MGM Resorts International (MGM) 8-K MGM Mirage Reports Fourth Quarter and Full Year 2003 Results

EXHIBIT 99

FOR IMMEDIATE RELEASE

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

MGM MIRAGE REPORTS FOURTH QUARTER AND FULL YEAR 2003 RESULTS

Las Vegas, Nevada, January 28, 2004— MGM MIRAGE (NYSE: MGG) today reported its fourth quarter and full year 2003 financial results. Adjusted earnings from continuing operations per diluted share (“Adjusted EPS”) increased to $0.38 in the fourth quarter of 2003 from $0.27 in the 2002 quarter. A lower provision for doubtful accounts resulting from strong collection activity contributed approximately $0.05 of this increase. The remaining increase resulted from strong visitor levels and guest spending, despite having 17% ofBellagio’s standard rooms unavailable. As of January 27, 2004, the consensus earnings estimate for the quarter was $0.29 per share, as reported on First Call. For the full year, Adjusted EPS was $1.56 compared to $1.85 in 2002.

Adjusted EPS (and Adjusted Earnings) excludes discontinued operations, preopening and start-up expenses, restructuring costs, property transactions, net management agreement termination fee, reversal of certain tax reserves, and loss on early retirement of debt¹. On a GAAP (Generally Accepted Accounting Principles) basis, diluted earnings per share from continuing operations increased to $0.60 for the fourth quarter of 2003 from $0.27 in the 2002 quarter. GAAP diluted EPS, including the results of discontinued operations, was $0.62 in the 2003 period versus $0.25 in 2002.

“Our fourth quarter performance further validates our business model and the hard work and dedication of our employees,” said Terry Lanni, MGM MIRAGE’s Chairman and CEO. “Our resorts hold a clear competitive advantage in times of improving visitation and consumer spending. We believe the enhancements completed in 2003 and underway this year will further strengthen our market leading position.”

2003 Company Highlights

• Generated net revenues of over $3.9 billion, up 3% from 2002;

• Borgataopened on July 3, 2003, and has performed well in its first six months;

• OpenedZumanity, by Cirque du Soleil, atNew York-New York,along with the Irish pub Nine Fine Irishmen;

• Opened Tabu, the Ultra-Lounge, Fiamma Trattoria, by award-winning New York chef Stephen Hanson, and SeaBlue, the latest restaurant from Michael Mina, atMGM Grand Las Vegas;

• Introduced the new logo and branding campaign for “TI”,Treasure Island, and opened the “Sirens of TI” show at the front of the resort;

• Completed the rollout of Players Club, the Company’s exclusive player rewards program;

• Converted a significant portion of the Company’s installed slot base to IGT’s EZ-Pay^TM cashless gaming system;

• Invested $588 million of capital in the Company’s resorts, including theBellagioroom remodel and expansion project, new theatres forZumanityatNew York-New Yorkand the Cirque du Soleil show scheduled to open atMGM Grand Las Vegasin 2004, new slot technology, and contributions toBorgata;

• Made several strategic investments in the United Kingdom in anticipation of reforms to gaming laws and the potential for large-scale casino resort development;

• Repurchased 13.3 million shares of Company common stock for $443 million. In November 2003, the Company’s Board of Directors approved a new 10 million share repurchase program, of which 8 million shares remained available for purchase as of December 31, 2003;

• Entered into a new five year, $2.5 billion senior credit facility, consisting of a revolving credit facility of $1.5 billion and a term loan of $1.0 billion;

• Issued $600 million of 6% Senior Notes due 2009;

• Reached agreement to sell the Golden Nugget resorts in Las Vegas and Laughlin for $215 million – the transaction closed in January 2004;

• Completed the sale of 315 acres of land in North Las Vegas, Nevada, for $55 million in October 2003.

Detailed Financial Results

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

	Three months ended					Year ended
	December 31,					December 31,
	2003		2002			2003		2002
			(In millions)
Casino revenue, net	$	530.0	$	495.9		$	2,075.6	$	2,042.6
Non-casino revenue, net		443.6		426.5			1,833.2		1,749.6
Net revenue		973.6		922.4			3,908.8		3,792.2
Operating income		214.4		144.0			713.1		757.7
Income from continuing operations		88.0		41.9			237.1		295.2
Discontinued operations, net		3.7		(2.9	)		6.6		(2.8	)
Net income		91.7		39.0			243.7		292.4
Property-level EBITDA2	$	301.0	$	254.6		$	1,196.7	$	1,198.3
EBITDA (after corporate expense)2		283.7		242.9			1,135.2		1,154.5
Adjusted Earnings		55.4		42.5			237.2		295.8

2

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 and MGM MIRAGE Online for all periods presented. The results of these operations are classified as discontinued operations.

Net revenue in the fourth quarter increased 6% from the 2002 fourth quarter. This increase was due to strong casino revenues in all of our markets and increased spending by our guests in non-gaming areas. Results were especially strong considering the impact of theBellagiostandard room remodel project, which caused 17% of the resort’s standard rooms to be out of service during the quarter.

Casino revenue increased by 7% in the 2003 quarter. Table games volume, including baccarat, was up 4% from the prior year’s quarter, led by a 5% increase at the Company’s Las Vegas Strip resorts. Table games volumes benefited from an increase in national high-end play over prior year due to effective marketing programs and the continued improvement in economic conditions. Also as a result of the broad economic recovery, and strong collection experience in the quarter, the Company recorded a significantly lower provision for doubtful accounts compared to the 2002 quarter. Table games hold percentages were within a normal range for both periods and were comparable between periods. Company-wide slot revenue in the quarter was up 7% from 2002. Slot revenue at the Company’s Las Vegas Strip resorts was up 9%, led by double-digit increases atMGM Grand Las VegasandNew York-New York.The Mirage, TIandMGM Grand Detroitall realized high single-digit percentage increases in slot revenues.MGM Grand Detroitcontinues to out-perform the overall Detroit market. The Company’s exclusive player rewards program, Players Club, is now successfully deployed at the Company’s major resorts.

Non-casino revenue was up 4% in the quarter. Hotel revenue was up 3%, with higher occupancy of 88% in the fourth quarter of 2003 versus 85% in 2002, and a higher average daily room rate (“ADR”) of $121 versus $120 in 2002. As a result, revenue per available room (“REVPAR”) was $107, up 5% over REVPAR of $102 in 2002. REVPAR at the Company’s Las Vegas Strip resorts increased 5%, but would have increased 7% adjusting for the approximately 17% fewer available standard rooms atBellagioduring the 2003 quarter. This performance was particularly strong given relatively soft convention attendance during the key November 2003 period.

Food and beverage, entertainment, retail and other revenues were up 5% in the 2003 quarter, despite the closure of the Siegfried & Roy show in early October 2003. The increase resulted primarily from the increases in hotel volumes, as well as the addition ofZumanityand Nine Fine Irishmen Pub atNew York-New York, Tabu, Fiamma Trattoria and SeaBlue atMGM Grand Las Vegas, and continued improvement in visitor spending in non-gaming areas.

EBITDA was up 17% for the quarter, reflecting the operating trends described above, the lower provision for doubtful accounts and the results from Borgata, offset by higher corporate expense. Operating income increased 49% over the 2002 quarter, which includes the gain on sale of North Las Vegas land.

3

Fourth quarter Adjusted Earnings increased by 30% compared to 2002 due to the EBITDA performance, offset by higher net interest expense. Net interest expense increased due to higher average borrowings and the cessation of interest capitalization on the Company’s investment inBorgata, which opened on July 3, 2003.

For the fourth quarter of 2003, Adjusted Earnings excluded a net benefit of $43.0 million ($32.6 million, net of tax) related to the following excluded items:

• Net gains 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, offset by $2.2 million of demolition costs, primarily atBellagio in connection with the Spa Tower expansion, $1.4 million of theatre assets written off atThe Miragein connection with the closure of the Siegfried and Roy show, and other net losses on disposal of assets;

• Restructuring costs of $1.4 million ($0.9 million, net of tax), primarily related to the closure of the Siegfried and Roy show;

• Preopening and start-up expenses of $0.5 million ($0.3 million, net of tax);

• Reversal of tax reserves of $13.4 million related to certain prior tax years for which IRS audits have been completed and statutes of limitation have expired during the quarter.

In the fourth quarter of 2002, items excluded in the determination of Adjusted Earnings included $5.4 million ($3.5 million, net of tax) of preopening and start-up expenses, primarily related toBorgataand Players Club; a restructuring credit of $6.6 million ($4.3 million, net of tax) consisting of a $9.9 million reversal of lease buyout accruals and $3.3 million of contract termination costs; and property transactions, net of $2.1 million ($1.4 million, net of tax) related to assets abandoned or replaced in connection with construction projects.

Income (loss) from discontinued operations includes the results ofMGM MIRAGE Onlineand theGolden Nugget Las VegasandGolden Nugget Laughlinresorts. Pretax income from discontinued operations was $6 million in the 2003 quarter compared to a loss of $3 million in the 2002 quarter. The prior year quarter included significant expenses related toMGM MIRAGE Online’s start-up efforts. Interest allocated to discontinued operations was $2 million for both periods.

Financial Position

Fourth quarter capital investments of $208 million included required contributions toBorgataof $17 million, $77 million for theBellagioexpansion and standard room remodel, $27 million for construction of the new theatre for Cirque du Soleil atMGM Grand Las Vegas, $9 million related to continued implementation of new slot technology, and other routine capital expenditures.

4

In November 2003, the Company amended its senior credit facilities, replacing the $2.0 billion revolving credit facility due in 2005 and the $525 million revolving credit facility due in 2004 with a new $2.5 billion senior credit facility. The new senior credit facility consists of a $1.5 billion revolving credit facility due in 2008 and a $1.0 billion term loan that will be paid down 20% over the final three years of the loan, with the remainder due in 2008. As of December 31, 2003, the Company had approximately $885 million of available borrowings under its senior credit facility, with no public debt maturities until 2005.

Also in November 2003, the Company’s Board of Directors approved a new 10 million share repurchase program. For the year ended December 31, 2003, the Company repurchased 13.3 million shares of common stock for $443 million, of which 1.3 million shares were purchased under the Company’s August 2001 authorization, 10 million shares were repurchased under the February 2003 authorization, and 2 million shares were repurchased under the November 2003 authorization, leaving 8 million shares available for future purchase. Fourth quarter share repurchases totaled 6 million at a cost of $214 million.

“We continue to invest our funds in a way which maximizes shareholder value,” said MGM MIRAGE President, CFO and Treasurer Jim Murren. “We are capitalizing on the historically low interest rate environment to further enhance our resorts, and position ourselves for potential future growth in domestic and international markets. At the same time, we appreciate the value of a strong balance sheet.”

Outlook

“At this point, the current earnings estimate consensus of $0.43 per share for the first quarter of 2004, as reported on First Call on January 27, 2004 appears reasonable. As always, the first quarter is difficult to forecast because of the significant impact of Chinese New Year and the Superbowl,” Mr. Murren said. “However, we continue to see signs of sequential improvements in visitation and spending among our customers.” The Company’s guidance includes the ongoing impact of business interruption resulting from theBellagio standard room remodel project, expected to be completed in February 2004, and excludes the expected modest gain on sale of the Golden Nugget resorts.

MGM MIRAGE will hold a conference call to discuss its earnings results and outlook for the first quarter of 2004 at 11:00 a.m. Eastern Daylight Time today. The call can be accessed live at www.companyboardroom.com or www.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 at www.mgmmirage.com.

5

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, 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 operating income to EBITDA are included in the financial schedules accompanying this release.

* * *

MGM MIRAGE (NYSE: MGG), one of the world’s leading and most respected hotel and gaming companies, owns and operates 12 casino resorts located in Nevada, Mississippi, Michigan and Australia, and has investments in two other casino resorts in Nevada and New Jersey. The company is headquartered in Las Vegas, Nevada, and offers an unmatched collection of casino resorts with a limitless range of choices for guests. Guest satisfaction is paramount, and the company has approximately 40,000 employees committed to that result. Its portfolio of brands include AAA Five Diamond award-winner Bellagio, MGM Grand Las Vegas - The City of Entertainment, The Mirage, TI, New York — New York, Boardwalk Hotel and Casino and 50 percent of Monte Carlo, all located on the Las Vegas Strip; Whiskey Pete’s, Buffalo Bill’s, Primm Valley Resort and two championship golf courses at the California/Nevada state line; the exclusive Shadow Creek golf course in North Las Vegas; Beau Rivage on the Mississippi Gulf Coast; and MGM Grand Detroit Casino in Detroit, Michigan. The Company is also a 50-percent owner of Borgata, a destination casino resort at Renaissance Pointe in Atlantic City, New Jersey. Internationally, MGM MIRAGE owns and operates MGM Grand Australia in Darwin, Australia, and holds a 25 percent interest in casino developer Metro Casinos Limited of Great Britain. 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.

6

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,
		2003			2002			2003			2002
Revenues:
	Casino	$	529,962		$	495,900		$	2,075,569		$	2,042,626
	Rooms		201,897			196,170			835,938			798,562
	Food and beverage		191,901			178,484			765,242			711,373
	Entertainment, retail and other		155,618			152,510			647,710			637,791
			1,079,378			1,023,064			4,324,459			4,190,352
	Less: Promotional allowances		105,795			100,665			415,643			398,104
			973,583			922,399			3,908,816			3,792,248
Expenses:
	Casino		267,987			255,169			1,055,536			1,019,761
	Rooms		58,574			56,093			236,050			212,337
	Food and beverage		114,985			107,250			441,549			396,273
	Entertainment, retail and other		104,763			101,637			428,834			404,158
	Provision for doubtful accounts		(5,697	)		7,408			12,570			27,675
	General and administrative		148,257			147,492			591,155			566,080
	Corporate expense		17,317			11,671			61,541			43,856
	Preopening and start-up expenses		507			5,415			29,266			14,141
	Restructuring costs (credit)		1,410			(6,600	)		6,597			(17,021	)
	Property transactions, net		(31,485	)		2,134			(18,336	)		14,712
	Depreciation and amortization		98,802			97,983			404,597			384,890
			775,420			785,652			3,249,359			3,066,862
Income from unconsolidated affiliates			16,258			7,268			53,612			32,361
Operating income			214,421			144,015			713,069			757,747
Non-operating income (expense):
	Interest income		927			889			4,310			4,306
	Interest expense, net		(90,376	)		(80,075	)		(341,114	)		(286,636	)
	Non-operating items from unconsolidated affiliates		(6,179	)		(124	)		(10,401	)		(1,335	)
	Other, net		(1,697	)		(101	)		(12,160	)		(7,611	)
			(97,325	)		(79,411	)		(359,365	)		(291,276	)
Income from continuing operations before income taxes			117,096			64,604			353,704			466,471
	Provision for income taxes		(29,071	)		(22,718	)		(116,592	)		(171,271	)
Income from continuing operations			88,025			41,886			237,112			295,200
Discontinued operations
	Income (loss) from discontinued operations, including loss on disposal of $6,735 (twelve months 2003)		5,604			(2,525	)		6,031			(661	)
	Benefit (provision) for income taxes		(1,894	)		(317	)		554			(2,104	)
			3,710			(2,842	)		6,585			(2,765	)
Net income		$	91,735		$	39,044		$	243,697		$	292,435
Per share of common stock:
	Basic:
	Income from continuing operations	$	0.61		$	0.27		$	1.59		$	1.87
	Discontinued operations		0.03			(0.02	)		0.05			(0.02	)
	Net income per share	$	0.64		$	0.25		$	1.64		$	1.85
	Weighted average shares outstanding		143,918			155,387			148,930			157,809
	Diluted:
	Income from continuing operations	$	0.60		$	0.27		$	1.56		$	1.85
	Discontinued operations		0.02			(0.02	)		0.05			(0.02	)
	Net income per share	$	0.62		$	0.25		$	1.61		$	1.83
	Weighted average shares outstanding		147,708			157,229			151,592			159,940

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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,
		2003			2002			2003			2002
Income from continuing operations		$	88,025		$	41,886		$	237,112		$	295,200
Preopening and start-up expenses, net			330			3,520			19,023			9,192
Restructuring costs (credit), net			916			(4,290	)		4,288			(11,064	)
Property transactions, net			(20,465	)		1,387			(11,918	)		9,563
Management agreement termination fee, net			—			—			—			(7,419	)
Reversal of tax reserves			(13,391	)		—			(13,391	)		—
Loss on debt retirements, net			—			—			2,109			328
Adjusted earnings		$	55,415		$	42,503		$	237,223		$	295,800
Per diluted share of common stock:
	Income from continuing operations	$	0.60		$	0.27		$	1.56		$	1.85
	Preopening and start-up expenses, net		—			0.02			0.13			0.06
	Restructuring costs (credit), net		0.01			(0.03	)		0.03			(0.07	)
	Property transactions, net		(0.14	)		0.01			(0.08	)		0.06
	Management agreement termination fee, net		—			—			—			(0.05	)
	Reversal of tax reserves		(0.09	)		—			(0.09	)		—
	Loss on debt retirements, net		—			—			0.01			—
	Adjusted EPS	$	0.38		$	0.27		$	1.56		$	1.85
	Weighted average diluted shares outstanding		147,708			157,229			151,592			159,940

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,
	2003		2002		2003		2002
Bellagio	$	232,686	$	232,163	$	966,679	$	970,867
MGM Grand Las Vegas		193,954		190,840		752,932		734,086
The Mirage		136,041		133,824		579,897		554,061
Treasure Island		87,788		81,006		351,924		343,673
New York-New York		74,083		56,464		267,808		218,298
MGM Grand Detroit		101,350		95,130		396,349		391,064
Beau Rivage		73,196		66,750		299,550		290,585
Other operations		74,485		66,222		293,677		289,614
	$	973,583	$	922,399	$	3,908,816	$	3,792,248

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,
	2003		2002		2003		2002
Bellagio	$	68,089	$	67,985	$	291,761	$	336,304
MGM Grand Las Vegas		57,434		50,644		221,504		212,877
The Mirage		42,341		31,966		162,899		152,151
Treasure Island		22,002		19,986		90,325		95,004
New York-New York		25,946		21,010		100,257		86,145
MGM Grand Detroit		38,042		34,229		149,934		157,540
Beau Rivage		16,790		10,792		71,593		60,086
Other operations		14,070		10,738		54,849		65,857
Income from unconsolidated affiliates		16,258		7,268		53,612		32,361
	$	300,972	$	254,618	$	1,196,734	$	1,198,325

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

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		8,338		5,765		—			—			(33	)		14,070
Unconsolidated affiliates		16,258		—		—			—			—			16,258
		204,092		90,037		88			1,587			5,168			300,972
Corporate and other		10,329		8,765		419			(177	)		(36,653	)		(17,317	)
	$	214,421	$	98,802	$	507		$	1,410		$	(31,485	)	$	283,655

Three Months Ended December 31, 2002

				Depreciation		Preopening					Property
	Operating			and		and start-up		Restructuring			transactions,
	income			amortization		expenses		costs (credit)			net		EBITDA
Bellagio	$	41,819		$	26,166	$	—	$	—		$	—	$	67,985
MGM Grand Las Vegas		24,715			21,170		369		3,265			1,125		50,644
The Mirage		18,658			13,308		—		—			—		31,966
Treasure Island		10,810			8,659		—		—			517		19,986
New York-New York		25,329			5,516		30		(9,865	)		—		21,010
MGM Grand Detroit		25,701			8,528		—		—			—		34,229
Beau Rivage		5,642			5,150		—		—			—		10,792
Other operations		5,407			5,331		—		—			—		10,738
Unconsolidated affiliates		3,835			—		3,433		—			—		7,268
		161,916			93,828		3,832		(6,600	)		1,642		254,618
Corporate and other		(17,901	)		4,155		1,583		—			492		(11,671	)
	$	144,015		$	97,983	$	5,415	$	(6,600	)	$	2,134	$	242,947

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

Twelve Months Ended December 31, 2003

				Depreciation		Preopening				Property
	Operating			and		and start-up		Restructuring		transactions,
	income			amortization		expenses		costs		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		31,489			23,019		—		—		341			54,849
Unconsolidated affiliates		34,286			—		19,326		—		—			53,612
		776,169			370,551		25,817		6,124		18,073			1,196,734
Corporate and other		(63,100	)		34,046		3,449		473		(36,409	)		(61,541	)
	$	713,069		$	404,597	$	29,266	$	6,597	$	(18,336	)	$	1,135,193

Twelve Months Ended December 31, 2002

				Depreciation		Preopening					Property
	Operating			and		and start-up		Restructuring			transactions,
	income			amortization		expenses		costs (credit)			net		EBITDA
Bellagio	$	243,849		$	96,217	$	—	$	(3,762	)	$	—	$	336,304
MGM Grand Las Vegas		126,568			84,761		369		54			1,125		212,877
The Mirage		103,619			51,980		—		(3,448	)		—		152,151
Treasure Island		60,387			34,100		—		—			517		95,004
New York-New York		63,003			32,977		30		(9,865	)		—		86,145
MGM Grand Detroit		129,653			23,133		—		—			4,754		157,540
Beau Rivage		29,370			22,892		—		—			7,824		60,086
Other operations		42,731			23,126		—		—			—		65,857
Unconsolidated affiliates		24,604			—		7,757		—			—		32,361
		823,784			369,186		8,156		(17,021	)		14,220		1,198,325
Corporate and other		(66,037	)		15,704		5,985		—			492		(43,856	)
	$	757,747		$	384,890	$	14,141	$	(17,021	)	$	14,712	$	1,154,469

10

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

		Three Months Ended						Twelve Months Ended
		December 31,			December 31,			December 31,			December 31,
		2003			2002			2003			2002
Bellagio
	Occupancy %		95.9	%		92.2	%		95.4	%		93.6	%
	Average daily rate (ADR)	$	235		$	228		$	230		$	219
	Revenue per available room (REVPAR)	$	226		$	210		$	220		$	205
MGM Grand Las Vegas
	Occupancy %		87.8	%		85.6	%		92.8	%		90.6	%
	Average daily rate (ADR)	$	119		$	113		$	116		$	110
	Revenue per available room (REVPAR)	$	104		$	97		$	108		$	100
The Mirage
	Occupancy %		92.1	%		87.6	%		94.9	%		93.1	%
	Average daily rate (ADR)	$	140		$	135		$	138		$	135
	Revenue per available room (REVPAR)	$	129		$	119		$	131		$	126
Treasure Island
	Occupancy %		95.7	%		94.9	%		96.9	%		95.8	%
	Average daily rate (ADR)	$	106		$	100		$	103		$	99
	Revenue per available room (REVPAR)	$	101		$	95		$	100		$	95
New York-New York
	Occupancy %		94.7	%		92.3	%		97.5	%		94.6	%
	Average daily rate (ADR)	$	101		$	96		$	98		$	92
	Revenue per available room (REVPAR)	$	95		$	89		$	95		$	87
Beau Rivage
	Occupancy %		84.3	%		88.0	%		91.0	%		91.2	%
	Average daily rate (ADR)	$	89		$	79		$	93		$	90
	Revenue per available room (REVPAR)	$	75		$	70		$	85		$	82
Other operations
	Occupancy %		69.1	%		60.7	%		68.9	%		64.7	%
	Average daily rate (ADR)	$	42		$	45		$	44		$	44
	Revenue per available room (REVPAR)	$	29		$	27		$	30		$	28

11

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

				December 31,			December 31,
				2003			2002
			ASSETS
Current assets:
	Cash and cash equivalents			$	178,047		$	211,234
	Accounts receivable, net				139,475			139,935
	Inventories				65,189			68,001
	Income tax receivable				9,901			—
	Deferred income taxes				49,286			84,348
	Prepaid expenses and other				89,641			86,311
	Assets held for sale				226,082			—
		Total current assets			757,621			589,829
Property and equipment, net					8,681,339			8,762,445
Other assets:
	Investments in unconsolidated affiliates				756,012			710,802
	Goodwill and other intangible assets, net				267,668			256,108
	Deposits and other assets, net				247,070			185,801
		Total other assets			1,270,750			1,152,711
				$	10,709,710		$	10,504,985
			LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
	Accounts payable			$	85,439		$	69,959
	Income taxes payable				—			637
	Current portion of long-term debt				9,008			6,956
	Accrued interest on long-term debt				87,711			80,310
	Other accrued liabilities				559,445			592,206
	Liabilities related to assets held for sale				23,456			—
		Total current liabilities			765,059			750,068
Deferred income taxes					1,765,426			1,769,431
Long-term debt					5,521,890			5,213,778
Other long-term obligations					123,547			107,564
Stockholders’ equity:
	Common stock ($.01 par value: authorized 300,000,000 shares, issued 168,268,213 and 166,393,025 shares and outstanding 143,096,213 and 154,574,225 shares)				1,683			1,664
	Capital in excess of par value				2,171,625			2,125,626
	Deferred compensation				(19,174	)		(27,034	)
	Treasury stock, at cost (25,172,000 and 11,818,800 shares)				(760,594	)		(317,432	)
	Retained earnings				1,133,903			890,206
	Accumulated other comprehensive income (loss)				6,345			(8,886	)
		Total stockholders’ equity			2,533,788			2,664,144
				$	10,709,710		$	10,504,985

12