MGM MIRAGE Reports Fourth Quarter and Full Year Results

LAS VEGAS, Feb. 1 /PRNewswire-FirstCall/ -- MGM MIRAGE 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, including Bellagio, MGM Grand Las Vegas and Beau 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 debt(1). 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.

"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 EBITDA(2) 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; * Announced Project 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 million Bellagio expansion, 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 KA, the most recent spectacular show by Cirque du Soleil at MGM Grand Las Vegas. KA is presented in a custom-designed theatre seating almost 2,000 guests; * Opened the SKYLOFTS at MGM 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 at Bellagio, MGM Grand Las Vegas and Beau 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. 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, including Bellagio, New York-New York, The Mirage, TI and Beau 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. KA 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.

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 of Borgata. 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 KA at MGM Grand Las Vegas and the Bellagio expansion; * 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 at MGM Grand Las Vegas in 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 the Bellagio expansion and $33 million related to the renovation of the Emerald Tower and the SKYLOFTS at MGM 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.

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 at http://www.companyboardroom.com/ or http://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 http://www.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 , 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.

MGM MIRAGE AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) Three Months Ended Twelve Months Ended Dec. 31, Dec. 31, Dec. 31, Dec. 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 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 Dec. 31, Dec. 31, Dec. 31, Dec. 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 Dec. 31, Dec. 31, Dec. 31, Dec. 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 MGM MIRAGE AND SUBSIDIARIES SUPPLEMENTAL DATA - NET REVENUES BY RESORT (In thousands) (Unaudited) Three Months Ended Twelve Months Ended Dec. 31, Dec. 31, Dec. 31, Dec. 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 Dec. 31, Dec. 31, Dec. 31, Dec. 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 MGM MIRAGE AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME TO EBITDA BY RESORT (In thousands) (Unaudited) Three Months Ended December 31, 2004 Depreci- Pre- ation opening Restruc- Property and and turing trans- Operating amorti- start-up costs actions, income zation expenses (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 Depreci- Pre- ation opening Property and and Restruc- trans- Operating amorti- start-up turing actions, income zation 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 MGM MIRAGE AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME TO EBITDA BY RESORT - continued (In thousands) (Unaudited) Twelve Months Ended December 31, 2004 Depreci- Pre- ation opening Property and and Restruc- trans- Operating amorti- start-up turing actions, income zation expenses costs 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 Depreci- Pre- ation opening Property and and Restruc- trans- Operating amorti- start-up turing actions, income zation 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 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 MGM MIRAGE AND SUBSIDIARIES SUPPLEMENTAL DATA - HOTEL STATISTICS (Unaudited) Three Months Ended Twelve Months Ended Dec. 31, Dec. 31, Dec. 31, Dec. 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 MGM MIRAGE AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except share data) (Unaudited) Dec. 31, Dec. 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