EILERS: Slots & Tables Forecast Post 4Q17 Update

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1 Gaming Equipment & Technology March 3, 218 Todd Eilers, Phil Bernard, EILERS: Slots & Tables Forecast Post 4Q17 Update Market Research This quarterly report tracks replacement and new and expansionary slot machine demand as well as table game demand in the U.S. and Canada by jurisdiction. In addition to total demand, this report includes a detailed list of all new casino projects and major expansions under development and expected to be completed over the next three years. Finally, this report also includes a summary update on any new market expansion activity that has occurred within the quarter. Disclaimer & Terms & Conditions of Use: Eilers & Krejcik Gaming, LLC is an independent research firm and is neither a registered broker dealer nor a registered investment advisor. No information contained in this report shall constitute as a recommendation or solicitation to buy or sell a security. Individuals receiving this report should consult with an investment advisor or registered representative before making an investment decision related to any information contained in this report. In addition, Eilers & Krejcik Gaming, LLC either does, or may seek to do business with any company mentioned in this report. This report was prepared for and distributed to clients of Eilers Krejcik Gaming, LLC. If you are not the intended recipient and/or received this report in error, please delete this document and notify Eilers & Krejcik Gaming, LLC at teilers@ekgamingllc.com, or call This report is also protected by federal copyright law. Any unauthorized review, dissemination, or copying of this communication is strictly prohibited. By accessing, reading, storing, distributing and archiving this research report, you hereby agree, fully, and without dispute, to all terms and conditions outlined above.

2 Table of Contents 1. Summary Highlights Total Slot Machine Unit Sales U.S. & Canada Replacement Slot Machine Unit Sales U.S. & Canada New & Expansionary Slot Machine Unit Sales U.S. & Canada Table Game Forecast U.S. & Canada Detailed casino projects listed by quarter Potential New Market Expansion Highlights Note: The excel data used to compile our report is available for Premium Tier subscribers or available for one-time purchase. If you are interested, please contact DJ Leary at dleary@ekgamingllc.com or call at Eilers & Krejcik Gaming, LLC Page 2 of 18

3 1. Summary Highlights Based on reported figures and our own proprietary research, we estimate total U.S. & Canada slot machine sales increased +5.5% y/y and +32.9% q/q to ~2,8 total games sold in 4Q 17. For the year, we estimate total U.S. & Canada slot machine sales increased +4.% y/y to ~73,2 games. For the qtr, New and Expansionary slot machine sales declined -27.3% y/y in 4Q 17 to ~3,3 games sold due to lower large-scale Commercial project openings and a moderate decline in IL VGT units shipped versus the prior year. For the year, New and Expansionary slot machine sales declined -12% y/y to ~12,4 games sold. Based on our tracking, slot replacement sales in 4Q 17 increased +15.3% y/y to ~17,5 games sold in the period. We note the current quarter included the sale of ~13 Canadian & Oregon VLT replacements and ~2 lease-to-sale conversions while last year s figure included ~6 Canada & Oregon VLT sales and no sizable lease-to-sale conversions. Excluding the above mentioned Canada & Oregon VLTs in both periods we estimate adjusted slot replacement sales were up +17.4% y/y to ~17,2 games sold. For the year, slot replacement sales increased +8.% y/y to 6,7 games sold. We note the current quarter included the sale of ~1,1 Canada & Oregon VLT replacements and ~1,4 lease-to-sale conversions while last year had 3,2 Canadian & Oregon VLT replacements and ~6 lease-to-sale transactions. Excluding the Canada & Oregon VLTs and conversion units from both periods we estimate adjusted slot sales increased +1.9% y/y to ~58,2 an impressive increase from 16 s adj. replacement sales increase of +2.9% y/y. Looking forward, we now project total slot machine sales to increase +5.3% y/y in 18 to ~77, games sold reflecting an improving replacement market as well as a pickup in expansionary activity. Our 18 estimates have increased by +6, units reflecting stronger replacement rate assumption as well as anticipated re-opening of a couple casinos in Atlantic City. In 19 we estimate slot machine sales to increase +2.5% y/y to 79, games sold driven by a pickup in both replacement sales and new and expansionary sales. Our anticipated 19 sales rose by +5,3 units again reflecting a higher replacement rate assumption as well as marginal increases in our expansionary demand. We estimate there were roughly 167 table games added in 4Q17 and we estimate 442 games were added throughout 17 due to new and expansionary demand. In 18 we look for the addition of 646 new table games to be added due to new openings across Commercial and Tribal jurisdictions in Massachusetts, New Jersey, California, Oklahoma, and Wisconsin. Our 19 estimates call for the addition of 585 new table games through new and expansionary activity across key markets such as Massachusetts, Arizona, and Pennsylvania. As for potential new market expansion activity, we note a large scale expansionary gaming bill passed in PA recently which includes the issuance of up to 1 new satellite casino licenses, VGTs at truck stops, Resort Casino expansions, and sports betting. In aggregate, we estimate it could result in an incremental 7,7 slots/vgts added over the next 3 years. In addition, while the Mashpee Wampanoag tribal project is still tied up in court, the Aquinnah Wampanoag received positive news when the Supreme Court declined to hear an appeal of the Tribe s land-in-trust award, which should allow the Tribe to move forward with a Class II facility in Martha s Vineyard. Finally, legislation is being considered in Louisiana to allow both the riverboat casinos and racinos to moderately expand their gaming footprint. Eilers & Krejcik Gaming, LLC Page 3 of 18

4 2. Total Slot Machine Unit Sales U.S. & Canada Based on reported figures and our own proprietary research, we estimate total U.S. & Canada slot machine sales increased +5.5% y/y and +32.9% q/q to ~2,8 total games sold in 4Q of 17. Growth came from a +15.3% y/y pickup in replacement sales while new and expansionary sales declined -27.3% y/y due to a drop off in new openings. For the full year, total U.S. & Canada slot machine sales increased +4.% y/y to ~73,2 games sold led by a +8.% y/y pickup in replacement sales which more than offset an -11.9% decline in new opening sales. Looking forward, we now project total slot machine sales to increase +5.3% y/y in 18 to ~77, games sold reflecting both an improving replacement market, as well as a pickup in expansionary activity. In 19 we estimate slot machine sales to increase another +2.5% y/y to 79, games sold driven by a pickup in both replacement sales and new and expansionary sales. Finally, we are introducing our initial 2 forecast of 83,2 game sales. We highlight total games sold including both replacements and expansionary units on an annual and qtrly basis below: 16, 14, 12, 1, 8, 6, 4, 2, 1 Total Slot Shipments (New & Replacement) - Annual TITO Conversion Replacement '9 Recession & Debt crisis 1 Key Changes to our estimates 11 Canadian VLT Repls, OH Casinos, IL VGTs Expansionary Our final 17 unit sales estimate came in +4, units higher driven by a meaningful pickup in replacement sales in 2H17. Our 18 unit sales forecast also increases by +6, games reflecting a higher replacement rate assumption combined with the expected re-opening of the Ocean Resort casino in Atlantic City. Our 19 unit sales forecast increases by +5,3 games reflecting a higher replacement rate assumption while our new and expansionary demand increased slightly. We also highlight the summary changes to our previous estimates by category below: Summary Changes vs. Prior Estimates New Estimates 17 18E 19E 2E 4, 35, 3, 25, 2, 15, 1, 5, Mar Jun Sep '13 '13 '13 Total Slot Shipments (New & Replacement) - Qtrly Previous Est Dec Mar Jun Sep '13 '14 '14 '14 Dec Mar '14 Replacement Jun Sept Dec Mar Jun Sep '16 '16 '16 Expansionary Change Dec Mar Jun Sep Dec '16 '17 '17 '17 '17 Slot Demand - Sales Replacements 6,735 61,897 64,311 56,94 57,818 59,742 3,795 4,79 4,569 New & Expansionary 12,434 15,143 14,69 12,125 12,775 13, , Total 73,169 77,4 79,1 69,65 7,593 73,464 4,14 6,447 5,537 Eilers & Krejcik Gaming, LLC Page 4 of 18

5 3. Replacement Slot Machine Unit Sales U.S. & Canada Total U.S. and Canada replacement sales increased +15.3% y/y and +29.% q/q to ~17,5 games sold in 4Q17. We note the current quarter included the sale of ~13 Canadian & Oregon VLT replacements and ~2 lease-to-sale conversions while the prior year had ~6 Canadian & Oregon VLT replacements and no sizable lease-to-sale conversions. Excluding these units in both periods, we estimate adjusted slot replacement sales increased an impressive +17.4% y/y to ~17,2 games sold. For the full year, total replacement sales increased +8.% y/y to 6,7 games sold. We note this number included ~1,1 Canada and Oregon VLT replacements and ~1,4 lease-to-sale conversions in Maryland and Oklahoma while the prior year had 3,2 Canadian & Oregon VLT replacements and ~6 lease-to-sale transactions. Excluding these units in both periods, we estimate adjusted replacement sales increased +1.9% y/y to ~58,2 games sold which was a sizable pickup from 16 were adj. replacement sales increased by +2.9% y/y and in 15 where adj. replacement sales were actually down -1.2% y/y. Our new forward replacement demand estimates call for ~61,9 games sold in 18, ~64,3 games sold in 19, and ~68,5 in 2. Note, these est s include expected Canada/Oregon VLT sales of ~1,3 in 18 and 19 and ~3, in 2. Our estimates also do not include any sizable lease-to-sales transactions. Below we highlight historical slot machine replacement demand on an annual and qtrly basis: 16, 14, 12, 1, 8, 6, 4, 2, 1 2 Total N. American Replacement Sales - Annual TITO Conversion & Canada VLT Repl Cycle '9 Recession & Debt crisis Adjusted Replacement Sales - Ex Canada / Oregon VLTs & Lease-to-Sale Conversions Excluding the above mentioned Canada & Oregon VLTs and lease-to-sale conversions in both periods along with adding back sizable VLT lease to sale conversions, we estimate adjusted slot replacement sales were up +17.4% y/y to 17,2 games sold during the period. We also note that adj. replacement sales have accelerated throughout the year increasing +1% in 1Q, +9% 2Q, +16% 3Q & +17% in 4Q. We believe the pickup in adj. replacement sales has been driven by a steadily improving U.S. economy combined with the return of Caesars to the replacement market following bankruptcy reorganization Canadian VLT Repl Cycle & large IGT VP order E 19E 2E Non-VLT Repl Canada & OR VLT Repl IGT CZR video poker Repl Lease to sale 3, 25, 2, 15, 1, 5, 4% 3% 2% 1% % -1% -2% -3% -4% Canadian VLT Contracts Mar Jun '13 '13 Sep '13 Total N. American Replacement Sales - Qtrly Dec '13 Mar Jun '14 '14 IGT CZR Video Poker Sep '14 Dec Mar '14 Jun Sept Dec Mar Jun '16 '16 MD VLT lease-to-sale conversion sales Sep '16 Dec '16 Mar Jun '17 '17 Sep Dec '17 '17 Non-VLT Repl Canada & OR VLT Repl IGT CZR video poker MD Lease-to-sale Adj. Replacement Sales - % Change y/y Eilers & Krejcik Gaming, LLC Page 5 of 18

6 We believe the adj. replacement sales figures most accurately reflect the health of the traditional casino market. Going forward, we look for adj. replacement sales to increase +4.% y/y to 6,6 games sold in 18 and another +4.% y/y to 63, games sold in 19. In the charts below we highlight historical and forecasted adjusted replacement sales excluding Canada/Oregon VLT replacement sales and sizable lease-to-sale conversions. 12, 1, 8, 6, 4, 2, Source: Company reports, Eilers & Krejcik Gaming, LLC Source: Company reports, Eilers & Krejcik Gaming, LLC Finally, in the charts below we highlight U.S. Casino revenue vs. annual adjusted replacement sales excluding Canada / Oregon VLTs and the commercial slot install base to highlight the positive correlation between slot revenue and replacement sales. We continue to believe the positive pickup in slot revenue will result in a pickup in replacement sales, which we have already seen starting in late 217. $6, $58, $56, $54, $52, $5, $48, $46, TITO Conversion & Canada VLT Repl Cycle Total N. American Replacement Sales - Annual Excl Canada/Oregon VLTs, IGT VP, Lease-to-Sale Conversions Source: State Gaming Agencies, Gaming Suppliers, Eilers & Krejcik Gaming Replacement Cycle / Rate In the below charts we highlight the implied slot replacement cycle (left) and replacement rate percentage (right) on a historical basis including recent results and our projections. Both charts include a replacement cycle / rate based on total replacement sales, and as well as an adjusted cycle / rate which removes Canada / Oregon VLTs and sizable Lease-to-Sale conversions. Note, our calculations also remove recurring revenue units from the analysis Caesars Bankruptcy Reorg U.S. Slot Machine Revenue vs. Casino Repl Sales, $s in MMs TITO Conversion Slot Revenue Divergent Trends Slot Repl Sales Implied Replacement Cycle - Yrs '9 Recession & Debt crisis Repl Cycle Canadian VLT & IGT CZR VP Contracts Adj. Repl Cycle 17 18E 19E 2E 7, 65, 6, 55, 5, 45, 4, 35, 18E 19E 2E 25, 2, 15, 1, 5, $6, $58, $56, $54, $52, $5, $48, $46, 2% 18% 16% 14% 12% 1% 8% 6% 4% 2% % Mar Jun Sep '13 '13 '13 Total N. American Replacement Sales - Qtrly Excl Canada/Oregon VLTs, IGT VP, & Lease-to-Sale Conversions Dec '13 Mar Jun Sep '14 '14 '14 Dec Mar '14 Jun Sept Dec Mar Jun Sep '16 '16 '16 Dec '16 U.S. Commercial Slot Revenue vs. Slot Install Base, $s in MMs TITO Conversion Commercial Slot Revenue 5 Divergent Trends Slot Replacement Rate % '9 Recession & Debt crisis Commercial Instal Base Canadian VLT & IGT VP Contracts Repl Rate % Adj Repl Rate % Mar Jun Sep Dec '17 '17 '17 ' , 435, 43, 425, 42, 415, 41, 45, 4, 18E 19E 2E Eilers & Krejcik Gaming, LLC Page 6 of 18

7 We calculate the implied replacement cycle for 17 to be 13.4 yrs with a replacement rate of 7.4% compared with 14.5 yrs and 6.9% in 16. Looking forward, we anticipate the implied replacement cycle to be 13.2 yrs in 18 w/ a repl rate of 7.6%. In 19, we estimate the implied replacement cycle to drop to 12.8 yrs with a repl rate of 7.8% and 13.6 yrs. Alternative way to look at Replacement Demand Given the closure of several U.S. casinos in 14 and 15 combined with slot count reductions in other more mature markets, we believe there is value in taking an alternative look at how to calculate the market s slot replacement cycle, or the replacement rate % (inverse of cycle). If we assume that the N. American casino market is fully mature, then one could argue that total slot sales including both replacement and new and expansionary demand should be used to calculate the implied replacement cycle or replacement rate. The assumption is that the total install base of games remains constant and that any new and expansionary demand is simply offset by a reduction in slot counts at existing properties, or the closure of existing properties. In the charts below we highlight the adj. replacement cycle (ex Canada / Oregon VLTs, lease to sale, etc.) and the adj. replacement rate using both replacement units as well as total units including replacements and new and expansionary demand. Using total demand, we estimate the implied adj. replacement cycle in 17 was 1.9 yrs and the replacement rate was 9.2%. Looking forward, we project the adj. replacement cycle using total units sold to improve to 1. yrs by 19, which would also reflect a 1.% adj. replacement rate '9 Recession & Debt crisis TITO Conversion 4 5 Adj. Replacement Cycle - Yrs Replacement vs. Total Demand Repl Cycle - Repl & Exp New & Expansionary Slot Machine Unit Sales U.S. & Canada 16 Repl Cycle - Repl Only 17 18E 19E 2E New and Expansionary slot machine sales declined -27.3% y/y to ~3,3 games sold in the period. We note the qtr included ~5 IL VGT game sales vs. ~7 games sold in the prior year. Excluding IL VGTs, there were only ~2,8 new and expansionary slots sold in 4Q 17 versus ~3,8 games in the prior year. Of those non IL VGT units, shipments to Resorts World Catskills were the primary new opening games sold combined with expansion projects in California, Washington, and Maryland. For the full year, we estimate there were 12,4 new and expansionary game sales vs. 14,1 units sold in the prior year. After a slight dip in 17, we anticipate new and expansionary sales to increase +18.7% y/y to ~14,8 games sold in 18. Key projects contributing to the pickup include MGM Springfield, Hard Rock AC, and Ocean Resorts in AC. 25% 2% 15% 1% 5% % TITO Conversion 4 5 Adj. Slot Replacement Rate - % Replacement vs. Total Demand 6 '9 Recession & Debt crisis Repl Rate - Repl & Exp Repl Rate - Repl Only E 19E 2E Finally, in 19 we now estimate ~14,6 new and expansionary sales with notable projects including Wynn Boston Harbor in Massachusetts, Foxwoods casino in Mississippi, and the new Live Casino in Pennsylvania combined with multiple Satellite casino projects in Pennsylvania. In 2, notable projects include Resorts World Las Vegas, the Joint Foxwoods/Mohegan casino in Connecticut, Wilton Miwok Casino in California, and several Satellite casinos across Pennsylvania. Eilers & Krejcik Gaming, LLC Page 7 of 18

8 Below we highlight historical new and expansionary demand on an annual and qtrly basis broken down between traditional casino sales and IL VGT sales: 7, Total N. American New & Expansionary Sales - Annual 1, Total N. American New & Expansionary Sales - Qtrly 6, 5, NV & PA Expansion 7,5 4, 3, 2, 1, Casino 1 Pennsylvania Expansion Update 11 OH Casinos & IL VGTs IL VGT 14 Late last year the Pennsylvania legislature approved and the Governor signed into law a large scale gaming expansion which included the legalization of online gaming and online lottery sales, the issuance of up to 1 new Satellite casino licenses, VGTs at truck stops, Resort Casino expansions, and sports betting pending a favorable Supreme Court ruling. For the purposes of this report, the Satellite casinos, Resort Casino expansions, and VGTs at Truck stops are relevant and have been included in our updated forecast. In aggregate, we estimate the total expansion package (land-based and online) could generate ~$1. billion in incremental gaming and lottery revenue once fully ramped up. For the land-based gaming portion (Satellite Casinos, VGTs, & Resort exp), we estimate the expansion could generate ~$5 million in incremental land-based gaming revenue and will likely move Pennsylvania up to the 4 th largest gaming market in the U.S. behind only Nevada, California, and Oklahoma. In aggregate, we estimate 7,7 slots/vgts to be added over the next 3 years. We also believe the limited rollout of VGTs to truck stops could ultimately lead to the future expansion of that market to licensed liquor establishments we could result in the demand for up to 4, total games. Additional VGT / Route Ops Market Updates E 19E 2E We continue to believe the success of the Illinois VGT market and recent approval of VGTs in Pennsylvania could spur similar gaming expansion in other states that are in search of ways to fund budget deficits. We note the state of Illinois effectively converted an illegal street market into a regulated market that has now generated ~$9 million in cumulative state tax revenue from Taking into account a decline in the IL Casino sector of ~1% in 13 through 16, we estimate the incremental tax revenue generated is in the neighborhood of ~$6-$7 million, which takes into account some modest cannibalization of the casino sector. We believe IL is a model that other states can replicate. However, casino operators traditionally have lobbied against the expansion of Distributed Gaming or Route Op markets as they viewed the business as competition. The reality is that most states already have a gray or illegal street market, so the legalization would not really be all that incremental assuming states are effective in shutting down the illegal operators as they transition to a legal / regulated market. While the number of games might not be incremental to the market, the new demand would be incremental to regulated suppliers as they don t provide games to gray or illegal markets as they would lose their gaming licenses. In fact, we believe it s a sizable opportunity for the suppliers as we estimate converting illegal / gray markets to regulated Route Op markets could result in 2, to 5, incremental game placements nationwide. Assuming a win per day of ~$1 and a 3% tax rate would yield an incremental $2-$5 billion in incremental tax revenue for U.S. states. We note a recent study conducted by the AGA indicates there are roughly 15, illegal gaming machines in operation in Texas alone. 5, 2,5 Mar Jun Sep Dec Mar Jun Sep Dec Mar '13 '13 '13 '13 '14 '14 '14 '14 Casino Jun Sept Dec Mar Jun Sep Dec Mar Jun Sep Dec '16 '16 '16 '16 '17 '17 '17 '17 IL VGT Recent events cause us to believe that the tide may be shifting in a positive direction as two sizable casino operators have recently purchased Route Operators in Illinois including Penn National and Delaware North. In addition, the recent merger between Golden Gaming and Lakes Entertainment has created another sizable casino / route operator in the market. With limited destination casino opportunities available, we believe many regional casino operators with a strong focus on the local Eilers & Krejcik Gaming, LLC Page 8 of 18

9 customer will look to expand into legal Route Op markets and will likely lobby for new expansion opportunities (or at least not oppose) down the road. Massachusetts Expansion Update In November 211, Governor Deval Patrick signed the Expanded Gaming Act which allowed the operation of three resort style casinos and one racetrack casino. To date, the Massachusetts Gaming Commission has awarded three of the four licenses for projects in Plainville (PENN), Springfield (MGM) and Everett (WYNN). We note the Plainville casino opened in 15 while the MGM project is slated to open in 3Q18 and the Wynn project is expected to open in 2Q19. We note the Massachusetts Gaming Commission is currently reviewing misconduct allegations against Steve Wynn and the current Wynn manage team and will ultimately determine whether or not to revoke Wynn Resort s license. For now, we continue to include this project in our forecast but acknowledge there is risk that the project could be delayed or ultimately shut down. As for the fourth license, we note the Mashpee Wampanoag tribe has been working to develop a casino on previously BIA approved land. We note, a federally recognized tribe with land awarded into trust by the BIA does not need a license from the state to operate a Class II facility. Since the Mashpee Tribe was already opening a casino, it is reasonable to assume that tribe would also apply for the final Commercial license which would allow it to offer Class III gaming (Class III slot & table games). However, the BIA land grant was challenged successfully in court questioning the Tribe s Federal recognition, which placed the project on hold since Aug. 16. Over the last year, the Mashpee tribe has appealed the ruling. A decision was expected in the case in June 17, but the Department of the Interior stated in July 17 that the tribe s recognition status was still under review. As part of the process, the court stated it would consider the potential interactions between the US Congress and the tribe during Maine s split from the Commonwealth of Massachusetts in 182, which is a complex but positive development for the tribe. The Massachusetts Gaming Commission is reportedly delaying the issuance of the third casino license until a decision regarding the Tribe s status is made. If the tribe is unsuccessful, they would still be able to bid for the third casino license, but it would be competitive process. Most recently, we note that Rep William Keating (D-Mass) introduced a bill (HR5244) that would ratify the BIA s decision to take land into trust and protect the decision from any lawsuits allowing the tribe to move forward with its casino project. Given the uncertainty around this project, we have not included in our official forecast. In addition to the Commercial casino expansion, we note the Aquinnah Wampanoag tribe in Massachusetts recently received positive news when the Supreme Court declined to hear an appeal of a lower court ruling granting the tribe land in trust. With the latest news, the Tribe is free to move forward with a Class II facility in Martha s Vineyard. We note there is a chance the state could look to sign a compact with the Tribe that would allow Class II games at a casino in a different location, but there has been no movement on that yet. For now, we are assuming the Tribe opens with a Class II facility later this year. In total, we estimate four casino projects (one already open) should add roughly ~1,5 slot machines and ~44 table games to the market from 15 through 19. Below we highlight the four casino projects which have already opened or planned to open over the next couple of years. New Massachussetts Casino Projects - 15 thru 19 Project Type Owner Ticker Location State Cost Ship Open Slots Tables Hollywood Casino Plainridge New Opening Commercial Penn National PENN Plainville MA $225 2Q15 2Q15 1,25 MGM Springfield New Opening Commercial MGM Resorts MGM Springfield MA $8 3Q18 4Q18 3, 1 Wynn Boston Harbor New Opening Commercial Wynn Resorts WYNN Everett MA $1,75 1Q19 2Q19 3,2 15 Aquinnah Wampanoag - Class II New Opening Tribal Aquinnah Wampanoag Tribe n/a Martha's Vineyard MA $1 4Q18 4Q18 1, Project First Light Casino - Phase I New Opening Tribal Mashpee Wampanoag / Genting n/a Taunton MA $5 TBD TBD 1,5 75 Project First Light Casino - Phase II New Opening Tribal Mashpee Wampanoag / Genting n/a Taunton MA $5 TBD TBD 1,5 115 Total 11,45 44 Source: Company reports & Eilers & Krejcik Gaming, LLC On the next page we highlight new and expansionary slot machine demand by state and type of project (commercial vs. tribal). Please note the timing of projects is adjusted to reflect the delivery of gaming equipment, which typically occurs 2-4 months prior to a new project opening. We also assume that 1-15% of new games added are leased (i.e. participation, daily fee, WAP, LAP, VLT, Class II participation, etc.). Eilers & Krejcik Gaming, LLC Page 9 of 18

10 Slot Demand Model New Property Openings and Expansions - North America Mar '18 Jun '18 Sep '18 Dec ' North America (Commercial/Racino/VLT): Alabama 5 Arkansas 7 Colorado 2 65 Delaware Florida Idaho 21 Illinois Indiana 1 1 Iowa Kansas Kentucky Louisiana 1,45 1,3 1,6 Maine Maryland 4, ,5 54 3, Massachusetts 1,25 3, 3, 3,2 Michigan Mississippi 1, , ,38 Montana 4 2 Missouri 75 Nevada 1 1,5 1, ,35 New Hampshire New Jersey 2,1 1 2,4 2,2 4,6 New York ,95 2, ,46 Ohio 1,4 4,75 3, Pennsylvania ,95 3,5 Rhode Island 1 1 South Dakota West Virginia 1 Total 23,133 9,145 12,95 6,254 9,11 4,285 1,388 3,6 4, 2,45 11,438 9,68 7,85 North America (Tribal, Class III & II): Alabama 1, Arizona 1,289 1,2 45 2, California 699 3, 1,11 1,55 2,3 1, ,1 1,65 2,63 4, Connecticut 2, Florida , Idaho Indiana 1,8 1,8 Iowa Kansas Louisiana 7 15 Massachusetts 1, 1, Michigan ,7 Minnesota Mississippi 35 Montana 175 Nebraska 2 New Mexico New York 2 1, North Carolina 1,1 25 North Dakota Oklahoma 4,925 1,7 57 2,835 1, , Oregon 25 2 South Dakota 4 4 Texas Washington , ,15 Wisconsin Wyoming 175 Total 7,674 1,399 3,241 8,961 7,125 7,961 3, ,385 2,45 7,852 8,75 9,35 North America (U.S. Distributed Route Ops): Delaware 456 Georgia Illinois 3,867 11,569 6,578 2,81 3,475 2, Louisiana Montana Nevada New Mexico Oregon Pennsylvania South Dakota West Virginia Total 3,867 11,569 7,34 3,21 4,325 3, ,725 1,1 1 North America (Canada): Canada Casinos & VLT , ,25 1,5 3,75 Total new & expansionary demand 34,824 31,973 23,17 19,245 2,86 17,61 4,955 5,25 6,285 6, 22,265 2,985 21,5 Estimated sold units of total 21,292 24,356 16,8 9,739 14,112 12,434 2,775 3,769 4,4 4,2 15,143 14,69 14,735 % sold 61% 76% 69% 51% 68% 71% 56% 75% 7% 7% 68% 7% 7% Estimated participation/lease units of total 13,532 7,617 7,162 9,56 6,748 5,176 2,18 1,256 1,886 1,8 7,122 6,296 6,315 % participation / lease 39% 24% 31% 49% 32% 29% 44% 25% 3% 3% 32% 3% 3% Total Replacement unit demand 71,33 86,578 57,28 57,51 56,245 6,735 n/a n/a n/a n/a 61,897 64,311 68,46 % of total demand 77% 78% 78% 86% 8% 83% n/a n/a n/a n/a 8% 81% 82% Total New & Exp unit demand 21,292 24,356 16,8 9,739 14,112 12,434 n/a n/a n/a n/a 15,143 14,69 14,735 % of total demand 23% 22% 22% 14% 2% 17% n/a n/a n/a n/a 2% 19% 18% Total Demand (New & Replacement sold units 92,595 11,934 73,288 67,249 7,357 73,169 n/a n/a n/a n/a 77,4 79,1 83,195 Note: -Qtrly estimates assume slots and tables are delivered 2-3 months prior to casino opening Eilers & Krejcik Gaming, LLC Page 1 of 18

11 Below we highlight total N. America slot machine demand including historical sales and lease placements by supplier combined with our updated 3-yr forecast. Calendar Year Mar '18 Jun '18 Sep '18 Dec '18 218E 219E 22E North American Slot Install Base (end)* 975,337 97, ,27 977, , , , , , ,992 1,3,327 1,11,157 % change y/y 1.6% -.5%.5%.3%.5%.6%.6%.9% 1.1% 1.1%.9%.8% chg. units 15,575 (4,944) 4,814 2,79 4,695 3, ,785 2,435 11,3 9,335 7,83 Unit sales - replacement 86,578 57,28 57,51 56,245 6,735 15,112 16,179 12,974 17,631 61,897 64,311 68,46 % change y/y 21.4% -33.8%.4% -2.2% 8.% 6.8% 4.4% -4.5%.7% 1.9% 3.9% 6.5% % replaced of total install base, less leased game 1.8% 7.% 7.1% 6.9% 7.4% 7.3% 7.8% 6.3% 8.5% 7.6% 7.8% 8.3% Implied replacement cycle (yrs) - casino owned Unit sales - new & expansionary 24,356 16,8 9,739 14,112 12,434 2,775 3,769 4,4 4,2 15,143 14,69 14,735 % change y/y 14.4% -34.3% -39.2% 44.9% -11.9% -4.4% 56.9% 111.6% 27.3% 21.8% -3.%.3% Unit sales - total 11,934 73,288 67,249 7,357 73,169 17,887 19,948 17,373 21,831 77,4 79,1 83,195 Unit sales - new & expansionary 24,356 16,8 9,739 14,112 12,434 2,775 3,769 4,4 4,2 15,143 14,69 14,735 Net recurring revenue units added 784 (3,37) 2,37 3,81 3,616 2,18 1,256 1,886 1,8 7,122 6,296 6,315 Casino removals & distributor/oem eliminations (9,565) (17,645) (7,232) (15,123) (11,355) (1,) (4,9) (1,5) (3,565) (1,965) (11,65) (13,22) Total increase in the install base 15,575 (4,944) 4,814 2,79 4,695 3, ,785 2,435 11,3 9,335 7,83 Annual Unit Sales IGT (Legacy IGT, Spielo) 56,62 24,294 21,382 19,771 18,129 4,329 5,143 4,218 5,858 19,547 19,969 21,959 Aristocrat (Aristocrat, VGT) 9,146 9,269 1,374 12,965 12,25 3,6 3,372 3,146 3,743 13,321 13,839 14,297 SciGames (Bally, WMS, & SHFL) 27,89 21,5 17,416 18,18 2,731 4,857 5,487 4,95 5,969 21,218 21,629 22,816 Konami 8,925 8,75 7,42 7,98 7,41 2,328 1,363 1,485 2,16 7,193 7,287 7,517 Everi (Multimedia Games) 3,49 2,859 2,798 2,954 3, , ,184 4,84 4,192 4,373 Ainsworth 2, 2,691 3,324 3,27 3, , ,661 3,665 3,86 AGS , ,5 3,356 3,868 Other 3,25 4,6 4,332 4,835 5,573 1,169 1,216 1,224 1,42 5,11 5,64 4,559 Total units 11,934 73,288 67,249 7,357 73,169 17,887 19,948 17,373 21,831 77,4 79,1 83,195 % change y/y 19.8% -33.9% -8.2% 4.6% 4.% -4.9% 11.4% 11.% 4.9% 5.3% 2.5% 5.3% % change q/q n/a n/a n/a n/a n/a -14.% 11.5% -12.9% 25.7% n/a n/a n/a Unit Sales Ship Share IGT (Legacy IGT, Spielo) 51% 33% 32% 28% 25% 24% 26% 24% 27% 25% 25% 26% Aristocrat (Aristocrat, VGT) 8% 13% 15% 18% 16% 17% 17% 18% 17% 17% 18% 17% SciGames (Bally, WMS, & SHFL) 25% 29% 26% 26% 28% 27% 28% 28% 27% 28% 27% 27% Konami 8% 11% 11% 11% 1% 13% 7% 9% 9% 9% 9% 9% Everi (Multimedia Games) 3% 4% 4% 4% 5% 5% 5% 5% 5% 5% 5% 5% Ainsworth 2% 4% 5% 5% 4% 3% 8% 4% 4% 5% 5% 5% AGS % % % 1% 4% 4% 4% 4% 4% 4% 4% 5% Other 3% 6% 6% 7% 8% 7% 6% 7% 6% 7% 6% 5% Total 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% Gaming Ops Unit Install Base (end) IGT (Legacy IGT, Spielo) 47,3 44,1 4,659 39,35 38,11 39,615 39,912 4,359 4,786 39,925 41,564 43,22 Aristocrat (Aristocrat, VGT) 9,9 11,5 33,619 38, 42, 41,62 41,933 42,43 42,851 44,228 46,24 48,23 SciGames (Bally, WMS, & SHFL) 44,696 42, 4,851 39,858 39,376 4,785 41,91 41,551 41,99 41,32 42,813 44,329 Konami 6,8 6,5 5,1 4,34 3,5 3,677 3,75 3,746 3,786 3,786 3,925 4,63 Everi (Multimedia Games) 12,657 13,287 13,34 13,264 13,296 13,372 13,473 13,623 13,767 14,112 14,86 15,33 Ainsworth 78 1,223 1,445 2,789 2,997 3,51 3,537 3,576 3,614 3,27 3,568 3,694 AGS 8,563 8,735 13,139 13,953 16,3 15,211 15,325 15,497 15,66 17,29 18,17 18,84 Other (includes both Class II & III games) 27,857 28, 9,4 9,8 9,4 9,36 9,431 9,536 9,637 8,26 7,671 7,23 Total installed base 158, , , , ,97 167,15 168,46 17, ,92 172,92 178, ,72 chg. units 784 (3,37) 2,37 3,81 3,616 2,18 1,256 1,886 1,8 7,122 6,296 6,315 % of total install base 16% 16% 16% 16% 17% 17% 17% 17% 17% 17% 18% 18% Gaming Ops Market Share IGT 3% 28% 26% 24% 23% 24% 24% 24% 24% 23% 23% 23% Aristocrat (Aristocrat, VGT) 6% 7% 21% 24% 25% 25% 25% 25% 25% 26% 26% 26% SciGames (Bally, WMS, & SHFL) 28% 27% 26% 25% 24% 24% 24% 24% 24% 24% 24% 24% Konami 4% 4% 3% 3% 2% 2% 2% 2% 2% 2% 2% 2% Everi (Multimedia Games) 8% 9% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% Ainsworth % 1% 1% 2% 2% 2% 2% 2% 2% 2% 2% 2% AGS 5% 6% 8% 9% 1% 9% 9% 9% 9% 1% 1% 1% Other (includes both Class II & III games) 18% 18% 6% 6% 6% 6% 6% 6% 6% 5% 4% 4% Total 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% Notes: -Historical install base numbers based on State Gaming Agencies, and Eilers & Krejcik Gaming, LLC estimates. Reflects both U.S. and Canadian markets. -Units sold include Class III slots, Class II bingo, Video Poker, and Video Lottery Terminals (VLTs) shipped to Commercial and Tribal casinos, Racinos, and Route Operators. -Gaming Ops units include U.S. and Canada Class III lease and participation, VLT lease, Electronic Table Games (ETGs), & Tribal Class II/CD participation games. -IGT historical figures include combined results from Legacy IGT and Spielo / GTECH -SciGames historical figures include combined results from WMS, Bally, and SHFL. -Konami N. American sales are estimates and Aristocrat & Ainsworth N. American quarterly numbers are estimates as each company only reports semi-annual results. Source: Company reports & Eilers & Krejcik Gaming, LLC Eilers & Krejcik Gaming, LLC Page 11 of 18

12 5. Table Game Forecast U.S. & Canada We estimate there were roughly 167 table games added in 4Q17 and 442 in total for all of 217. Key projects in 4Q17 included the new Resorts World Catskills opening. Our 18 estimate now calls for 646 new table games added from new and expansionary activity during the year. Key projects include new openings in Massachusetts, New Jersey, California, Oklahoma, and Wisconsin. We note this is slightly higher than our previous estimates due to the addition of the Ocean Resorts casino expected to open later this year. Our 19 estimate calls for the addition of 585 new table games through new and expansionary activity which was roughly in line with our prior estimate. Key projects include new openings in Massachusetts, Arizona, and Pennsylvania. Finally, we introduce our first 2 estimate for 881 new tables to be added driven by several new projects in Canada and sizable new openings in Nevada and California Below we highlight trailing N. American table game demand including our 3-yr forecast through ,6 1,4 1,2 1, PA & DE Add ~8 Live Tables New & Expansionary Table Demand PA & DE Add ~8 Live Tables Mar Jun Sep '12 '12 '12 Dec Mar Jun Sep '12 '13 '13 '13 New & Expansionary Table Demand Dec Mar Jun Sep '13 '14 '14 '14 Dec Mar Jun Sep '14 MGM National Harbor Dec Mar Jun Sep '16 '16 '16 Dec Mar Jun Sep Dec '16 '17 '17 '17 '17 Eilers & Krejcik Gaming, LLC Page 12 of 18

13 Below we provide a detailed breakdown of new table games added by market and between commercial and tribal casino projects. Table Game Demand Model New Property Openings and Expansions - North America Mar '18 Jun '18 Sep '18 Dec ' North America (Commercial, Racino, VLT): Arkansas Colorado 1 Delaware Florida 12 Idaho Illinois 12 Indiana Iowa Kansas 16 Kentucky Louisiana 4 6 Maine 5 Maryland Massachusetts Michigan Mississippi Missouri 17 Nevada New Hampshire 25 New Jersey New York 21 1 Ohio 118 Pennsylvania Rhode Island South Dakota 1 West Virginia 5 Total North America (Tribal, Class III & II): Alabama (Tribal & Charity) Arizona California Connecticut 5 Florida (Tribal) Idaho Indiana 1 1 Iowa Kansas 1 1 Louisiana (Tribal) 5 Massachusetts Michigan (Tribal) Minnesota Mississippi 1 Montana Nebraska New Mexico New York (Tribal) North Carolina North Dakota 5 5 Oklahoma Oregon 5 South Dakota Texas 12 Washington Wisconsin Wyoming 5 Total North America (Canada): Canada Total new & expansionary demand % change y/y 12% -53% 5% 69% -41% -47% 429% 237% -5% 46% -9% 51% Note: -Qtrly estimates assume slots and tables are delivered 2-3 months prior to casino opening Eilers & Krejcik Gaming, LLC Page 13 of 18

14 6. Detailed casino projects listed by quarter In this section we highlight a detailed schedule of new property openings and major expansions planned to open between 18 and 2. 5, Rolling 3-Yr Forecast for Total New & Exp Slot Demand Collectively, we forecast ~44,6 games to be added over the next three years from new casino projects and major expansions. In the chart to the right we also highlight our rolling 3-yr forecast for total new and expansionary slot machine demand. In 18 we forecast the addition of 22,3 total games and 2, estimate 15,1 games will be purchased while 7, games will be leased. In 19, we forecast 21, new games with an assumption for 14,7 games to be purchased and 6,3 games to be leased. Finally, in 2 we anticipate 21, games to be added including 14,7 sold and 6,3 leased units. In the charts below we highlight the mix between new builds and expansions to existing casinos. 17 New Builds vs. Expansions Expansions 33% New Builds 67% Source: Company reports, Eilers & Krejcik Gaming, LLC 19 New Builds vs. Expansions Expansions 3% New Builds 7% 4, 3, 18 New Builds vs. Expansions Expansions 19% New Builds 81% Source: Company reports, Eilers & Krejcik Gaming, LLC 2 New Builds vs. Expansions Expansions 21% New Builds 79% Source: Company reports, Eilers & Krejcik Gaming, LLC Source: Company reports, Eilers & Krejcik Gaming, LLC Eilers & Krejcik Gaming, LLC Page 14 of 18

15 Below we provide a detailed schedule of new property openings and major expansions planned to open between 18 and 2. This list of projects is compiled via company press releases, regulatory announcements, credible news articles, and direct interviews with industry operators and suppliers. Our 18 and 19 casino project list is broken down by quarter, while our 2 list is annual. We note the Open Date refers to when the new casino or major expansion opens while the Delivery Date reflects our expectations for when slots and tables are actually delivered and booked as revenue from the supplier s perspective. Typically, gaming equipment is delivered 2-4 months prior to a new casino opening and/or major expansion. As a result, suppliers typically record sales revenue (typically slots) from delivery in the prior qtr before a casino opens (sometimes 2 qtrs in advance) while leasing revenue (typically tables) starts when the casino actually opens. N. America New & Expansionary Slot Machine & Table Game Demand - 18 by Property Project/Casino Name New / Exp Type Owner/Operator City/County State Delivery Date Open Date Slots Tables Ho Chunk Wisconsin Dells - Expansion Expansion Tribal Ho Chunk Wisconsin Dells WI 1Q18 1Q Resorts World Catskills (prev Montreign) - IGT units New Opening Commercial Empire Resorts and Ent. Prop.. Licensing agreement wcatskills Region NY 1Q18 1Q18 86 Barona Casino - Expansion Expansion Tribal Barona Band of Mission Indians San Diego CA 1Q18 1Q18 2 Fort Hall Casino New Opening Tribal Shoshone-Bannock Tribes Fort Hall ID 1Q18 2Q18 2 Four Winds South Bend New Opening Tribal Pokagon Band of Potaw atomi South Bend IN 1Q18 1Q18 1,8 1 Point Place Casino New Tribal Oneida Indian Nation Bridgeport NY 1Q18 1Q MGM National Harbor - Expansion New Opening Commercial MGM Resorts Prince George MD 1Q18 2Q Maryland Live - Smoking Patio Expansion Commercial Cordish Co. Arundel County MD 1Q18 2Q Illinois VLT installations New Opening Route Multiple Multiple IL 1Q18 1Q18 25 Other projects n/a n/a n/a n/a n/a n/a n/a 517 Total 1Q 18 demand (Sales & Lease) 4, Est sold 2,775 Est leased 2,18 94 Hard Rock - AC New Commercial Hard Rock Int Atlantic City NJ 2Q18 3Q18 2,4 Osage Casino Tulsa - Expansion Expansion Tribal Osage Nation Tulsa OK 2Q18 3Q Beach Casino at Island View Expansion Commercial Rick Carter, Terry Green Gulfport MS 2Q18 3Q Derby City Gaming New Opening Commercial Churchill Downs Louiville KY 2Q18 3Q18 6 Royal River Casino & Hotel - Expansion Expansion Tribal Flandreau Santee Sioux Tribe Flandreau SD 2Q18 2Q18 4 Illinois VLT installations New Opening Route Multiple Multiple IL 2Q18 2Q Other projects n/a n/a n/a n/a n/a n/a n/a 4 17 Total 2Q 18 demand (Sales & Lease) 5, Est sold 3,769 Est leased 1, Resorts World - Expansion - Phase II Expansion Commercial Genting / Nassau OTB New York NY 3Q18 4Q18 6 MGM Springfield New Opening Commercial MGM Resorts Springfield MA 3Q18 4Q18 3, Pala Casino - Expansion Expansion Tribal The Pala Band of Mission Indians Pala CA 3Q18 3Q Palace Station - Expansion Expansion Commercial Red Rock Resorts Las Vegas NV 3Q18 4Q Chickasaw - Terral New Opening Tribal Chickasaw Nation Terral OK 3Q18 3Q Great Canadian - Peterborough New Opening Commercial Ontario Gaming East Ltd / Great Canadian Peterborough Ontario 3Q18 4Q Dakota Magic Casino - Expansion Expansion Tribal Dakota Nation Kankinson ND 3Q18 4Q Ojibw a Casino Baraga - Re-build New Opening Tribal Kew eenaw Bay Indian Community Baraga MI 3Q18 3Q Illinois VLT installations New Opening Route Multiple Multiple IL 3Q18 3Q18 2 Other projects n/a n/a n/a n/a n/a n/a n/a 5 14 Total 3Q 18 demand (Sales & Lease) 6, Est sold 4,4 Est leased 1, Ocean Resort New Commercial Integrated Properties / AC Ocean Walk Atlantic City NJ 4Q18 4Q18 2,2 Aquinnah Wampanoag - Class II New Opening Tribal Aquinnah Wampanoag Tribe Martha's Vineyard MA 4Q18 4Q18 1, Valley Forge - Expansion Expansion Commercial Boyd Gaming Valley Forge PA 4Q18 4Q Sycuan 2nd Casino New Opening Tribal Kumeyaay Nation San Diego CA 4Q18 1Q Rain Rock Casino - Phase II Expansion Tribal Karuk Tribe Siskiyou CA 4Q18 1Q Tesuque Pueblo new casino New Tribal Pueblo of Tesuque Santa Fe NM 4Q18 1Q19 2 Century Mile New Opening Commercial Century Casinos Edmonton Alberta 4Q18 1Q19 55 Illinois VLT installations New Opening Route Multiple Multiple IL 4Q18 4Q18 2 Other projects n/a n/a n/a n/a n/a n/a n/a 5 12 Total 4Q 18 demand (Sales & Lease) 6, 158 Est sold 4,2 Est leased 1,8 158 Total N. America new and expansionary demand for 18 22, Estimated sold 15,143 Estimated leased 7, Notes: -Number of slots and tables is estimated when actual data is not provided -Qtrly estimates assume slots and tables are delivered 2-4 months prior to casino opening -Class II and VLT casinos w / 1% leased product are counted in the qtr the facility opens Eilers & Krejcik Gaming, LLC Page 15 of 18

16 N. America New & Expansionary Slot Machine & Table Game Demand - 19 by Property Project/Casino Name New / Exp Type Owner/Operator City/County State Delivery Date Open Date Slots Tables Foxwoods Resort Casino at Biloxi Pointe New Opening Commercial Chris Ferrera and Hartman Group Biloxi Back Bay MS 1Q19 2Q19 1,38 3 Steven Brothers Dow ntow n Casino New Opening Commercial Derek & Greg Stevens Las Vegas NV 1Q19 2Q Harrahs NorCal (previously Flying Cloud) New Opening Tribal Buena Vista Rancheria of Me-Wuk Indians Amador County CA 1Q19 2Q Monarch Casino - Black Haw k - Exp Expansion Commercial Monarch Casino & Resorts Black Haw k CO 1Q19 2Q19 65 Quil Cedar Creek Casino (re-build) New Opening Tribal Tulalip Tribe Tulalip WA 1Q19 2Q19 5 Fancy Dance Casino New Opening Tribal Ponca Tribe Enid OK 1Q19 1Q19 25 Casino Tahlequah - Expansion Expansion Tribal Cherokee Nation Tahlequah OK 1Q19 2Q Cascades Casino - Langley City Expansion Commercial Gatew ay Casinos and Entertainment Langley City British Columbia 1Q19 1Q19 2 Blue Heron Casino - Expansion Expansion Commercial Great Canadian Ontario 1Q19 1Q19 15 Cascades Casino - Chatham New Opening Commercial Gatew ay Casinos and Entertainment Chatham Ontario 1Q19 2Q19 15 Isleta Resort & Casino - Expansion Expansion Tribal Pueblo of Isleta Albuquerque NM 1Q19 2Q19 1 Angel of the Winds - Exp Expansion Tribal Stillaguamish Indians Arlington WA 1Q19 2Q Pennsylvania Route - VGTs Expansion Route Multiple Multiple PA 1Q19 1Q19 25 Other n/a n/a n/a n/a n/a n/a n/a Total 1Q 19 demand (Sales & Lease) 6,5 122 Est sold 4,24 Est leased 1, Golden Mesa Casino New Opening Tribal Shaw nee Tribe Guymon OK 2Q19 2Q Valley View - Expansion Expansion Tribal San Pasqual Band of Mission Indians Pala CA 2Q19 2Q PA Satellite #1 New Opening n/a n/a n/a n/a 2Q19 2Q Ojibw a Casino Marquette - Re-build New Opening Tribal Kew eenaw Bay Indian Community Marquette MI 2Q19 3Q Palace Casino & Hotel - New Location Expansion Tribal Leech Lake Band of Ojibw e Cass Lake MN 2Q19 3Q BCLC - Victoria New Opening Commercial British Columbia Lottery Corp (BCLC) Victoria British Columbia 2Q19 3Q19 25 Lloydminster Entertainment Center New Opening Tribal First Nation Lloydminster Saskatchew an 2Q19 3Q19 25 Pennsylvania Route - VGTs Expansion Route Multiple Multiple PA 2Q19 2Q19 25 Other n/a n/a n/a n/a n/a n/a n/a Total 2Q 19 demand (Sales & Lease) 2,98 53 Est sold 2,86 Est leased PA Satellite #2 New Opening n/a n/a n/a n/a 3Q19 3Q Hard Rock Hollyw ood - Expansion Expansion Tribal Seminole Gaming Hollyw ood FL 3Q19 4Q19 1, Star Lake Casino New Opening Tribal White Earth Nation / Shooting Star Casino Star Lake MN 3Q19 3Q Other n/a n/a n/a n/a n/a n/a n/a 15 2 Total 3Q 19 demand (Sales & Lease) 2,25 4 Est sold 1,575 Est leased Wynn Boston Harbor New Opening Commercial Wynn Resorts Everett MA 1Q19 2Q19 3,2 15 Gatew ay - North Bay New Opening Commercial Gatew ay Casinos & Entertainment North Bay Ontario 4Q19 4Q Live Casino & Hotel New Opening Commercial The Cordish Companies Philadelphia PA 4Q19 1Q2 2,2 15 Fire Mountain Casino New Opening Tribal Estom Yumeka Maidu Tribe (Enterprise Rancheria) Yuba County CA 4Q19 1Q2 1, 15 PA Satellite #3 New Opening n/a n/a n/a n/a 4Q19 4Q Desert Diamond West Valley - Phase II Expansion Tribal Tohono O'odham Nation Glendale AZ 4Q19 1Q2 2, 35 Other n/a n/a n/a n/a n/a n/a n/a 35 5 Total 4Q 19 demand (Sales & Lease) 9,75 37 Est sold 6,825 Est leased 2, Total N. America new and expansionary demand for 19 2, Estimated sold 14,69 Estimated leased 6, Notes: -Number of slots and tables is estimated when actual data is not provided -Qtrly estimates assume slots and tables are delivered 2-4 months prior to casino opening -Class II and VLT casinos w / 1% leased product are counted in the qtr the facility opens N. America New & Expansionary Slot Machine & Table Game Demand - 2 by Property Project/Casino Name New / Exp Type Owner/Operator City/County State Delivery Date Open Date Slots Tables Resorts World - Las Vegas - Phase I New Opening Commercial Genting Group Las Vegas NV 4Q19 1Q2 2, The Drew (prev. Fountainebleau) New Opening Commercial Witkoff and Marriott Resorts Las Vegas NV 3Q2 4Q2 2, Wilton Miwok Casino New Opening Tribal Wilton Miwok Rancheria (Boyd mgt contract) Elk Grove CA 2Q2 3Q2 2, 75 San Manuel Casino -Expansion Expansion Tribal San Manuel Band of Mission Indians Los Angeles CA 1Q2 2Q2 1, 2 Ukiah Tribal Casino New Opening Tribal Pinoleville Pomo Nation Ukiah CA 1Q2 2Q Agua Caliente Casino Resort & Spa Expansion Tribal Agua Caliente Band of Cahuilla Indians Rancho Mirage CA 4Q2 1Q Joint Foxw oods / Mohegan Casino New Opening Tribal Foxw oods / Mohegan TBD CT 2Q19 3Q19 2, 5 Woodbine - Expansion Expansion Commercial Great Canadian Toronto Ontario 1Q2 2Q2 1,5 Hard Rock Casino - Ottaw a Expansion Commercial Hard Rock International Ottaw a Ontario 1Q2 2Q2 75 Gatew ay - Delta New Opening Commercial Gatew ay Casinos & Entertainment Delta/Burnaby Britich Columbia 5 Gatew ay - Kenora New Opening Commercial Gatew ay Casinos & Entertainment Kenora Ontario 3Q2 4Q2 5 Gatew ay Wasaga/Collingw ood New Opening Commercial Gatew ay Casinos & Entertainment Wasaga/Collingw ood Ontario 5 Spokane Tribe Casino - Phase II New Opening Tribal Spokane Tribe Airw ay Heights WA 4Q19 4Q Satellite Casino #4 n/a n/a n/a n/a n/a n/a n/a 5 5 Satellite Casino #5 n/a n/a n/a n/a n/a n/a n/a 5 5 Satellite Casino #6 n/a n/a n/a n/a n/a n/a n/a 5 5 Satellite Casino #7 n/a n/a n/a n/a n/a n/a n/a 5 5 Satellite Casino #8 n/a n/a n/a n/a n/a n/a n/a 5 5 Satellite Casino #9 n/a n/a n/a n/a n/a n/a n/a 5 5 Satellite Casino #1 n/a n/a n/a n/a n/a n/a n/a 5 5 Little River Band - Casino New Opening Tribal Little River Band of Ottaw a Indians Fruitport Tow nship MI 4Q19 1Q2 1,7 35 Other n/a n/a n/a n/a n/a n/a n/a 1, Total 2 demand (Sales & Lease) 21,5 881 Est sold 14,735 Est leased 6, Notes: -Number of slots and tables is estimated when actual data is not provided -Qtrly estimates assume slots and tables are delivered 2-4 months prior to casino opening -Class II and VLT casinos w / 1% leased product are counted in the qtr the facility opens Eilers & Krejcik Gaming, LLC Page 16 of 18