Table of Contents
Second Quarter Review .................................................................... 4
Moving from "Fun to Have" to "Need to Have" Economy; Q2 2009 Results Review; Is Stability
Around the Corner?...................................................................................................................4
Performance Review.................................................................................................................5
Relative Value Sheets................................................................................................................6
Historical Jurisdiction Revenues.................................................... 17
Financial Summaries – Gaming & Leisure...............................................................................21
Financial Summaries – Lodging ..............................................................................................74
Detailed 2Q 2009 Results – Gaming & Leisure.............................. 83
Q2 2009 Results Review (Gaming & Leisure) .........................................................................83
Ameristar Casinos...................................................................................................................84
Boyd Gaming ..........................................................................................................................88
Galaxy Entertainment..............................................................................................................94
Harrah’s Operating Company, Inc (‘HOC”) .............................................................................97
Isle of Capri Casinos .............................................................................................................106
Landry’s Restaurants ............................................................................................................113
Las Vegas Sands...................................................................................................................118
MGM Mirage ........................................................................................................................124
MTR Gaming.........................................................................................................................132
Mohegan Tribal Authority......................................................................................................135
OSI Restaurant Partners........................................................................................................141
Penn National.......................................................................................................................148
Pinnacle Entertainment .........................................................................................................155
Royal Caribbean Cruises .......................................................................................................161
River Rock Entertainment .....................................................................................................165
Seneca Gaming.....................................................................................................................166
Town Sports International .....................................................................................................167
Wynn Las Vegas ...................................................................................................................170
Detailed Q2 2009 Results - Lodging ............................................. 175
Q2 2009 Results Review (Lodging).......................................................................................175
FelCor Lodging Trust.............................................................................................................176
Gaylord Entertainment .......................................................................................................... 180
Host Hotels ...........................................................................................................................186
Marriott International.............................................................................................................191
Starwood Hotels & Resorts ..................................................................................................196
Vail Resorts ...........................................................................................................................201