Consumer >> Sector Roundtables >> February 18, 2002

Roundtable Forum: Gaming

ROBIN M. FARLEY is an Executive Director in the equity research division of UBS Warburg covering the cruise line, gaming and leisure industries. Prior to joining Paine Webber (acquired by UBS Warburg), Ms. Farley was with Deutsche Banc. Alex. Brown and its predecessor firms (BT Alex. Brown and BT Securities, subsidiaries of Bankers Trust). She has appeared on CNN and CNBC, and frequently in other media discussing the leisure industry. Ranked by Institutional Investor magazine for her research, she has also been named a Wall Street Journal All Star/Best on The Street, including being ranked number one for stock-picking and an All-Star for estimate accuracy in 1999. She holds a BA from Princeton University and an MBA with honors from Columbia Business School. Ms. Farley is a member of the NYSSA. Profile
JASON N. ADER is a Senior Managing Director for Bear, Stearns & Co., Inc. During the past eight years, he has built an impressive franchise at Bear Stearns, supervising research coverage for more than 50 public companies in the gaming, lodging and leisure industries. His expertise also encompasses the gaming industry's high yield bond market. He has received numerous distinctions for his research. Not only has he been ranked in Institutional Investor's All-America Research Team for the past eight years, he has been II's top-ranked gaming and lodging analyst for three consecutive years. In 1999, he was named one of New York City's '40 Under 40' by Crain's New York Business. In addition, he produces the North American Gaming Almanac and the Global Lodging Almanac. Mr. Ader began his career at Baron Capital, where he began following the casino industry. From Baron Capital, Mr. Ader moved to Smith Barney. He joined Bear Stearns in 1995. He holds a Bachelor of Science degree in Economics and a Master of Business Administration degree in Finance from New York University. Profile
BRIAN EGGER is a Director in the Equity Research Department of Credit Suisse First Boston covering the gaming and lodging industries. He formerly covered these industries for Donaldson, Lufkin & Jenrette until DLJ's merger with CSFB in October 2000. A member of the 1999 and the 2000 Institutional Investor All-America Research Teams, he has also been ranked for earnings estimate accuracy and stock picking in the Wall Street Journal All-Star Analysts Survey and is a five-time Wall Street Journal All-Star Analyst. Mr. Egger received a BS in Economics from the University of Pennsylvania's Wharton School and an MBA from the University of Chicago. Profile
TWST: Brian, how well has the gaming industry weathered the challenges

presented by the recession and the drop-off in leisure travel in the

aftermath of the events of September 11?

Mr. Egger: