We continue to see considerable risk in the redevelopment of the (Tropicana).

(It) poses a potential risk as the company has had little experience designing and executing on a project of this size.

It can expand its brands in China, Europe, India, and South American, and it immediately increases its presence in Europe, where there is more upside/recovery to (revenue per available room) than in the United States.

This would be challenging and complicated.

We think fundamentals are okay on the Strip. Growth is decelerating, but it was healthy to begin with. No one would have anticipated continual double-digit growth.

In general there's more growth outside the U.S. than inside the U.S. in terms of new or expanded markets.