$$ARK

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International Guild of Hospitality & Restaurant Managers

85 Fifth Avenue
New York , NY 10003
Phone: (212) 206-8800
Fax: (212) 629-4318
http://www.arkrestaurants.com

Ark Restaurants Corp., a holding company, owns and operates, through its subsidiaries, 26 restaurants and bars, 19 fast food concepts, catering operations and wholesale and retail bakeries. Initially, its facilities were located only in New York City . At December 28, 2001 , 12 of its restaurants were located in New York City , four were located in Washington , D.C. , nine were located in Las Vegas , Nevada , and one was located in Islamorada , Florida . The Company's Las Vegas operations include three restaurants within the New York -New York Hotel & Casino Resort, and operation of the resort's room service, banquet facilities, employee dining room and nine food court operations. The Company also owns and operates four restaurants and four food court facilities at the Venetian Casino Resort and one restaurant and six food court facilities at the Aladdin Resort and Casino and one restaurant within the Forum Shops at Caesar Palace .

In addition to the shift from a Manhattan-based operation to a multi-city operation, the nature of the facilities operated by the Company has shifted from smaller, neighborhood restaurants to larger, destination restaurants intended to benefit from high patron traffic attributable to the uniqueness of the restaurant's location. The Company opened the restaurant operations at the New York -New York Hotel & Casino in Las Vegas , Nevada in the fiscal year ended September 30,1997 . In the fiscal year ended September 30, 1998, the Company acquired one such destination restaurant, the Stage Deli, located at the Forum Shops in Las Vegas, Nevada, and opened another destination restaurant, Red, located at the South Street Seaport in New York. In the fiscal year ended September 30, 1999 , the Company opened Thunder Grill in Union Station, Washington , D.C. During the fiscal year ended September 30, 2000 , the Company opened two restaurants and four food court facilities at the Venetian Casino Resort, as well as one restaurant and a 15,000-square-foot food court containing multiple outlets at the Aladdin Resort & Casino, in Las Vegas , Nevada .

In the fiscal year ended September 29, 2001 , the Company opened V-Bar, a bar, and Venus, a lounge and tiki bar, both at the Venetian Casino Resort in Las Vegas , Nevada . The Company will construct a restaurant and bar at the Neonopolis Center to be known as The Saloon at Fremont Street in Las Vegas , Nevada , which is scheduled to open in the third quarter of fiscal 2002.

The Company has sold a number of its smaller, neighborhood restaurants. In January 2001, the Company closed its America restaurant in Tyson's Corner, McLean , Virginia . The Company's efforts to sell this restaurant had been unsuccessful. In addition, the Company's restaurant in the Aladdin Resort in Las Vegas , Nevada , as well as its food court operations, were significantly impaired by the events of September 11. The Company continues to operate the business pending the resolution of the Aladdin bankruptcy proceeding. The terrorist attacks on the World Trade Center in New York and the Pentagon in Washington , D.C. on September 11, 2001 have also had a material adverse effect on other Company restaurants. The Grill Room, located at 2 World Financial Center, which is adjacent to the World Trade Center and which was substantially damaged, has been closed since September 11, 2001, and will likely not reopen until late in the fiscal year ending September 30, 2002 (fiscal 2002). Several other Company restaurants in New York City were closed from several days to a month as a result of their proximity to the World Trade Center .

The names and themes of each of the Company's restaurants are different except for the Company's three America restaurants, two Sequoia restaurants, two Gonzalez y Gonzalez restaurants and two Lutece restaurants. The menus in the Company's restaurants are extensive, offering a wide variety of foods at generally moderate prices. Of the Company's restaurants, the two Lutece restaurants may be classified as expensive. The atmosphere at many of the restaurants is lively and extremely casual. Most of the restaurants have separate bar areas utilized by diners awaiting tables. While decor differs from restaurant to restaurant, interiors are marked by distinctive architectural and design elements, which often incorporate dramatic interior open spaces and extensive glass exteriors. The wall treatments, lighting and decorations are typically vivid, unusual and, in some cases, highly theatrical.

Disclaimer:
The data included within the Financial section is solely for information and does not construe a recommendation and/or endorsement by IGHRM or its members to invest funds with any of the companies listed. You are strongly urged to obtain professional advice with qualified individuals or corporations for any investments of funds.