We believe this transaction in the long run is great for shareholders because it gives Hilton a true international presence. There will be less consumer confusion and it will help build Hilton's global loyalty program and enhance their international development opportunities.

either be severely or permanently impaired.

In the long run, we think this legislation would be good for the state's tourism industry,

Through November [2002], we believed that discretionary consumer spending growth of 3 percent was adequate to support increased gaming spending. Room availability in Las Vegas during New Year's, however, indicates retrenching demand and what we believe to be an increasingly cautious consumer.

It's reasonable to use history as your beacon for the future,

I deserved those penalties, but sometimes you try to be proactive. It didn't work.