EX-99.1(C)(3) 3 dex991c3.htm PRESENTATION OF THE COWEN AND COMPANY DATED JUNE 12, 2008. Presentation of the Cowen and Company dated June 12, 2008.
Update for the Special Committee –
June 12, 2008
Project Lasso
Exhibit 99.1(c)(3)

PROJECT LASSO
Disclaimer
This presentation and the information contained herein is confidential and has been prepared for the benefit and use of the Special
Committee (the “Special Committee”) of the Board of Directors of Lasso (the “Company”) in order to assist the Special Committee in
evaluating,
on
a
preliminary
basis,
the
proposal
the
Company
has
received
and
does
not
convey
any
right
of
publication
or
disclosure,
in whole or in part, to any other party without the prior written consent of Cowen.  This presentation is for discussion purposes only and
is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by Cowen.
The
information
in
this
presentation
is
based
upon
any
management
forecasts
supplied
to
Cowen
and
reflects
prevailing
conditions
and
Cowen’s
views
as
of
this
date,
all
of
which
are
accordingly
subject
to
change.
Cowen’s
estimates
constitute
Cowen’s
judgment
and
should be regarded as indicative, preliminary and for illustrative purposes only.  In preparing this presentation, Cowen has with
your consent, assumed and relied, without independent investigation, upon the accuracy and completeness of all financial and other
information provided to us by the management of the Company or which is publicly available.  Cowen’s analysis is not and does not
purport
to
be
appraisals
of
the
assets,
stock
or
business
of
the
Company
or
any
other
entity.
Cowen
does
not
make
representations
as
to the actual value which may be received in connection with a transaction nor the legal, tax or accounting effects of consummating a
transaction.  Unless expressly contemplated hereby, the information in this presentation does not take into account the effects of a
possible transaction or transactions involving an actual or potential change of control, which may have significant valuation and other
effects.  This presentation does not represent a fairness opinion, recommendation, valuation or opinion of any kind.
The information contained herein, as well as any other advice, services or other information provided to you by Cowen, is being
provided in connection with an actual or potential mandate or engagement and may not be used or relied upon in any manner, nor are
any duties or obligations created with respect thereto, except and to the extent specifically set forth in a written engagement letter or
other agreement with Cowen.  This presentation does not constitute a commitment by Cowen or any of its affiliates to underwrite,
subscribe for or place any securities to extend or arrange credit or to provide any other service.
Cowen policy mandates that no Cowen employee may directly or indirectly offer a Company favorable research or threaten to change
research as consideration or inducement for the receipt of business or compensation.

1
PROJECT LASSO
Table of Contents
I.
Restaurant and Gaming Markets Update
2
II.
Valuation Update
9
Page

I.
Restaurant and Gaming Markets
Update

3
PROJECT LASSO
Indexed Stock Performance
Lasso
Comparable Restaurants
Comparable Casino and Gaming
S&P 500
Restaurant and Casino and Gaming Stock Performance
(50.0%)
(40.0%)
(30.0%)
(20.0%)
(10.0%)
0.0%
10.0%
20.0%
12/31/07
2/01/08
3/05/08
4/07/08
5/07/08
6/09/08
Note: Factset as of June 10, 2008.  Dashed lines represent the date of the current offer as well as the date of the stock prices (May 8, 2008) used in the May 12, 2008 Special 
         Committee presentation.  
         Comparable Restaurants include: Benihana, Brinker International, California Pizza Kitchen, CEC Entertainment, McCormick & Schmick’s, O’Charley’s and Ruby Tuesday. 
         Comparable Casino and Gaming includes: Ameristar Casinos, Boyd Gaming, Isle of Capri Casinos, Monarch Casino & Resort, Pinnacle Entertainment, Riviera Holdings and Trump   
         Entertainment.

4
PROJECT LASSO
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
8.0x
9.0x
10.0x
11.0x
12.0x
13.0x
6/08
10/06
2/05
6/03
10/01
2/00
6/98
Lasso
Comparable Restaurants
Comparable Casino and Gaming
(Multiple)
10-year Casino Average (8.3x)
10-year Restaurant Average (8.1x)
10-year Lasso Average (6.5x)
Historical EBITDA Multiples
Analysis of 10-Year Historical LTM EBITDA Trading Multiples
Lasso has traded at an
average of 6.5x EBITDA
over the past 10 years
Note: Factset as of June 10, 2008. 
Comparable
Restaurants
include:
Benihana,
Brinker
International,
California
Pizza
Kitchen,
CEC
Entertainment,
McCormick
&
Schmick’s,
O’Charley’s
and
Ruby
Tuesday.
Comparable Casino and Gaming includes: Ameristar Casinos, Boyd Gaming, Isle of Capri Casinos, Monarch Casino & Resort, Pinnacle Entertainment, Riviera Holdings and
Trump Entertainment.

5
PROJECT LASSO
Change in Restaurant Valuations Since April 4
th
Bid
Change
in
Restaurant
Valuations
Since
April
4
Bid
Note: Per
Factset
as of June 10, 2008.
(a)
Estimates per Wall Street research.
As of April 4, 2008
As of June 10, 2008
Change from 4/4/08 to 6/10/08
EV/LTM
2008E
(a)
EV/LTM
2008E
(a)
EV/LTM
2008E
(a)
Company Name
Price
EBITDA
P/E
Price
EBITDA
P/E
Price
EBITDA
P/E
AFC Enterprises
$9.12
7.8x
14.0x
$8.35
7.5x
12.8x
(8.4%)
(0.3x)
(1.2x)
Benihana
10.31
4.7x
12.7x
8.27
3.9x
10.2x
(19.8%)
(0.8x)
(2.5x)
BJ's Restaurants
14.65
11.5x
27.2x
11.65
8.5x
21.6x
(20.5%)
(3.0x)
(5.6x)
Bob Evans
28.53
6.6x
14.6x
33.95
7.3x
16.9x
19.0%
0.7x
2.3x
Brinker
19.01
5.1x
10.5x
20.07
5.4x
11.9x
5.6%
0.3x
1.4x
Buffalo Wild Wings
25.58
9.3x
20.4x
30.74
10.1x
22.3x
20.2%
0.8x
1.9x
Burger King
27.65
10.5x
19.9x
29.02
10.7x
20.6x
5.0%
0.2x
0.7x
California Pizza Kitchen
14.45
5.4x
24.5x
13.49
5.6x
21.4x
(6.6%)
0.2x
(3.1x)
Caribou Coffee
3.05
5.7x
NM
2.14
5.0x
NM
(29.8%)
(0.8x)
NA
Carrols Restaurant Group
8.31
6.1x
11.5x
6.44
5.9x
9.2x
(22.5%)
(0.2x)
(2.3x)
CBRL Group
35.77
6.9x
11.0x
28.91
6.2x
8.8x
(19.2%)
(0.7x)
(2.2x)
CEC Entertainment
31.44
4.7x
14.4x
32.86
6.0x
13.9x
4.5%
1.3x
(0.5x)
Cheesecake Factory
22.77
9.8x
19.8x
18.20
7.8x
15.8x
(20.1%)
(2.0x)
(4.0x)
Chipotle Mexican Grill
116.66
24.4x
44.9x
92.17
17.3x
34.1x
(21.0%)
(7.1x)
(10.8x)
CKE Restaurants
12.10
6.5x
14.4x
12.17
6.5x
14.5x
0.6%
0.0x
0.1x
Cosi
2.88
NM
NM
2.93
NM
NM
1.7%
NA
NA
Darden
34.41
8.6x
12.2x
32.09
8.2x
11.4x
(6.7%)
(0.5x)
(0.8x)
Denny's Corp.
3.01
6.3x
16.7x
3.71
7.3x
23.2x
23.3%
1.0x
6.5x
Domino's Pizza
14.13
11.4x
13.3x
13.12
11.0x
13.1x
(7.1%)
(0.4x)
(0.2x)
Einstein Noah Restaurant Group
9.76
7.3x
9.8x
12.82
8.4x
12.7x
31.4%
1.1x
2.9x
Jack In The Box
27.91
7.2x
13.4x
24.27
6.2x
12.2x
(13.0%)
(1.0x)
(1.2x)
Kona Grill
7.98
7.4x
NM
7.31
7.7x
NM
(8.4%)
0.3x
NA
Krispy
Kreme
3.29
12.0x
NM
3.96
13.2x
NM
20.4%
1.2x
NA
Luby's
7.25
5.5x
19.2x
7.00
6.8x
22.5x
(3.4%)
1.3x
3.3x
McCormick & Schmick's
12.18
6.7x
17.4x
9.33
6.5x
14.4x
(23.4%)
(0.3x)
(3.0x)
McDonald's
55.72
10.9x
17.6x
59.77
11.2x
17.7x
7.3%
0.3x
0.1x
Morton's
7.67
6.1x
13.5x
7.92
7.4x
13.9x
3.3%
1.3x
0.4x
th

6
PROJECT LASSO
Change
in
Restaurant
Valuations
Since
April
4
Bid
Note: Per
Factset
as
of
June
10,
2008.
(a)
Estimates per Wall Street research.
Change in Restaurant Valuations Since April 4
th
Bid (Cont.)
As of April 4, 2008
As of June 10, 2008
Change from 4/4/08 to 6/10/08
EV/LTM
2008E
(a)
EV/LTM
2008E
(a)
EV/LTM
2008E
(a)
Company Name
Price
EBITDA
P/E
Price
EBITDA
P/E
Price
EBITDA
P/E
O'Charley's
11.57
4.6x
26.3x
10.71
4.8x
NM
(7.4%)
0.2x
NA
P.F. Chang's
29.80
8.6x
22.3x
24.98
7.2x
18.4x
(16.2%)
(1.4x)
(3.9x)
Panera
Bread
44.00
9.2x
21.9x
49.34
10.5x
23.4x
12.1%
1.3x
1.5x
Papa John's
25.15
7.4x
15.0x
28.85
8.3x
16.8x
14.7%
0.9x
1.8x
Peets
Coffee & Tea
24.45
15.2x
31.5x
23.71
12.8x
30.4x
(3.0%)
(2.4x)
(1.1x)
Red Robin Gourmet Burgers
38.59
8.1x
17.8x
31.99
6.8x
14.9x
(17.1%)
(1.3x)
(2.8x)
Rubio's Restaurants
5.80
4.9x
NA
5.02
5.1x
NM
(13.4%)
0.1x
NA
Ruby Tuesday
7.96
5.9x
16.8x
7.24
5.7x
15.2x
(9.0%)
(0.2x)
(1.5x)
Ruth's Chris
7.10
6.2x
12.9x
6.51
5.6x
10.9x
(8.3%)
(0.5x)
(2.1x)
Sonic
22.74
10.8x
19.7x
18.75
9.4x
16.1x
(17.5%)
(1.4x)
(3.6x)
Starbucks
18.50
8.9x
18.7x
17.84
9.8x
21.0x
(3.6%)
0.9x
2.3x
Steak N Shake
7.76
9.5x
NM
6.33
12.3x
NM
(18.4%)
2.8x
NA
Texas Roadhouse
10.54
9.2x
19.3x
9.83
8.0x
17.2x
(6.7%)
(1.2x)
(2.1x)
Tim Hortons
35.31
13.4x
21.6x
31.13
12.0x
19.7x
(11.8%)
(1.4x)
(1.9x)
Wendy's
23.58
7.8x
16.8x
27.33
9.1x
27.3x
15.9%
1.3x
10.5x
Yum Brands
38.88
11.3x
20.4x
37.76
11.2x
20.2x
(2.9%)
(0.1x)
(0.2x)
Restaurant Universe:
Number of Decreased
28
21
22
Number of Increased
15
21
14
Average (Decrease)/Increase
(4.2%)
(0.2x)
(0.6x)
Median (Decrease)/Increase
(6.7%)
(0.0x)
(1.0x)
Lasso Comparable Restaurant Universe:
Number of Decreased
5
3
5
Number of Increased
2
4
1
Average (Decrease)/Increase
(8.0%)
0.1x
(1.5x)
Median (Decrease)/Increase
(7.4%)
0.2x
(2.0x)
th

7
PROJECT LASSO
% Change
% Change
% Change
Price
Price
Price
Price
1/28/08 -
4/4/08 -
5/8/08 -
Company Name
1/28/08
4/4/08
5/8/08
6/10/08
4/4/08
5/8/08
6/10/08
AFC Enterprises
$9.05
$9.12
$9.24
$8.35
0.8%
1.3%
(9.6%)
Benihana
10.24
10.31
10.32
8.27
0.7%
0.1%
(19.9%)
BJ's Restaurants
15.49
14.65
14.17
11.65
(5.4%)
(3.3%)
(17.8%)
Bob Evans
27.49
28.53
28.36
33.95
3.8%
(0.6%)
19.7%
Brinker
18.13
19.01
22.74
20.07
4.9%
19.6%
(11.7%)
Buffalo Wild Wings
23.01
25.58
32.27
30.74
11.2%
26.2%
(4.7%)
Burger King
23.94
27.65
28.17
29.02
15.5%
1.9%
3.0%
California Pizza Kitchen
12.95
14.45
16.01
13.49
11.6%
10.8%
(15.7%)
Caribou Coffee
2.79
3.05
2.55
2.14
9.3%
(16.4%)
(16.1%)
Carrols Restaurant Group
7.97
8.31
7.55
6.44
4.3%
(9.1%)
(14.7%)
CBRL Group
30.17
35.77
35.02
28.91
18.6%
(2.1%)
(17.4%)
CEC Entertainment
22.73
31.44
37.71
32.86
38.3%
19.9%
(12.9%)
Cheesecake Factory
20.75
22.77
21.81
18.20
9.7%
(4.2%)
(16.6%)
Chipotle Mexican Grill
125.37
116.66
93.89
92.17
(6.9%)
(19.5%)
(1.8%)
CKE Restaurants
13.00
12.10
10.48
12.17
(6.9%)
(13.4%)
16.1%
Cosi
2.60
2.88
2.23
2.93
10.8%
(22.6%)
31.4%
Darden
27.47
34.41
36.75
32.09
25.3%
6.8%
(12.7%)
Denny's Corp.
3.32
3.01
3.62
3.71
(9.3%)
20.3%
2.5%
Domino's Pizza
13.30
14.13
13.10
13.12
6.2%
(7.3%)
0.2%
Einstein Noah
18.96
9.76
12.81
12.82
(48.5%)
31.3%
0.1%
Jack In The Box
26.45
27.91
26.99
24.27
5.5%
(3.3%)
(10.1%)
Kona Grill
12.30
7.98
8.99
7.31
(35.1%)
12.7%
(18.7%)
Krispy Kreme
2.73
3.29
3.05
3.96
20.5%
(7.3%)
29.8%
Luby's
9.37
7.25
7.20
7.00
(22.6%)
(0.7%)
(2.8%)
McCormick & Schmick's
12.87
12.18
11.02
9.33
(5.4%)
(9.5%)
(15.3%)
McDonald's
51.07
55.72
59.77
59.77
9.1%
7.3%
0.0%
Morton's
7.10
7.67
8.42
7.92
8.0%
9.8%
(5.9%)
O'Charley's
13.08
11.57
10.95
10.71
(11.5%)
(5.4%)
(2.2%)
P.F. Chang's
27.86
29.80
31.17
24.98
7.0%
4.6%
(19.9%)
Panera Bread
36.20
44.00
51.48
49.34
21.5%
17.0%
(4.2%)
Papa John's
23.51
25.15
26.31
28.85
7.0%
4.6%
9.7%
Peets Coffee & Tea
23.34
24.45
23.59
23.71
4.8%
(3.5%)
0.5%
Red Robin
33.09
38.59
41.41
31.99
16.6%
7.3%
(22.7%)
Rubio's Restaurants
6.49
5.80
5.67
5.02
(10.6%)
(2.2%)
(11.5%)
Ruby Tuesday
7.69
7.96
8.14
7.24
3.5%
2.3%
(11.1%)
Ruth's Chris
7.89
7.10
7.51
6.51
(10.0%)
5.8%
(13.3%)
Sonic
21.33
22.74
22.13
18.75
6.6%
(2.7%)
(15.3%)
Starbucks
19.66
18.50
15.85
17.84
(5.9%)
(14.3%)
12.6%
Steak N Shake
8.79
7.76
7.48
6.33
(11.7%)
(3.6%)
(15.4%)
Texas Roadhouse
11.11
10.54
11.13
9.83
(5.1%)
5.6%
(11.7%)
Tim Hortons
34.86
35.31
32.54
31.13
1.3%
(7.8%)
(4.3%)
Wendy's
23.92
23.58
26.76
27.33
(1.4%)
13.5%
2.1%
Yum! Brands
35.65
38.88
40.03
37.76
9.1%
3.0%
(5.7%)
Restaurant Universe:
Mean
2.2%
1.7%
(5.4%)
Median
4.8%
0.1%
(9.6%)
Lasso Comparable Restaurant Universe:
Mean
6.4%
5.9%
(13.0%)
Median
2.8%
5.4%
(14.1%)
Changes in Restaurant Prices
Changes in Restaurant Prices
Note:
Per Factset
as of June 10, 2008.

8
PROJECT LASSO
Changes in Casino and Gaming Prices
Changes in Casino and Gaming Prices
Note: Per
Factset
as
of
June
10,
2008.
% Change
% Change
% Change
Price
Price
Price
Price
1/28/08 -
4/4/08 -
5/8/08 -
Company Name
1/28/08
4/4/08
5/8/08
6/10/08
4/4/08
5/8/08
6/10/08
Ameristar Casinos
$21.50
$18.73
$17.25
$17.57
(12.9%)
(7.9%)
1.9%
Boyd Gaming Corp.
25.60
20.88
18.19
15.48
(18.4%)
(12.9%)
(14.9%)
Century Casinos
4.44
3.41
3.67
3.74
(23.2%)
7.6%
1.9%
Churchill Downs
47.50
49.11
44.20
41.38
3.4%
(10.0%)
(6.4%)
Dover Downs
9.21
8.67
8.22
8.27
(5.9%)
(5.2%)
0.6%
Isle of Capri Casinos
11.16
7.81
6.15
7.06
(30.0%)
(21.3%)
14.8%
Lakes Entertainment
6.45
4.68
4.52
5.28
(27.4%)
(3.4%)
16.8%
Las Vegas Sands Corp.
83.43
79.04
71.65
56.55
(5.3%)
(9.3%)
(21.1%)
MGM Mirage
72.08
61.20
49.02
44.69
(15.1%)
(19.9%)
(8.8%)
Monarch Casino
20.69
18.19
13.66
12.76
(12.1%)
(24.9%)
(6.6%)
MTR Gaming Group
5.77
7.00
5.49
5.17
21.3%
(21.6%)
(5.8%)
Pinnacle Entertainment
17.71
14.73
14.37
12.92
(16.8%)
(2.4%)
(10.1%)
Riviera Holdings
19.44
20.60
15.25
14.73
6.0%
(26.0%)
(3.4%)
Trump Entertainment
4.21
3.58
2.45
2.93
(15.0%)
(31.6%)
19.6%
Wynn Resorts
110.33
112.87
102.15
87.96
2.3%
(9.5%)
(13.9%)
Casino and Gaming Universe:
Mean
(9.9%)
(13.2%)
(2.4%)
Median
(12.9%)
(10.0%)
(5.8%)
Lasso Comparable Casino and Gaming Universe:
Mean
(14.2%)
(18.1%)
0.2%
Median
(15.0%)
(21.3%)
(3.4%)

II.
Valuation Update

10
PROJECT LASSO
Transaction Summary Statistics
Implied Multiples of Proposed Transaction
(US$ in millions, except per share data)
Current
(a)
Offer
$16.76
$21.00
Assumed Lasso Price per Share
Basic Shares Outstanding
(b)
16.145
16.145
Common Stock Equivalents
(c)
0.226
0.333
Fully Diluted Shares Outstanding
16.371
16.477
Implied Equity Value
274.4
$       
346.0
$       
Plus: Total Debt
(b)
884.6
884.6
Less: Cash and Equivalents
(b) (d)
(34.6)
(34.6)
Less: Valuation Adjustments
(e)
(11.8)
(11.8)
Implied Enterprise Value
1,112.6
$    
1,184.2
$    
Implied Multiple
Statistic
Current
(a)
Offer
Enterprise Value as a Multiple of:
(f)
LTM Revenue
1,183.1
$     
0.9x
1.0x
Adjusted LTM EBITDA
(g)
185.5
6.0x
6.4x
Stock Price as a Multiple of EPS
2008E EPS (Consensus)
(h)
1.24
$          
13.5x
16.9x
2008E EPS (Mgmt.)
(i)
1.31
12.8x
16.0x
2009E EPS (Consensus)
(h)
1.25
13.4x
16.8x
2009E EPS (Mgmt.)
(i)
2.04
8.2x
10.3x
2009E EPS (Mgmt. with Refinancing)
(j)
1.49
11.3x
14.1x
(a)
As of June 10, 2008.
(b)
Per Lasso 10-Q for the period ended March 31, 2008.
(c)
Options outstanding per Lasso management as of May 2008.  Common stock equivalents calculated using the treasury stock method.
(d)
Cash and equivalents exclude $11.0 million in mandatory cash that is physically held on premises of the Golden Nugget properties per discussions with Lasso management.
(e)
Includes adjustments for excess corporate real estate, the automobile dealership adjoining the corporate headquarters and pending litigation settlements.
(f)
As of March 31, 2008.
(g)
Adjusted LTM EBITDA includes adjustments for non-recurring pre-opening, leap year and non-recurring litigation.
(h)
Per Reuters as of June 10, 2008.
(i)
EPS estimates per Lasso management. Assumes no refinancing of the 9.5% interest rate Senior Notes at the restaurant level until December 2014 maturity.
(j)
Assumes pro forma interest from the refinancing of the $395.7 million, 9.5% interest rate restaurant debt on December 31, 2008 at 13.0% per discussions with Lasso management.

11
PROJECT LASSO
Premiums Analysis
Lasso Offer Price to Spot and Average Stock Prices
Note: Factset, as of June 10, 2008.
(a)
Represents pre-affected stock price prior to initial offer.
Offer
Historical Spot Prices
Spot
$21.00
Spot Prices Prior to June 10, 2008:
1-Day ($16.81)
$16.81
24.9%
1-Week ($16.25)
16.25
29.2%
1-Month ($15.02)
15.02
39.8%
3-Months ($18.22)
18.22
15.3%
Historical Spot Prices Prior to January 28, 2008
(a)
:
1-Day ($16.67)
$16.67
26.0%
1-Week ($14.79)
14.79
42.0%
1-Month ($19.87)
19.87
5.7%
3-Months ($27.75)
27.75
(24.3%)
Offer
Historical Average Prices
Average
21.00
$
Average Prices Prior to June 10, 2008:
1-Week ($16.59)
$16.59
26.6%
1-Month ($16.06)
16.06
30.8%
3-Months ($16.45)
16.45
27.7%
Average Price Prior to January 28, 2008
(a)
:
1-Week ($15.94)
$15.94
31.8%
1-Month ($16.67)
16.67
26.0%
3-Months ($21.39)
21.39
(1.8%)

12
PROJECT LASSO
Comparable Restaurant Analysis —
Change Since May 8, 2008
Market Analysis of Restaurant Companies as of June 10, 2008
(US$ in millions, except per share data) 
(a)
Market Value plus net debt plus minority interest.
(b)
EPS estimates and Secular Growth Rates (SGR) per Wall Street Research.
Market Analysis of Restaurant Companies as of May 8, 2008
(US$ in millions, except per share data)  
Price
52 Week
FD
Enterprise
Enterprise Value
(a)
/ LTM
PE Ratios
(b)
5-Year
PE % of SGR
(b)
Company Name
6/10/2008
Low
High
Mkt
Cap
Value
(a)
Rev
EBITDA
2008E
2009E
SGR
(b)
2008E
2009E
Benihana
$8.27
$7.50
$25.11
$126.1
$150.6
0.5x
3.9x
10.2x
9.5x
15.0%
68.1%
63.4%
Brinker
20.07
14.65
32.21
2,032.1
2,855.1
0.7x
5.4x
11.9x
10.4x
15.0%
79.4%
69.0%
California Pizza Kitchen
13.49
9.32
23.39
341.8
399.3
0.6x
5.6x
21.4x
16.9x
12.0%
178.4%
140.5%
CEC Entertainment
32.86
19.81
39.55
820.5
1,127.4
1.4x
6.0x
13.9x
12.4x
12.0%
115.5%
103.2%
McCormick & Schmick's
9.33
9.30
30.98
138.3
158.3
0.4x
6.5x
14.4x
11.7x
15.0%
95.7%
77.8%
O'Charley's
10.71
9.88
22.89
234.8
372.7
0.4x
4.8x
NM
22.3x
14.0%
306.0%
159.4%
Ruby Tuesday
7.24
5.70
27.05
374.4
979.6
0.7x
5.7x
15.2x
13.3x
15.0%
101.6%
88.4%
Min
0.4x
3.9x
10.2x
9.5x
12.0%
68.1%
63.4%
Mean
0.7x
5.4x
14.5x
13.8x
14.0%
135.0%
100.2%
Median
0.6x
5.6x
14.1x
12.4x
15.0%
101.6%
88.4%
Max
1.4x
6.5x
21.4x
22.3x
15.0%
306.0%
159.4%
Price
52 Week
FD
Enterprise
Enterprise Value
(a)
/ LTM
PE Ratios
(b)
5-Year
PE % of SGR
(b)
Company Name
5/8/2008
Low
High
Mkt
Cap
Value
(a)
Rev
EBITDA
2008E
2009E
SGR
(b)
2008E
2009E
Benihana
$10.32
$9.06
$25.11
$158.0
$182.4
0.6x
4.7x
12.7x
11.9x
15.0%
84.9%
79.1%
Brinker
22.74
14.65
34.33
2,313.1
3,136.1
0.7x
6.0x
13.5x
11.7x
15.0%
90.0%
78.2%
California Pizza Kitchen
16.01
9.32
25.23
410.3
420.5
0.6x
5.9x
27.1x
24.2x
12.0%
226.1%
201.9%
CEC Entertainment
37.71
19.81
39.55
1,031.2
1,338.1
1.7x
7.1x
15.9x
14.2x
12.0%
132.6%
118.4%
McCormick & Schmick's
11.02
9.67
30.98
163.4
183.4
0.5x
7.5x
17.0x
13.8x
15.0%
113.0%
91.8%
O'Charley's
10.95
9.88
23.45
242.6
376.7
0.4x
4.4x
24.9x
17.7x
14.0%
177.8%
126.2%
Ruby Tuesday
8.14
5.70
28.12
420.9
1,026.1
0.7x
6.0x
17.1x
14.9x
15.0%
114.2%
99.3%
Min
0.4x
4.4x
12.7x
11.7x
12.0%
84.9%
78.2%
Mean
0.8x
5.9x
18.3x
15.5x
14.0%
134.1%
113.6%
Median
0.6x
6.0x
17.0x
14.2x
15.0%
114.2%
99.3%
Max
1.7x
7.5x
27.1x
24.2x
15.0%
226.1%
201.9%

13
PROJECT LASSO
Market
Analysis
of
Select
Casino
and
Gaming
Companies
as
of
June
10,
2008
(US$
in
millions,
except
per
share
data)
Comparable Casino and Gaming Analysis —
Change Since
May 8, 2008
(a)
Market Value plus net debt plus minority interest.
(b)
EPS estimates and Secular Growth Rates (SGR) per Wall Street Research.
Market Analysis of Select Casino and Gaming Companies as of May 8, 2008
(US$ in millions, except per share data)
Price
52 Week
FD
Enterprise
Enterprise Value
(a)
/ LTM
PE Ratios
(b)
5-Year
PE % of SGR
(b)
Company Name
5/8/2008
Low
High
Mkt
Cap
Value
(a)
Rev
EBITDA
2008E
2009E
SGR
(b)
2008E
2009E
Ameristar Casinos
$17.25
$15.29
$38.00
$986.5
$2,527.4
2.2x
9.1x
13.6x
11.8x
10.0%
135.8%
118.2%
Boyd Gaming Corp.
18.19
17.10
54.22
1,596.3
3,697.1
1.9x
7.3x
13.8x
12.7x
17.0%
81.1%
74.8%
Isle of Capri Casinos
6.15
5.93
26.03
216.6
1,669.1
1.5x
9.4x
NM
24.6x
13.0%
NA
189.2%
Monarch Casino and Resort
13.66
12.53
31.41
251.0
235.3
1.5x
6.1x
18.0x
13.4x
15.0%
119.8%
89.3%
Pinnacle Entertainment
14.37
12.12
31.34
861.3
1,599.5
1.7x
17.6x
NM
33.4x
15.0%
NM
222.8%
Riviera Holdings
15.25
14.24
39.12
192.0
391.3
1.9x
9.4x
NA
NA
NA
NA
NA
Trump Entertainment Resorts
2.45
2.40
17.15
79.8
1,661.1
1.7x
12.6x
NM
NM
15.0%
NA
NA
Min
1.5x
6.1x
13.6x
11.8x
10.0%
81.1%
74.8%
Mean
1.8x
10.2x
31.3x
19.2x
14.2%
112.2%
138.9%
Median
1.7x
9.4x
15.9x
13.4x
15.0%
119.8%
118.2%
Max
2.2x
17.6x
79.8x
33.4x
17.0%
135.8%
222.8%
Price
52 Week
FD
Enterprise
Enterprise Value
(a)
/ LTM
PE Ratios
(b)
5-Year
PE % of SGR
(b)
Company Name
6/10/2008
Low
High
Mkt
Cap
Value
(a)
Rev
EBITDA
2008E
2009E
SGR
(b)
2008E
2009E
Ameristar Casinos
$17.57
$15.29
$38.00
$1,005.3
$2,546.1
2.2x
9.2x
13.8x
12.0x
10.0%
138.3%
120.3%
Boyd Gaming Corp.
15.48
14.75
54.22
1,358.9
3,563.1
1.8x
7.0x
11.7x
10.8x
17.0%
69.0%
63.7%
Isle of Capri Casinos
7.06
5.93
25.79
248.6
1,701.1
1.6x
9.6x
NM
28.2x
13.0%
NA
217.2%
Monarch Casino and Resort
12.76
12.35
31.41
226.0
210.3
1.3x
5.4x
16.8x
12.5x
15.0%
111.9%
83.4%
Pinnacle Entertainment
12.92
12.12
31.34
774.6
1,512.8
1.6x
17.3x
NM
30.0x
15.0%
NM
200.3%
Riviera Holdings
14.73
14.24
39.12
185.5
386.0
1.9x
9.3x
NA
NA
NA
NA
NA
Trump Entertainment Resorts
2.93
2.29
16.10
120.4
1,701.6
1.7x
12.9x
NM
NM
15.0%
NA
NA
Min
1.3x
5.4x
11.7x
10.8x
10.0%
69.0%
63.7%
Mean
1.7x
10.1x
14.1x
18.7x
14.2%
106.4%
137.0%
Median
1.7x
9.3x
13.8x
12.5x
15.0%
111.9%
120.3%
Max
2.2x
17.3x
16.8x
30.0x
17.0%
138.3%
217.2%

14
PROJECT LASSO
Comparable Restaurant M&A Transactions
(a)
Represents total consideration including the assumption of liabilities and residual cash (enterprise value) when available.
Comparable Restaurant M&A Transactions
(US$ in millions)
Enterprise Value/
Date
Date
Ent.
LTM
LTM
Announced
Closed
Target
Acquirer
Val.
(a)
Revenue
EBITDA
11/6/2007
2/20/2008
Cameron Mitchell Restaurants
Ruth's Chris Steak House
92.0
$     
0.9x
7.0x
8/23/2007
8/23/2007
Yard House
TSG Consumer Partners
190.0
1.7x
9.5x
8/16/2007
10/1/2007
RARE Hospitality
Darden Restaurants
1,368.3
1.3x
11.4x
7/16/2007
11/29/2007
Applebee's
IHOP
2,071.0
1.5x
9.2x
7/5/2007
10/22/2007
Champps
Entertainment
F&H Acquisition Corp. (Fox & Hound)
70.9
0.3x
5.8x
6/18/2007
9/4/2007
Friendly Ice Cream Corp.
Freeze Operations (Sun Capital)
337.2
0.6x
8.1x
11/6/2006
6/14/2007
OSI Restaurant Partners (Outback)
Bain Capital, Catterton, Company Founders
3,432.2
0.9x
9.3x
5/7/2007
8/20/2007
Smith & Wollensky
Patina Restaurant Group
97.4
0.8x
13.2x
12/7/2006
3/5/2007
Hard Rock Café
(sub of Rank Group PLC)
Seminole Tribe of Florida
965.0
1.9x
9.9x
10/30/2006
12/6/2006
Logan's Roadhouse
Bruckman, Rosser, Sherrill & Co.
486.0
1.2x
10.4x
10/10/2006
10/16/2006
Joe's Crab Shack
J.H. Whitney Capital Partners
192.0
0.6x
6.4x
8/18/2006
1/12/2007
Lone Star Steakhouse
Lone Star Funds
556.3
0.8x
12.3x
8/8/2006
8/10/2006
Real Mex
Restaurants
Sun Capital
350.0
0.6x
6.2x
5/22/2006
6/29/2006
Main Street Restaurant Group
The Briad
Group
150.3
0.6x
8.2x
12/9/2005
3/8/2006
Dave & Buster's (DAB)
Wellspring Capital Management
383.0
0.8x
6.1x
10/4/2005
2/27/2006
Fox & Hound Restaurant Group (FOXX)
Newcastle Partners and Steel Partners
179.6
1.1x
8.2x
4/29/2005
9/22/2005
Worldwide Restaurant Concepts (SZ)
Pacific Equity Partners
220.2
0.6x
8.8x
1/20/2005
3/7/2005
Charlie Brown's
Trimaran
Partners
140.0
0.9x
7.0x
1/11/2005
2/23/2005
Uno Restaurant Holdings
Centre Partners
191.6
0.6x
5.6x
6/16/2004
4/13/2005
Quality Dining Inc. (QDIN)
Investor Group
129.6
0.6x
5.4x
9/30/2003
3/10/2004
Garden Fresh (LTUS)
Centre Partners / Fairmont Capital
135.8
0.6x
5.4x
5/8/2003
6/30/2003
Vicorp
Restaurants
Wind Point Partners
225.5
NA
4.9x
10/29/2002
1/28/2003
Ninety Nine Restaurants & Pub
O'Charley's
(CHUX)
160.0
0.8x
6.2x
9/11/2002
10/4/2002
Saltgrass
Steak House
Landry's Restaurants (LNY)
75.0
0.8x
5.8x
6/9/2001
8/22/2001
McCormick & Schmick's
(Division of AVDO)
BRS & Castle Harlan
123.5
0.8x
6.8x
2/15/2001
5/14/2001
Vicorp
Restaurants (VRES)
Goldner
Hawn Johnson & Morrison / BancBoston
/ Fairmont
171.4
0.5x
4.1x
11/16/2000
7/17/2001
Il Fornaio
(ILFO)
Bruckmann, Rosser, Sherrill & Co
74.5
0.6x
6.0x
10/25/2000
7/31/2001
Uno Restaurant Corp. (UNO)
Aaron Spencer (Chairman) and Other Management
166.7
0.7x
5.4x
9/26/2000
12/1/2000
Rainforest Café
(RAIN)
Landry's Restaurants (LNY)
59.1
0.2x
2.6x
6/5/2000
10/2/2000
Buffets (BOCB)
Caxton-Iseman
566.1
0.6x
4.9x
Mean (All)
0.8x
7.3x
Median (All)
0.8x
6.6x
Mean (2005 -
Current)
0.9x
8.6x
Median (2005 -
Current)
0.8x
8.2x
Mean (2000 -
2004)
0.6x
5.2x
Median (2000 -
2004)
0.6x
5.4x

15
PROJECT LASSO
Comparable Casino and Gaming M&A Transactions
(a)
Represents total consideration including the assumption of liabilities and residual cash (enterprise value) when available.
Comparable Casino and Gaming M&A Transactions
(US$ in millions)
Enterprise Value/
Date
Date
Ent.
LTM
LTM
Announced
Closed
Target
Acquirer
Val.
(a)
Revenue
EBITDA
5/29/2008
TBD
Trump Marina Hotel Casino
Coastal Marina
316.0
$    
1.4x
12.0x
6/15/2007
TBD
Penn National Gaming
Fortress
Investment
Group
and
Centerbridge
Partners
8,717.1
3.8x
14.3x
4/23/2007
2/20/2008
Icahn Enterprises (American Casino, Stratosphere)
Whitehall Street Fund (Goldman)
1,200.0
3.1x
13.9x
4/3/2007
11/6/2007
Gateway Casinos Income Fund
New World Gaming Partners
854.4
NM
18.8x
12/4/2006
11/7/2007
Station Casinos
Fertitta
Colony Partners
8,675.9
NM
19.3x
12/19/2006
1/28/2008
Harrah's Entertainment
Apollo Management and TPG
27,753.3
2.9x
11.9x
9/11/2006
9/11/2006
Stanley Leisure
Genting
International
1,265.9
3.0x
16.4x
8/31/2006
11/2/2006
London Clubs International
Dagger Holdings (Harrah's)
592.0
2.5x
19.1x
5/17/2006
1/3/2007
Sands Regent
Herbst
Gaming
138.1
1.6x
9.2x
4/13/2006
1/3/2007
Aztar Corp (Tropicana Casino)
Wimar
Tahoe Corp. (Blackstone)
2,735.4
3.0x
12.8x
4/10/2006
2/1/2007
Stockman's Casino
Full House Resorts
25.5
2.3x
10.0x
2/14/2006
7/31/2006
Isle of Capri Casinos (Two Casinos)
Legends Gaming
240.0
1.5x
6.8x
6/20/2005
10/25/2005
Argosy Casino (Baton Rouge)
Columbia Sussex Corp.
150.0
1.7x
7.4x
2/4/2005
9/27/2005
Golden Nugget Casino
Landry's Restaurants
316.1
1.6x
13.4x
11/3/2004
10/3/2005
Argosy Gaming
Penn National Gaming
2,149.8
2.1x
8.1x
7/15/2004
6/13/2005
Caesars Entertainment
Harrah's Entertainment
9,356.5
2.0x
8.6x
6/4/2004
4/26/2005
Mandalay Resort Group
MGM Mirage
7,659.0
2.9x
10.3x
2/6/2004
7/1/2004
Coast Casinos
Boyd Gaming
1,282.2
2.2x
8.9x
9/10/2003
7/1/2004
Horseshoe Gaming Holding Corp.
Harrah's Entertainment
1,450.0
1.8x
8.3x
8/7/2002
3/3/2003
Hollywood Casino Corp.
Penn National Gaming
782.1
1.7x
8.5x
9/19/2000
12/19/2002
Stratosphere Corp.
Icahn Associates Corp.
77.4
0.6x
6.4x
4/24/2001
8/1/2001
Harveys
Casino Resorts
Harrah's Entertainment
625.4
1.4x
6.0x
3/6/2000
5/31/2000
Mirage Resorts
MGM Grand
6,559.7
2.8x
14.3x
Mean
2.2x
11.5x
Median
2.1x
10.3x
Mean (Sub-$1.0 Billion Enterprise Value)
1.6x
10.7x
Median (Sub-$1.0 Billion Enterprise Value)
1.6x
9.2x
Mean (2005 -
Current)
2.4x
13.2x
Median (2005 -
Current)
2.4x
13.1x
Mean (2000 -
2004)
2.0x
8.8x
Median (2000 -
2004)
2.0x
8.5x