Project Sunrise

 

Methodology & Assumptions   Summary

 

Key Assumptions

 

 

  - Presented here is a liquidity forecast for the consolidated Taj silo. The forecast is built-up at each individual country level, with input from the respective regional finance directors.

 

  - Forecast perfomed in Mid-March reflects the country’s baseline view prior to the announcement of the wind down of the U.S. operations, assumes intercompany lending within the group.

Europe / Australia

 

  - France and Spain reflects the baseline forecast before any management initiatives to improve liquidity.

 

  o France Propco cash is available at the end of April; assumes France Propco would make dividends up to France Opco in April and will be used for general operations going forward.

 

  - Spain Propco cash is assumed to be not available due to the Spain Propco insolvency filing, baseline forecast does not include any impact on Opco operations as a result of this filing.

Japan / SEA

 

  - Japan has access to a 9.45B JPY (or ~$83.5 million) committed credit line in the forecast; the facility expires on June 29th 2018 and is subject to refinancing risk.

 

  - Forecast excludes any incremental 3rd party borrowings during the period.

 

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