MGM Resorts International (MGM) 8-K MGM Mirage Reports Fourth Quarter and Full Year Results

EXHIBIT 99

FOR IMMEDIATE RELEASE

CONTACTS:	Investment Community	Media
	James J. Murren	Alan Feldman
	President, Chief Financial Officer	Senior Vice President
	and Treasurer	Public Affairs
	(702) 693-8877	(702) 891-7147

MGM MIRAGE REPORTS FOURTH QUARTER AND FULL YEAR RESULTS

Record Performances at Flagship Resorts Drive Company’s Most Profitable Year Ever

Las Vegas, Nevada, February 1, 2005— MGM MIRAGE (NYSE: MGG) today reported record fourth quarter and full year financial results for 2004. Adjusted earnings per diluted share (“Adjusted EPS”) rose 42% to $0.51 in the fourth quarter of 2004 from $0.36 in the 2003 quarter, representing the Company’s best fourth quarter performance in its history. For the full year, the Company earned $2.52 in Adjusted EPS compared to $1.52 in 2003, with record operating performance for the year at several resorts, includingBellagio,MGM Grand Las VegasandBeau Rivage.

Fourth quarter business trends were consistent with those experienced throughout 2004, with strong customer spending and significant increases in room rates. The Company has been adding upscale amenities across its resort portfolio, attracting more guests and capturing increased share of customer spending. Casino revenue increased 10%, with continued strength in slot revenues, up 9%, and extremely strong table games revenues, up 12%. REVPAR (revenue per available room) increased 13% at the Company’s Las Vegas resorts in the 2004 fourth quarter, on top of a 5% year-over-year increase in the 2003 fourth quarter.

Adjusted EPS (and Adjusted Earnings) excludes discontinued operations, preopening and start-up expenses, restructuring costs, net property transactions, tax adjustments and loss on early retirement of debt¹. On a GAAP (Generally Accepted Accounting Principles) basis, diluted earnings per share from continuing operations decreased to $0.47 for the fourth quarter of 2004 from $0.58 in the 2003 quarter, due to one-time items in the prior year including the gain on sale of land in North Las Vegas ($0.16 per share) and the reversal of tax reserves ($0.09 per share). GAAP diluted EPS, including the results of discontinued operations, was $0.47 in the 2004 quarter versus $0.62 in 2003. Full year GAAP diluted EPS in 2004 was $2.37 from continuing operations versus $1.52 in 2003 and $2.80 on a net basis (including discontinued operations), versus $1.61 in 2003.

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“The fourth quarter of 2004 provides an exclamation point on a tremendous year for all of us at MGM MIRAGE,” said Terry Lanni, MGM MIRAGE’s Chairman and CEO. “We have again proven our ability to operate the world’s best resorts, and have demonstrated vision to look to the future. In 2005, we will successfully integrate Mandalay Resort Group’s properties and employees, and begin executing on the vision of Project CityCenter.”

Fourth Quarter Company Highlights

•   Generated net revenues of $1.06 billion in the fourth quarter, up 11% over 2003;

•   Reported company-wide REVPAR of $120 in the fourth quarter, up 12% over prior year’s quarter;

•   Earned record property-level EBITDA² of $354 million in the fourth quarter, up 20% over the 2003 quarter;

•   Generated operating income of $213 million, up 23% compared to the 2003 quarter, after excluding the prior year $37 million gain on sale of land;

•   Produced a company-wide property-level EBITDA margin of 33% in the fourth quarter compared to 31% in the prior year;

•   AnnouncedProject CityCenter, a multi-billion dollar urban master-planned development on the Las Vegas Strip, with a first phase featuring a 4,000-room casino resort, three 400-room boutique hotels, 550,000 square feet of retail, dining and entertainment venues, and 1,650 units of luxury condominium, hotel/condominium and private residence clubs;

•   Launched the $375 millionBellagioexpansion, consisting of the 928-room Spa Tower, Sensi, a dramatic new restaurant opening to rave reviews, a significantly expanded and upgraded spa and salon, and additional retail outlets and meeting space;

•   Debuted KÀ, the most recent spectacular show by Cirque du Soleil atMGM Grand Las Vegas. KÀ is presented in a custom-designed theatre seating almost 2,000 guests;

•   Opened the SKYLOFTS atMGM Grand Las Vegas, featuring the ultimate in personal service for discerning guests in two-floor suites with the finest guest amenities and panoramic views of the Las Vegas Strip;

•   Named to the Forbes magazine list of “Best Managed Companies in America,” rated as the best managed company in the “Hotels, restaurants and leisure category”.

Full Year Company Highlights

•   Generated record full year net revenues of $4.2 billion, a 10% increase over 2003;

•   Produced record property-level EBITDA of $1.46 billion, an increase of 23% over 2003, while operating income was $951 million, an increase of 36%, with record results atBellagio,MGM Grand Las VegasandBeau Rivage;

•   Announced the merger with Mandalay Resort Group, expected to close in the first quarter of 2005 after receipt of regulatory approvals, thereby adding to the Company’s premier portfolio of resorts. Financing is already in place for the acquisition with the issuance of $1 billion of fixed rate debt at attractive interest rates and an increase in the Company’s bank credit facility to $7 billion;

•   Announced a joint venture agreement with Pansy Ho Chiu-king to develop, build and operate a major hotel-casino resort in Macau S.A.R.;

•   Invested $680 million of capital in the Company’s resorts, repurchased 8 million shares of common stock for $349 million, repaid $72 million of net debt and closed on the sales of the Golden Nugget Las Vegas, Golden Nugget Laughlin and MGM Grand Australia.

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Detailed Financial Results

The following table shows key financial results on a Company-wide basis for the fourth quarter and the full year.

	Three months ended				Year ended
	December 31,				December 31,
	2004		2003		2004		2003
	(In millions)
Casino revenue, net	$	572.6	$	518.4	$	2,224.0	$	2,037.5
Non-casino revenue, net		490.1		441.5		2,014.1		1,825.2
Net revenue		1,062.7		959.9		4,238.1		3,862.7
Operating income		213.2		210.1		950.9		699.7
Income from continuing operations		67.9		85.7		342.9		230.3
Discontinued operations, net		—		6.0		62.5		13.4
Net income		67.9		91.7		405.4		243.7
Property-level EBITDA	$	353.8	$	295.6	$	1,455.9	$	1,179.0
EBITDA (after corporate expense)		329.2		278.3		1,378.0		1,117.4
Adjusted Earnings		74.3		53.1		364.1		230.0

Except where noted, all references in this release to operating results, including statistical information, exclude the results of Golden Nugget Las Vegas, Golden Nugget Laughlin, MGM Grand Australia and MGM MIRAGE Online for all periods presented. The results of these operations are classified as discontinued operations.

The 11% increase in net revenue in the fourth quarter was representative of revenue gains in all of the Company’s operations with strong casino and hotel volumes driven by ongoing investments in new amenities, continued increases in room rates and higher spending by customers throughout the Company’s resorts. Casino revenue increased 10% in the 2004 quarter. Table games volume increased a significant 14%, with particular strength in baccarat volume, up 40%. The Company’s table games hold percentage was near the mid-point of the Company’s normal range in both the current and prior year quarters. Company-wide slot revenue in the quarter was up 9% from 2003. Several resorts experienced double-digit increases in slot revenues, includingBellagio,New York-New York,The Mirage,TIandBeau Rivage.

Non-casino revenue was up 11% in the quarter. Hotel revenue was up 10%, with a higher occupancy rate of 90% in the fourth quarter of 2004 versus 88% in 2003, and a higher average daily room rate (“ADR”) of $134 versus $122 in 2003. As a result, REVPAR was $120, an increase of 12% over 2003. REVPAR at the Company’s Las Vegas resorts was up 13% over the prior year to $141.

Food and beverage, entertainment, retail and other revenues were up 11% in the 2004 quarter. KÀ opened in late November, generating a portion of the increase in non-gaming revenues. Additionally, the Company has opened several new restaurant and entertainment venues in the past year.

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Consolidated EBITDA increased 18% for the quarter, reflecting the strong revenue results and operating leverage inherent with strong customer volumes and higher hotel room rates. The property-level EBITDA margin was 33% in the 2004 quarter, up from 31% in the prior year’s quarter and the Company’s highest fourth quarter margin since the 2000 merger of MGM Grand, Inc. and Mirage Resorts. Additionally, the Company benefited from the increased contribution ofBorgata. Operating income only increased 1% due to the prior year gain on sale of land of $37 million; excluding that gain, operating income was up 23%.

Fourth quarter Adjusted Earnings increased 40% compared to 2003 due to the strong operating results described above. Net interest expense increased due to slightly higher variable market interest rates and the issuance of fixed rate debt in the third quarter of 2004.

For the fourth quarter of 2004, Adjusted Earnings excluded a net $9.7 million ($6.3 million, net of tax) of items. These items included:

•   Preopening and start-up expenses of $6.7 million ($4.3 million, net of tax), primarily related to KÀ atMGM Grand Las Vegasand theBellagioexpansion;

•   Restructuring credit of $(0.3) million ($(0.2) million, net of tax);

•   Net property transactions of $3.3 million ($2.2 million, net of tax), including demolition costs atMGM Grand Las Vegasin connection with room remodel projects.

In the fourth quarter of 2003, items excluded in the determination of Adjusted Earnings totaled a net benefit of $43.0 million ($32.6 million, net of tax) and included preopening and start-up expenses of $0.5 million ($0.3 million, net of tax); restructuring costs of $1.4 million ($0.9 million, net of tax), primarily related to the closure of the Siegfried and Roy show; net gain on property transactions of $31.5 million ($20.5 million, net of tax), including the $36.7 million gain on sale of land in North Las Vegas; and reversal of tax reserves of $13.4 million.

The Company’s effective income tax rate was 38.5% in the fourth quarter versus 24.7% in the 2003 quarter. The increase was due to non-deductible costs related to a Michigan ballot initiative, overseas development costs for which no tax benefit was provided, and the reversal of tax reserves in the prior year.

Financial Position

Fourth quarter capital investments of $168 million included $57 million for theBellagioexpansion and $33 million related to the renovation of the Emerald Tower and the SKYLOFTS atMGM Grand Las Vegas.Other expenditures related primarily to continued enhancements to the Company’s existing resorts, including work on new dining and entertainment venues.

The Company did not repurchase any shares of common stock in the fourth quarter, and repaid $111 million of net debt. As of December 31, 2004, the Company had approximately $2.4 billion of available borrowings under its existing senior credit facility.

“We generated significant operating cash flow in 2004, and will continue to do so to provide support for our growth initiatives,” said MGM MIRAGE President, CFO and Treasurer, Jim Murren. “We look forward to enhancing our already strong portfolio of resorts with the coming Mandalay merger. This transaction will allow us to further invest in strategic developments with outstanding returns and to rapidly de-leverage,” Mr. Murren said.

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Outlook

The Company expects REVPAR growth to be in the 10% range in the first quarter of 2005, driven by an exceptional convention and events calendar, on top of a 9% year-over-year increase in the 2004 first quarter. Property-level EBITDA is expected to increase over the prior year due to the expected continued strength in hotel results and solid gaming volumes. The Bellagio expansion will also contribute to the positive comparison. Other factors affecting Adjusted EPS compared to the first quarter of 2004 include higher levels of fixed rate borrowings related to the pending Mandalay merger and higher depreciation expense resulting from recent capital additions.

“We believe the current earnings consensus for the first quarter of $0.74 as reported on First Call on January 31, 2005 is reasonable. We are mindful that two important first quarter events, Super Sunday and Chinese New Year, have not yet occurred, and our guidance excludes any impact from the expected closing of the Mandalay merger,” said Mr. Murren. The Company earned $0.70 in the prior year first quarter on an Adjusted EPS basis, which was an all-time record for the Company.

MGM MIRAGE will hold a conference call to discuss its earnings results and outlook for the first quarter of 2005 at 11:00 a.m. Eastern Standard Time today. The call can be accessed live atwww.companyboardroom.com orwww.mgmmirage.com, or by calling 1-800-526-8531 (domestic) or 1-706-634-6528 (international). A complete replay of the conference call will be made available atwww.mgmmirage.com.

¹ Adjusted Earnings (and Adjusted EPS) is presented solely as a supplemental disclosure because management believes that it is 1) a widely used measure of performance, and 2) a principal basis for valuation of gaming companies, as this measure is considered by many to be a better measure on which to base expectations of future results than income from continuing operations computed in accordance with generally accepted accounting principles (“GAAP”). Reconciliations of GAAP income from continuing operations and EPS to Adjusted Earnings and EPS are included in the financial schedules accompanying this release.

² EBITDA is earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, restructuring, preopening and start-up expenses, and property transactions, net. EBITDA is presented solely as a supplemental disclosure because management believes that it is 1) a widely used measure of operating performance in the gaming industry, and 2) a principal basis for valuation of gaming companies. Management uses property-level EBITDA (EBITDA before corporate expense) as the primary measure of the Company’s operating resorts’ performance, including the evaluation of operating personnel. EBITDA should not be construed as an alternative to operating income or income from continuing operations, as an indicator of the Company’s operating performance, or as an alternative to cash flows from operating activities, as a measure of liquidity, or as any other measure determined in accordance with generally accepted accounting principles. The Company has significant uses of cash flows, including capital expenditures, interest payments, taxes and debt principal repayments, which are not reflected in EBITDA. Also, other gaming companies that report EBITDA information may calculate EBITDA in a different manner than the Company. Reconciliations of consolidated EBITDA to income from continuing operations and operating income to EBITDA by resort are included in the financial schedules accompanying this release.

*     *     *

MGM MIRAGE (NYSE:MGG), headquartered in Las Vegas, Nevada, is one of the world’s leading and most respected hotel and gaming companies. The Company owns and operates 11 casino resorts located in Nevada, Mississippi and Michigan, and has investments in three other casino resorts in Nevada, New Jersey and the United Kingdom. For more information about MGM MIRAGE, please visit the company’s website at<http://www.mgmmirage.com>.

Statements in this release which are not historical facts are “forward looking” statements and “safe harbor statements” under the Private Securities Litigation Reform Act of 1995 that involve risks and/or uncertainties, including risks and/or uncertainties as described in the company’s public filings with the Securities and Exchange Commission.

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MGM MIRAGE AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)

	Three Months Ended						Twelve Months Ended
	December 31,			December 31,			December 31,			December 31,
	2004			2003			2004			2003
Revenues:
Casino	$	572,594		$	518,355		$	2,223,965		$	2,037,514
Rooms		220,993			201,246			911,259			833,272
Food and beverage		206,081			189,651			841,147			757,278
Entertainment		70,487			60,353			270,799			255,995
Retail		45,245			45,284			184,438			180,935
Other		60,773			49,980			240,880			210,772
		1,176,173			1,064,869			4,672,488			4,275,766
Less: Promotional allowances		(113,426	)		(104,959	)		(434,384	)		(413,023	)
		1,062,747			959,910			4,238,104			3,862,743
Expenses:
Casino		284,791			263,791			1,106,142			1,040,948
Rooms		62,758			58,175			247,387			234,693
Food and beverage		121,574			113,587			482,417			436,754
Entertainment		50,121			42,982			192,390			183,012
Retail		29,468			28,897			118,413			115,123
Other		36,685			32,883			146,146			130,698
Provision for doubtful accounts		4,105			(5,697	)		(3,629	)		12,570
General and administrative		153,952			145,903			612,615			583,599
Corporate expense		24,531			17,317			77,910			61,541
Preopening and start-up expenses		6,692			507			10,276			29,266
Restructuring costs (credit)		(276	)		1,410			5,625			6,597
Property transactions, net		3,311			(31,451	)		8,665			(18,941	)
Depreciation and amortization		106,263			97,722			402,545			400,766
		883,975			766,026			3,406,902			3,216,626
Income from unconsolidated affiliates		34,468			16,258			119,658			53,612
Operating income		213,240			210,142			950,860			699,729
Non-operating income (expense):
Interest income		2,224			846			5,664			4,078
Interest expense, net		(100,692	)		(89,397	)		(378,386	)		(337,586	)
Non-operating items from unconsolidated affiliates		(4,488	)		(6,179	)		(23,802	)		(10,401	)
Other, net		137			(1,697	)		(10,025	)		(12,160	)
		(102,819	)		(96,427	)		(406,549	)		(356,069	)
Income from continuing operations before income taxes		110,421			113,715			544,311			343,660
Provision for income taxes		(42,474	)		(28,049	)		(201,394	)		(113,387	)
Income from continuing operations		67,947			85,666			342,917			230,273
Discontinued operations
Income from discontinued operations, including gain (loss) on disposal of $82,538 (twelve months 2004) and ($6,735) (twelve months 2003)		—			8,985			94,207			16,075
Provision for income taxes		—			(2,916	)		(31,731	)		(2,651	)
		—			6,069			62,476			13,424
Net income	$	67,947		$	91,735		$	405,393		$	243,697
Per share of common stock:
Basic:
Income from continuing operations	$	0.49		$	0.60		$	2.46		$	1.55
Discontinued operations		—			0.04			0.44			0.09
Net income per share	$	0.49		$	0.64		$	2.90		$	1.64
Weighted average shares outstanding		138,884			143,918			139,663			148,930
Diluted:
Income from continuing operations	$	0.47		$	0.58		$	2.37		$	1.52
Discontinued operations		—			0.04			0.43			0.09
Net income per share	$	0.47		$	0.62		$	2.80		$	1.61
Weighted average shares outstanding		144,848			147,708			144,666			151,592

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MGM MIRAGE AND SUBSIDIARIES
RECONCILIATION OF GAAP INCOME FROM CONTINUING OPERATIONS
AND EPS TO ADJUSTED EARNINGS AND EPS
(In thousands, except per share data)
(Unaudited)

	Three Months Ended						Twelve Months Ended
	December 31,			December 31,			December 31,		December 31,
	2004			2003			2004		2003
Income from continuing operations	$	67,947		$	85,666		$	342,917	$	230,273
Preopening and start-up expenses, net		4,349			330			6,679		19,023
Restructuring costs (credit), net		(180	)		916			3,656		4,288
Property transactions, net		2,152			(20,444	)		5,632		(12,312	)
Tax adjustments		—			(13,391	)		1,643		(13,391	)
Loss on debt retirements, net		—			—			3,593		2,109
Adjusted earnings	$	74,268		$	53,077		$	364,120	$	229,990
Per diluted share of common stock:
Income from continuing operations	$	0.47		$	0.58		$	2.37	$	1.52
Preopening and start-up expenses, net		0.03			—			0.05		0.13
Restructuring costs (credit), net		—			0.01			0.03		0.03
Property transactions, net		0.01			(0.14	)		0.04		(0.08	)
Tax adjustments		—			(0.09	)		0.01		(0.09	)
Loss on debt retirements, net		—			—			0.02		0.01
Adjusted EPS	$	0.51		$	0.36		$	2.52	$	1.52
Weighted average diluted shares outstanding		144,848			147,708			144,666		151,592

MGM MIRAGE AND SUBSIDIARIES
RECONCILIATION OF CONSOLIDATED EBITDA TO INCOME FROM CONTINUING OPERATIONS
(In thousands)
(Unaudited)

	Three Months Ended						Twelve Months Ended
	December 31,			December 31,			December 31,			December 31,
	2004			2003			2004			2003
EBITDA	$	329,230		$	278,330		$	1,377,971		$	1,117,417
Preopening and start-up expenses		(6,692	)		(507	)		(10,276	)		(29,266	)
Restructuring costs (credit)		276			(1,410	)		(5,625	)		(6,597	)
Property transactions, net		(3,311	)		31,451			(8,665	)		18,941
Depreciation and amortization		(106,263	)		(97,722	)		(402,545	)		(400,766	)
Operating income		213,240			210,142			950,860			699,729
Non-operating income (expense):
Interest expense, net		(100,692	)		(89,397	)		(378,386	)		(337,586	)
Other		(2,127	)		(7,030	)		(28,163	)		(18,483	)
		(102,819	)		(96,427	)		(406,549	)		(356,069	)
Income from continuing operations before income taxes		110,421			113,715			544,311			343,660
Provision for income taxes		(42,474	)		(28,049	)		(201,394	)		(113,387	)
Income from continuing operations	$	67,947		$	85,666		$	342,917		$	230,273

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MGM MIRAGE AND SUBSIDIARIES
SUPPLEMENTAL DATA — NET REVENUES BY RESORT
(In thousands)
(Unaudited)

	Three Months Ended				Twelve Months Ended
	December 31,		December 31,		December 31,		December 31,
	2004		2003		2004		2003
Bellagio	$	280,281	$	232,686	$	1,068,517	$	966,679
MGM Grand Las Vegas		209,924		193,954		860,778		752,932
The Mirage		140,987		136,041		566,276		579,897
Treasure Island		97,753		87,788		385,674		351,924
New York-New York		85,563		74,083		337,198		267,808
MGM Grand Detroit		101,123		101,350		421,942		396,349
Beau Rivage		77,067		73,196		312,235		299,550
Other operations		70,049		60,812		285,484		247,604
	$	1,062,747	$	959,910	$	4,238,104	$	3,862,743

MGM MIRAGE AND SUBSIDIARIES
SUPPLEMENTAL DATA — EBITDA BY RESORT
(In thousands)
(Unaudited)

	Three Months Ended				Twelve Months Ended
	December 31,		December 31,		December 31,		December 31,
	2004		2003		2004		2003
Bellagio	$	93,305	$	68,089	$	352,166	$	291,761
MGM Grand Las Vegas		61,978		57,434		290,365		221,504
The Mirage		40,165		42,341		170,377		162,899
Treasure Island		26,474		22,002		109,132		90,325
New York-New York		35,663		25,946		131,880		100,257
MGM Grand Detroit		32,261		38,042		150,831		149,934
Beau Rivage		19,193		16,790		80,907		71,593
Other operations		10,254		8,745		50,565		37,073
Income from unconsolidated affiliates		34,468		16,258		119,658		53,612
	$	353,761	$	295,647	$	1,455,881	$	1,178,958

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MGM MIRAGE AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME TO EBITDA BY RESORT
(In thousands)
(Unaudited)

Three Months Ended December 31, 2004
				Depreciation		Preopening					Property
	Operating			and		and start-up		Restructuring			transactions,
	income			amortization		expenses		costs (credit)			net			EBITDA
								$
Bellagio	$	64,550		$	24,753	$	3,516		—		$	486		$	93,305
MGM Grand Las Vegas		29,708			27,385		3,176		(195	)		1,904			61,978
The Mirage		26,940			12,826		—		—			399			40,165
Treasure Island		17,929			8,086		—		—			459			26,474
New York-New York		27,157			8,486		—		—			20			35,663
MGM Grand Detroit		24,712			7,621		—		(81	)		9			32,261
Beau Rivage		13,841			5,313		—		—			39			19,193
Other operations		4,208			6,051		—		—			(5	)		10,254
Unconsolidated affiliates		34,468			—		—		—			—			34,468
		243,513			100,521		6,692		(276	)		3,311			353,761
Corporate and other		(30,273	)		5,742		—		—			—			(24,531	)
	$	213,240		$	106,263	$	6,692	$	(276	)	$	3,311		$	329,230

Three Months Ended December 31, 2003
			Depreciation		Preopening						Property
	Operating		and		and start-up			Restructuring			transactions,
	income		amortization		expenses			costs			net			EBITDA
								$
Bellagio	$	46,610	$	19,711	$	—			—		$	1,768		$	68,089
MGM Grand Las Vegas		34,001		22,753		165			—			515			57,434
The Mirage		25,451		12,337		—			1,623			2,930			42,341
Treasure Island		13,965		8,143		—			—			(106	)		22,002
New York-New York		17,557		8,173		(77	)		(36	)		329			25,946
MGM Grand Detroit		30,160		7,859		—			—			23			38,042
Beau Rivage		11,752		5,296		—			—			(258	)		16,790
Other operations		4,059		4,685		—			—			1			8,745
Unconsolidated affiliates		16,258		—		—			—			—			16,258	��
		199,813		88,957		88			1,587			5,202			295,647
Corporate and other		10,329		8,765		419			(177	)		(36,653	)		(17,317	)
	$	210,142	$	97,722	$	507		$	1,410		$	(31,451	)	$	278,330

9

MGM MIRAGE AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME TO EBITDA BY RESORT — continued
(In thousands)
(Unaudited)

Twelve Months Ended December 31, 2004
				Depreciation and		Preopening and					Property
	Operating income			amortization		start-up expenses			Restructuring costs		transactions, net			EBITDA
Bellagio	$	252,914		$	89,366	$	3,804		$	3,000	$	3,082		$	352,166
MGM Grand Las Vegas		181,096			98,203		6,161			705		4,200			290,365
The Mirage		117,430			51,809		—			—		1,138			170,377
Treasure Island		74,989			33,599		261			—		283			109,132
New York-New York		99,358			32,536		(79	)		—		65			131,880
MGM Grand Detroit		118,692			30,278		—			1,506		355			150,831
Beau Rivage		59,688			21,078		—			—		141			80,907
Other operations		28,250			21,872		—			—		443			50,565
Unconsolidated affiliates		119,658			—		—			—		—			119,658
		1,052,075			378,741		10,147			5,211		9,707			1,455,881
Corporate and other		(101,215	)		23,804		129			414		(1,042	)		(77,910	)
	$	950,860		$	402,545	$	10,276		$	5,625	$	8,665		$	1,377,971

Twelve Months Ended December 31, 2003
				Depreciation and		Preopening and				Property
	Operating income			amortization		start-up expenses		Restructuring costs		transactions, net			EBITDA
								$
Bellagio	$	189,766		$	99,339	$	—		—	$	2,656		$	291,761
MGM Grand Las Vegas		119,633			86,054		1,731		3,881		10,205			221,504
The Mirage		108,204			49,470		—		1,923		3,302			162,899
Treasure Island		56,892			33,483		—		178		(228	)		90,325
New York-New York		68,881			26,595		4,310		142		329			100,257
MGM Grand Detroit		116,278			32,655		450		—		551			149,934
Beau Rivage		50,740			19,936		—		—		917			71,593
Other operations		18,149			19,188		—		—		(264	)		37,073
Unconsolidated affiliates		34,286			—		19,326		—		—			53,612
		762,829			366,720		25,817		6,124		17,468			1,178,958
Corporate and other		(63,100	)		34,046		3,449		473		(36,409	)		(61,541	)
	$	699,729		$	400,766	$	29,266	$	6,597	$	(18,941	)	$	1,117,417

10

MGM MIRAGE AND SUBSIDIARIES
SUPPLEMENTAL DATA — HOTEL STATISTICS
(Unaudited)

	Three Months Ended						Twelve Months Ended
	December 31,			December 31,			December 31,			December 31,
	2004			2003			2004			2003
Bellagio
Occupancy %		95.1	%		95.9	%		96.1	%		95.4	%
Average daily rate (ADR)	$	237		$	235		$	239		$	230
Revenue per available room (REVPAR)	$	226		$	226		$	229		$	220
MGM Grand Las Vegas
Occupancy %		92.2	%		87.8	%		93.9	%		92.8	%
Average daily rate (ADR)	$	130		$	119		$	130		$	116
Revenue per available room (REVPAR)	$	120		$	104		$	122		$	108
The Mirage
Occupancy %		95.4	%		92.1	%		96.6	%		94.9	%
Average daily rate (ADR)	$	153		$	140		$	151		$	138
Revenue per available room (REVPAR)	$	146		$	129		$	146		$	131
Treasure Island
Occupancy %		97.1	%		95.7	%		97.7	%		96.9	%
Average daily rate (ADR)	$	117		$	106		$	116		$	103
Revenue per available room (REVPAR)	$	113		$	101		$	113		$	100
New York-New York
Occupancy %		96.8	%		94.7	%		97.8	%		97.5	%
Average daily rate (ADR)	$	116		$	101		$	115		$	98
Revenue per available room (REVPAR)	$	112		$	95		$	113		$	96
Beau Rivage
Occupancy %		86.6	%		84.3	%		90.0	%		91.0	%
Average daily rate (ADR)	$	92		$	89		$	95		$	93
Revenue per available room (REVPAR)	$	80		$	75		$	86		$	85
Other operations
Occupancy %		66.9	%		69.2	%		71.5	%		68.8	%
Average daily rate (ADR)	$	47		$	41		$	43		$	42
Revenue per available room (REVPAR)	$	32		$	28		$	31		$	29

11

MGM MIRAGE AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)

	December 31,			December 31,
	2004			2003
ASSETS
Current assets:
Cash and cash equivalents	$	435,128		$	279,606
Accounts receivable, net		204,151			139,475
Inventories		70,333			65,189
Income tax receivable		—			9,901
Deferred income taxes		28,928			49,286
Prepaid expenses and other		81,662			89,641
Assets held for sale		—			226,082
Total current assets		820,202			859,180
Property and equipment, net		8,914,142			8,681,339
Other assets:
Investments in unconsolidated affiliates		831,136			756,012
Goodwill and other intangible assets, net		233,335			267,668
Deposits and other assets, net		304,710			247,070
Total other assets		1,369,181			1,270,750
	$	11,103,525		$	10,811,269
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	198,050		$	186,998
Income taxes payable		426			-
Current portion of long-term debt		14			9,008
Accrued interest on long-term debt		116,997			87,711
Other accrued liabilities		607,925			559,445
Liabilities related to assets held for sale		—			23,456
Total current liabilities		923,412			866,618
Deferred income taxes		1,802,008			1,765,426
Long-term debt		5,458,848			5,521,890
Other long-term obligations		154,492			123,547
Stockholders’ equity:
Common stock ($.01 par value: authorized 300,000,000 shares, issued 173,573,934 and 168,268,213 shares and outstanding 140,369,934 and 143,096,213 shares)		1,736			1,683
Capital in excess of par value		2,346,329			2,171,625
Deferred compensation		(10,878	)		(19,174	)
Treasury stock, at cost (33,204,000 and 25,172,000 shares)		(1,110,551	)		(760,594	)
Retained earnings		1,539,296			1,133,903
Accumulated other comprehensive income (loss)		(1,167	)		6,345
Total stockholders’ equity		2,764,765			2,533,788
	$	11,103,525		$	10,811,269

12