Boca Resorts, Inc. Announces Fiscal Third Quarter Income Before Extraordinary Item in Line With Consensus Estimate

Apr 24, 2001, 01:00 ET from Boca Resorts, Inc.

    BOCA RATON, Fla., April 24 /PRNewswire/ -- Boca Resorts, Inc. (NYSE:   RST),
 an owner of luxury resorts and entertainment and sports businesses, reported
 income before extraordinary item of $28.4 million, or $0.68 per diluted share,
 for the three months ended March 31, 2001, which was in line with average
 consensus estimates as reported by market service, First Call/Thomson
 Financial.  Net income, including a $1.8 million extraordinary loss on the
 repurchase of $60.0 million principal amount of the Company's 9.875% Senior
 Subordinated Notes, was $26.6 million, or $0.64 per diluted share, for the
 recently completed quarter.  The extraordinary loss substantially represents
 the non-cash charge-off of a pro rata portion of the debt issuance costs
 previously capitalized when the Notes were issued.
     Third quarter financial highlights, excluding the prior year operating
 results from the Arizona Biltmore Resort & Spa which was sold in December
 2000, are as follows:
 
     * EBITDA for the leisure and recreation business increased 14% to $47.5
 million for the three months ended March 31, 2001 compared to $41.8 million
 during the comparable quarter of the prior year.
 
     * Room revenue per available room ("RevPar") for the three months ended
 March 31, 2001 rose 7% over the prior year period driven by increases in
 average daily rates and occupancy.
 
     * Total RevPar (which includes revenue generated from non-room sources
 such as food and beverage sales, marina revenue, golf, club memberships and
 retail sales) increased 10% over the prior year three-month period.
 
     * The Company used a portion of the proceeds from the sale of the Arizona
 Biltmore Resort & Spa to repurchase $60.0 million principal amount of its
 9.875% Senior Subordinated Notes and repay $28.4 million in other
 indebtedness.  As previously disclosed, the Company used an additional
 $56.5 million of the net proceeds to repay borrowings under a revolving credit
 line in December 2000.  The Company may use the remaining net proceeds of the
 sale to further reduce debt, repurchase stock, fund capital maintenance and
 development activities at its resort properties and/or make other investments
 in its businesses.
 
     The Company's third quarter capital development activities include the
 following:
 
     * At the Boca Raton Resort and Club, construction has begun on a new
 Marina Wing with 112 water-view rooms, a new state-of-the-art spa complex as
 well as a new golf clubhouse with a restaurant offering casual dining and
 dramatic views of the championship golf course.  In addition, over 80% of the
 resort's luxury guestrooms have been renovated and additional rooms are
 scheduled to be completed by December 2001.
 
     * At the Registry Resort located in Naples, Florida, the Company completed
 a new beach pavilion, opened a new pool complex and added 6,000 square feet of
 meeting space, making the Registry one of the largest meeting venues in the
 Naples market.
 
     * At the Bahia Mar Resort and Yachting Center in Fort Lauderdale, Florida,
 a comprehensive renovation of its 296 guestrooms was completed.
 
     Quarterly Results (Excluding the Arizona Biltmore Resort & Spa)
     Revenue for the three months ended March 31, 2001 increased to
 $127.6 million, up from $121.9 million for the three months ended March 31,
 2000.  Higher revenue during the recently completed quarter was primarily
 attributable to a 4% increase in the average daily rate charged at the
 Company's resorts, a 3% increase in occupancy and an increase in golf
 initiation fees and club dues.  Entertainment and sports revenue decreased
 during the recently completed quarter primarily due to a 14% decrease in
 average paid attendance and because one less Panther home game was played
 during the three months ended March 31, 2001 than during the comparable
 quarter last year.
     EBITDA for the recently completed quarter totaled $47.3 million compared
 to $45.4 million for the corresponding quarter of the prior year.  The
 increase in leisure and recreation revenue together with reduced business
 segment costs as a percent of revenue (which yielded a $5.7 million increase
 in EBITDA during the three months ended March 31, 2001) was partially offset
 by lower entertainment and sports EBITDA due to a decrease in revenue and an
 increase in Panthers' player salaries.
 
     Nine Month Results (Excluding the Arizona Biltmore Resort & Spa)
     Revenue for the nine months ended March 31, 2001 increased to $268.8
 million, up from $255.4 million for the nine months ended March 31, 2000.
 Higher revenue during the current year was primarily attributable to a 5%
 increase in the average daily rate charged at the Company's resorts, a 1%
 increase in occupancy and an increase in golf initiation fees and club dues.
     EBITDA for the nine months ended March 31, 2001 totaled $64.5 million
 compared to $58.7 million for the corresponding period of the prior year.  The
 increase in leisure and recreation revenue together with reduced business
 segment costs as a percent of revenue (which yielded a $7.3 million increase
 in EBITDA during the nine months ended March 31, 2001) was partially offset by
 lower entertainment and sports EBITDA due to a decrease in revenue and an
 increase in Panthers' player salaries.
 
     Balance Sheet Data
     At March 31, 2001, the Company had cash and cash equivalents of
 $123.8 million, restricted cash of $23.5 million and indebtedness totaling
 $377.3 million.  In addition, the Company maintains a long-term revolving
 credit line that represents an additional and immediate potential source of
 liquidity.  Borrowings under the credit line are based on an eligible
 borrowing base, which amounted to $144.7 million at March 31, 2001.  The
 Company's significant cash balance is largely the result of the sale of the
 Arizona Biltmore Resort and Spa.  Capital enhancements totaled $48.2 million
 during the nine months ended March 31, 2001.
 
     Financial Outlook
     While the Company is experiencing slower than expected RevPar growth
 during its fourth fiscal quarter to date, management anticipates meeting
 consensus earnings estimates before taxes and non-recurring items.
     Richard C. Rochon, President of Boca Resorts, Inc. commented, "We are very
 pleased with the performance of the leisure and recreation business which
 yielded attractive RevPar and EBITDA growth and reduced business segment costs
 as a percent of revenue during our peak operating season.  While recent
 economic news has prompted U.S. lodging forecasts to call for industry RevPar
 growth of between 2% and 3% for calendar 2001, we remain optimistic about the
 outlook for our properties and expect RevPar growth of between 5% and 7% for
 the quarter ending June 30, 2001".
     Boca Resorts, Inc. owns luxury resort properties and golf courses in
 Florida.  The Company's resort and golf portfolio includes the Boca Raton
 Resort & Club, the Registry Resort at Pelican Bay, the Edgewater Beach Hotel,
 the Hyatt Regency Pier 66 Hotel and Marina, the Radisson Bahia Mar Resort and
 Yachting Center, Grande Oaks Golf Club and Naples Grande Golf Club.  The
 Company also owns the Florida Panthers Hockey Club and manages and operates
 the National Car Rental Center (a multi-purpose entertainment complex where
 the Panthers play their home games) as well as the Incredible Ice skating
 rink.
 
                               - table to follow-
 
                               BOCA RESORTS, INC.
                UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
                 For the Three and Nine Months Ended March 31,
                     (In thousands, except per share data)
 
                               Three Months                  Nine Months
                             2001          2000         2001          2000
 
     Revenue:
      Leisure and
       recreation          $101,986      $126,035     $257,116      $268,931
      Entertainment and
       sports                25,630        28,442       51,539        54,282
                            -------       -------      --------      --------
        Total revenue       127,616       154,477      308,655       323,213
 
     Operating Expenses:
      Cost of leisure
       and recreation
       services              37,055        44,618      111,673       115,248
      Cost of entertainment
       and sports services   24,326        22,502       53,527        50,871
      Selling, general and
       administrative
       expenses              21,905        29,261       76,839        82,977
      Amortization and
       depreciation expense   8,099         9,339       28,153        26,455
                            -------       -------     --------      --------
        Total operating
         expenses            91,385       105,720      270,192       275,551
                            -------       -------      --------      --------
     Operating income        36,231        48,757       38,463        47,662
 
     Interest and
      other income            3,017           259        4,777         1,184
 
     Interest and
      other expense        (10,849)      (15,774)     (40,992)      (43,157)
 
     Minority interest          ---          (81)          ---          (30)
                            -------       -------       ------        ------
 
     Income before
      extraordinary item     28,399        33,161        2,248         5,659
 
     Extraordinary loss
      on the early
      extinguishment
      of debt               (1,823)           ---      (1,823)           ---
                            -------       -------      --------      --------
     Net income (1)         $26,576       $33,161        $ 425        $5,659
                            =======       =======      ========      ========
     Basic net income
      per share:
       Income before
        extraordinary item   $ 0.70        $ 0.81       $ 0.06        $ 0.14
       Extraordinary loss
        on the early
        extinguishment of
        debt                 (0.05)           ---       (0.05)           ---
                            -------       -------      --------      --------
       Net income            $ 0.65        $ 0.81       $ 0.01        $ 0.14
                            =======       =======      ========      ========
     Diluted net income
      per share:
      Income before
       extraordinary item    $ 0.68        $ 0.81       $ 0.05        $ 0.14
      Extraordinary loss on
       the early
       extinguishment
       of debt               (0.04)           ---       (0.04)           ---
                            -------       -------      --------      --------
      Net income             $ 0.64        $ 0.81       $ 0.01        $ 0.14
                            =======       =======      ========      ========
     Shares used in
      computing net
      income per
      share - basic          40,887        40,861       40,887        40,861
 
     Shares used in
      computing net
      income per
      share - diluted        41,666        40,861       41,502        40,887
 
    (1) No provision for income taxes has been recorded for the periods
 presented due to an offsetting change in the Company's valuation allowance.
 
 
                               BOCA RESORTS, INC.
              UNAUDITED CONSOLIDATED PRO FORMA OPERATING DATA (1)
                 For the Three and Nine Months Ended March 31,
                                 (In thousands)
 
                               Three Months                  Nine Months
                             2001          2000         2001           2000
     Revenue              $ 127,616     $ 121,944    $ 268,797     $ 255,375
 
     Operating expenses      91,385        86,371      238,384       225,783
                            -------       -------      --------      --------
     Operating income        36,231        35,573       30,413        29,592
 
     Interest and other
      income                  3,017         2,659       10,494         9,065
 
     Interest and other
      expense              (10,849)      (12,482)     (35,984)      (34,500)
 
     Minority interest          ---          (81)          ---          (30)
                            -------       -------      --------      --------
     Income before
      extraordinary item    $28,399       $25,669       $4,923        $4,127
                            =======       =======      ========      ========
     EBITDA                 $47,348       $45,374      $64,539       $58,702
                            =======       =======      ========      ========
     Adjusted EBITDA (2)    $50,854       $49,581      $73,276       $67,078
                            =======       =======      ========      ========
 
     (1) Pro forma data reflects adjustments to the Company's historical
 results of operations to give effect to the sale of the Arizona Biltmore
 Resort & Spa as if such transaction had been consummated at the beginning of
 the periods presented.
     (2) Adjusted EBITDA represents EBITDA plus the amount of net membership
 fees deferred during the period.  The net membership fees deferred during the
 period represents the change in deferred revenue arising from the Premier
 Clubs at the Boca Raton Resort and Club and Naples Grande and the Grande Oaks
 Golf Club.
 
                               BOCA RESORTS, INC.
                            UNAUDITED OTHER DATA (1)
                 For the Three and Nine Months Ended March 31,
 
                                 Three Months                 Nine Months
                              2001         2000          2001           2000
 
     EBITDA (in thousands)  $47,505       $41,840      $70,175       $62,915
 
     Adjusted EBITDA
      (in thousands)        $51,011       $46,047      $78,912       $71,291
 
     Available room
      nights                201,510       203,840      613,588       616,000
 
     Occupancy %              82.4%         80.1%        70.4%         69.4%
 
     ADR                    $287.75       $276.66      $215.80       $206.14
 
     RevPar                 $237.02       $221.47      $151.97       $143.02
 
     Total RevPar           $506.11       $458.69      $354.09       $326.45
 
     (1) Other data represents the Company's resort portfolio information
 excluding the results from the Arizona Biltmore Resort & Spa for each period
 presented.
 
     "Safe Harbor" Statement under the Private Securities Litigation Reform Act
 of 1995: Statements in this press release regarding Boca Resorts, Inc.'s
 business which are not historical facts are "forward looking statements" that
 involve risks and uncertainties.  For a discussion of such risks and
 uncertainties, which could cause actual results to differ from those contained
 in the forward looking statements, see "Risk Factors" in the Company's Annual
 Report on Form 10-K for the most recently ended fiscal year.
 
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SOURCE Boca Resorts, Inc.
    BOCA RATON, Fla., April 24 /PRNewswire/ -- Boca Resorts, Inc. (NYSE:   RST),
 an owner of luxury resorts and entertainment and sports businesses, reported
 income before extraordinary item of $28.4 million, or $0.68 per diluted share,
 for the three months ended March 31, 2001, which was in line with average
 consensus estimates as reported by market service, First Call/Thomson
 Financial.  Net income, including a $1.8 million extraordinary loss on the
 repurchase of $60.0 million principal amount of the Company's 9.875% Senior
 Subordinated Notes, was $26.6 million, or $0.64 per diluted share, for the
 recently completed quarter.  The extraordinary loss substantially represents
 the non-cash charge-off of a pro rata portion of the debt issuance costs
 previously capitalized when the Notes were issued.
     Third quarter financial highlights, excluding the prior year operating
 results from the Arizona Biltmore Resort & Spa which was sold in December
 2000, are as follows:
 
     * EBITDA for the leisure and recreation business increased 14% to $47.5
 million for the three months ended March 31, 2001 compared to $41.8 million
 during the comparable quarter of the prior year.
 
     * Room revenue per available room ("RevPar") for the three months ended
 March 31, 2001 rose 7% over the prior year period driven by increases in
 average daily rates and occupancy.
 
     * Total RevPar (which includes revenue generated from non-room sources
 such as food and beverage sales, marina revenue, golf, club memberships and
 retail sales) increased 10% over the prior year three-month period.
 
     * The Company used a portion of the proceeds from the sale of the Arizona
 Biltmore Resort & Spa to repurchase $60.0 million principal amount of its
 9.875% Senior Subordinated Notes and repay $28.4 million in other
 indebtedness.  As previously disclosed, the Company used an additional
 $56.5 million of the net proceeds to repay borrowings under a revolving credit
 line in December 2000.  The Company may use the remaining net proceeds of the
 sale to further reduce debt, repurchase stock, fund capital maintenance and
 development activities at its resort properties and/or make other investments
 in its businesses.
 
     The Company's third quarter capital development activities include the
 following:
 
     * At the Boca Raton Resort and Club, construction has begun on a new
 Marina Wing with 112 water-view rooms, a new state-of-the-art spa complex as
 well as a new golf clubhouse with a restaurant offering casual dining and
 dramatic views of the championship golf course.  In addition, over 80% of the
 resort's luxury guestrooms have been renovated and additional rooms are
 scheduled to be completed by December 2001.
 
     * At the Registry Resort located in Naples, Florida, the Company completed
 a new beach pavilion, opened a new pool complex and added 6,000 square feet of
 meeting space, making the Registry one of the largest meeting venues in the
 Naples market.
 
     * At the Bahia Mar Resort and Yachting Center in Fort Lauderdale, Florida,
 a comprehensive renovation of its 296 guestrooms was completed.
 
     Quarterly Results (Excluding the Arizona Biltmore Resort & Spa)
     Revenue for the three months ended March 31, 2001 increased to
 $127.6 million, up from $121.9 million for the three months ended March 31,
 2000.  Higher revenue during the recently completed quarter was primarily
 attributable to a 4% increase in the average daily rate charged at the
 Company's resorts, a 3% increase in occupancy and an increase in golf
 initiation fees and club dues.  Entertainment and sports revenue decreased
 during the recently completed quarter primarily due to a 14% decrease in
 average paid attendance and because one less Panther home game was played
 during the three months ended March 31, 2001 than during the comparable
 quarter last year.
     EBITDA for the recently completed quarter totaled $47.3 million compared
 to $45.4 million for the corresponding quarter of the prior year.  The
 increase in leisure and recreation revenue together with reduced business
 segment costs as a percent of revenue (which yielded a $5.7 million increase
 in EBITDA during the three months ended March 31, 2001) was partially offset
 by lower entertainment and sports EBITDA due to a decrease in revenue and an
 increase in Panthers' player salaries.
 
     Nine Month Results (Excluding the Arizona Biltmore Resort & Spa)
     Revenue for the nine months ended March 31, 2001 increased to $268.8
 million, up from $255.4 million for the nine months ended March 31, 2000.
 Higher revenue during the current year was primarily attributable to a 5%
 increase in the average daily rate charged at the Company's resorts, a 1%
 increase in occupancy and an increase in golf initiation fees and club dues.
     EBITDA for the nine months ended March 31, 2001 totaled $64.5 million
 compared to $58.7 million for the corresponding period of the prior year.  The
 increase in leisure and recreation revenue together with reduced business
 segment costs as a percent of revenue (which yielded a $7.3 million increase
 in EBITDA during the nine months ended March 31, 2001) was partially offset by
 lower entertainment and sports EBITDA due to a decrease in revenue and an
 increase in Panthers' player salaries.
 
     Balance Sheet Data
     At March 31, 2001, the Company had cash and cash equivalents of
 $123.8 million, restricted cash of $23.5 million and indebtedness totaling
 $377.3 million.  In addition, the Company maintains a long-term revolving
 credit line that represents an additional and immediate potential source of
 liquidity.  Borrowings under the credit line are based on an eligible
 borrowing base, which amounted to $144.7 million at March 31, 2001.  The
 Company's significant cash balance is largely the result of the sale of the
 Arizona Biltmore Resort and Spa.  Capital enhancements totaled $48.2 million
 during the nine months ended March 31, 2001.
 
     Financial Outlook
     While the Company is experiencing slower than expected RevPar growth
 during its fourth fiscal quarter to date, management anticipates meeting
 consensus earnings estimates before taxes and non-recurring items.
     Richard C. Rochon, President of Boca Resorts, Inc. commented, "We are very
 pleased with the performance of the leisure and recreation business which
 yielded attractive RevPar and EBITDA growth and reduced business segment costs
 as a percent of revenue during our peak operating season.  While recent
 economic news has prompted U.S. lodging forecasts to call for industry RevPar
 growth of between 2% and 3% for calendar 2001, we remain optimistic about the
 outlook for our properties and expect RevPar growth of between 5% and 7% for
 the quarter ending June 30, 2001".
     Boca Resorts, Inc. owns luxury resort properties and golf courses in
 Florida.  The Company's resort and golf portfolio includes the Boca Raton
 Resort & Club, the Registry Resort at Pelican Bay, the Edgewater Beach Hotel,
 the Hyatt Regency Pier 66 Hotel and Marina, the Radisson Bahia Mar Resort and
 Yachting Center, Grande Oaks Golf Club and Naples Grande Golf Club.  The
 Company also owns the Florida Panthers Hockey Club and manages and operates
 the National Car Rental Center (a multi-purpose entertainment complex where
 the Panthers play their home games) as well as the Incredible Ice skating
 rink.
 
                               - table to follow-
 
                               BOCA RESORTS, INC.
                UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
                 For the Three and Nine Months Ended March 31,
                     (In thousands, except per share data)
 
                               Three Months                  Nine Months
                             2001          2000         2001          2000
 
     Revenue:
      Leisure and
       recreation          $101,986      $126,035     $257,116      $268,931
      Entertainment and
       sports                25,630        28,442       51,539        54,282
                            -------       -------      --------      --------
        Total revenue       127,616       154,477      308,655       323,213
 
     Operating Expenses:
      Cost of leisure
       and recreation
       services              37,055        44,618      111,673       115,248
      Cost of entertainment
       and sports services   24,326        22,502       53,527        50,871
      Selling, general and
       administrative
       expenses              21,905        29,261       76,839        82,977
      Amortization and
       depreciation expense   8,099         9,339       28,153        26,455
                            -------       -------     --------      --------
        Total operating
         expenses            91,385       105,720      270,192       275,551
                            -------       -------      --------      --------
     Operating income        36,231        48,757       38,463        47,662
 
     Interest and
      other income            3,017           259        4,777         1,184
 
     Interest and
      other expense        (10,849)      (15,774)     (40,992)      (43,157)
 
     Minority interest          ---          (81)          ---          (30)
                            -------       -------       ------        ------
 
     Income before
      extraordinary item     28,399        33,161        2,248         5,659
 
     Extraordinary loss
      on the early
      extinguishment
      of debt               (1,823)           ---      (1,823)           ---
                            -------       -------      --------      --------
     Net income (1)         $26,576       $33,161        $ 425        $5,659
                            =======       =======      ========      ========
     Basic net income
      per share:
       Income before
        extraordinary item   $ 0.70        $ 0.81       $ 0.06        $ 0.14
       Extraordinary loss
        on the early
        extinguishment of
        debt                 (0.05)           ---       (0.05)           ---
                            -------       -------      --------      --------
       Net income            $ 0.65        $ 0.81       $ 0.01        $ 0.14
                            =======       =======      ========      ========
     Diluted net income
      per share:
      Income before
       extraordinary item    $ 0.68        $ 0.81       $ 0.05        $ 0.14
      Extraordinary loss on
       the early
       extinguishment
       of debt               (0.04)           ---       (0.04)           ---
                            -------       -------      --------      --------
      Net income             $ 0.64        $ 0.81       $ 0.01        $ 0.14
                            =======       =======      ========      ========
     Shares used in
      computing net
      income per
      share - basic          40,887        40,861       40,887        40,861
 
     Shares used in
      computing net
      income per
      share - diluted        41,666        40,861       41,502        40,887
 
    (1) No provision for income taxes has been recorded for the periods
 presented due to an offsetting change in the Company's valuation allowance.
 
 
                               BOCA RESORTS, INC.
              UNAUDITED CONSOLIDATED PRO FORMA OPERATING DATA (1)
                 For the Three and Nine Months Ended March 31,
                                 (In thousands)
 
                               Three Months                  Nine Months
                             2001          2000         2001           2000
     Revenue              $ 127,616     $ 121,944    $ 268,797     $ 255,375
 
     Operating expenses      91,385        86,371      238,384       225,783
                            -------       -------      --------      --------
     Operating income        36,231        35,573       30,413        29,592
 
     Interest and other
      income                  3,017         2,659       10,494         9,065
 
     Interest and other
      expense              (10,849)      (12,482)     (35,984)      (34,500)
 
     Minority interest          ---          (81)          ---          (30)
                            -------       -------      --------      --------
     Income before
      extraordinary item    $28,399       $25,669       $4,923        $4,127
                            =======       =======      ========      ========
     EBITDA                 $47,348       $45,374      $64,539       $58,702
                            =======       =======      ========      ========
     Adjusted EBITDA (2)    $50,854       $49,581      $73,276       $67,078
                            =======       =======      ========      ========
 
     (1) Pro forma data reflects adjustments to the Company's historical
 results of operations to give effect to the sale of the Arizona Biltmore
 Resort & Spa as if such transaction had been consummated at the beginning of
 the periods presented.
     (2) Adjusted EBITDA represents EBITDA plus the amount of net membership
 fees deferred during the period.  The net membership fees deferred during the
 period represents the change in deferred revenue arising from the Premier
 Clubs at the Boca Raton Resort and Club and Naples Grande and the Grande Oaks
 Golf Club.
 
                               BOCA RESORTS, INC.
                            UNAUDITED OTHER DATA (1)
                 For the Three and Nine Months Ended March 31,
 
                                 Three Months                 Nine Months
                              2001         2000          2001           2000
 
     EBITDA (in thousands)  $47,505       $41,840      $70,175       $62,915
 
     Adjusted EBITDA
      (in thousands)        $51,011       $46,047      $78,912       $71,291
 
     Available room
      nights                201,510       203,840      613,588       616,000
 
     Occupancy %              82.4%         80.1%        70.4%         69.4%
 
     ADR                    $287.75       $276.66      $215.80       $206.14
 
     RevPar                 $237.02       $221.47      $151.97       $143.02
 
     Total RevPar           $506.11       $458.69      $354.09       $326.45
 
     (1) Other data represents the Company's resort portfolio information
 excluding the results from the Arizona Biltmore Resort & Spa for each period
 presented.
 
     "Safe Harbor" Statement under the Private Securities Litigation Reform Act
 of 1995: Statements in this press release regarding Boca Resorts, Inc.'s
 business which are not historical facts are "forward looking statements" that
 involve risks and uncertainties.  For a discussion of such risks and
 uncertainties, which could cause actual results to differ from those contained
 in the forward looking statements, see "Risk Factors" in the Company's Annual
 Report on Form 10-K for the most recently ended fiscal year.
 
                      MAKE YOUR OPINION COUNT - Click Here
                http://tbutton.prnewswire.com/prn/11690X31002058
 
 SOURCE  Boca Resorts, Inc.