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Big News for Borgata

27 October 2004

ATLANTIC CITY, New Jersey – As reported by the Press of Atlantic City: "…Boyd Gaming Corp., parent company of the 2,000-room Borgata Hotel Casino & Spa, announced Tuesday that it is moving ahead with ambitious expansion plans to make the billion-dollar megaresort even bigger and better.

"Just 15 months after its grand opening, Borgata is planning to add an 800-room hotel tower that will include 200 luxury condominiums on the top floors of the 45-story structure. Indoor and outdoor pools, a posh spa, new meeting space and retail shops are also proposed.

"Barring delays with regulatory approvals, construction of the estimated $347 million expansion project is expected to begin next July, with completion by the second quarter of 2007.

"…A new twist is the plan to incorporate 200 penthouse-style condominiums in the hotel tower. The time-share condo concept has been a success in the Las Vegas gaming market, but this is the first time it is being introduced at an Atlantic City casino.

"…Borgata's phenomenal growth is fueled by blockbuster financial results that have already made the newest casino in town a market leader. Overall, Borgata is growing at a rate 10 times faster than its established Atlantic City rivals.

"…Earnings have jumped each quarter since Borgata opened in July 2003. For the third quarter of 2004, Borgata's cash flow soared to $63.1 million, more than double the same period last year.

"Borgata generated gaming revenue of $169 million for the third quarter, up 24 percent from last year. Nongaming revenue jumped 35 percent to $65.1 million for the quarter.

"…Besides its strong performance during the summer, Borgata has been untouched in October by the 26-day-old strike by 10,000 union workers at seven other casinos because it has a separate labor contract expiring in 2007…"

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