ISC projects updates

Construction has begun on the office building component of Daytona Live!, the mixed-use entertainment destination development that ISC is pursuing in a 50/50 joint venture with The Cordish Company ("Cordish"). In the second quarter, the Company announced that Cobb Theatres will anchor Daytona Live! with a 65,000 square-foot, 14-screen theater featuring digital projection with 3D capabilities, stadium seating, and a premium level providing 350 reserved seats and a full-service restaurant and bar area.

ISC is also partnered in a joint venture with Cordish on the development of a Hard Rock Hotel & Casino on property adjacent to the Kansas Speedway. The joint venture has submitted one of several competing proposals to the State of Kansas. The Kansas Lottery Commission has evaluated the proposals and forwarded them to the Lottery Gaming Facility Review Board (the "Review Board"), which has final approval in selecting the company to construct and manage the casino. The Review Board will hold public meetings on the proposals with a final decision anticipated in September 2008.

On Staten Island, ISC is in discussions with interested buyers for the 676 acre parcel. The property is being marketed for sale and the Company has received significant interest from multiple parties.