BOCA RATON, Fla., Aug. 16, 2000 - Boca Resorts, Inc. (NYSE: RST), a leading owner and operator of luxury resorts and entertainment and sports businesses, today reported operating results for its fourth quarter ended June 30.  Net income for the three months ended June 30, 2000, was $7.8 million, or $0.19 per diluted share, compared to a loss of $9.6 million, or $0.23 per diluted share for the three months ended June 30, 1999.  The operating results for the prior year quarter includes an extraordinary loss on the early retirement of debt totaling $4.3 million or $0.10 per diluted share.  The results for the recently completed record setting quarter were $.01 better than consensus estimates as reported by market service, First Call/Thomson Financial.

Fourth quarter financial highlights include:

• Consolidated revenue increased 12% to $98.3 million during the three months ended June 30, 2000, compared to $87.9 million during the three months ended June 30, 1999.
• Consolidated earnings before interest expense, minority interest, income taxes, depreciation and amortization (“EBITDA”) rose 75% to $32.2 million for the recently completed quarter, versus $18.4 million for the comparable period last year.
• Room revenue per available room (“RevPar”) for the three months ended June 30, 2000, rose 6% over the prior year period driven primarily by increases in average daily rates.
• Total revenue per available room (which includes revenue generated from non-room sources such as food and beverage sales, yachting and marina revenue, golf, club memberships and retail sales) increased 6% over the prior year three-month period.

• The Company continues to focus on internal growth opportunities at each of its properties.  The Boca Raton Resort & Club has moved forward with plans for construction of a new Marina Wing.  The 8-story complex is expected to consist of 112 water-view suites with superior guest services as well as additional meeting rooms.  Other waterfront development includes a Tuscan-style restaurant, retail space and new marina slips.  The restaurant will be operated by renowned restauranteur Drew Nieporent of the Myriad Restaurant Group.  Ground breaking is also planned this year on a new state-of-the-art 40,000-square-foot spa and a new golf clubhouse and casual restaurant.
• The Company expects to add 6,000 square feet of flexible meeting space at the Registry Resort providing it with the largest meeting venue in the Naples market.  In addition, a new pool complex, featuring a free-form pool situated in a tropical setting, a separate Olympic-sized pool and private cabana rentals are currently under construction.
• The Company has undertaken several technological and e-commerce initiatives, such as launching several redesigned Web sites, including the Boca Raton Resort & Club (http://www.bocaresort.com).  This interactive site enables customers to book on-line real-time within the Company’s central reservations system and features, among other things, a live beach and golf cam.
• As previously announced, the Company has engaged Allen & Company, a New York City-based investment banking company, to review prospects for a potential sale of the Company’s entertainment and sports businesses, the primary component of which is the Florida Panthers Hockey Club and related arena management operations.

Quarterly Results

Revenue during the three months ended June 30, 2000, rose to $98.3 million, up from $87.9 million during the three months ended June 30, 1999.  Higher revenue during the recently completed quarter was primarily attributable to an increase in the average daily rate charged at the Company’s resorts, an increase in the number of available and occupied rooms at the Arizona Biltmore Resort & Spa and an increase in food and beverage sales and golf fees.  In addition, entertainment and sports revenue increased during the three-month period ended June 30, 2000, versus the same period of the prior year substantially because the Florida Panthers Hockey Club participated in the first round of Stanley Cup playoffs.

Operating income for the recently completed quarter totaled $14.8 million compared to $6.1 million for the corresponding quarter of the prior year.  In addition to an increase in revenue, the Company experienced stronger profit margins during the recently concluded quarter due to a reduction in cost of services and selling, general and administrative expenses as a percent of revenue.  Management continues to focus on cost efficiencies from business integration in an effort to improve profitability.

Interest and other income amounted to $7.5 million and $4.3 million during the three months ended June 30, 2000, and 1999, respectively.  The increase in interest and other income during the three months ended June 30, 2000, versus the same period last year was primarily the result of a $3.2 million increase in expansion fees earned by the Florida Panthers Hockey Club for their share of franchise fees paid by new NHL clubs.

Interest and other expense decreased to $14.4 million during the three months ended June 30, 2000, from $15.6 million during the comparable period last year.  The decrease in interest and other expense during the three months ended June 30, 2000, versus the same period last year was primarily the result of a reduction in the average cost of borrowing.

Net income was $7.8 million during the three months ended June 30, 2000, versus a loss of $9.6 million in the year-ago period.  The net loss for the three months ended June 30, 1999, includes an extraordinary loss on the early retirement of debt totaling $4.3 million.

Twelve Month Results

Revenue for the twelve months ended June 30, 2000, increased to $421.5 million, up from $389.6 million for the twelve months ended June 30, 1999.  Higher revenue during the year ended June 30, 2000, was primarily attributable to an increase in the average daily rate and occupancy at the Company’s resorts, an increase in the number of available and occupied rooms at the Arizona Biltmore Resort & Spa and an increase in other non-room sources of revenue in the Company’s resort portfolio.

Operating income during fiscal 2000 totaled $62.5 million, compared to $60.2 million during the prior year.  While certain cost efficiencies were realized in the leisure and recreation business during the twelve months ended June 30, 2000, the consolidated results of operations were adversely impacted primarily by an increase in Florida Panthers Hockey Club players’ costs and higher depreciation on recently completed capital projects.  Net income was $13.5 million during the twelve months ended June 30, 2000, versus $5.4 million for the prior year.

Boca Resorts, Inc. owns luxury resort properties in Florida and Arizona.  The Company’s resort portfolio includes the 

• Boca Raton Resort & Club, 
• the Arizona Biltmore Resort & Spa, 
• 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.  

“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.