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Title Goes Here JP Morgan Investor Presentation May 16, 2016 Mohegan Tribal Gaming Authority (MTGA) Overview • Premier Integrated Resort Operator • Stable Governance, Transparent and Commercial • High Quality “Built to Last” Gaming Assets • Rapidly Diversifying Asset Base • Leading Market/Fair Share & Operating Margins • One of the Strongest Balance Sheets in Regional Gaming • Cost Saving Initiatives & Margin Improvement • Focus on Deleveraging • Diversification Through Capital-Light Growth Pipeline • Connecticut Hotel & Non-Gaming Opportunities • Cowlitz Casino Development in Portland, Oregon • Resorts Atlantic City & Paragon Management • South Korea Development 2 Premier Integrated Resort Operator The Mohegan Tribe of Indians of Connecticut • Widely considered one of the strongest and most stable tribal governments in the United States • Federally recognized Tribe with experienced leadership • Elected 9-member Tribal Council governs the Tribe and acts as the Management Board of MTGA • Staggered 4 year terms, next elections in August 2017 • SEC filer • Flagship Mohegan Sun Connecticut: • the highest grossing casino facility in the Western Hemisphere, • the highest grossing arena in the world of its size, • the largest casino in terms of slots/tables in the U.S., and • home to the Connecticut Sun WNBA and New England Black Wolves NLL franchises • Well-known “Mohegan Sun” brand with 6 million+ high-value customers in Player Database 3 Premier Integrated Resort Assets 4 Rapidly Diversifying Asset Base Mohegan Sun Pocono Cowlitz Casino Mohegan Sun Slots: 2,330 Project Inspire Slots: 2,500 Slots: 5,140 Tables: 93 Tables: 317 Slots: 1,500 Tables: 75 Hotel: 238 rooms Hotel: 1,177 rooms(1) Tables: 250 Hotel: N/A Hotel: 1,350 rooms China India Resorts Casino Slots: 1,552 Tables: 74 Hotel: 942 rooms Paragon Casino Slots: 1,600 Tables: 54 Hotel: 534 rooms (1) New 400-room Earth Hotel is scheduled to open in October 2016 5 Superior Win Efficiency • Based on the fair share (number of slot machines offered), Mohegan Sun and Mohegan Sun Pocono are in line with the competition • However, both wholly owned properties outperform the competition by ~8% by measure of slot win efficiency Connecticut Northeastern Pennsylvania Mohegan Sun Mohegan Sun Pocono Win Efficiency: 106% Win Efficiency: 94% (Fair Share: 53%) (Fair Share: 47%) Win Efficiency: 109% Win Efficiency: 88% (Fair Share: 55%) (Fair Share: 45%) Primary Primary Competitor Competitor Results for LTM period ended March 31, 2016 6 Margin Expansion Due to Proactive Cost Saving Initiatives Consistent cost discipline, while maintaining superior service and customer experience • ~$100 million in reduced expenses through programs in Connecticut from 2010-2015; YTD 2016 Adjusted EBITDA +~14% y/y • Guest service scores are highest they have been in over a decade Another ~$100 million of cost reduction potential remains • CT EBITDA before slot contribution margin of 43% in FY15 compared to top regional peers at 50%-60% • YTD FY16 Adjusted EBITDA Margin +240bps, Initiatives expected to continue over the next few years Adjusted EBITDA Margin Mohegan Sun Pocono Downs Consolidated Impact of cost saving initiatives Property ramp-up and 29.8% 30.0% 28.6% introduction of table games 27.0% 25.6% 26.0% 24.9% 25.2% 24.7% 25.0% 23.4% 22.3% 22.7% 22.4% 19.6% 19.5% 19.9% 20.6% 20.0% 18.6% 19.0% 17.0% 17.1% 15.4% 15.0% 10.0% 2010 2011 2012 2013 2014 2015 LTM 2010 2011 2012 2013 2014 2015 LTM 2010 2011 2012 2013 2014 2015 LTM 3/31/16 3/31/16 3/31/16 Note: Fiscal year 2014 results reflect unusually low table hold 7 Fiscal Second Quarter 2016 Financial Performance • Mohegan Sun: Qtr Ended Qtr Ended • EBITDA +13%, revenues +6.6% y/y 3/31/2016 3/31/2015 y/y chg • Highest F2Q revenues since 2012 Mohegan Sun Net Revenues $ 256,186 $ 240,285 6.6% • Highest F2Q EBITDA since 2009 Adjusted EBITDA 77,837 68,686 13.3% • 180bp increase in margin; highest EBITDA Margin 30.4% 28.6% 1.8% F2Q margin since 2001 Pocono Downs • Pocono: Net Revenues 73,686 70,128 5.1% • EBITDA +4%, revenues +5% Adjusted EBITDA 13,696 13,166 4.0% EBITDA Margin 18.6% 18.8% -0.2% • Corporate EBITDA +54%: Corporate • Resorts EBITDA +$830K y/y, +245% Net Revenues $ 1,917 $ 10 19070.0% • Cowlitz development fees $1.3m Adjusted EBITDA (3,274) (7,158) 54.3% EBITDA Margin NM NM NM Overall MTGA: • Total MTGA • EBITDA ~18% y/y Net Revenues $ 331,789 $ 310,423 6.9% • Revenues ~7% y/y Adjusted EBITDA 88,259 74,694 18.2% • EBITDA Margins +250bp y/y EBITDA Margin 26.6% 24.1% 2.5% 8 MTGA Balance Sheet: Capital Structure & Liquidity • Ample liquidity with $85.6 million at 3/31/16, not including approximately $100 million of excess cash earmarked for South Korea • Significant potential for additional interest expense savings embedded in Senior and Subordinated Notes As of Cumulative ($ in millions) 3/31/2016 Leverage (3) Cash and Cash Equivalents $185.9 Revolving Credit Facility due 2018 (1) (2) 42.0 Senior Sec. Credit Facility (TLA) due 2018 (2) 103.1 Senior Sec. Credit Facility (TLB) due 2019 (2) 780.2 Total Secured Debt $925.3 2.6x 2015 Floating Rate Senior Notes due 2017 100.0 2013 9.750% Senior Unsecured Notes due 2021 585.0 Total Senior Debt $1,610.3 4.5x 2012 11.000% Senior Subordinated Notes due 2018 100.2 Capital Leases 7.7 Other 2.2 Total Recourse Debt $1,720.4 4.8x Non-Recourse Debt 19.1 Due to Mohegan Tribe 29.9 Total Debt $1,769.4 4.9x (1) Revolver borrowing capacity was $55.5mm as of 3/31/16 (2) Due dates assume 2012 Senior Sub Notes have been extended, repaid, redeemed, defeased or refinanced (3) Based on Covenant EBITDA of $358.5mm for the LTM 3/31/16 period 9 MTGA Total Leverage Ratio • MTGA’s Total Leverage Ratio was 4.80x at 3/31/16 • Total Leverage Ratio is much lower than the US industry average of ~5.8x 6.50x 6.00x 6.00x 5.82x 5.54x 5.50x 5.37x 5.11x 5.06x 5.00x 4.93x 4.80x 4.50x (1) Restricted Group leverage, based on 2013 Credit Facility definition of Total Recourse Debt / Covenant Adjusted EBITDA (2) Includes Caesars Entertainment, Las Vegas Sands, Wynn Resorts, Penn National Gaming, Boyd Gaming, Golden Nugget, MGM Resorts, Pinnacle Entertainment, Affinity Gaming, Eldorado Resorts, MTGA, Station Casinos, Isle of Capri, Golden Entertainment, American Casino, Churchill Downs, and Tropicana Entertainment; with ratios as of their most recent public filing with adjustments made where applicable Source: Company financials and public filings. 10 MTGA Financial Summary Overview • Growing Adjusted EBITDA and margins have helped drive strong free cash flow generation • Cash Flow for Financial Debt Service at $241 million is at the highest level ever FYE September 30, As Adjusted 2011A 2012A 2013A 2014A 2015A (2) ($ in millions) LTM 3/31/16 Net Revenues: Mohegan Sun $1,115 $1,084 $1,042 $995 $994 $1,019 Pocono Downs 303 315 297 297 295 301 Corporate and Other – – 1 1 3 9 Net Revenues $1,418 $1,399 $1,340 $1,293 $1,292 $1,329 Adjusted EBITDA: Mohegan Sun $285 $270 $281 $251 $284 $303 Pocono Downs 52 59 57 51 58 59 Corporate and Other (15) (15) (24) (36) (22) (16) Adjusted EBITDA $322 $314 $313 $266 $320 $346 Adjusted EBITDA % Margin 22.7% 22.4% 23.4% 20.6% 24.8% 26.0% Maintenance and Development Capex (46) (44) (66) (33) (30) (52) Distributions to the Tribe (47) (53) (50) (50) (50) (53) Relinquishment Payments (55) (54) (51) (49) (25) – Cash Flow for Financial Debt Service (1) $173 $163 $146 $134 $215 $241 (1) Cash flow for Financial Debt Service defined as Adj. EBITDA minus relinquishment payments, maintenance and development capital expenditures and distributions to the Tribe (2) Adjusted for anticipated FY16 increases in maintenance and development capital expenditures and distributions to the Tribe 11 Illustrative FY2018 Credit Profile & Sensitivity LTM MTGA (1) Corp & Oth 3/31/2016 FYE2016 FYE2017 FYE2018 Analysis Assumes • Financial performance flat to Revenues - 1,326.4 1,326.4 1,326.4 1,326.4 LTM period Core EBITDA - 358.5 358.5 358.5 358.5 • No improvement to Paragon Consulting/Mgmt Fees (2) 1.1 2.4 2.0 operations or capital Earth Hotel Income - - 10.0 10.0 structure Cowlitz Mgmt Fees (3) - - 4.1 16.2 • Earth Hotel & Cowlitz open EBITDA 358.5 359.6 375.0 386.7 as scheduled • Paragon consulting / MGMT Capex (41.0) (52.0) (35.0) (35.0) fees based on current Tribal Distributions (51.2) (53.0) (53.0) (53.0) projections Interest Expense (133.6) (128.4) (123.6) (116.8) • All FCF repays debt Free Cash Flow 132.7 126.2 163.4 181.9 • No impact from Korea Total Debt 1,720.5 1,657.4 1,494.0 1,312.1 management or Total Leverage 4.80x 4.61x 3.98x 3.39x development fees in FCF (however sensitivity analysis EBITDA-Capex-Tribal Dists 266.3 254.6 287.0 298.7 below details this) EBITDA-Capex-Tribal Dists / Interest Expense 1.99x 1.98x 2.32x 2.56x 2018E EBITDA Sensitivity 1.00x 1.20x 1.30x 1.40x 1.50x Key Takeaways • CT EBITDA would have to Pro Forma EBITDA-Capex-Tribal Dists ($) 116.8 140.2 151.8 163.5 175.2 decline ~60% for MTGA to CT EBITDA Decline ($) 181.9 158.5 146.9 135.2 123.5 achieve 1x Interest Coverage CT EBITDA Decline (%) 60% 52% 48% 45% 41% (including Capex and Tribal Distributions) Sensitivity w/ S.
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