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Analyst Optimistic About Atlantic City

6 May 2002

ATLANTIC CITY, New Jersey -- Jason Ader of Bear Stearns & Co. likes what he sees in the Atlantic City casino industry this year.

"`While we started the year cautiously optimistic on the outlook for Atlantic City in 2002, our view has become increasingly favorable, as it appears the market continues to gain positive momentum on the top line, which should be helped by a modestly improving outlook for the economy,' Ader said in a note to clients.

"`We also believe operators are maintaining discipline in their marketing expenses as we saw with first-quarter earnings for all operators in the market, which should lead to a higher flow-through of incremental revenues to earnings before interest, taxes, depreciation and amortization,' he said…"

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