john emery

With the opening of these developments, we will have more than doubled the size of our operating resort portfolio in about three years. With the cash we recently received from the sale of two resorts to the joint venture with CNL and our strong operating cash flow, we are well-positioned to stay on track to begin at least two new projects a year, as well as selectively add condominiums andor additional rooms and expanded facilities at existing resorts.

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Whatever situation they wind up in, their business model will continue. They do a great job running their business.

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We also have further sharpened our focus on the Blue Harbor Resort in Sheboygan, Wis. We intend to increase our emphasis on group business to build mid-week revenues, and recently hired a new general manager who has significant experience in that market segment. Although the ramp-up for this property will continue slowly, we feel optimistic about its longer-term prospects.

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We have never looked at exiting that asset. I want to be perfectly clear on that.

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These are some of the investment community's most well-known and well-attended conferences. These presentations help us gain the widest possible exposure for our company with this important constituency and help generate interest in our stock.

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The Literature Board is extremely worried about what is happening in publishing. Their cash flow depends on finding those big nuggets and exploiting them for all they are worth.

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From time to time, we intend to monetize the value of our more mature assets, and use the proceeds to fund new development and for other corporate purposes. This strategy efficiently recycles our investment capital to our future development program and allows us to retain a substantial ownership stake and establish a more stable income stream of licensing and management fees.

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The city of Grapevine is an excellent market for our family destination resort, ... We appreciate the city's support and we look forward to becoming a part of the greater Dallas-Fort Worth region.

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We focus strictly on family entertainment and the water park is the big draw.

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What really drives this trend is time.

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With the demand that we're seeing right now in (the Williamsburg area) market, I'm very, very glad that we put this project in place. It really is probably going to be perfect timing, in terms of meeting the demand that we're seeing down there, and also offering an expanded guest amenity package.

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Most of our resorts do enjoy other things around that help drive the attraction to the area, and we are just now seeing at the (South) Pier things just now starting to open up, and it will help give a vibrancy to the area that will help everybody down there.

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