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Icahn Reveals Game Plan to Turn Around Sands

12 March 2003

ATLANTIC CITY, New Jersey – As reported by the Press of Atlantic City: `` Adding hotel rooms to a casino is one of the 20 best investments in the world, Carl Icahn said.

``But his only, vague notion for doing so at Sands Casino Hotel involves land that's unavailable.

``Icahn plans to pump capital into Sands, just as he's doing at his Las Vegas casinos, but his annual capital expenditures here are declining.

``Icahn says Atlantic City needs a vision to compete against other gaming markets in the future, yet he's unsure of how or when he'll make a major investment in Sands.

``…Majority owner Icahn and his new Sands management team, meeting with selected reporters on Tuesday, explained that the casino needs to emphasize blocking and tackling - the fundamentals to finally get this struggling casino turned around after 21/2 years under Icahn's ownership…"

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