Company
Share Price
($)
Shares
Outst.
(millions)
Market Cap.
($ millions)
Debt
Outstanding
($ millions)
Cash
($ millions)
Total Enterprise
Value
($ millions) Beta
EBITDA
2007A
($ millions)
EBITDA
2008E
($ millions)
Net Income
2007A
($ millions)
Net Income
2008E
($ millions)
MGM Mirage 92.69 299.40 27,749.50 14,131.40 311.60 41,569.30 0.99 4,512.50 4,968.00 1,784.30 2,039.70
Harrah's Entertainment 87.30 187.60 16,375.70 12,292.70 654.70 28,013.70 0.85 3,298.40 3,536.00 1,140.10 1,232.50
Las Vegas Sands 118.76 355.20 42,177.60 7,291.20 1,679.70 47,789.20 1.18 3,145.70 4,227.60 2,107.20 2,789.50
Eastern Star 14.76 320.80 4,735.00 438.00 384.60 4,788.40 1.33 189.60 296.80 149.90 231.50
Wynn Resorts 134.50 114.30 15,376.00 978.30 2,255.50 14,098.80 1.14 879.10 1,189.00 881.60 1,015.10 nputs Inputs
2008 2009 2010 2011 2012 2013 2014 2008 2009 2010 2011 2012 2013 2014
Sales growth Sales growth
Gross margin (over sales) Gross margin (over sales)
Operating expenses (over sales) Operating expenses (over sales)
Tax rate Tax rate
NWC (over sales) NWC (over sales)
MGM synergies (over sales)
Pro-forma income statement Pro-forma income statement
2007 2008 2009 2010 2011 2012 2013 2014 2007 2008 2009 2010 2011 2012 2013 2014
Sales Sales
Cost of sales Cost of sales
Gross profit Gross profit
Operating expenses Operating expenses
EBITDA EBITDA
Synergies
Adjusted EBITDA
Depreciation and amortization Depreciation and amortization
EBIT EBIT
Free Cash Flows Free Cash Flows
2007 2008 2009 2010 2011 2012 2013 2014 2007 2008 2009 2010 2011 2012 2013 2014
EBIT EBIT
Taxes Taxes
Depreciation & Amortization Depreciation & Amortization
CF from operations CF from operations
CapEx CapEx
CF from CapEx CF from CapEx
NWC NWC
Change in NWC Change in NWC
CF fron NWC CF fron NWC
CF from operations CF from operations
CF from CapEx CF from CapEx
CF from NWC CF from NWC
Total FCF Total FCF