We continue to believe the acquisition would make strategic sense for Pinnacle, transforming it from a regional operator to a national casino company with an extensive development pipeline.

We believe that higher bids could be likely from both Colony and Pinnacle.

We are already seeing the strategic benefits of the Keystone acquisition.

It's a superb strategic acquisition for Bon-Ton and a great disposition for Saks,

Las Vegas is one of the top destination getaways in North America and a great value compared with the alternatives such as Disney World, New York City and San Francisco.

Despite the phenomenal growth of Las Vegas, the construction talent pool is not deep enough to provide the needed labor to build all currently announced projects. We believe if all announced and anticipated projects were to proceed before the end of the decade, a significant portion would not get off the ground given the limited depth of the construction talent pool, most importantly subcontractors.