Major Players (Gaming) Stock Price & Key Financial Performance Metrics Operating Performance   Revenue CAGR (5yr) CAGR (2yr) EBITDA CAGR (3-5yr) EBITDA Margin (US$m) FY 2012E Historic Forecast MGM $9,400 6.9% 4.8% $1,908 2.0% 11.0% 16.4% Wynn $5,459 16.3%  6.9% $1,563 26.6% 10.0% 29.2% LVS $11,899 28.3%  12.4% $4,085 54.6% 12.2% 34.0% CZR $9,061 -2.2% 1.8% $2,035 -4.1% 9.7% 22.5% [Full-Screen:] On this graphic you will see that MGM’s share price on the top left corner has lagged that of Wynn and Las Vegas Sands in part due to the much smaller exposure to Macau. However, the overall industry outlook seems to be trending upwards as shown by the revenue and EBITDA growth potential of all of the players. You can also see that once properties are constructed, casino resort operators exhibit healthy operating margins, although these are notably higher in Macau. This gives you a good starting point for looking at the Las Vegas industry in more detail. Capital Structure & Valuation (US$m)  EV Market Cap Debt Debt/EV EV/EBITDA (FY12) P/E (FY12) MGM $21,158 $6,183 $13,367 63.2% 11.4x N/A  LVS $48,273 $33,753 $9,374 19.4% 13.0x  18.0x WYNN $18,662 $11,547 $5,458 29.2% 12.6x  20.5x CZR $20,169 $781 $20,297 100.6% 10.0x