25/2016 Adobe Summit 2016 The Venetian Resort Hotel Casino 10,000

3/23/2016 3/24/2016 International Wireless Communications Expo 2016 Las Vegas Convention Center 10,000

3/23/2016 3/25/2016 Globalshop 2016 Mandalay Bay Resort & Casino 14,000

1Q2016 804,000 0.2%

2Q2016 397,500 (2.3%)

7/6/2016 7/8/2016 Deafnation World Expo 2016 Paris Las Vegas 23,000

7/8/2016 7/10/2016 UFC Fan Expo - 2016 Las Vegas Convention Center 30,000

7/24/2016 7/26/2016 Cosmoprof North America 2016 Mandalay Bay Resort & Casino 30,000

7/30/2016 8/4/2016 Black Hat USA 2016 Mandalay Bay Resort & Casino 10,000

7/31/2016 8/3/2016 ASD Las Vegas - Jul/August 2016 Las Vegas Convention Center 44,000

7/31/2016 8/4/2016 Las Vegas Market - Summer 2016 World Market Center 50,000

8/2/2016 8/4/2016 SuperZoo West 2016 Mandalay Bay Resort & Casino 20,000

8/13/2016 8/16/2016 OFFPRICE Show - 2016 Sands Expo & Convention Center 11,500

8/15/2016 8/17/2016 MAGIC Marketplace Fall Show 2016 Las Vegas Convention Center 85,000

8/25/2016 8/27/2016 Orgill Fall Dealer Market - 2016 Sands Expo & Convention Center 32,000

8/28/2016 9/1/2016 VMworld 2016 Mandalay Bay Resort & Casino 20,000

9/7/2016 9/9/2016 Super Mobility Week Sands Expo & Convention Center 40,000

9/13/2016 9/15/2016 Solar Energy Trade Show 2016 Las Vegas Convention Center 15,000

9/14/2016 9/16/2016 Specialty Graphics Annual National Convention - 2016 Las Vegas Convention Center 23,000

9/16/2016 9/17/2016 2016 Mr. Olympia Las Vegas Convention Center 45,000

9/15/2016 9/17/2016 International Vision Expo West 2016 The Venetian Resort Hotel Casino 23,000

9/21/2016 9/23/2016 Interbike Expo 2016 Mandalay Bay Resort & Casino 25,000

9/26/2016 9/28/2016 National Mining Association MINEXPO 2016 Las Vegas Convention Center 50,000

9/27/2016 9/29/2016 G2E: Global Gaming Expo 2016 Sands Expo & Convention Center 26,000

3Q2016 602,500 30.3%

10/4/2016 10/8/2016 Rodan & Fields, LLC - 2016 Convention MGM Grand Hotel and Casino 14,500

10/8/2016 10/11/2016 International Baking Industry Expo 2016 Las Vegas Convention Center 22,000

10/15/2016 10/18/2016 Scientific Assembly 2016 Mandalay Bay Resort & Casino 12,000

10/17/2016 10/22/2016 Sweet Adelines International - Annual Convention & Competition MGM Grand Hotel and Casino 15,000

10/18/2016 10/20/2016 IMEX America 2016 Sands Expo & Convention Center 10,000

10/18/2016 10/21/2016 ABC Kids Expo 2016 Las Vegas Convention Center 14,000

10/21/2016 10/23/2016 Live Design International 2016 Las Vegas Convention Center 14,000

11/1/2016 11/4/2016 Automotive Aftermarket Industry Week (AAIW) 2016 Sands Expo & Convention 140,000

11/16/2016 11/18/2016 Fabtech International 2016 Las Vegas Convention Center 26,000

11/16/2016 11/19/2016 2016 DEMA Show - Diving Equipment & Marketing Association Las Vegas Convention Center 10,000

12/4/2016 12/8/2016 51st American Society of Health-System Pharmacists (ASHP) Midyear Clinical Meeting & Exhibition 2016Mandalay Bay Resort & Casino 20,000

4Q2016 297,500 0.5%

Total 2,101,500 6.8%

Note: Only includes conferences with over 10,000 people in attendance Source: Wells Fargo Securities, LLC and Las Vegas Convention and Visitors Association


10

Exhibit 17.Las Vegas Special Events

Property Start Date End Date Event Type Location

Starting

Ticket

Price

MGM Grand (MGM)

8/19/2016 Gwen Stefani Music MGM T-Mobile Arena $40

8/20/2016 UFC 202 Diaz vs. Mcgregor Boxing MGM T-Mobile Arena $215

8/21/2016 Slipknot Music MGM T-Mobile Arena $30

9/1/2016 Coldplay Music MGM T-Mobile Arena $30

9/9/2016 9/10/2016 George Strait Music MGM T-Mobile Arena $75

9/11/2016 DRAKE Music MGM T-Mobile Arena $50

9/15/2016 Alejandro Fernández Music MGM Grand Garden Arena $69

9/16/2016 MANA Music MGM Grand Garden Arena $51

9/17/2016 Black Sabbath Music MGM Grand Garden Arena $45

9/23/2016 Dary Hall & John Oates Music MGM Grand Garden Arena $45

9/23/2016 9/24/2016 iHeartRadio Music Festival 2016 Music MGM T-Mobile Arena $150

10/1/2016 Bad Boy Family Reunion Tour Music MGM Grand Garden Arena $40

10/7/2016 10/8/2016 Frozen Fury Sports MGM T-Mobile Arena $39

10/13/2016 10/15/2016 LA LAKERS in Las Vegas Basketball MGM T-Mobile Arena $25

10/15/2016 Jimmy Buffett & The Coral Reefer Band Live Music MGM Grand Garden Arena $40

10/19/2016 Rolling Stones Music MGM T-Mobile Arena $75

10/21/2016 keith Urban Music MGM T-Mobile Arena $40

10/28/2016 Five Finger Death Punch & Shinedown Music MGM T-Mobile Arena $45

10/29/2016 Kanye West Music MGM T-Mobile Arena $39

11/2/2016 11/6/2016 2016 PBR World Finals - 5 day package Bull Riding MGM T-Mobile Arena $196

11/12/2016 Amy Grant / Michael W. Smith Music MGM Grand Garden Arena $30

11/17/2016 17th Annual Latin Grammy Awards Awards MGM T-Mobile Arena TBA

11/26/2016 Carrie Underwood Music MGM T-Mobile Arena $50


12/3/2016 Andrea Bocelli Music MGM Grand Garden Arena $82

12/10/2016 UNLV vs. Duke Basketball MGM T-Mobile Arena $25

12/10/2016 Tim McGraw Music MGM Grand Garden Arena $80

12/17/2016 2016 CBS Sports Classic Sports MGM T-Mobile Arena TBA


3/25/2017 Game Of Thrones Live Concert Experience Others MGM Grand Garden Arena $40

Mandalay Bay (MGM)

8/17/2016 Vegas Rocks Magazine Presents: The Who Generation (Tribute To The Music House of Blues $10

8/18/2016 8/22/2016 Michael Jackson ONE by Cirque du Soleil Music Mandalay Bay Theatre $75

8/20/2016 Gabba Gabba Heys - A Tribute To The Ramones Music House of Blues $13

8/24/2016 Beach House Music House of Blues $25


8/27/2016 Journey & The Doobie Brothers Music Mandalay Bay Events Center $45

8/31/2016 Billy Idol Forever Music House of Blues $80

9/1/2016 Zakk Wylde Music House of Blues $25

9/2/2016 9/3/2016 Billy Idol Forever Music House of Blues $80


9/4/2016 Orishas Music House of Blues $43




9/14/2016 Santana Music House of Blues $90

9/16/2016 Juan Gabriel - Mexxico Es Todo Tour 2016 Music Mandalay Bay Events Center $69

9/16/2016 9/18/2016 Santana Music House of Blues $90


9/17/2016 Julion Alvarez Y Su Norteño Banda Music Mandalay Bay Events Center $169


9/22/2016 MOLOTOV Music House of Blues $35



9/30/2016 The Specials Music House of Blues $35


10/1/2016 Blind Guardian With Special Guest; Grave Digger Music House of Blues $23

10/5/2016 Machine Gun Kelly Music House of Blues $20

10/6/2016 10/8/2016 Heart Music House of Blues $55

10/7/2016 Sia: Nostalgic For The Present Tour Music Mandalay Bay Events Center $35


10/9/2016 Steve Vai Passion and Warfare 25th Anniversary Tour Music House of Blues $35


10/13/2016 Podcastone & Real Housewive's Heather Dubrow: Live Podcast Music House of Blues $37

10/14/2016 Prophets of Rage Music Mandalay Bay Events Center $20




10/20/2016 The Noise Presents Parkway Drive - Unbreakable Tour Music House of Blues $25










11/19/2016 SiriusXM's Faction Presents Pennywise - Playing "About Time" And Music House of Blues $25

11/23/2016 SWITCHFOOT & RELIENT K - Looking for America Tour Music House of Blues $34







12/30/2016 12/31/2016 Maroon 5 Music Mandalay Bay Events Center $100




2/18/2017 TWENTY ØNE PILØTS - EMØTIØNAL RØADSHØW Music Mandalay Bay Events Center $40

Thomas & Mack Centre (UNLV)

8/26/2016 UNLV Creates Basketball Thomas & Mack Centre NA

10/1/2016 WWE Live Sports Thomas & Mack Centre $24

12/1/2016 12/10/2016 National Finals Rodeo Bull Riding Thomas & Mack Centre $256 Source: Wells Fargo Securities, LLC and Company Websites


11

Exhibit 18.Upcoming Las Vegas Special Events (Continued)

Caesars (CZR)

8/17/2016 Rod Stewart Music The Colosseum $49

8/20/2016 8/21/2016 Rod Stewart Music The Colosseum $49

8/24/2016 Mariah Carey Music The Colosseum $55

8/27/2016 8/28/2016 Mariah Carey Music The Colosseum $55





9/15/2016 Emmanuel & Mijares Music The Colosseum $49

9/16/2016 9/17/2016 Enrique Iglesias Music The Colosseum $40

9/20/2016 9/21/2016 Celine Dion Music The Colosseum $55






10/12/2016 Elton John Music The Colosseum $55

10/14/2016 10/15/2016 Elton John Music The Colosseum $55







11/7/2016 Celine Dion Music The Colosseum $55







11/30/2016 Reba, Brooks & Dunn Music The Colosseum $60

12/2/2016 12/3/2016 Reba, Brooks & Dunn Music The Colosseum $60



12/11/2016 Jeff Dunham Music The Colosseum $77

12/26/2016 12/27/2016 Jerry Seinfeld Music The Colosseum $129

1/13/2017 1/14/2017 Van Morrison Music The Colosseum $57















3/15/2017 Rod Stewart Music The Colosseum $49




Wynn Las Vegas & Encore (WYNN)

9/4/2016 David Guetta Music XS Nightclub $20

9/5/2016 David Guetta Music Encore Beach Club $40










Palms

8/20/2016 Jackson Browne Music The Pearl Concert Theater $66

8/21/2016 Culture Club Music The Pearl Concert Theater $64

9/3/2016 Australian Pink Floyd Show Music The Pearl Concert Theater $37

9/16/2016 Ray Lamontagne Music The Pearl Concert Theater $55

10/7/2016 ZZ Top & Gregg Allman Music The Pearl Concert Theater $86

11/18/2016 II Divo Music The Pearl Concert Theater $67

11/19/2016 Anderson, Rabin And Wakeman (ARW) Music The Pearl Concert Theater $46 Source: Wells Fargo Securities, LLC and Company Websites


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Exhibit 19.Upcoming Las Vegas Special Events (Continued)

Venetian (LVS)

9/14/2016 John Fogerty Music Venetian Theatre $60

9/16/2016 9/17/2016 John Fogerty Music Venetian Theatre $60





10/7/2016 10/8/2016 The Moody Blues Music Venetian Theatre $60

10/12/2016 The Moody Blues Music Venetian Theatre $60

10/14/2016 10/15/2016 The Moody Blues Music Venetian Theatre $60

11/18/2016 11/19/2016 JOHN CLEESE & ERIC IDLE Music Venetian Theatre $50

Hard Rock Hotel

8/30/2016 Deftones Music The Joint $44

9/3/2016 World Amatueur Championships 3 Boxing The Joint $10

9/16/2016 T-Tunes presents Magneto y Mercurio Music The Joint $43

9/17/2016 Fifth Harmony: The 7/27 Tour Music The Joint $40

9/22/2016 Megadeth Music The Joint $50

9/23/2016 Disturbed Music The Joint $45

10/1/2016 Alice In Chains Music The Joint $40

10/8/2016 Cyndi Lauper Music The Joint $43

10/15/2016 EllisMania 13: Jason Takes Vegas Music The Joint $30

10/21/2016 Melanie Martinez Cry Baby Tour 2016 Music The Joint $35

10/29/2016 Fetish & Fantasy Halloween Ball NA The Joint $66

11/19/2016 Mike Epps Presents: Las Vegas Soul Festival Music The Joint $29

11/26/2016 Scott Bradlee’s Postmodern Jukebox Music The Joint $40

Cosmopolitan

8/19/2016 Lynyrd Skynyrd & Peter Frampton Music The Chelsea $50

8/20/2016 Dash Berlin Music Marquee Nightclub $23

8/21/2016 Thomas Jack Music Marquee Dayclub $14

8/27/2016 Dash Berlin Music Marquee Dayclub $23

8/27/2016 Playboy Midsummer Night's Dream Other Marquee Nightclub $23

9/2/2016 Heart of Vice | Labor Day Weekend Music Marquee Nightclub $23

9/2/2016 Cedric Gervais | Labor Day Weekend Music Marquee Dayclub $23

9/2/2016 HartBeat Weekend Kevin Hart & Friends Comedy All-Stars Comedy The Chelsea $50

9/3/2016 HartBeat Weekend Party | Special performance by Travis Scott Music Marquee Nightclub $23

9/3/2016 Kygo | Labor Day Weekend Music Marquee Dayclub $23

9/3/2016 HartBeat Weekend "What Now?" Advance Movie Screening Movies The Chelsea $10

9/4/2016 Hartbeat Weekend Concert Afterparty and Performance by Macklemore & Ryan Lewis Music Marquee Nightclub $23

9/4/2016 Galantis | Labor Day Weekend Music Marquee Dayclub $23

9/4/2016 HartBeat Weekend Concert with Macklemore & Ryan Lewis Hosted by Kevin HartMusic Boulevard Pool $50

9/5/2016 Carnage | Labor Day Weekend Music Marquee Nightclub $23

9/5/2016 Tritonal | Labor Day Weekend Music Marquee Dayclub $23

9/16/2016 Mayweather Presents Fight Night at The Cosmopolitan Boxing The Chelsea $29

9/17/2016 Gloria Trevi: El Amor World Tour Music The Chelsea $29

10/15/2016 Crafts & Cocktails Music + Cocktails Boulevard Pool $20

10/19/2016 The 1975 Music Boulevard Pool $35

10/21/2016 Pet Shop Boys: The SUPER Tour Music The Chelsea $29

10/29/2016 Gavin DeGraw Music The Chelsea $28

12/1/2016 Brand New Music The Chelsea $27

12/7/2016 Lady Antebellum Music The Chelsea $49

12/8/2016 Dwight Yoakam Music The Chelsea $29

12/9/2016 Justin Moore Music The Chelsea $20 Source: Wells Fargo Securities, LLC and Company Websites


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Required Disclosures

Additional Information Available Upon Request

I certify that: 1) All views expressed in this research report accurately reflect my personal views about any and all of the subject securities or issuers discussed; and 2) No part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by me in this research report.

Wells Fargo Securities, LLC does not compensate its research analysts based on specific investment banking transactions. Wells Fargo Securities, LLC’s research analysts receive compensation that is based upon and impacted by the overall profitability and revenue of the firm, which includes, but is not limited to investment banking revenue.

STOCK RATING 1=Outperform: The stock appears attractively valued, and we believe the stock's total return will exceed that of the market over the next 12 months. BUY 2=Market Perform: The stock appears appropriately valued, and we believe the stock's total return will be in line with the market over the next 12 months. HOLD 3=Underperform: The stock appears overvalued, and we believe the stock's total return will be below the market over the next 12 months. SELL

SECTOR RATING O=Overweight: Industry expected to outperform the relevant broad market benchmark over the next 12 months. M=Market Weight: Industry expected to perform in-line with the relevant broad market benchmark over the next 12 months. U=Underweight: Industry expected to underperform the relevant broad market benchmark over the next 12 months.

VOLATILITY RATING V = A stock is defined as volatile if the stock price has fluctuated by +/-20% or greater in at least 8 of the past 24 months or if the analyst expects significant volatility. All IPO stocks are automatically rated volatile within the first 24 months of trading.

As of: August 17, 2016

41% of companies covered by Wells Fargo Securities, LLC Equity Research are rated Outperform.

Wells Fargo Securities, LLC has provided investment banking services for 38% of its Equity Research Outperform-rated companies.

56% of companies covered by Wells Fargo Securities, LLC Equity Research are rated Market Perform.

Wells Fargo Securities, LLC has provided investment banking services for 27% of its Equity Research Market Perform-rated companies.

3% of companies covered by Wells Fargo Securities, LLC Equity Research are rated Underperform.

Wells Fargo Securities, LLC has provided investment banking services for 4% of its Equity Research Underperform-rated companies.

Important Disclosure for International Clients

EEA – The securities and related financial instruments described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. For recipients in the EEA, this report is distributed by Wells Fargo Securities International Limited (“WFSIL”). WFSIL is a U.K. incorporated investment firm authorized and regulated by the Financial Conduct Authority. For the purposes of Section 21 of the UK Financial Services and Markets Act 2000 (“the Act”), the content of this report has been approved by WFSIL a regulated person under the Act. WFSIL does not deal with retail clients as defined in the Markets in Financial Instruments Directive 2007. The FCA rules made under the Financial Services and Markets Act 2000 for the protection of retail clients will therefore not apply, nor will the Financial Services Compensation Scheme be available. This report is not intended for, and should not be relied upon by, retail clients.


14

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The ratings stated on the document are not provided by rating agencies registered with the Financial Services Agency of Japan (JFSA) but by group companies of JFSA-registered rating agencies. These group companies may include Moody’s Investors Services Inc., Standard & Poor’s Rating Services and/or Fitch Ratings. Any decisions to invest in securities or transactions should be made after reviewing policies and methodologies used for assigning credit ratings and assumptions, significance and limitations of the credit ratings stated on the respective rating agencies’ websites.

About Wells Fargo Securities Wells Fargo Securities is the trade name for the capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including but not limited to Wells Fargo Securities, LLC, a U.S. broker-dealer registered with the U.S. Securities and Exchange Commission and a member of NYSE, FINRA, NFA and SIPC, Wells Fargo Prime Services, LLC, a member of FINRA, NFA and SIPC, Wells Fargo Securities Canada, Ltd., a member of IIROC and CIPF, Wells Fargo Bank, N.A. and Wells Fargo Securities International Limited, authorized and regulated by the Financial Conduct Authority.

This report is for your information only and is not an offer to sell, or a solicitation of an offer to buy, the securities or instruments named or described in this report. Interested parties are advised to contact the entity with which they deal, or the entity that provided this report to them, if they desire further information. The information in this report has been obtained or derived from sources believed by Wells Fargo Securities, LLC, to be reliable, but Wells Fargo Securities, LLC does not represent that this information is accurate or complete. Any opinions or estimates contained in this report represent the judgment of Wells Fargo Securities, LLC, at this time, and are subject to change without notice. All Wells Fargo Securities research reports published by its Global Research Department (“WFS Research”) are disseminated and available to all clients simultaneously through electronic publication to our internal client websites. Additional distribution may be done by sales personnel via email, fax or regular mail. Clients may also receive our research via third party vendors. Not all research content is redistributed to our clients or available to third-party aggregators, nor is WFS Research responsible for the redistribution of our research by third party aggregators. For research or other data available on a particular security, please contact your sales representative or go to http://www.wellsfargoresearch.com. For the purposes of the U.K. Financial Conduct Authority's rules, this report constitutes impartial investment research. Each of Wells Fargo Securities, LLC and Wells Fargo Securities International Limited is a separate legal entity and distinct from affiliated banks. Copyright © 2016 Wells Fargo Securities, LLC

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