EQUITY RESEARCH

January 13, 2010

The Gaming and Lodging

CONSUMER & BUSINESS SERVICES/GAMING,
LODGING & LEISURE Daily Digest
SUMMARY

■ November Las Vegas Strip Gaming Revenue Up 8.3% on Baccarat; Visitation

Up 2.9%

■ Nemacolin Woodlands Resort Applies for Category 3 License in PA

■ DRH Issues 5.9 Million Shares in 4Q09; Raises $49M in the Quarter

David Katz Mariya Slavin, CFA

212-667-8161 212 667-5386
David.Katz@opco.com Mariya.Slavin@opco.com

Oppenheimer & Co. Inc. does and seeks to do business with companies covered in its research reports. As
a result, investors should be aware that the firm may have a conflict of interest that could affect the
objectivity of this report. Investors should consider this report as only a single factor in making their
investment decision. See "Important Disclosures and Certifications" section at the end of this report for
important disclosures, including potential conflicts of interest. See "Price Target Calculation" and "Key Risks
to Price Target" sections at the end of this report, where applicable.

Oppenheimer & Co Inc. 300 Madison Avenue 4th Floor New York, NY 10017 Tel: 800-221-5588 Fax: 212-667-8229
CONSUMER & BUSINESS SERVICES

Gaming Industry News

November Las Vegas Strip Gaming Revenue Up 8.3% on Baccarat; Visitation Up
2.9%
The Nevada Gaming Control Board reported that November revenue on the Las Vegas Strip increased
8.3% on easy comparisons with a 15.8% decrease in the prior year. Slot revenue fell 3.8% on an 8.4%
decrease in the amount wagered, while table game revenue, excluding baccarat, was off 5.2%. As for
Baccarat, revenue increased 136.3% on a 300 bps increase in win percentage. The upside in win
percentage for Baccarat added $53.5 million to the month's results.

Meanwhile, on the Boulder Strip, revenues increased 19.0%, as table revenues fell 15.8% and slot
revenues increased 28.0%. Overall, the amount wagered was down 3.9%, while supply in this category
increased. The Downtown market reported a decline of 1.3%, with slot revenues up 3.7% and table
revenues off 13.3%. Meanwhile, North Las Vegas reported an increase of 20.3% versus the prior year,
on a 23.0% increase in slot revenue and an 8.3% increase in table revenue.

As for Las Vegas visitation, total visitors increased 2.9% in November, which compares with a YTD
decrease of 3.4%. Convention visitors decreased 13.0%, better than the YTD trend of a 24.6%
decrease, which suggests moderating decreases rather than improving trends. Accordingly, mid-week
occupancy was off 120bps, while weekend occupancy was up 100 bps. As expected, ADR was off
14.9%, which is higher than the YTD trend.

The results, which reflect continued declines, suggest that weakness remains in the market despite
comparisons generally becoming easier. Las Vegas non-gaming revenue could be down by a greater
percentage than gaming revenue, based on the decline in room rates of 21.2%, which should remain
under pressure given the large decreases in occupancy levels. Nevertheless, the data support our
cautious stance on MGM, WYNN's Las Vegas operations and BYD.

(See accompanying tables for complete details).

Nemacolin Woodlands Resort Applies for Category 3 License in PA

According to a press release issued on January 12, Nemacolin Woodlands Resort has formally filed its
application with the Pennsylvania Gaming Control Board for a Category 3 resort gaming. Last week the
company announced that if it is granted the resort license, ISLE of Capri will manage and market the
proposed casino. The application stated that the proposed "Lady Luck Casino at Nemacolin" would be
located at the corner of Route 40 and Smith School Road in the Wharton Township. Isle of Capri hopes
to make the casino resort a flagship property for its Lady Luck Brand. We view this announcement as a
potential positive for the shares of ISLE. While the outcome of the application remains fluid, if PA
approves the casino resort, ISLE stands to benefit from high profit revenue growth, as well as
additional prospective management opportunities.

Lodging Industry News

DRH Issues 5.9 Million Shares in 4Q09; Raises $49 Million in the Quarter
According to an SEC filing, DRH announced that the company sold an additional 5.9 million shares
through its controlled equity offering program at an average price of $8.37. The company raised $49
million. Furthermore, it has $25 million remaining under its authorization as of January 12, 2010. As if
December 31, the company's weighted average share count was 124.2 million.

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 CONSUMER & BUSINESS SERVICES

Las Vegas Strip Monthly Summary

Y-O-Y Y-O-Y Y-O-Y % Ch Y-O-Y
Win % Ch Win % Total Win % Ch Win % Wagered % Wager Units Units W/U/D W/U/D Loc

Nov-08 Table* 158.9 (16.0%) 36.3% 12.8% -340 bps 1,242.0 6.3% 3,041 8.8% 1,742 (20.2%) 41
Baccarat 39.2 (16.4%) 9.0% 10.5% -2490 bps 375.5 182.5% 180 83.7% 7,266 (53.0%)
Slot 239.5 (15.5%) 54.7% 6.9% -110 bps 3,496.9 (2.3%) 49,808 (11.1%) 160 (1.8%)
Total 437.7 (15.8%) 100.0% 8.6% -210 bps 5,114.3 4.8% 69,134 (5.2%) 211 (8.2%)

Nov-09 Table* 150.6 (5.2%) 31.8% 12.3% -50 bps 1,224.6 (1.4%) 2,958 (2.7%) 1,697 (2.6%) 41
Baccarat 92.7 136.3% 19.6% 13.4% 300 bps 690.8 84.0% 191 6.1% 16,180 122.7%
Slot 230.5 (3.8%) 48.6% 7.2% 30 bps 3,201.4 (8.4%) 48,796 (2.0%) 157 (1.8%)
Total 473.8 8.3% 100.0% 9.3% 70 bps 5,116.9 0.0% 67,690 (2.1%) 233 10.6%
LTM
Nov-09 Table* 1,815.1 (16.9%) 32.9% 6.0% -680 bps 30,385.8 77.7% 2,945 8.6% 1,675 (23.9%) 41
Baccarat 891.6 7.6% 16.1% 10.7% -2560 bps 8,343.4 265.5% 205 134.2% 11,799 (54.3%)
Slot 2,815.4 (13.3%) 51.0% 7.0% -90 bps 40,076.0 (2.2%) 49,532 (15.9%) 154 2.6%
Total 5,522.2 (11.8%) 100.0% 7.0% -340 bps 78,805.2 30.5% 68,431 (9.1%) 219 (3.5%)

* Includes contribution of card games.

Downtown Monthly Summary

Y-O-Y Y-O-Y Y-O-Y % Ch Y-O-Y
Win % Ch Win % Total Win % Ch Win % Wagered % Wager Units Units W/U/D W/U/D Loc

Nov-08 Table* 14.0 19.1% 29.2% 13.6% 280 bps 103.3 (5.8%) 458 2.0% 1,020 16.8% 19
Slot 34.0 (8.0%) 70.8% 6.4% 20 bps 531.1 (11.0%) 11,984 (2.1%) 95 (6.0%)
Total 48.0 (1.4%) 100.0% 7.6% 70 bps 634.3 (10.2%) 14,732 (1.4%) 105 (0.0%)

Nov-09 Table* 12.1 (13.3%) 25.6% 13.6% 0 bps 89.4 (13.4%) 460 0.4% 880 (13.7%) 19
Slot 35.2 3.7% 74.4% 7.1% 70 bps 498.6 (6.1%) 11,685 (2.5%) 101 6.4%
Total 47.4 (1.3%) 100.0% 8.1% 50 bps 588.0 (7.3%) 14,445 (1.9%) 106 0.7%
LTM
Nov-09 Table* 126.9 (15.2%) 24.0% 12.3% -60 bps 1,033.9 (11.0%) 460 1.3% 816 (20.0%) 19
Slot 401.9 (9.0%) 76.0% 6.5% 0 bps 6,153.5 (8.7%) 11,962 (1.6%) 92 (2.4%)
Total 528.9 (10.5%) 100.0% 7.4% -10 bps 7,187.5 (9.0%) 14,723 (1.1%) 98 (9.6%)

* Includes contribution of card games.

Laughlin Monthly Summary

Y-O-Y Y-O-Y Y-O-Y % Ch Y-O-Y
Win % Ch Win % Total Win % Ch Win % Wagered % Wager Units Units W/U/D W/U/D Loc

Nov-08 Table* 5.0 (20.3%) 11.9% 17.7% -100 bps 28.1 (15.6%) 303 (6.5%) 545 (14.7%) 10
Slot 36.8 (17.8%) 88.1% 6.5% -30 bps 564.8 (14.3%) 9,299 (0.3%) 132 (17.6%)
Total 41.8 (18.1%) 100.0% 7.0% -30 bps 592.9 (14.4%) 11,117 (1.4%) 125 (17.0%)

Nov-09 Table* 4.6 (7.9%) 11.6% 18.5% 80 bps 24.7 (12.0%) 278 (8.3%) 547 0.4% 10
Slot 34.9 (5.3%) 88.4% 7.3% 70 bps 480.5 (14.9%) 8,900 (4.3%) 131 (1.0%)
Total 39.5 (5.6%) 100.0% 7.8% 80 bps 505.2 (14.8%) 10,568 (4.9%) 124 (0.7%)
LTM
Nov-09 Table* 57.6 (19.3%) 11.6% 18.8% -30 bps 306.8 (18.0%) 288 (8.0%) 596 (13.2%) 10
Slot 439.3 (13.5%) 88.4% 6.8% 10 bps 6,428.5 (14.9%) 9,007 (3.1%) 134 (10.7%)
Total 496.9 (14.2%) 100.0% 7.4% 10 bps 6,735.3 (15.1%) 10,737 (4.0%) 126 (10.7%)

* Includes contribution of card games.

Source: The Nevada Gaming Control Board.

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CONSUMER & BUSINESS SERVICES

North Las Vegas Monthly Summary

Y-O-Y Y-O-Y Y-O-Y % Ch Y-O-Y
Win % Ch Win % Total Win % Ch Win % Wagered % Wager Units Units W/U/D W/U/D Loc

Nov-08 Table* 3.0 36.5% 15.6% 13.6% 160 bps 22.2 20.3% 210 28.8% 479 6.0% 12
Slot 16.4 (6.7%) 84.4% 4.1% -50 bps 400.1 4.1% 10,263 21.1% 53 (22.9%)
Total 19.4 (1.8%) 100.0% 4.6% -30 bps 422.3 4.8% 11,523 21.9% 56 (19.5%)

Nov-09 Table* 3.3 8.3% 14.0% 16.0% 240 bps 20.5 (7.7%) 207 (1.4%) 527 9.9% 11
Slot 20.1 23.0% 86.0% 6.1% 200 bps 331.7 (17.1%) 9,502 (7.4%) 71 32.9%
Total 23.4 20.7% 100.0% 6.6% 210 bps 352.1 (16.6%) 10,744 (6.8%) 73 29.5%
LTM
Nov-09 Table* 473.8 8.3% 10.8% 14.1% 130 bps 226.6 9.0% 209 32.1% 458 (9.0%) 11
Slot 262.4 4.8% 89.2% 5.9% 40 bps 4,424.5 (2.3%) 9,738 18.4% 74 (11.0%)
Total 294.3 6.3% 100.0% 6.3% 50 bps 4,651.1 (1.8%) 10,992 19.9% 73 (11.3%)

* Includes contribution of card games.

Boulder Strip Monthly Summary

Y-O-Y Y-O-Y Y-O-Y % Ch Y-O-Y
Win % Ch Win % Total Win % Ch Win % Wagered % Wager Units Units W/U/D W/U/D Loc

Nov-08 Table* 11.3 (3.1%) 20.5% 13.2% -40 bps 85.3 0.2% 415 10.4% 906 (12.2%) 34
Slot 43.6 (18.2%) 79.5% 3.9% -40 bps 1,118.5 (10.3%) 20,420 1.6% 71 (19.5%)
Total 54.9 (15.5%) 100.0% 4.6% -30 bps 1,203.8 (9.6%) 22,910 2.5% 80 (17.6%)

Nov-09 Table* 9.5 (15.8%) 14.5% 8.0% -530 bps 119.4 39.9% 430 3.6% 736 (18.8%) 34
Slot 55.8 28.0% 85.5% 5.4% 150 bps 1,037.7 (7.2%) 21,967 7.6% 85 19.0%
Total 65.3 19.0% 100.0% 5.6% 110 bps 1,157.1 (3.9%) 24,547 7.1% 89 11.0%
LTM
Nov-09 Table* 103.8 (8.9%) 13.0% 10.2% -300 bps 1,020.0 17.8% 446 14.1% 687 (21.2%) 34
Slot 697.4 (4.4%) 87.0% 5.1% 0 bps 13,547.1 (4.0%) 21,534 7.7% 89 (10.9%)
Total 801.2 (5.0%) 100.0% 5.5% -10 bps 14,567.1 (2.8%) 24,211 8.4% 90 (12.3%)

* Includes contribution of card games.

Reno Monthly Summary

Y-O-Y Y-O-Y Y-O-Y % Ch Y-O-Y
Win % Ch Win % Total Win % Ch Win % Wagered % Wager Units Units W/U/D W/U/D Loc

Nov-08 Table* 12.5 (13.0%) 25.0% 16.5% -20 bps 75.6 (12.2%) 534 (2.9%) 780 (10.4%) 22
Slot 37.4 (14.1%) 75.0% 5.1% -20 bps 737.9 (11.4%) 13,428 (2.5%) 93 (11.9%)
Total 49.9 (13.9%) 100.0% 6.1% -20 bps 813.6 (11.5%) 16,632 (2.6%) 100 (11.5%)

Nov-09 Table* 15.6 24.7% 32.5% 21.5% 500 bps 72.3 (4.5%) 500 (6.4%) 1,038 33.2% 17
Slot 32.3 (13.6%) 67.5% 4.8% -20 bps 667.8 (9.5%) 12,286 (8.5%) 88 (5.6%)
Total 47.9 (4.0%) 100.0% 6.5% 30 bps 740.1 (9.0%) 15,286 (8.1%) 104 4.4%
LTM
Nov-09 Table* 138.1 (17.7%) 23.6% 17.2% -10 bps 800.8 (17.1%) 506 (8.0%) 819 (9.5%) 20
Slot 447.1 (15.0%) 76.4% 4.9% -30 bps 9,073.3 (9.6%) 12,506 (8.7%) 98 (6.6%)
Total 585.2 (15.6%) 100.0% 5.9% -40 bps 9,874.1 (10.2%) 15,541 (8.6%) 103 (7.7%)

* Includes contribution of card games.

Source: The Nevada Gaming Control Board.

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 CONSUMER & BUSINESS SERVICES

Las Vegas Visitation Statistics

Current Month Last 12 Months Year-To-Date
Nov-09 Nov-08 Chg. Nov-09 Nov-08 Chg. Nov-09 Nov-08 Chg.

Visitor Volume (in MMs) 2.90 2.82 2.9% 36.31 37.82 (4.0%) 33.57 34.74 (3.4%)

Room inventory 141,989 137,892 3.0% 141,989 137,892 3.0% 141,989 137,892 3.0%

Conventions
Attendance 437,864 503,545 (13.0%) 4,477,904 5,905,801 (24.2%) 4,354,316 5,776,137 (24.6%)

Occupancy levels
Total 78.4% 79.2% (80 bp) 81.6% 86.8% (520 bp) 82.4% 87.1% (480 bp)
Hotel 81.7% 83.1% (140 bp) 85.4% 90.7% (520 bp) 86.2% 91.0% (470 bp)
Motel 50.5% 50.1% 40 bp 50.2% 58.4% (820 bp) 50.6% 58.9% (820 bp)
Weekend 86.9% 85.9% 100 bp 89.2% 90.3% (110 bp) 89.9% 90.6% (70 bp)
Midweek 74.7% 75.9% (120 bp) 78.3% 85.3% (700 bp) 79.0% 85.6% (660 bp)

Average Daily Room Rate $92.61 $108.80 (14.9%) $92.81 $120.13 (22.7%) $92.49 $120.84 (23.5%)

Room nights occupied 3,331,317 3,276,040 1.7% 41,999,266 43,204,231 (2.8%) 38,807,621 39,775,607 (2.4%)

Airline passengers
Total 3,234,705 3,232,985 0.1% 40,535,943 44,577,650 (9.1%) 37,371,630 40,893,961 (8.6%)

Average Daily Auto Traffic

1-15 at California Border 38,786 38,089 1.8% 469,785 452,748 3.8% 431,199 375,552 14.8%
All Major Highways 80,859 80,019 1.0% 84,049 82,262 2.2% 84,351 82,216 2.6%

Source: Las Vegas Convention and Visitors Authority.

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CONSUMER & BUSINESS SERVICES

Important Disclosures and Certifications

Analyst Certification - The author certifies that this research report accurately states his/her personal views about the
subject securities, which are reflected in the ratings as well as in the substance of this report.The author certifies that no
part of his/her compensation was, is, or will be directly or indirectly related to the specific recommendations or views
contained in this research report.
Potential Conflicts of Interest:
Equity research analysts employed by Oppenheimer & Co. Inc. are compensated from revenues generated by the firm
including the Oppenheimer & Co. Inc. Investment Banking Department. Research analysts do not receive compensation
based upon revenues from specific investment banking transactions. Oppenheimer & Co. Inc. generally prohibits any
research analyst and any member of his or her household from executing trades in the securities of a company that such
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covered companies that are required to be specifically disclosed in this report, Oppenheimer & Co. Inc. may have a long
position of less than 1% or a short position or deal as principal in the securities discussed herein, related securities or in
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interest.
Important Disclosure Footnotes for Companies Mentioned in this Report that Are Covered by
Oppenheimer & Co. Inc:
Stock Prices as of January 13, 2010
Boyd Gaming Corporation (BYD - NYSE, 8.21, PERFORM)
MGM Mirage (MGM - NYSE, 11.95, PERFORM)
Wynn Resorts, Limited (WYNN - Nasdaq, 67.98, OUTPERFORM)
DiamondRock Hospitality Company (DRH - NYSE, 9.15, PERFORM)
Isle of Capri, Inc. (ISLE - OTC, 8.37, OUTPERFORM)

Rating and Price Target History for: Boyd Gaming Corporation (BYD) as of 01-12-2010

04/27/07 06/18/07 08/01/07 10/12/07 01/14/08 02/27/08 02/27/08 04/30/08 08/04/08 09/18/08 10/24/08
SP:$54 SP:$58 SP:$53 SP:$50 I:P:$50 P:NA P:$29 P:$22 P:$14 P:$13 P:$7

60

45

30

15

0
2008 2009 2010

10/28/08 05/07/09
P:$5 P:$9

Created by BlueMatrix

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 CONSUMER & BUSINESS SERVICES

Rating and Price Target History for: MGM Mirage (MGM) as of 01-12-2010

02/15/07 05/04/07 06/21/07 08/03/07 09/04/07 10/14/07 01/14/08 02/22/08 04/07/08 05/06/08 08/06/08
SP:$66 SP:$70 OP:$98 OP:$94 OP:$93 OP:$106 I:O:$106 O:$85 P:$62 P:$59 P:$41

120

90

60

30

0
2008 2009 2010

10/24/08 02/03/09 03/18/09 05/05/09 07/01/09 08/03/09 11/05/09 12/29/09

P:$15 P:$6 P:$3 P:$8 P:$6 P:$7 P:$8 P:$9

Created by BlueMatrix

Rating and Price Target History for: Wynn Resorts, Limited (WYNN) as of 01-12-2010

02/28/07 05/08/07 06/11/07 07/25/07 08/07/07 10/31/07 01/14/08 02/13/08 04/23/08 07/14/08 07/25/08
UP:$83 UP:$90 UP:$89 UP:$88 UP:$94 UP:$100 I:P:$101 P:$98 P:$99 P:$78 P:$79

200

160

120

80

40

0
2008 2009 2010

10/24/08 02/03/09 02/24/09 04/13/09 05/06/09 07/30/09 09/09/09 10/15/09 10/27/09

P:$49 P:$35 P:$26 U:$20 U:$27 U:$36 P:$61 P:$73 O:$73

Created by BlueMatrix

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CONSUMER & BUSINESS SERVICES

Rating and Price Target History for: DiamondRock Hospitality Company (DRH) as of 01-12-2010

04/15/09 05/05/09 10/20/09

I:P:$5 P:$6 P:$8

20

16

12

0
2008 2009 2010

Created by BlueMatrix

Rating and Price Target History for: Isle of Capri, Inc. (ISLE) as of 01-12-2010

06/18/07 08/05/07 09/09/07 12/05/07 01/14/08 03/06/08 07/03/08 09/03/08 09/04/08 10/24/08 12/03/08
SP:$29 SP:$24 SP:$22 SP:$18 I:P:$18 P:$10 P:$6 P:$7 P:$8 P:$5 P:$3

32

24

16

0
2008 2009 2010

05/27/09 12/01/09
O:$18 O:$16

Created by BlueMatrix

All price targets displayed in the chart above are for a 12- to- 18-month period. Prior to March 30, 2004, Oppenheimer &
Co. Inc. used 6-, 12-, 12- to 18-, and 12- to 24-month price targets and ranges. For more information about target price
histories, please write to Oppenheimer & Co. Inc., 300 Madison Avenue, New York, NY 10017, Attention: Equity Research
Department, Business Manager.

Oppenheimer & Co. Inc. Rating System as of January 14th, 2008:

Outperform(O) - Stock expected to outperform the S&P 500 within the next 12-18 months.

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 CONSUMER & BUSINESS SERVICES

Perform (P) - Stock expected to perform in line with the S&P 500 within the next 12-18 months.

Underperform (U) - Stock expected to underperform the S&P 500 within the next 12-18 months.

Not Rated (NR) - Oppenheimer & Co. Inc. does not maintain coverage of the stock or is restricted from doing so due to a potential
conflict of interest.

Oppenheimer & Co. Inc. Rating System prior to January 14th, 2008:

Buy - anticipates appreciation of 10% or more within the next 12 months, and/or a total return of 10% including dividend payments,
and/or the ability of the shares to perform better than the leading stock market averages or stocks within its particular industry sector.

Neutral - anticipates that the shares will trade at or near their current price and generally in line with the leading market averages due to
a perceived absence of strong dynamics that would cause volatility either to the upside or downside, and/or will perform less well than
higher rated companies within its peer group. Our readers should be aware that when a rating change occurs to Neutral from Buy,
aggressive trading accounts might decide to liquidate their positions to employ the funds elsewhere.

Sell - anticipates that the shares will depreciate 10% or more in price within the next 12 months, due to fundamental weakness
perceived in the company or for valuation reasons, or are expected to perform significantly worse than equities within the peer group.

Distribution of Ratings/IB Services Firmwide

IB Serv/Past 12 Mos.

Rating Count Percent Count Percent

OUTPERFORM [O] 385 45.70 136 35.32

PERFORM [P] 411 48.80 108 26.28
UNDERPERFORM [U] 47 5.60 6 12.77

Although the investment recommendations within the three-tiered, relative stock rating system utilized by Oppenheimer & Co. Inc. do not
correlate to buy, hold and sell recommendations, for the purposes of complying with FINRA rules, Oppenheimer & Co. Inc. has assigned
buy ratings to securities rated Outperform, hold ratings to securities rated Perform, and sell ratings to securities rated Underperform.

Company Specific Disclosures

Oppenheimer & Co. Inc. expects to receive or intends to seek compensation for investment banking services in the next 3
months from BYD and MGM.

Oppenheimer & Co. Inc. makes a market in the securities of WYNN and ISLE.

Additional Information Available

Please log on to http://www.opco.com or write to Oppenheimer & Co. Inc., 300 Madison Avenue, New York, NY 10017,
Attention: Equity Research Department, Business Manager.

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CONSUMER & BUSINESS SERVICES

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