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  "documentTitle": "Moelis & Company | Investment Banking Pitch Book | 22 slides",
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  "authorName": "Moelis & Company",
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  "presentationDate": "2019-08-01 00:00:00",
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  "notes": "The slide details the selection criteria for peer companies, exclusions based on scale/geography, and specific adjustments made to the valuation range based on individual company circumstances.",
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      "text": "Moelis selected publicly traded companies based on the following criteria: U.S. Regional land-based gaming operators; Operators and owner/operators of gaming facilities in which the U.S. constitutes a significant portion of revenue and profitability; Domiciled in the U.S. and listed on a major U.S. exchange; Location of casino entertainment facilities and local market and regulatory conditions; Ownership versus leasing of underlying real estate (i.e. OpCos and PropCos); Growth prospects and implementation around acquisitions; New openings impacting longer-term growth projections",
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      "text": "Reference blended range of 7.0x - 9.0x 2020E EBITDA is most closely informed by the following: Moelis analyzed the range of the broader regional gaming universe despite some companies receiving premium valuations given scale, diversification and growth prospects; Moelis relied less on Monarch Casino & Resort as it is currently trading at a premium in anticipation of the new Black Hawk resort with an anticipated Q3/Q4 2019 opening; Moelis focused less on Twin River given its trading has been impacted by contract negotiations between Rhode Island Governor's Office and International Game Technology (\"IGT\") regarding the slot machines at its casinos",
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      "text": "Moelis also reviewed publicly traded casino operators with a national or international focus, but didn't use them to inform our reference ranges due to the following differences: Scale and geographic diversity; Access to a larger and higher value customer database / rewards program; Growth prospects (e.g. Japan); Large concentration of international revenue (e.g. Macau and Singapore)",
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      "kind": "paragraph",
      "text": "Empire's equity value is not reduced by the funding shortfall and near-term cash injection required to fund operations until RWC stabilizes",
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      "text": "Selected publicly traded companies analysis reflects implied enterprise value to EBITDA multiples based on public market trading multiples of companies deemed generally relevant by Moelis in certain respects to Empire",
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