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Analyst Initiates Coverage of Boyd, Aztar

12 November 2002

NEW YORK -- Wall Street analyst Marc Falcone of Deutsche Bank Securities has initiated coverage of Las Vegas-based Boyd Gaming Corp. with a "buy" investment rating and of Phoenix-based Aztar Corp. with a "hold" rating.

Boyd's rating reflects the company's diversification nationwide, continued growth from its Delta Downs `racino' in Louisiana and the potential of the Borgata, a $1 billion luxury casino the company is launching with partner MGM MIRAGE next summer, Falcone said.

The rating on Aztar reflects the fact that the company is well-positioned to capitalize on long-term growth in Atlantic City and the potential for a long-term redevelopment plan for the Tropicana in Las Vegas, he said.

Falcone also initiated coverage of Las Vegas-based Ameristar Casinos Inc. and Mississippi-based Isle of Capri Casinos Inc. with `hold' ratings. He has initiated coverage of Illinois-based Argosy Gaming Co. with a `hold' rating.

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