Please be advised that developments subsequent to this call are likely to cause these statements to become outdated with the passage of time. We do not intend, however, to update the information provided today prior to our next quarterly conference call. Further, today we are reporting second quarter results and first 6 months' results. These results are not necessarily indicative of results in future periods. Also, please note that prior to this call, we furnished a Form 8-K of this afternoon's press release to the SEC.

Property EBITDA and adjusted EBITDA are non-GAAP financial measures. Reconciliations of net loss to property EBITDA and net loss to adjusted EBITDA can be found in the tables in our press release.

This call, the webcast and its replay are the property of Caesars. It is not for rebroadcast or use by any other party without the prior written consent of Caesars. If you do not agree with these terms, please disconnect now. By remaining on the line, you agree to be bound by these terms.

I would now like to turn the call over to our CEO, Gary Loveman.

Gary W. Loveman

Thanks, Jacqueline. Thanks to everyone for joining us on the call today. Following a strong start to 2012, the second quarter was marked by deteriorating economic indicators in the United States and uncertainty elsewhere in the world. It won't come as a surprise to any of you that the weakening U.S. economy has led to a more difficult operating environment for our company and for the gaming industry broadly.

Despite the challenging environment, which impacted results in our core business, we made considerable progress in expanding our distribution network and we're optimistic about and committed to our capital efficient growth and investment strategy. While we invest our future, we're also maintaining a high level of discipline around our operating expenses.

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