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  "notes": "Includes specific assumptions for Management Case (Excluding vs Including Online Sports Betting) and treatment of NOLs.",
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      "text": "Unlevered after-tax free cash flows through 2024E and terminal value discounted to 9/30/2019, using mid-year discounting convention and utilizing discount rate range of 8.5% to 10.0% derived from WACC calculation",
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      "text": "Management Case (Including Online Sports Betting): Implied perpetuity growth rate of (0.5%) to 2.8%; Terminal value represents approximately 81.7% to 85.2% of total DCF present value",
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      "text": "Moelis performed a present value analysis on Empire's Net Operating Losses (\"NOLs\") provided by management and the output of such analysis was added to the DCF valuation",
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      "text": "Management Case (Excluding Online Sports Betting): Implied perpetuity growth rate of 3.6% to 6.1%; Terminal value represents approximately 89.8% to 91.7% of total DCF present value",
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      "text": "Terminal values at end of projected period based on 7.00x to 9.00x terminal year 2024E EBITDA",
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      "text": "Combined federal and state cash tax rate assumed to be 26.0%, per Management guidance",
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