Rational Investing

	Total Market Capitalization of All Firms	$179,325 mm
	Average Market Capitalization	$12,809 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	1.3
	Standard Deviation of MM Ratio	1
	Average Beta	1.8
	Average EV To Revenue	6.0
	Average EV To EBITDAM	23.4
	Average Price To Free Cash Flow	45.1

Ticker	Company Name	Market To Model	Market Cap ($ mm)	EV to Revenue	Price To FCF	EV/EBITDAM	% Growth	Beta	As Of
ERI	Eldorado Resorts Inc	4.71	6,198	7.3	26.2	15.2	-47	2.6	Jun 20
PENN	Penn National Gaming Inc.	1.62	11,610	2.8	99	10.6	-3	2.6	Sep 20
MCRI	Monarch Casino & Resort Inc	1.60	1,093	5.3	60.8	17.4	-1	1.6	Sep 20
G13.SI	Genting Singapore PLC	1.31	8,004	3.4	2	12.2	-3	0.8	Jun 20
MGM	MGM Resorts International	1.24	16,009	2.8	29.8	30	-26	2.3	Sep 20
035250.KS	KANGWON LAND INC ORD	1.06	4,631	0.1	21.5	25.4	-3	0.8	Sep 20
CZR	Caesar Entertainment	1.06	16,326	12.3	80	30	18	2.9	Sep 20
MTN	Vail Resorts Inc.	1.02	11,196	21.4	99	30	-68	1.2	Oct 20
BYD	Boyd Gaming Corp.	1.01	5,384	2.5	13.7	11.4	-3	2.1	Sep 20
0027.HK	Galaxy Entertainment Group Lim	0.96	32,194	1.3	19.3	19.1	-52	1.2	Jun 20
2282.HK	MGM China Holdings Ltd	0.94	5,832	2.2	11.9	30	-13	1.6	Jun 20
WYNN	Wynn Resorts Ltd	0.94	11,437	14.9	99	30	-77	2.2	Sep 20
MLCO	Melco Resorts & Entertainment	0.86	8,114	2.9	16.4	35.6	-23	1.7	Sep 20
LVS	Las Vegas Sands Corp.	0.79	41,298	4.3	53.4	30	-9	1.4	Sep 20