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To: Dylan who wrote (4109)	3/24/1998 11:06:00 AM
From: Dwight Griffin	Read Replies (1) \| Respond to of 4704

How are you accounting for overall expenses? In particular, some of the preopening expenses for the new restaurants. Does your receipts based model break out retail with respect to restaurant sales? First Call reports estimates of .13 to .15 with .14 being the mean.

To: Dylan who wrote (4109)	3/28/1998 11:29:00 AM
From: Dennis Vail	Read Replies (2) \| Respond to of 4704

Dylan, Here's some updated SSS figures based on what Robinow said at AK (per Edible) and the 1Q '97 unit by unit revs that Paine Webber put in last Springs analysis. Yours: Woodfield 263 Gurnee Mills 185 DisneyWorld 724 Tysons 246 South Coast Pl 330 Source 350 Down Chicago 578 Grapevine 314 MGM Grand 550 Estimates: Mall of America 300 Sawgrass 246 AZ Mills 300 Aventura 150 Animal King 0 Palisades 50 Selected updated ones from the AK conference based on the same 12.5% after tax profit margin as you are using: Woodfield: 12.5% of $2.5 million = $313,000 opposed to $263,000 Gurnee: 12.5% of $1.95 million = $244,000 opposed to $185,000 Disney: 12.5% of $9 million = $1,125,000 as opposed to $724,000 MOA : 12.5% of $2.4 million = $300,000 BINGO!! MGM: 12.5% of about $5 million = 625,000 as opposed to $550,000 Downtown Chicago: 12.5 of $2.8 = $350,000 as opposed to $578,000 (If you recall we spoke of the possibility that the new receipt roll started with 10000 instead of 00001 when the Downtown numbers came up so high. If so then each ticket would be worth more like $45-50 in revenue. Also as disney does a much higher percent retail each Disney receipt should be around $55-60 in revs. With that in mind I think we have a GREAT predictive vehicle here) Regards, Dennis