Rita's impact appears less than initially feared. Gaming assets in Lake Charles were damaged but it appears as if full rebuilding may not be necessary. While the city of Lake Charles sustained some significant damage and it will likely be some time before business comes back, our initial read is that the community is far less devastated than New Orleans. |
The new properties are opening in relatively underserved areas with high population growth, and we expect they will largely expand the market. |
The strong result is encouraging given some investor concerns over a miss. |
We believe most investors will focus on the softness in the Las Vegas locals market. |
We had expected a sale price of $200 million in our previous target. The $900 million price even exceeds what we believed to be the high-end of any sale range. |
We really enjoy coming out here, not so much to make money but to socialize and interact with everybody. |