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IMGRC Results Up

MESCALERO, New Mexico -- (PRESS RELEASE) -- Inn of the Mountain Gods Resort and Casino ("IMGRC"), a business enterprise of the Mescalero Apache Tribe (the "Tribe"), reported today that net revenue for its fiscal quarter ended January 31, 2005 was $21.7 million, an increase of $1.3 million, or 6.3%, from $20.4 million for the prior year third fiscal quarter. Adjusted EBITDA for the quarter ended January 31, 2005 was $5.1 million as compared to $6.7 million for the prior year period. The $1.6 million decline in adjusted EBITDA is primarily attributable to higher administrative and marketing expenses associated with staffing additions and the promotion of the new resort opening and to lower gaming revenue. These factors were partially offset by an increase in operating income from ski operations from higher revenue as compared with the prior year.

The increase in net revenue was primarily attributable to an increase in revenue in our ski operations of $1.4 million, up 43.2% over last year due to an increase in skier visits, directly attributable to more snowfall this year compared to last. This increase was partially offset by a $0.5 million, or a 3.9%, decline in gaming revenue for the fiscal quarter ended January 31, 2005 compared to the prior year. The decline in gaming revenue primarily relates to the impact from transitioning slots from the old casino (which was subsequently closed on February 21, 2005) to the new resort for the purpose of converting them to ticket-in ticket-out and also to inclement weather beginning in mid-November as compared to last year. For the quarter ended January 31, 2005, the average gross slot win per unit per day was $122 (on a weighted average number of slot machines of 1,091) versus last year's third quarter of $116 (on a weighted average number of slot machines of 1,180). The average table game win per unit per day for the period was $566 versus last year's third quarter of $626. The weighted average number of table games was 38 for each of the comparable quarters. Retail revenue was up 6.2% for the quarter over last year while food and beverage revenue was even with the prior year.

Michael French, Chief Operating Officer of IMGRC, in commenting on the quarter stated: "In December, we began transitioning into the new resort facility in preparation of our opening and incurred some expected disruption during this period which has continued up to the opening." Mr. French went on to say, "I am pleased to announce that today we have fulfilled our vision in opening the 'Southwest's Best All-Season Resort.' This represents a significant milestone, and an exciting one, as we enter a new era. Our Grand Opening festivities are being planned for mid-May, prior to the traditional start of the season on Memorial Day weekend. We look forward to extending our hospitality with all of the expansive amenities we now offer."

IMGRC is a business enterprise of the Tribe, a federally recognized Indian tribe with an approximately 725-square mile reservation situated in the Sacramento Mountains in south-central New Mexico. IMGRC includes all of the resort enterprises of the Tribe including Casino Apache Travel Center, Ski Apache and our new resort scheduled to open on March 15, 2005, which will include a 273-room hotel, a 38,000 square foot casino (replacing our recently closed Casino Apache), a fitness center and indoor swimming pool and a 37,000 square foot convention and special events center, which will include capacity for 17,000 square feet of divisible meeting room space.

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