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Deutsche Banc Alex. Brown's Releases Research Report on Casino Market

Despite present challenges of the Gulf Coast, Mutkoski believes the market has the critical mass of gaming and lodging amenities necessary to further develop into a regional tourist destination.

``The Gulf Coast has historically been one of the fastest growing casino markets since the inception of gaming in Mississippi in 1992. With the opening of Beau Rivage in March 1999, and Harrah's Jazz the following October, the competitive environment has changed dramatically,'' states Mutkoski. ``We are cautious over the short term, but believe the Gulf Coast should see solid growth over the long-term.''

Highlights of the report include examinations of:

1. Each individual casino in the market.

2. Long-term growth catalysts and challenges.

3. Financial performance, including revenues, gaming supply, and cash flow.

Prior to ``Biloxi Blues,'' Mutkoski released an in-depth evaluation of the Atlantic City market entitled, ``You've Come a Long Way, Baby,'' which was published in November. In this report, Mutkoski notes that consolidation and limited supply growth in the Atlantic City market has created a rational competitive environment that should benefit operators over the next 36 months. Over the long term, he looks to the development of the $1.0 billion Borgata to serve as a catalyst for growth in the market.

``Atlantic City has taken gradual steps to improve its image over the past few years and, as new lodging, retail, and dining amenities are developed, the market should see further growth potential, in our view,'' said Mutkoski. ``We like Atlantic City, and believe that the market will continue to be a solid driver for the big-cap gaming companies. Weaker players in the market will likely continue to struggle, in our opinion.''

Deutsche Banc Alex. Brown identifies the US investment banking activities of DB Alex. Brown LLC (formerly BT Alex. Brown Incorporated) and Deutsche Bank Securities Inc., which are indirect subsidiaries of Deutsche Bank AG. With over EUR995 billion in assets as of September 30, 2000 and approximately 95,000 employees, Deutsche Bank offers its clients unparalleled financial services throughout the world.

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