...October 31, 2025 This report does not constitute a rating action. Construction of the Harrah's Oklahoma Casino remains on schedule and on budget. Route 66 began construction in early 2025 and we expect the completed casino will open in May 2026. The facility will include 1,000 slots, 12 tables, two restaurants, and two bars. Route 66 faces risks associated with a greenfield project and the subsequent ramp up. Construction and development and the costs associated with ramping up operations can strain liquidity. However, we believe a guaranteed maximum price (GMP) contract, a 10% funded contingency in the construction budget, and a $20 million contingency line of credit provided by Caesars somewhat mitigate liquidity risks during construction. There is a funded interest reserve for the full construction period, but we expect it to only cover three months of interest after opening. This creates a short timeline to ramp up cash flow to cover fixed charges. Our post- opening operating assumptions...
