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    MARKET EDGES

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No easy hold comp to save the Strip in June. McCarran Airport traffic declined 11.4% this past month. Assuming normal hold, we project Strip revs fell 13%.

May Strip revenues fell right in line with our expectations of down 6%, surprising the Street on the upside.  May actual revenues were not as bad as the 11.5% airport traffic decline had indicated.  Barring unusually high hold in June, Strip revenues should look worse than the 11.4% McCarran June drop.  Unlike May, June does not have the benefit of an easy hold comparison.

Here are our projections: 

JUNE STRIP REVS SHOULD MATCH LOUSY AIRPORT #S - june est strip revs