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The Mid-Atlantic Battleground Joseph Weinert, Executive Vice President June 13, 2019 the Mid-Atlantic Marketplace

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The Mid-Atlantic Battleground Joseph Weinert, Executive Vice President June 13, 2019 the Mid-Atlantic Marketplace The Mid-Atlantic Battleground Joseph Weinert, Executive Vice President June 13, 2019 The Mid-Atlantic Marketplace • Definition: 150-mile radius of Philadelphia • 32 casinos • Also in the market: – Four casinos in development in PA o Full-service Live casino at Philadelphia stadium complex, opens 2020 o Three satellite casinos: Morgantown, York, Shippensburg – Three casinos permanently closed o Monticello Gaming in Catskills o Atlantic Club, Trump Plaza, Showboat(?) in Atlantic City – Two casinos reopened o Hard Rock (Trump Taj Mahal) and Ocean (Revel) in Atlantic City – Four tracks/OTBs with sports betting lounges o NJ: Meadowlands, Monmouth Park o PA: Phila Turf Club, Valley Forge Turf Club 2 Got Casinos? Casino Track/OTB w/sports betting Casino in development 3 Market Size (LTM March 2019) • 32.1M adults – Includes 3 of country’s 8 largest MSAs – All with well-above-average household income • $10.B GGR* – Up 8.7% YOY • 71,347 slots – $307 daily win per unit • 2,945 live table games – $2,930 daily win per unit 4 Source: Spectrumetrix * Inclusive of promo play where reported Who Owns/Operates What PA: Hollywood Penn National* WV: Hollywood Charles Town PA: Mohegan Pocono MD: Hollywood Perrysville NJ: Resorts AC (managed) NJ: Borgata DE: Dover Downs NY: Empire City MD: MGM National Harbor MD: Ocean Downs 5 * Won two PA satellite casino auctions Who Owns/Operates What (cont.) NY: Tioga Downs NY: Jake’s 58 NY: Resorts World NYC NY: Resorts World Catskills* PA: SugarHouse NJ: Tropicana NJ: Caesars NJ: Harrah’s NJ: Bally’s PA: Valley Forge PA: Harrah’s MD: Horseshoe 6 * Joint venture Who Owns/Operates What (cont.) NJ: Golden Nugget NJ: Hard Rock AC PA: Wind Creek Bethlehem (fka Sands) Single-asset operators: MD: Rocky Gap • Delaware Park, DE • Harrington Raceway, DE • Mount Airy, PA2 • Ocean Resort, NJ • Parx, PA2 MD: Maryland Live1,2 7 1 – Philadelphia Live opening 2020. 2 – Won a PA satellite casino auction Top 5 Performers (LTM March 2019) LTM MARCH 2019 $1,200 $978.5 $1,000 $800 $768.2 $714.0 $704.5 $696.6 $600 GGR in M inGGR $400 $200 $0 RESORTS WORLD BORGATA MGM NATIONAL PARX EMPIRE CITY NYC HARBOR 8 Source: Spectrumetrix. Inclusive of promo play where reported Bottom 5 Performers (LTM March 2019) LTM MARCH 2019 $120 $100 $97.3 $90.9 $77.6 $80 $75.6 $60 $55.7 GGR in M inGGR $40 $20 $0 R O C K Y G A P H O L L Y W O O D OCEAN DOWNS TIOGA DOWNS HARRINGTON PERRYVILLE RACEWAY 9 Source: Spectrumetrix. Inclusive of promo play where reported Hollywood Dover Harrington Valley Forge Charles Delaware Park Downs Raceway 1.38% Town 1.71% 1.47% 0.91% Hollywood Perryville SugarHouse 3.38% 0.71% 3.16% Horseshoe Baltimore Mid-Atlantic 2.43% Maryland Live Market Sands Bethlehem 5.48% 6.32% Shares Ocean Downs Parx (LTM March 2019) 6.59% MGM National Harbor 0.73% 6.68% Rocky Gap 0.52% Bally's Mount Airy 1.78% 2.16% Mohegan Sun Pocono 2.57% Borgata Hollywood @ Penn Nat'l 7.19% 2.62% Harrah's Philadelphia 2.80% Caesars 3.07% Tioga Downs 0.85% Resorts World NYC 9.16% Golden Nugget 3.15% Harrah's AC Hard Rock Atlantic City 3.01% 2.18% Resorts 2.73% Resorts World Catskills Empire City Tropicana 3.52% 1.79% Jake's 58 6.52% Ocean Resort 2.06% 1.38% 10 Source: Spectrumetrix. Inclusive of promo play where reported Possibilities • Three full-service casinos in Downstate NY – Resorts World NYC, Empire City candidates for conversion after 2022 – New casino in Manhattan • Revive northern NJ casino efforts – Voters clobbered this effort in 2016 • Full retail gaming in PA – Are truckstops gateway to bars & taverns? • Sports betting likely in every Mid-Atlantic state – Now: DE, NJ, PA, WV – Coming: CT, DC, MD, NY, VA 11 Our Panel Matthew Doherty Executive Director, New Jersey Casino Reinvestment Development Authority Mark Giannantonio President and Chief Executive Officer, Resorts Casino Hotel Phil Juliano Senior Vice President & Chief Marketing Officer, Twin River Management Group Brian McGill Managing Director and Senior Research Analyst, Gaming and Lodging, Telsey Advisory Group 12.
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