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Nevada Timeshare Industry Reports Sales of $117 Million
Nearly 80,000 New Owners
     Industry Attracts Upscale Consumers Who Visit Longer and Spend More

WASHINGTON, Jan. 26 -- Nevada timeshare sales totaled $117 million in 1996 as the statewide industry grew at an average rate of six percent per year, according to a study released today by the American Resort Development Association (ARDA) and ARDA-Nevada, the statewide association of timeshare developers. In 1996, 9,300 interval weeks were sold in Nevada at an average price of $12,500 per week.

Nevada timeshare sales in 1996 represent an increase in total dollar volume of approximately $19 million, or 19%,
over 1993 sales, as recorded in an earlier statewide study. They also represent an increase of $22.3 million, or 24%,
over 1992 sales of $94.7 million. Average interval prices have risen from $10,700 per week in 1993, at a
compounded rate of 5.3% per year, to $12,500 in 1996.

"As one of the world's most vibrant and attractive timeshare resort destination markets, Nevada is critical to our
industry, and we are privileged to enjoy a mutually beneficial relationship with the state of Nevada," said ARDA
President Cynthia Huheey.

Nevada Timeshares Contribute Over $1.2 Billion to Economy

In 1996, the Nevada timeshare industry generated over $1.2 billion in economic impacts in the state, including
over 21,000 jobs. Over $517 million of these impacts, including 10,400 jobs, were generated directly by the
industry at timeshare resorts, restaurants, and casinos.

"Nevada's rich and varied tourism attractions, coupled with our state's progressive development policies, have
helped our industry to grow and flourish. This positive climate has permitted timeshare resorts, in turn, to
cultivate an upscale, loyal visitor base and contribute economically through jobs, visitor spending, and taxes,"
said James W. Broughton, RRP, chairman of ARDA-Nevada and chairman and CEO of Las Vegas-based LEXES
Enterprises, Inc.

Nevada timeshare owners stay longer and spend more money than visitors to the state overall. Timeshare owners
and their guests spend a total of $121.3 million annually in Nevada and, in addition, bring a total of $198.4 million to spend on gaming. The vast majority (89%) of owners gambled during their most recent timeshare vacation, averaging 3.8 hours per day at this activity. The average gambling budget of timeshare owners was
$585 for the trip.

Timeshare owners report average non-gaming expenditures of $991 per visitor party during their stay and
average $388 on airfare. In 1996, Nevada timeshare owners stayed an average of seven nights. Las Vegas
timeshare visitor parties spend an average of $1,080 per trip, as compared to the average visitor party to the area,
which spends $305 per trip. Timeshare visitor parties in Lake Tahoe spend an average of $1,040 per trip, while the
average visitor party spends only $535 per trip.

The average Nevada timeshare owner pays property taxes of $14 per week owned. Given the 129,600 intervals in
the state of both sold and unsold inventory, this indicates total annual payments of property taxes of
approximately $1.8 million by timeshare owners.

Timesharing as "Export" Industry Attracts Upscale Consumers to Nevada

Nevada timesharing is an "export" industry for the state, as only about five percent of Nevada owners reside in
the state: 41% reside in the Pacific region; California, alone, represents 35% of Nevada owners. Nevada
timesharing attracts the upper end of the tourism market. The demographic profile of Nevada owners include the
following: a median household income of $69,000, or nearly twice the national average; a median age of
household head of 53 years; bachelor degrees or higher attained by 54% of household heads; and married
couples accounting for 86%.

Nearly 40,500 timeshare owners, or almost half of those owning timeshare property in Nevada, own in the Las
Vegas area. There are 29,400 owners at Lake Tahoe resorts and 13,000 who own in Reno and other areas of the
state. (Some households own in more than one region, which is why regional figures sum to more than the
statewide total.)

Las Vegas Resorts Lead Statewide Industry with $83 Million in Sales

Consumers had purchased a total of 119,800 weeks of Nevada timeshares as of January 1, 1997. Of these, 51% are
in Las Vegas, 32% in the Lake Tahoe area, and 17% in Reno and elsewhere in the state. The study reports a total
of 79,900 Nevada timeshare owners, indicating that many owners purchase multiple intervals.

The state's timeshare inventory includes 31 resorts, including nine in Las Vegas, 17 on the Nevada side of Lake
Tahoe, three in Reno, and two in other areas of the state. These include approximately 2,530 units: 1,235 in the Las
Vegas area, 850 in the Lake Tahoe area, and 445 in Reno and elsewhere.

Las Vegas has the largest concentration of weeks sold, at 60,800, or approximately 51% of the state total. Lake
Tahoe resorts report 38,300 intervals sold, or 32% of the state total. Reno and other areas of the state represent
20,800 weeks, or 17% of the total, with most in the Reno area.

By far the most dynamic region of the state in terms of timeshare development in recent years, Las Vegas
experienced approximately $83 million in timeshare sales during 1996, or about 7,100 intervals sold at an average
rate of $11,700 per week. This is up from $55 million in 1993, indicating annual compounded growth of almost 15%
per year.

As of the end of the year, resorts in the Lake Tahoe area are nearing sellout and reducing sales activity. 1996
sales in the area were reported at $29 million. Consistent demand and limited inventory in the area have caused a
jump in price from an average of $16,400 per week in 1993 to $18,100 in 1996.

Sales volume in Reno and other areas around the state totaled $5 million in 1996, representing approximately 600
intervals sold, with prices averaging $8,400 per week.

The study is based on a national survey of 26 Nevada timeshare resorts and 1,143 households that own
timeshares located in Nevada. It was conducted by Steven Miner Research Appraisal, and the University of
Southern California, with extensive data supplied by Interval International and Resort Condominiums
International. As the professional association of the recreational real estate, resort and vacation ownership
industry, ARDA serves nearly 1,000 member companies representing more than 4,000 resorts and is based in
Washington, D.C.

Visit the ARDA web site at

Chris Larsen of ARDA, 202-371-6700, ext. 313, or
Ellen Yui of YUI+COMPANY, 301-585-0298/

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