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Analysts' Projections for Las Vegas Strip's Q3

14 October 2003

NEW YORK – As reported by the Dow Jones: "Leisure travelers poured into Las Vegas during the summer, filling casino hotels to reverse a drop in travel after the war in Iraq, analysts said.

"The mid-September Oscar de la Hoya-Shane Mosley boxing match also helped, said UBS analyst Robin Farley.

"…Las Vegas Strip gaming revenue fell 2.5 percent in the quarter from a year ago, but excluding high-stake baccarat, gaming revenue rose 3.8 percent.

"MGM Mirage Inc. benefited from big turnout for the fight at its MGM Grand property, and from the number of rooms it has at the MGM Grand, Bellagio, The Mirage and Treasure Island hotel-casinos on the Strip.

"…Analyst Joseph Greff of Fulcrum Global Partners said it will be curious to see how competition from the Borgata, a joint venture of MGM Mirage and Boyd Gaming Corp., affected the Caesars and Bally's properties in Atlantic City, N.J.

"Park Place offered guidance of 14 cents to 17 cents a share, compared with 16 cents a year ago. Analysts expect 16 cents, according to First Call.

"…Analysts expect Harrah's to report third-quarter earnings of 89 cents a share, compared with 91 cents a year ago.

"…Analyst projections have Mandalay earning 61 cents a share in the quarter, higher than the 50 cents of a year ago.

"…Station's earnings are projected by analysts to increase to 35 cents in the quarter from 12 cents last year…"

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