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Analysts Provides Positive Outlook on Gaming and Lodging Industry

10 October 2000

NEW YORK--(Press Release) --Oct. 10, 2000 -- Robertson Stephens, the leading full- service investment bank focused exclusively on growth companies, today provided an outlook for the gaming and lodging industry. Speaking to investors at the firm's Consumer Conference in New York, Senior Gaming & Lodging Analyst Harry Curtis discussed his positive outlook and investment recommendations for gaming and lodging stocks for the next several years.

``We continue to recommend overweighting both gaming and lodging stocks,'' said Curtis. ``We believe industry supply demand remains positive. Estimates have increased as demand trends have been ahead of supply since 1998. Demand growth would need to slow to 1-2% before we would lower estimates.''

``As unit growth slows, free cash flow increases, which we believe will lead to share repurchases and debt reduction,'' said Curtis. ``Gaming and lodging stocks continue to trade below their historical mean, despite strong earnings-per-share growth relative to the S&P 500. We estimate earnings-per- share growth will be 15-20% in 2001.''

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