Totally Agree

Implications: I think Nelson is right on target

Analysis: In brief, two items occurred which will make the completion of the Penn deal a reality. Number one is the Trump Marina deal which reflects a very high multiple and even a reasonable multiple if you take the Marina's 2007 EBITDA (40 milliom/ about an 8 multiple), this reflects well on the industry. In addition, PENN is a quality gaming operator with quality management overseeing those operations. I have always thought the deal would happen, the question remains, what price. A renegotiated price in the high 50's might seem reasonable to all parties and then Penn can concentrate on moving into Atlantic City, one way or the other.