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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": "Includes summary statistics (High, Median, Mean, Low) and specific footnotes regarding EBITDA(R) and revenue recognition.",
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      "text": "1. Based on reported revenue for each company. Certain states have arrangements allowing properties to recognize revenue on a gross gaming revenue less commissions basis, which limits comparability. 2. EBITDAR statistics shown for Caesars, Penn, Eldorado and Boyd; rent is capitalized based on the book value of capitalized lease obligations",
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      "text": "Source: Company filings, Capital IQ as of 8/15/2019, Management Case",
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      "text": "Moelis analyzed U.S. regional gaming operators as they include publicly traded companies with greater similarities to Empire in certain respects",
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      "text": "Financial data table for 9 companies plus summary rows and Empire Resorts row.",
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      "text": "Selected Publicly Traded Companies Analysis",
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