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Inn of the Mountain Gods Resort 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 October 31, 2004 was $23.2 million, an increase of $2.6 million, or 12.6%, from $20.6 million for the prior-year second fiscal quarter. Adjusted EBITDA for the quarter ended October 31, 2004 was $9.0 million, an increase of $1.6 million, or 21.6%, from $7.4 million for the prior-year period.

The increase in net revenue was primarily attributable to a growth in gaming revenue during the period, which was 7.6% higher than last year's second fiscal quarter, as well as a continuing increase in revenue from retail operations located at the Travel Center, which opened in May 2003. For the quarter ended October 31, 2004, the average gross slot win per unit per day was $154 (on a weighted average number of slot machines of 1,180) versus last year's second quarter of $149 (on a weighted average number of slot machines of 1,180). The average table game win per unit per day for the period was $691 versus last year's second quarter of $596. The weighted average number of table games was 38 for each of the comparable quarters. The increase in retail revenue reflects year-over-year increases in the sales from refueling stations and smoke shop, which offer favorable product pricing relative to other competitors, and to the operation of our convenience store.

Michael French, Chief Operating Officer of IMGRC, in commenting on the quarter, stated: "Our continued growth in revenue and earnings is particularly satisfying. We are also pleased with the progress of our marketing and operating plans, which are on schedule for the new resort opening." Mr. French went on to say, "Our project liquidity also remains positive as we near the completion of our resort."

Construction of IMGRC's new resort and casino is on schedule. Construction costs incurred on the resort's fixed-price contract through October 31, 2004 were $131 million, leaving the remaining costs of $10 million which will be incurred prior to the resort opening in April 2005. In addition, there are previously announced scope changes totaling $5 million relating to the build out of additional guest rooms, meeting rooms, a fitness center and an indoor swimming pool which will be completed by the opening in April 2005.

About Inn of the Mountain Gods Resort and Casino

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, Casino Apache Travel Center, Ski Apache and a new resort project, currently under construction which, upon completion, will include a 273-room hotel, a new 38,000-square-foot casino (replacing the existing 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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