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Betting on Bush

27 January 2003

The prospect of war has impacted negatively on Wall Street. With UN report on the Iraq arms inspection due today, concern is running high. Says Deutsche Bank Securities analyst Marc Falcone, "people are very concerned about the report to President Bush due on Monday from the U.N. No one is very confident about the next couple of days with the lingering concerns about a pending war." The Dow Jones casino index closed Friday down 2.5 percent for the week, compared to the Dow Jones industrial average, which closed down 6.5 percent for the week, its lowest level since October. The Dow Jones casino index also fell markedly to a three-month low. Many of the major Las Vegas gaming stocks also took a beating including Harrah''s Entertainment Corp., MGM Mirage, Mandalay Resort Group and Station Casinos which all lost more than 4 percent in market value over the week. Compounded with the drop in leisure travel, recent events have left the casino market in a very uncertain light.

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