REPLACEMENTS LOOKING STRONGER

Slot replacements should easily exceed 50k this year.

With IGT and WMS already reporting and per discussion with some industry contacts, we think slot replacements should exceed 13,000 for Q1. Last year, replacements were roughly 8,500; so big y-o-y growth.  We suspect Q2 could be even better. PNK just said on their conference call that they were increasing maintenance capex this year in part to more slot purchases. For all of 2010, we think replacements will exceed 50k, up from our previous estimate of 47k.