Terminal session to Windows Server 2003 Guest

I have several Windows Server 2003 VMs setup on a Windows Server 2003 Host.  RDP or ICA sessions to the guest OS take a very long time to establish (45-60 seconds) but any terminal session to the Host works fine.  Once the session is established it operates as would be expected with very good response times and no drops.

All VMs are using bridged networking mode.

Any suggestions?

Thanks,

Peter