EX-99.C.9

Exhibit 99(c)(9)

Project K-2

Valuation analysis

March 10, 2006

Deutsche Bank Securities Inc., a subsidiary of Deutsche Bank AG, conducts investment banking and securities activities in the United States.

Wall Street estimates

($ in millions, except per share data)


	EPS estimates

Analyst	Firm	2006		2007

Joe Greff	Bear, Stearns	$	2.11	$	3.21
Larry Klatzkin	Jefferies & Co.	$	2.61	$	2.63
Bill Schmitt	CIBC	$	2.80	$	3.90
Steve Kent	Goldman Sachs	$	2.82	$	3.52
Marc Falcone	Deutsche Bank	$	3.40	NA

	Mean research estimate	$	2.59	$	3.32
	K-2 management Upside Case	$	2.78	$	2.73

Paradise Island EBITDA estimates


Analyst	Firm	2006		2007

Joe Greff	Bear, Stearns	$	206.8	$	278.0
Bill Schmitt	CIBC	$	193.0	$	247.2

	K-2 management Upside Case	$	191.4	$	230.6


Note:		As of March 10, 2006

Stock performance comparison
2-year

Stock performance comparison (2-year)


(a)		Group 1 includes MGM and HET

(b)		Group 2 includes HLT, MI, HOT and FS

Stock performance comparison
3-year

Stock performance comparison (3-year)


(a)		Group 1 includes MGM and HET

(b)		Group 2 includes HLT, MI, HOT and FS

Stock performance comparison
5-year

Stock performance comparison (5-year)


(a)		Group 1 includes MGM and HET

(b)		Group 2 includes HLT, MI, HOT and FS

Differences in key assumptions

Financing/transaction assumptions

	–		higher transaction costs

	–		ratio of debt to equity

	–		committed cost of debt – 9.40% vs. 7.50%

Operating assumptions

	–		cost synergies of $5 million

	–		10% upside on Atlantis EBITDA in 2006

–

continued growth of inflated Atlantis EBITDA

Multiple assumptions

–

multiple range reflects overall prospects for business

	–		Paradise Island land value

	–		franchise value

	–		application of terminal multiple to Mohegan Sun earnings

	–		discount rate assumptions

Risk factors considered

	–		final project costs for Phase III and the Palm

	–		CondoTel and related financing

	–		Morocco

Leveraged buyout analysis

Assumptions

§		4.5 year hold period (acquire as of 6/30/06; sell as of 12/31/10)

§		No cost synergies

§		Sponsor IRR threshold range of 18.0% — 20.0%

§		9.40% cost of committed debt

§		No minimum equity constraint

–

debt financing ranges from 70.5% to 86.7% debt / total capitalization

§		10.0% promote

§		Exit EV/EBITDA range of 11.0 — 13.0x on 2010E EBITDA

–

plus recurring equity earnings

Mohegan Sun excluded from 2010E EBITDA and valued based on discounted cash flows from 2011 – 2014

–

$162.3MM

§		$76MM value of Reethi Rah Note

§		$40MM value of Resorts AC Note

§		$146MM of transaction fees, including bond breakage costs and stamp duty (does not include convertible costs)

Equity value per share

Base Case


	Exit EV/EBITDA multiple
IRR	11.0x		12.0x		13.0x
18.0%	$	48.85	$	52.30	$	55.85
20.0%		48.10		51.30		54.60

Upside Case


	Exit EV/EBITDA multiple
IRR	11.0x		12.0x		13.0x
18.0%	$	55.80	$	59.60	$	63.30
20.0%		54.55		58.20		61.60

Discounted cash flow

Assumptions


n		4.5 year hold period (acquire as of 6/30/06; sell as of 12/31/10)

n		No cost synergies

n		Terminal Value based on 11.0 — 13.0x recurring 2010E EBITDA

		– plus recurring equity earnings

n		Mohegan Sun excluded from 2010E EBITDA and valued based on discounted cash flows from 2011 – 2014

		– $162.3MM

n		2010 valuation for certain non-EBITDA producing assets added to terminal value and discounted back

		– Reethi Rah Note

		– Resorts AC Note

		– Mohegan Sun – NPV of remaining life

n		Assumes net debt of $662MM, 36.7MM of basic shares outstanding, 2.6MM options at an average exercise price of $37.41 and the dilutive effect of the 2.375% convertible bond

Equity value per share


Base Case

	Exit EBITDA multiple
WACC	11.0x		12.0x		13.0x
9.5%	$	55.54	$	60.80	$	65.82
10.5%		52.58		57.88		62.73
11.5%		49.76		54.85		59.79


Upside Case

	Exit EBITDA multiple
WACC	11.0x		12.0x		13.0x
9.5%	$	64.92	$	70.52	$	76.12
10.5%		61.91		67.29		72.66
11.5%		59.04		64.21		69.37

Precedent transactions

Selected lodging transactions

TEV / LTM

TEV / FY+1

Date announced

Target

Acquirer

Size ($MM)

EBITDA

Feb-06

MeriStar Hospitality Corp

Blackstone Group

2,519

13.5

12.8

Jan-06^(a)

Fairmont Hotels & Resorts

Colony Capital / Kingdom Hotels

3,900

15.8

Dec-05

Hilton PLC

Hilton Hotels Corporation

5,710

11.3

Nov-05

Starwood portfolio

Host Marriott

4,040

12.6

11.2

Nov-05

LaQuinta

Blackstone Group

3,400

14.2

12.6

Jun-05^(a)

Wyndham International

Blackstone Group

3,240

12.6

Oct-04^(a)

Boca Resorts

Blackstone Group

1,184

11.8

Feb-04^(a)

KSL Recreation Corp

CNL Hospitality

2,160

13.1

Apr-98

Blackstone portfolio

Host Marriott

1,730

10.5

Mar-98

Bristol Hotel Co.

FelCor Suite Hotels

1,879

13.2

10.5

Feb-98

Inter-Continental

Bass PLC

2,900

16.4

14.6

Median

13.5

12.6x

Mean

14.0

12.4x

Selected gaming transactions

TEV / FY+1

Date announced

Target

Acquirer

Size ($MM)

EBITDA

Nov-04

Argosy Gaming

Penn National Gaming

2,200

8.5

Sep-04

Harrah’s / Caesars 4 assets

Colony Capital

1,239

8.2

Jul-04^(a)

Caesars Entertainment

Harrah’s Entertainment

9,440

8.5

Jun-04^(a)

Mandalay Resort Group

MGM Mirage

7,750

9.5

Feb-04

Coast Casinos

Boyd Gaming

1,280

7.4

Mar-00

Mirage Resorts

MGM Grand

6,400

9.6

Apr-99

Caesars World

Park Place Entertainment

3,000

7.5

Median

8.5

Mean

8.5

Source: Company filings; press releases

(a) Per JP Morgan analysis dated March 8, 2006

Purchase price multiple analysis
Base case

($ in millions, except per share data)


Current price			$	68.80		As of 3/9/06
Share price			$	63.00		$	65.00		$	67.00		$	69.00		$	71.00		$	73.00
Premium				(8.4	%)		(5.5	%)		(2.6	%)		0.3	%		3.2	%		6.1	%
Diluted shares				38.1			38.2			38.4			38.5			38.7			38.8

Equity value			$	2,398.6		$	2,485.2		$	2,571.8		$	2,658.4		$	2,745.0		$	2,831.6
Plus: Net debt at 6/30/06			$	662.0		$	662.0		$	662.0		$	662.0		$	662.0		$	662.0

Enterprise value			$	3,060.6		$	3,147.2		$	3,233.8		$	3,320.4		$	3,407.0		$	3,493.6
	EBITDA
EV/LTM 6/30/06	$	208.1		14.7	x		15.1	x		15.5	x		16.0	x		16.4	x		16.8	x

Plus: Net debt at 12/31/07			$	943.0		$	943.0		$	943.0		$	943.0		$	943.0		$	943.0

Enterprise value			$	3,341.6		$	3,428.2		$	3,514.8		$	3,601.4		$	3,688.0		$	3,774.6
	EBITDA
EV/2007E	$	255.6		13.1	x		13.4	x		13.8	x		14.1	x		14.4	x		14.8	x

Plus: Net debt at 12/31/08			$	775.0		$	775.0		$	775.0		$	775.0		$	775.0		$	775.0

Enterprise value			$	3,173.6		$	3,260.2		$	3,346.8		$	3,433.4		$	3,520.0		$	3,606.6
	EBITDA
EV/2008E	$	307.1		10.3	x		10.6	x		10.9	x		11.2	x		11.5	x		11.7	x


Note:		EBITDA includes recurring equity earnings and excludes stock based compensation. Excludes transaction costs of approximately $5 per share

Purchase price multiple analysis
Upside case

($ in millions, except per share data)


Current price			$	68.80		As of 3/9/06
Share price			$	63.00		$	65.00		$	67.00		$	69.00		$	71.00		$	73.00
Premium				(8.4	%)		(5.5	%)		(2.6	%)		0.3	%		3.2	%		6.1	%
Diluted shares				38.1			38.2			38.4			38.5			38.7			38.8

Equity value			$	2,398.6		$	2,485.2		$	2,571.8		$	2,658.4		$	2,745.0		$	2,831.6
Plus: Net debt at 6/30/06			$	662.0		$	662.0		$	662.0		$	662.0		$	662.0		$	662.0

Enterprise value			$	3,060.6		$	3,147.2		$	3,233.8		$	3,320.4		$	3,407.0		$	3,493.6
	EBITDA
EV/LTM 6/30/06	$	206.4		14.8	x		15.3	x		15.7	x		16.1	x		16.5	x		16.9	x

Plus: Net debt at 12/31/07			$	1,002.9		$	1,002.9		$	1,002.9		$	1,002.9		$	1,002.9		$	1,002.9

Enterprise value			$	3,401.5		$	3,488.1		$	3,574.7		$	3,661.3		$	3,747.9		$	3,834.5
	EBITDA
EV/2007E	$	253.1		13.4	x		13.8	x		14.1	x		14.5	x		14.8	x		15.1	x

Plus: Net debt at 12/31/08			$	747.8		$	747.8		$	747.8		$	747.8		$	747.8		$	747.8

Enterprise value			$	3,146.4		$	3,233.0		$	3,319.6		$	3,406.2		$	3,492.8		$	3,579.4
	EBITDA
EV/2008E	$	331.9		9.5	x		9.7	x		10.0	x		10.3	x		10.5	x		10.8	x


Note:		EBITDA includes recurring equity earnings and excludes stock based compensation. Excludes transaction costs of approximately $5 per share