GGP Ggp Inc. (delisted)

- General Growth Brings Proven Retail Success to Major Las Vegas Strip Development - LAS VEGAS, May 21 /PRNewswire-FirstCall/ -- Aligning itself with one of the most diversified and well-resourced operators in the retail industry, Boyd Gaming Corporation (NYSE:BYD) today announced a joint venture agreement with General Growth Properties, Inc. (NYSE:GGP) to develop a 300,000-square-foot retail promenade as part of Echelon, the Company's 87-acre resort masterplan development on the Las Vegas Strip. (Logo: http://www.newscom.com/cgi-bin/prnh/20030219/BOYDLOGO ) "We are delighted to welcome one of the most respected names in retail to Echelon," said Bob Boughner, President and Chief Executive Officer of Boyd Gaming's Echelon Resorts. "With General Growth, we have jointly envisioned a unique retail experience at Echelon with a diversity of upscale boutiques, cafes, restaurants, and shops. General Growth's operating experience, vast resources and extensive tenant relationships will be critical to delivering this important anchor within our resort masterplan." John Bucksbaum, Chief Executive Officer of General Growth, said, "Of all the world's most-visited places, Las Vegas has some of the highest standards when it comes to customer expectations for wonderful shopping and entertainment. We welcome this newest opportunity to far exceed those expectations." Under terms of the agreement, Boyd Gaming will contribute the above-ground (air rights) real estate interest necessary to develop the promenade, and General Growth will contribute $100 million, creating the 50/50 joint venture. The joint venture will then develop the retail promenade. The retail project is expected to cost approximately $500 million, including the value contributed by both parties. General Growth has a portfolio of more than 200 shopping centers in 45 states. Four of their retail centers are in Las Vegas, including Fashion Show and The Grand Canal Shoppes at the Venetian. GGP will soon acquire the Shoppes at the Palazzo, also at the Venetian, opening in early 2008. In 2009, it will open Summerlin Centre, a mixed-use development featuring 1.2 million square feet of retail in the Summerlin master-planned community on the west rim of the Las Vegas Valley. General Growth is the latest addition to an assemblage of leading international operators and iconic brands that Boyd Gaming has brought together to develop Echelon, including Morgans Hotel Group, who is developing the Delano and Mondrian hotels in a joint venture with Boyd Gaming; Shangri-La Hotels, the leading luxury hotel brand in Asia; and entertainment producer AEG Live. Spanning 87 acres on the Las Vegas Strip, Echelon will feature 5,000 hotel rooms, 750,000 square feet of convention and meetings space, two live entertainment venues, 30 dining and nightlife venues, and a 140,000-square- foot casino, all within a lushly landscaped resort setting. Echelon is expected to open in the third quarter 2010. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as "may," "will," "might," "expect," "believe," "anticipate," "could," "would," "estimate," "continue," "pursue," or the negative thereof or comparable terminology, and may include (without limitation) information regarding the Company's expectations, goals or intentions regarding the future, including but not limited to statements regarding the Company's joint venture with General Growth Properties, Inc., the proposed retail promenade at Echelon and its associated anticipated cost and General Growth's anticipated acquisitions and openings. In addition, forward-looking statements include statements regarding Las Vegas' standards and expectations, and the Company's expectations regarding the retail promenade and Echelon, including anticipated timing, amenities and costs for each. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. In particular, the Company can provide no assurances regarding the estimated timing, cost, progress or anticipated amenities and features of Echelon or the retail promenade. Among the factors that could cause actual results to differ materially are the following: competition, litigation, changes in laws and regulations, including increased taxes, the availability and price of energy, economic, credit and capital market conditions and the effects of war, terrorist or similar activity. In addition, the Company's development projects, including Echelon and the retail promenade, are subject to the many risks inherent in the construction of a new enterprise, including unanticipated design, construction, regulatory, environmental and operating problems and lack of demand for the Company's projects, as well as unanticipated delays and cost increases, shortages of materials, shortages of skilled labor or work stoppages, unforeseen construction scheduling, engineering, environmental, permitting, construction or geological problems, weather interference, floods, fires or other casualty losses. In addition, the Company's anticipated costs and construction periods for projects are based upon budgets, conceptual design documents and construction schedule estimates prepared by the Company in consultation with its architects and contractors. Many of these costs are estimated at inception of the project and can change over time as the project is built to completion. The cost of any project may vary significantly from initial budget expectations, and the Company may have a limited amount of capital resources to fund cost overruns. If the Company cannot finance cost overruns on a timely basis, the completion of one or more projects may be delayed until adequate funding is available. The Company cannot assure you that any project will be completed, if at all, on time or within established budgets, or that any project will result in increased earnings to the Company. Significant delays, cost overruns, or failures of the Company's projects to achieve market acceptance could have a material adverse effect on the Company's business, financial condition and results of operations. Furthermore, the Company's projects may not help it compete with new or increased competition in its markets. Additional factors that could cause actual results to differ are discussed under the heading "Risk Factors" and in other sections of the Company's Form 10-K for the year ended December 31, 2006, which is on file with the SEC, and in the Company's other current and periodic reports filed from time to time with the SEC. All forward-looking statements in this press release are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement. About Boyd Gaming Headquartered in Las Vegas, Boyd Gaming Corporation (NYSE:BYD) is a leading diversified owner and operator of 17 gaming entertainment properties located in Nevada, New Jersey, Mississippi, Illinois, Indiana, Louisiana and Florida. The Company is also developing Echelon, a world-class destination resort on the Las Vegas Strip, expected to open in the third quarter 2010. Boyd Gaming press releases are available at http://www.prnewswire.com/. Additional news and information on Boyd Gaming can be found at http://www.boydgaming.com/ . About General Growth Properties General Growth Properties, Inc. is the second largest U.S.-based publicly traded real estate investment trust (REIT) based upon market capitalization. General Growth has ownership interest or management responsibility for a portfolio of more than 200 regional shopping malls in 45 states, as well as ownership interest in master-planned community developments and commercial office centers. General Growth's international portfolio includes ownership and management interest in shopping centers in Brazil and Turkey. The Company's portfolio totals approximately 200 million square feet and includes more than 24,000 retail stores nationwide. General Growth Properties, Inc. is listed on the New York Stock Exchange under the symbol GGP. For more information, please visit http://www.ggp.com/. http://www.newscom.com/cgi-bin/prnh/20030219/BOYDLOGO http://photoarchive.ap.org/ DATASOURCE: Boyd Gaming Corporation CONTACT: Financial, Paul Chakmak, +1-702-792-7212, , or Media, Rob Stillwell, +1-702-792-7353, , both of Boyd Gaming Corporation; or Jim Graham of General Growth Properties, Inc., +1-312-960-2955 Web site: http://www.ggp.com/ Web site: http://www.boydgaming.com/

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