MGM Resorts International (MGM) 8-K MGM Mirage Reports Second Quarter Results

Exhibit 99.1

PRESS RELEASE FOR IMMEDIATE RELEASE

MGM MIRAGE REPORTS SECOND QUARTER RESULTS

Las Vegas, Nevada, August 5, 2008— MGM MIRAGE (NYSE: MGM) today reported its second quarter 2008 financial results. The Company achieved 97% occupancy at its Las Vegas Strip resorts, while company-wide net revenue declined 2%. The Company earned $0.40 per diluted share from continuing operations in the 2008 second quarter, compared to $0.62 in the prior year second quarter. The 2007 quarter included $63 million, or $0.14 per diluted share net of tax, of residential sales at The Signature at MGM Grand. The 2008 quarter includes $19 million, or $0.04 per diluted share net of tax, of insurance recovery income related to the Monte Carlo fire.

Overall trends were similar to those experienced in the first quarter of 2008 – guests continued to visit the Company’s resorts in high numbers, but at lower room rates, and current economic conditions led to lower visitor spending. Gaming revenues were impacted slightly more than non-gaming revenues, with the Company experiencing a 4% decline in gaming revenues on a quarter-over-quarter basis. Net non-gaming revenues were flat as relative strength in food and beverage and entertainment revenue offset lower revenue in rooms and retail. The Company also notes that results at its regional properties in Mississippi and Michigan improved compared to first quarter performance and exceeded 2007 results.

Key results for the quarter include:

• Net revenue decreased 2% to $1.9 billion;

• Las Vegas Strip REVPAR¹ decreased 5%; occupancy was 97% at the Company’s Las Vegas Strip resorts versus 98% a year ago;

• Casino revenue decreased 4%, mainly as result of lower table games volume at the Company’s Las Vegas Strip resorts and a 10% decline in Las Vegas Strip slots revenue, offset by increased slots revenue at the larger MGM Grand Detroit and increases at Beau Rivage and Gold Strike Tunica;

• Property EBITDA² decreased 12% on a comparable basis, after removing the impact of the prior year residential profits and current year insurance recoveries. On an absolute basis, Property EBITDA was $564 million in the 2008 quarter, an 18% decrease from the prior year;

• Bellagio and Mandalay Bay reported increases in Property EBITDA, with Bellagio reporting its highest ever quarterly hotel revenue and leading the Las Vegas market in Property EBITDA; Mandalay Bay produced a record for second quarter EBITDA.

The following table lists certain items which affect the comparability of the current year and prior year quarterly results (earnings per share impact shown, net of tax, per diluted share; negative amounts represent charges to income):

Three months ended June 30,	2008			2007
Profits from The Signature at MGM Grand	$	—		$	0.14
Preopening and start-up expenses		(0.02	)		(0.03	)
Monte Carlo fire business interruption (recorded as a reduction of general and administrative expenses)		0.02			—
Property transactions, net:
Monte Carlo fire property damage insurance		0.02			—
Other property transactions		(0.02	)		(0.01	)

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MGM MIRAGE• 3600 LAS VEGAS BLVD SOUTH• LAS VEGAS, NV 89109• PH: 702.693.7120• FX: 702.693.8626• WWW.MGMMIRAGE.COM

“Our resorts were near capacity and we believe our market share increased, as discriminating customers seek the best resort and entertainment experiences,” said Terry Lanni, Chairman and CEO of MGM MIRAGE. “Our track record of successfully navigating through changing economic conditions is solid and is reinforced by our results this quarter.”

Detailed Discussion of Second Quarter Operating Results

Casino revenue decreased 4%, mainly due to a decrease in table games volume of 7%. The table games hold percentage was at the mid-point of the normal 18% to 22% range in the current quarter and slightly higher than in the 2007 quarter. Slots revenue decreased 2% in the quarter, with the Company’s Las Vegas Strip resorts posting a 10% decrease. However, slots revenue increased in the high single digits at Beau Rivage and Gold Strike Tunica and 18% at MGM Grand Detroit. MGM Grand Detroit continues to gain market share as a result of its upgraded amenities.

Rooms revenue decreased 6%, with a 5% decline in Las Vegas Strip REVPAR. Average room rates were down 5% at the Company’s Las Vegas Strip resorts. Las Vegas Strip occupancy decreased slightly, and the Company had approximately 32,000 less rooms available at its Las Vegas Strip resorts, mainly due to the lower room count at Monte Carlo. The following table shows key hotel statistics for the Company’s Las Vegas Strip resorts:

Three months ended June 30,	2008			2007
Occupancy %		97	%		98	%
Average Daily Rate (ADR)	$	155		$	162
Revenue per Available Room (REVPAR)	$	150		$	159

These trends are largely in line with the Company’s experience in the first quarter, when Las Vegas Strip REVPAR decreased 4%. In the second quarter, the Company strategically managed its room rates to ensure that occupancy was maximized in line with historical levels.

Food and beverage revenue increased 2% and entertainment revenues also performed well, only down 4% despite a difficult comparison as the second quarter of 2007 featured the Oscar de la Hoya-Floyd Mayweather fight. The Company’s Cirque du Soleil production shows generated a combined 3% increase in revenue. The Company believes its restaurants, nightclubs and shows continue to attract guests seeking the highest quality experience, and the Company has continued to introduce new venues such as the recently opened Brand Steakhouse at Monte Carlo, Tender Steakhouse at Luxor, BLT Burger at The Mirage, and Yellowtail sushi restaurant at Bellagio; and the soon-to-open RokVegas nightclub at New York-New York. In addition, the new production show from Cirque du Soleil and Criss Angel,Believe, will open in the fall.

The Company recorded $19 million of insurance recovery income in the quarter related to the January 2008 Monte Carlo fire — $9 million related to business interruption recorded as a reduction of general and administrative expenses, and $10 million related to property damage recorded as property transactions. Through June 30, 2008, the Company had received $50 million from its insurers. Excluding the insurance recovery income, Monte Carlo earned Property EBITDA of $17 million in the 2008 second quarter compared to $32 million reported in the 2007 second quarter; the property is still without nearly 200 rooms, mostly suites, as a result of the fire.

Corporate expense decreased from $44 million in the 2007 quarter to $27 million in 2008, due to the impact of cost reduction measures implemented during the quarter and lower accruals for profit-based bonuses.

MGM Grand Macau, of which the Company owns 50%, recorded Property EBITDA of $23 million and an operating loss of $5 million. The Company recognized its share of MGM Grand Macau’s results as follows: $4 million of loss in the “Income from unconsolidated affiliates” line and $3 million of expense in “Non-operating items from unconsolidated affiliates.”

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MGM MIRAGE• 3600 LAS VEGAS BLVD SOUTH• LAS VEGAS, NV 89109• PH: 702.693.7120• FX: 702.693.8626 WWW.MGMMIRAGE.COM

“As these results represent only our second full quarter of operations at MGM Grand Macau, we believe we are still in the early stages of realizing the potential of this resort,” said Mr. Lanni. “We have taken several steps to improve our operating performance over the past several months and based on our results in June and July, we believe these measures are having the desired impact as evidenced by our increased market share.”

Operating income decreased 29% for the quarter to $334 million, a larger percentage decrease than the 18% drop in Property EBITDA as a result of higher depreciation expense, including the larger MGM Grand Detroit. Year-over-year comparisons for both Property EBITDA and operating income were impacted by the prior year Signature profits of $63 million and the other items described earlier in the release. On a comparable basis excluding these items in both quarterly periods, Property EBITDA decreased 12% with a margin of 30% in 2008 versus 33% in 2007; and operating income decreased 21% with a margin of 17% versus 22%.

Net income, including discontinued operations, decreased to $113 million, or $0.40 per diluted share, from $360 million, or $1.22 per diluted share. In addition to the factors described above, the decrease resulted from the $264 million of pre-tax gains recorded in the prior year quarter from the sale of discontinued operations (the Primm Valley Resorts and Laughlin Properties).

“Our resorts are clearly positioned to be the standard of quality in our industry, and our results reflect that competitive position,” said Jim Murren, President and Chief Operating Officer of MGM MIRAGE. “While we had mixed results, some of our properties generated increases in cash flow in this challenging environment, and our cost reduction efforts continue to gain traction without impacting guest service; we expect these initiatives will benefit us well into the future. We believe in the durability of the Las Vegas market and that over time it will continue to grow in line with historical trends. Our own forward booking trends show improvement in the fourth quarter of 2008 and into 2009.”

Financial Position

Second quarter capital investments totaled $221 million which included $73 million on room and suite remodel projects, primarily at The Mirage and TI; $7 million for the theatre at Luxor; expenditures of $9 million for remediation efforts at Monte Carlo; and $23 million for the people mover joining CityCenter, Monte Carlo and Bellagio, and Monte Carlo’s share of a parking garage being constructed for both Monte Carlo and CityCenter. The remaining $109 million was for other capital expenditures, including various new and upgraded amenities at the Company’s resorts.

The Company repurchased 2.6 million shares of its common stock in the open market for $134 million during the second quarter, completing the Company’s December 2007 share repurchase authorization. In May 2008, the Company’s Board of Directors approved a new 20 million share repurchase program; however, the Company has not repurchased any shares under this authorization. Available borrowing capacity under the Company’s senior credit facility was $1.7 billion as of June 30, 2008; after giving effect to the repayment of $196 million of senior notes in August 2008, such availability is $1.5 billion.

During the quarter, the Company and Dubai World each funded $300 million of construction costs for CityCenter. The Company and Dubai World are currently working with several relationship lenders regarding a $3 billion financing package for the joint venture. To date, CityCenter has received commitments totaling $1.65 billion from the lead banks — Bank of America, Royal Bank of Scotland, UBS, BNP Paribas, and Sumitomo Mitsui. In addition, CityCenter has received commitments from Deutsche Bank, Morgan Stanley, and the Bank of Nova Scotia.

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MGM MIRAGE• 3600 LAS VEGAS BLVD SOUTH• LAS VEGAS, NV 89109• PH: 702.693.7120• FX: 702.693.8626• WWW.MGMMIRAGE.COM

“In an unprecedented credit market, CityCenter has received to date well over half of the financing committed from these institutions, and anticipates finalizing its bank financing this quarter,” said Executive Vice President and Chief Financial Officer of MGM MIRAGE, Dan D’Arrigo. Related to MGM MIRAGE capital spending, Mr. D’Arrigo noted, “Over the past several years, we have invested significant capital in our resorts in the form of new restaurants, entertainment venues and upgraded rooms, and we maintain them at the highest level. As a result, our required capital spending for the remainder of this year and into 2009 will be lower than in the recent past, enhancing our available free cash flow.”

MGM MIRAGE will hold a conference call to discuss its second quarter earnings results and outlook for the third quarter of 2008 at 11:00 a.m. Eastern Daylight 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). Until August 12, 2008, a complete replay of the conference call can be accessed by dialing 1-706-645-9291, access code 54787690. A complete replay of the call will also be made available atwww.mgmmirage.com. Supplemental detailed earnings information will also be available on the Company’s website.

¹ REVPAR is hotel Revenue per Available Room.

² “EBITDA” is earnings before interest and other non-operating income (expense), taxes, depreciation and amortization. “Property EBITDA” is EBITDA before corporate expense and stock compensation expense. EBITDA information 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. In addition, capital allocation, tax planning, financing and stock compensation awards are all managed at the corporate level. Management uses Property EBITDA 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, 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 net income and of operating income to Property EBITDA are included in the financial schedules accompanying this release.

* * *

MGM MIRAGE (NYSE: MGM), one of the world’s leading and most respected development companies with significant holdings in gaming, hospitality and entertainment, owns and operates 17 properties located in Nevada, Mississippi and Michigan, and has 50% investments in four other properties in Nevada, New Jersey, Illinois and Macau. MGM MIRAGE is developing major casino and non-casino resorts, separately and with partners in Las Vegas, Atlantic City, the People’s Republic of China and Abu Dhabi, U.A.E. MGM MIRAGE supports responsible gaming and has implemented the American Gaming Association’s Code of Conduct for Responsible Gaming at its properties. MGM MIRAGE has received numerous awards and recognitions for its industry-leading Diversity Initiative and its community philanthropy programs. 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.

Contacts:
Investment Community	News Media
DANIEL J. D’ARRIGO	ALAN M. FELDMAN
Executive Vice President,	Senior Vice President
Chief Financial Officer	Public Affairs
(702) 693-8895	(702) 650-6947

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MGM MIRAGE• 3600 LAS VEGAS BLVD SOUTH• LAS VEGAS, NV 89109• PH: 702.693.7120• FX: 702.693.8626• WWW.MGMMIRAGE.COM

MGM MIRAGE AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT
(In thousands, except per share data)
(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,			June 30,			June 30,			June 30,
	2008			2007			2008			2007
Revenues:
Casino	$	742,183		$	773,931		$	1,532,647		$	1,585,870
Rooms		523,530			555,107			1,042,271			1,104,111
Food and beverage		431,563			424,717			833,955			842,166
Entertainment		138,030			143,237			272,868			277,485
Retail		68,818			79,072			132,855			147,322
Other		155,984			134,760			303,957			256,830
		2,060,108			2,110,824			4,118,553			4,213,784
Less: Promotional allowances		(164,389	)		(174,408	)		(339,201	)		(347,933	)
		1,895,719			1,936,416			3,779,352			3,865,851
Expenses:
Casino		400,979			401,342			817,542			813,134
Rooms		139,736			137,078			276,533			272,263
Food and beverage		246,799			240,701			483,071			476,405
Entertainment		98,286			103,389			193,950			200,632
Retail		42,495			48,830			85,659			92,574
Other		96,196			75,252			188,760			144,060
General and administrative		323,811			329,711			644,185			641,385
Corporate expense		26,621			43,668			59,071			77,623
Preopening and start-up expenses		6,957			14,148			12,121			28,424
Restructuring costs		—			—			329			—
Property transactions, net		(118	)		2,407			2,658			7,426
Depreciation and amortization		197,218			167,509			391,557			335,786
		1,578,980			1,564,035			3,155,436			3,089,712
Income from unconsolidated affiliates		17,045			96,592			51,156			137,967
Operating income		333,784			468,973			675,072			914,106
Non-operating income (expense):
Interest income		3,680			5,509			7,146			8,166
Interest expense, net		(145,304	)		(183,429	)		(295,093	)		(367,440	)
Non-operating items from unconsolidated affiliates		(7,288	)		(4,714	)		(17,179	)		(9,820	)
Other, net		(1,564	)		(804	)		(1,334	)		(3,532	)
		(150,476	)		(183,438	)		(306,460	)		(372,626	)
Income from continuing operations before income taxes		183,308			285,535			368,612			541,480
Provision for income taxes		(70,207	)		(102,637	)		(137,165	)		(195,572	)
Income from continuing operations		113,101			182,898			231,447			345,908
Discontinued operations:
Income from discontinued operations		—			2,615			—			10,461
Gain on disposal of discontinued operations		—			263,881			—			263,881
Provision for income taxes		—			(89,222	)		—			(91,905	)
		—			177,274			—			182,437
Net income	$	113,101		$	360,172		$	231,447		$	528,345
Per share of common stock:
Basic:
Income from continuing operations	$	0.41		$	0.64		$	0.82		$	1.22
Discontinued operations		—			0.63			—			0.64
Net income per share	$	0.41		$	1.27		$	0.82		$	1.86
Weighted average shares outstanding		277,468			283,849			283,205			283,933
Diluted:
Income from continuing operations	$	0.40		$	0.62		$	0.79		$	1.17
Discontinued operations		—			0.60			—			0.62
Net income per share	$	0.40		$	1.22		$	0.79		$	1.79
Weighted average shares outstanding		284,615			295,232			291,508			295,402

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

	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2008		2007		2008		2007
Las Vegas Strip	$	1,551,148	$	1,640,648	$	3,099,205	$	3,266,991
Other Nevada		38,821		47,058		75,671		91,490
MGM Grand Detroit		145,428		110,470		290,208		226,604
Mississippi		139,401		138,240		273,623		280,766
Other		20,921		—		40,645		—
	$	1,895,719	$	1,936,416	$	3,779,352	$	3,865,851

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

	Three Months Ended					Six Months Ended
	June 30,			June 30,		June 30,			June 30,
	2008			2007		2008			2007
Las Vegas Strip	$	482,744		$	531,224	$	962,240		$	1,080,066
Other Nevada		(735	)		6,080		(1,420	)		4,084
MGM Grand Detroit		38,524			28,116		72,936			62,942
Mississippi		28,616			27,907		55,986			63,310
Other		4,170			—		8,749			—
Unconsolidated resorts		10,634			92,952		40,001			131,094
	$	563,953		$	686,279	$	1,138,492		$	1,341,496

MGM MIRAGE AND SUBSIDIARIES
DETAIL OF CERTAIN CHARGES AFFECTING PROPERTY EBITDA and EBITDA
(In thousands)
(Unaudited)

Three Months Ended June 30, 2008

	Preopening and			Restructuring		Property
	start-up expenses			costs		transactions, net			Total
Las Vegas Strip	$	394		$	—	$	(3,628	)	$	(3,234	)
Other Nevada		—			—		2,187			2,187
MGM Grand Detroit		(59	)		—		—			(59	)
Mississippi		—			—		(3	)		(3	)
Unconsolidated resorts		6,575			—		—			6,575
		6,910			—		(1,444	)		5,466
Corporate and other		47			—		1,326			1,373
	$	6,957		$	—	$	(118	)	$	6,839

Three Months Ended June 30, 2007

	Preopening and		Restructuring		Property
	start-up expenses		costs		transactions, net			Total
Las Vegas Strip	$	7,131	$	—	$	2,587		$	9,718
Other Nevada		—		—		(20	)		(20	)
MGM Grand Detroit		3,205		—		—			3,205
Mississippi		—		—		603			603
Unconsolidated resorts		3,640		—		—			3,640
		13,976		—		3,170			17,146
Corporate and other		172		—		(763	)		(591	)
	$	14,148	$	—	$	2,407		$	16,555

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MGM MIRAGE AND SUBSIDIARIES
DETAIL OF CERTAIN CHARGES AFFECTING PROPERTY EBITDA and EBITDA (continued)
(In thousands)
(Unaudited)

Six Months Ended June 30, 2008

	Preopening and				Property
	start-up expenses		Restructuring costs		transactions, net			Total
Las Vegas Strip	$	620	$	329	$	(839	)	$	110
Other Nevada		—		—		2,187			2,187
MGM Grand Detroit		135		—		8			143
Mississippi		—		—		2			2
Unconsolidated resorts		11,319		—		—			11,319
		12,074		329		1,358			13,761
Corporate and other		47		—		1,300			1,347
	$	12,121	$	329	$	2,658		$	15,108

Six Months Ended June 30, 2007

	Preopening and		Restructuring		Property
	start-up expenses		costs		transactions, net			Total
Las Vegas Strip	$	15,603	$	—	$	2,865		$	18,468
Other Nevada		—		—		4,610			4,610
MGM Grand Detroit		5,584		—		—			5,584
Mississippi		—		—		601			601
Unconsolidated resorts		6,873		—		—			6,873
		28,060		—		8,076			36,136
Corporate and other		364		—		(650	)		(286	)
	$	28,424	$	—	$	7,426		$	35,850

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

	Three Months Ended						Six Months Ended
	June 30,			June 30,			June 30,			June 30,
	2008			2007			2008			2007
EBITDA	$	531,002		$	636,482		$	1,066,629		$	1,249,892
Depreciation and amortization		(197,218	)		(167,509	)		(391,557	)		(335,786	)
Operating income		333,784			468,973			675,072			914,106
Non-operating income (expense):
Interest expense, net		(145,304	)		(183,429	)		(295,093	)		(367,440	)
Other		(5,172	)		(9	)		(11,367	)		(5,186	)
		(150,476	)		(183,438	)		(306,460	)		(372,626	)
Income from continuing operations
before income taxes		183,308			285,535			368,612			541,480
Provision for income taxes		(70,207	)		(102,637	)		(137,165	)		(195,572	)
Income from continuing operations	$	113,101		$	182,898		$	231,447		$	345,908

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

Three Months Ended June 30, 2008

	Operating			Depreciation and
	income			amortization		EBITDA
Las Vegas Strip	$	334,457		$	148,287	$	482,744
Other Nevada		(2,220	)		1,485		(735	)
MGM Grand Detroit		24,227			14,297		38,524
Mississippi		13,148			15,468		28,616
Other		2,091			2,079		4,170
Unconsolidated resorts		10,634			—		10,634
		382,337			181,616		563,953
Stock compensation							(9,592	)
Corporate and other							(23,359	)
						$	531,002

Three Months Ended June 30, 2007

			Depreciation and
	Operating income		amortization		EBITDA
Las Vegas Strip	$	397,731	$	133,493	$	531,224
Other Nevada		4,490		1,590		6,080
MGM Grand Detroit		22,204		5,912		28,116
Mississippi		12,781		15,126		27,907
Unconsolidated resorts		92,952		—		92,952
		530,158		156,121		686,279
Stock compensation						(11,060	)
Corporate and other						(38,737	)
					$	636,482

Six Months Ended June 30, 2008

	Operating			Depreciation and
	income			amortization		EBITDA
Las Vegas Strip	$	667,754		$	294,486	$	962,240
Other Nevada		(4,406	)		2,986		(1,420	)
MGM Grand Detroit		44,288			28,648		72,936
Mississippi		24,961			31,025		55,986
Other		4,672			4,077		8,749
Unconsolidated resorts		40,001			—		40,001
		777,270			361,222		1,138,492
Stock compensation							(20,795	)
Corporate and other							(51,068	)
						$	1,066,629

Six Months Ended June 30, 2007

	Operating		Depreciation and
	income		amortization		EBITDA
Las Vegas Strip	$	812,676	$	267,390	$	1,080,066
Other Nevada		619		3,465		4,084
MGM Grand Detroit		51,068		11,874		62,942
Mississippi		33,018		30,292		63,310
Unconsolidated resorts		131,094		—		131,094
		1,028,475		313,021		1,341,496
Stock compensation						(24,640	)
Corporate and other						(66,964	)
					$	1,249,892

8

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

	June 30,			December 31,
	2008			2007
ASSETS
Current assets:
Cash and cash equivalents	$	279,995		$	416,124
Accounts receivable, net		366,133			412,933
Inventories		125,781			126,941
Income tax receivable		1,752			—
Deferred income taxes		72,437			63,453
Prepaid expenses and other		95,723			106,364
Total current assets		941,821			1,125,815
Property and equipment, net		16,924,342			16,870,898
Other assets:
Investments in unconsolidated affiliates		2,504,529			2,482,727
Goodwill		1,262,922			1,262,922
Other intangible assets, net		360,502			362,098
Deposits and other assets, net		1,136,995			623,226
Total other assets		5,264,948			4,730,973
	$	23,131,111		$	22,727,686
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	164,055		$	220,495
Construction payable		57,658			76,524
Income taxes payable		—			284,075
Accrued interest on long-term debt		190,322			211,228
Other accrued liabilities		875,226			932,365
Total current liabilities		1,287,261			1,724,687
Deferred income taxes		3,375,204			3,416,660
Long-term debt		13,010,813			11,175,229
Other long-term obligations		371,518			350,407
Stockholders’ equity:
Common stock, $.01 par value: authorized 600,000,000 shares, issued 369,110,366 and 368,395,926 shares and outstanding 276,333,339 and 293,768,899 shares		3,691			3,684
Capital in excess of par value		3,996,481			3,951,162
Treasury stock, at cost: 92,777,027 and 74,627,027 shares		(3,355,963	)		(2,115,107	)
Retained earnings		4,451,855			4,220,408
Accumulated other comprehensive income (loss)		(9,749	)		556
Total stockholders’ equity		5,086,315			6,060,703
	$	23,131,111		$	22,727,686

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