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  **Overall Outlook**
  We have invested heavily in our existing operations in 2003 and 2004, and expect 
  to continue to do so on a targeted basis in 2005. Our Las Vegas Strip resorts require 
  ongoing capital investment to maintain their competitive advantages. We believe 
  the investments in additional non-gaming amenities we made in 2003 and 2004 
  have enhanced our ability to generate increased visitor volume and allowed us to 
  charge premium prices for our amenities. 
  
  will be some impact on these resorts from Wynn Las Vegas, but also believe that the 
  breadth of amenities in our portfolio of resorts and our loyalty and other marketing 
  programs will help minimize these competitive pressures. The proximity of Wynn 
  Las Vegas to TI and The Mirage, along with pedestrian bridges linking TI with the 
  Fashion Show Mall and Venetian, will also benefit these resorts. 