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Bear Stearns and Merrill Lynch Win

24 July 2000

ATLANTIC CITY, New Jersey--(Press Release)-July 24,2000-- Veteran equity analysts at Merrill Lynch and Bear Stearns will share top honors in this year's "Gaming Industry Observer Excellence in Analysis" awards.

David W. Anders of Merrill Lynch and Jason N. Ader of Bear Stearns each received the highest point totals from five judges in the competition, according to Michael Pollock, publisher of Gaming Industry Observer, which sponsors the award. The competition recognizes securities analysts who excel in providing research to their clients. Ader has now won the top award two years in a row.

"Judges spent hours poring over vast amounts of material, and faced a difficult choice," said Pollock.

Second place was awarded to Lawrence Klatzkin, a fixed-income analyst with Jefferies & Co., while Joseph V. Coccimiglio, an equity analyst with Prudential Securities, won third-place honors.

The judges praised the winning entries.

Anthony N. Cabot, who chairs the Gaming Practices Group for the Las Vegas law firm of Lionel, Sawyer & Collins, referred to Anders as "clearly a gifted writer who can convey key financial aspects in an organized, precise and understandable way." Cabot said Ader "has a very broad knowledge of the gaming industry and it is reflected in the breadth of his reports."

Steven P. Perskie, former chairman of the New Jersey Casino Control Commission and an attorney with the Philadelphia firm of Fox Rothschild O'Brien & Frankel, said Ader's work is "well organized, with the data well presented" and Anders' "`free cash flow' analysis is an interesting and important approach."

Milton Leontiades, dean of the Rutgers School of Business, said Anders' entry offered "the most complete menu of different ways to analyze industries."

Prof. Shannon Bybee, executive director of the University of Nevada Las Vegas International Gaming Institute, said that Ader's work has "a very readable presentation style; each work submitted had valuable information not contained in other reports."

Charles C. Reynolds, retired editor and publisher of The Press of Atlantic City, said Anders' entry was "a comprehensive combination of statistics and written analysis." Reynolds said of Ader's work: "Along with a blending of statistics and written commentary, the material is easy to use and highly informative."

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