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MGM MIRAGE Reports Second Quarter Financial Results
--Significant Capital Raise Improves Financial Position;--Operating Trends Stabilize in Second Quarter
LAS VEGAS, Aug 03, 2009 /PRNewswire-FirstCall via COMTEX/ -- MGM MIRAGE (NYSE: MGM) today announced its financial results for the second quarter of 2009. The Company reported a second quarter diluted loss per share of $0.60 compared to income per share of $0.40 in the prior year second quarter. The current year result was impacted by non-cash impairment charges of $188 million, or $0.34 per diluted share net of tax, primarily related to the Company's investment in a convertible note. The Company also recorded losses on the retirement of long-term debt of $58 million primarily related to the redemption of senior debentures required to permit the Company's recent secured note issuances - an impact of $0.11 per diluted share net of tax.

The following key results for the quarter are presented on a "same store" basis excluding the results of TI in the prior year as the Company completed the sale of TI in March 2009:

-- Net revenue decreased 17% to $1.5 billion;
-- Las Vegas Strip REVPAR(1) decreased 31%;
-- Casino revenue decreased 12%, mainly as a result of lower table games volume at the Company's Las Vegas Strip resorts;
-- Property EBITDA(2) was $357 million, a 34% decrease from the 2008 second quarter; excluding impairment charges, property transactions, and preopening expenses, Property EBITDA was $379 million, or down 29% on a comparable basis.

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

    Three months ended June 30,                              2009      2008
    -----------------------------------------------------------------------
    Preopening and start-up expenses                      $ (0.02)  $ (0.02)
    Monte Carlo fire business interruption income
     (recorded as a reduction of general and
     administrative expenses)                                   --      0.02
    Property transactions net:
      Monte Carlo fire property damage income                   --      0.02
      Other property transactions, net                      (0.01)    (0.02)
    North Las Vegas Strip joint venture impairment charge   (0.02)        --
    Convertible note impairment charge                      (0.32)        --
    Loss on early retirement of long-term debt              (0.11)        --

As previously disclosed, during the second quarter the Company secured funding for the completion of CityCenter, issued $1.15 billion of equity through an offering of common stock, issued $1.5 billion of senior secured notes, and secured key amendments to its senior credit facility.

"This has been a monumental quarter for us, as the significant capital market transactions and other corporate finance activities meaningfully improved our financial position," said Jim Murren, MGM MIRAGE Chairman and Chief Executive Officer. "Perhaps as important, we saw a more stabilized - though still difficult - operating environment in the second quarter. Our operating teams are focused on continuing to sequentially increase cash flow and our CityCenter team is driving towards completion and opening of CityCenter. We believe CityCenter will invigorate the Las Vegas market and be a key component of the future growth of MGM MIRAGE."

Detailed Discussion of Second Quarter Operating Results

(Results are presented on a same store basis excluding TI)

Total casino revenue declined 12%, with slots revenue down 11% for the quarter. The Company's table games volume, excluding baccarat, was down 15% in the quarter, while baccarat volume increased 17% in the 2009 quarter. The overall table games hold percentage was slightly higher in 2009 than the prior year quarter and near the mid-point of the Company's normal 18% to 22% range in both periods.

Rooms revenue decreased 29%. Las Vegas Strip REVPAR decreased 31% with average room rates down 29%. Occupancy and room rates continued to be negatively impacted by weakness in convention bookings and business travel, which put downward pressure on rates throughout the Company's customer segments. The following table shows key hotel statistics for the Company's Las Vegas Strip resorts:

    Three months ended June 30,                      2009       2008
    ----------------------------------------------------------------
    Occupancy %                                        94%       97%
    Average Daily Rate (ADR)                       $   111   $   156
    Revenue per Available Room (REVPAR)            $   104   $   151

"While we expect the business and convention market to remain challenging in the near term, we are seeing signs of improvement in future bookings and believe we are increasing our market share by offering a superior product and proven best-in-class customer service," said Mr. Murren.

Food and beverage revenue decreased 13%. The Company's catering, restaurants and nightclubs continued to be impacted by the reduction in convention business and decreased occupancy. Entertainment revenues were flat at the Company's Las Vegas Strip resorts driven by a strong event calendar.

Corporate expense increased to $43 million compared to $27 million in the 2008 second quarter. Approximately $13 million of this increase was due to legal and advisory costs related to the Company's activities to improve its financial position.

Income from unconsolidated affiliates decreased to $4 million for the quarter compared to income of $17 million in the 2008 second quarter. The current year results included a $12 million impairment charge, or $0.02 per diluted share net of tax, related to the write-off of development costs related to the Company's postponed joint venture project on the North Las Vegas Strip.

Property EBITDA was down 29% on a comparable basis to the prior year quarter with a margin of 25% compared to a 30% margin in the second quarter of 2008. The following table lists the items that impacted comparability of Property EBITDA (expense/(income)):

    Three months ended June 30,                              2009      2008
    -----------------------------------------------------------------------
                                                            (In thousands)
    Joint venture impairment charge                       $12,314       $ --
    Preopening and start-up expenses                        9,410     6,910
    Monte Carlo fire business interruption
     (recorded as a reduction of general and
     administrative expenses)                                   --    (9,146)
    Property transactions net:
      Monte Carlo fire property damage income                   --    (9,639)
      Other property transactions                             320     6,780

Operating income for the second quarter decreased 59% to $131 million and was also impacted by the items above. Excluding these items along with corporate property transactions, operating income decreased 50% compared to the 2008 second quarter with a margin of 10% compared to a 17% margin in the prior year.

"Our second quarter results showed improvement over the first quarter of 2009 in several areas, with Property EBITDA on a comparable basis increasing from $347 million to $379 million with a higher margin - 25% versus 24%," said Dan D'Arrigo, MGM MIRAGE Executive Vice President and Chief Financial Officer. "Results at our Las Vegas Strip resorts have increased sequentially and we expect even greater improvement as room rates rebound."

Non-operating expense increased due to higher net interest expense resulting from increased interest rates on the Company's senior credit facility and recent senior notes issuances, partially offset by higher capitalized interest related to CityCenter. In addition, other non-operating expense includes the convertible note impairment charge of $176 million and losses on the retirement of long-term debt of $58 million in the 2009 second quarter.

Financial Position

The $2.65 billion of debt and equity issuances, completed in the second quarter, significantly improved the Company's financial position. Also, in conjunction with these transactions the Company secured a long-term amendment to its senior credit facility. The amendment to the senior credit facility permanently waived prior non-compliance with financial covenants and amended the financial covenants to provide for minimum EBITDA and maximum annual capital expenditure tests, replacing the previous leverage and interest coverage tests.

A portion of the net proceeds from the issuance of the senior secured notes and common stock were used to permanently repay approximately $826 million under the senior credit facility. The Company also redeemed all of its 7.25% senior debentures due 2017 for $127 million, and repurchased $885 million of its senior notes due 2009 through a public tender offer.

At June 30, 2009, the Company had approximately $4.1 billion of borrowings outstanding under its senior credit facility with available borrowings of $1.5 billion; total long-term debt was $12.3 billion, down $1.1 billion from December 31, 2008. The Company's cash balance was $411 million at June 30, 2009.

During the second quarter of 2009 the Company made capital investments of approximately $33 million. In addition, the Company funded $294 million for its portion of the remaining equity contributions to CityCenter which included $224 million in the form of an irrevocable letter of credit, of which $88 million remained to be drawn as of June 30, 2009.

"Our ability to access the capital markets in the second quarter is a testament to our operating strength as well as the incredible demonstration of support our stakeholders have in our Company, our properties and our employees," said Mr. D'Arrigo. "We will continue to evaluate additional strategies to further enhance our financial position."

MGM MIRAGE will hold a conference call to discuss its second quarter results 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 1-706-758-3659 (international). Until August 10, 2009, a complete replay of the conference call can be accessed by dialing 1-706-645-9291, access code 18140021. A complete replay of the call will also be made available at www.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 companies with significant holdings in gaming, hospitality and entertainment, owns and operates 16 properties located in Nevada, Mississippi and Michigan, and has 50% investments in four other properties in Nevada, New Jersey, Illinois and Macau. CityCenter, an unprecedented urban metropolis on the Las Vegas Strip scheduled to open in late 2009, is a joint venture between MGM MIRAGE and Infinity World Development Corp, a subsidiary of Dubai World. MGM MIRAGE Hospitality has entered into management agreements for future casino and non-casino resorts throughout the world. 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 Web site 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      Six Months Ended
                                ---------------------  ----------------------
                                  June 30,   June 30,    June 30,    June 30,
                                    2009       2008        2009        2008
                                ---------- ----------  ----------  ----------
    Revenues:
      Casino                    $  625,570 $  742,183  $1,290,297  $1,532,647
      Rooms                        350,295    523,530     705,339   1,042,271
      Food and beverage            357,859    431,563     696,256     833,955
      Entertainment                123,373    138,030     241,430     272,868
      Retail                        54,311     68,818     102,260     132,855
      Other                        143,802    155,984     281,175     303,957
                                ---------- ----------  ----------  ----------
                                 1,655,210  2,060,108   3,316,757   4,118,553
      Less: Promotional
       allowances                 (161,055)  (164,389)   (323,807)   (339,201)
                                ---------- ----------  ----------  ----------
                                 1,494,155  1,895,719   2,992,950   3,779,352
                                ---------- ----------  ----------  ----------
    Expenses:
      Casino                       349,831    400,979     725,348     817,542
      Rooms                        106,147    139,736     216,974     276,533
      Food and beverage            199,032    246,799     393,359     483,071
      Entertainment                 88,622     98,286     176,364     193,950
      Retail                        34,455     42,495      66,076      85,659
      Other                         85,495     96,196     169,301     188,760
      General and administrative   273,567    323,811     534,364     644,185
      Corporate expense             43,006     26,621      67,367      59,071
      Preopening and start-up
       expenses                      9,410      6,957      17,481      12,121
      Restructuring costs               50          -         493         329
      Property transactions, net     3,248       (118)   (191,877)      2,658
      Depreciation and
       amortization                174,368    197,218     351,226     391,557
                                ---------- ----------  ----------  ----------
                                 1,367,231  1,578,980   2,526,476   3,155,436
                                ---------- ----------  ----------  ----------

    Income from unconsolidated
     affiliates                      4,175     17,045      19,724      51,156
                                ---------- ----------  ----------  ----------

    Operating income               131,099    333,784     486,198     675,072
                                ---------- ----------  ----------  ----------

    Non-operating income (expense):
      Interest income                6,296      3,680      10,678       7,146
      Interest expense, net       (201,287)  (145,304)   (372,923)   (295,093)
      Non-operating items from
       unconsolidated affiliates   (12,314)    (7,288)    (23,445)    (17,179)
      Other, net                  (234,181)    (1,564)   (235,519)     (1,334)
                                ---------- ----------  ----------  ----------
                                  (441,486)  (150,476)   (621,209)   (306,460)
                                ---------- ----------  ----------  ----------
    Income (loss) before income
     taxes                        (310,387)   183,308    (135,011)    368,612
      Benefit (provision) for
       income taxes                 97,812    (70,207)     27,635    (137,165)
                                ---------- ----------  ----------  ----------
    Net income (loss)           $ (212,575)$  113,101  $ (107,376) $  231,447
                                ========== ==========  ==========  ==========

    Per share of common stock:
      Basic:
      Net income (loss) per
       share                    $    (0.60)$     0.41  $    (0.34) $     0.82
                                ========== ==========  ==========  ==========

      Weighted average shares
       outstanding                 352,457    277,468     314,718     283,205
                                ========== ==========  ==========  ==========

      Diluted:
      Net income (loss) per
       share                    $    (0.60)$     0.40  $    (0.34) $     0.79
                                ========== ==========  ==========  ==========

      Weighted average shares
       outstanding                 352,457    284,615     314,718     291,508
                                ========== ==========  ==========  ==========



                           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,
                         2009          2008           2009            2008
                      ----------    ----------     ----------     ----------
      Las Vegas Strip $1,190,542    $1,551,148     $2,378,536     $3,099,205
      Other Nevada        33,238        38,821         61,775         75,671
      MGM Grand
       Detroit           128,097       145,428        264,612        290,208
      Mississippi        120,359       139,401        244,204        273,623
      Other               21,919        20,921         43,823         40,645
                      ----------    ----------     ----------     ----------
                      $1,494,155    $1,895,719     $2,992,950     $3,779,352
                      ==========    ==========     ==========     ==========


                           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,
                         2009          2008           2009           2008
                      ----------    ----------     ----------     ----------
      Las Vegas Strip $  291,958    $  482,744     $  580,674     $  962,240
      Other Nevada         3,219          (735)         1,702         (1,420)
      MGM Grand
       Detroit            33,617        38,524         74,169         72,936
      Mississippi         28,719        28,616         60,133         55,986
      Other                4,047         4,170          8,911          8,749
      Unconsolidated
       resorts            (4,442)       10,634          3,395         40,001
                      ----------    ----------     ----------     ----------
                      $  357,118    $  563,953     $  728,984     $1,138,492
                      ==========    ==========     ==========     ==========


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

                         Three Months Ended June 30, 2009
                         --------------------------------

                       Preopening                    Property
                      and start-up   Restructuring transactions,
                        expenses         costs         net           Total
                      ------------   ------------  ------------   ------------
      Las Vegas Strip $        562   $         50  $        157   $        769
      Other Nevada               -              -             6              6
      MGM Grand
       Detroit                   -              -             -              -
      Mississippi                -              -           157            157
      Unconsolidated
       resorts               8,848              -             -          8,848
                      ------------   ------------  ------------   ------------
                             9,410             50           320          9,780
      Corporate and
       other                     -              -         2,928          2,928
                      ------------   ------------  ------------   ------------
                      $      9,410   $         50  $      3,248   $     12,708
                      ============   ============  ============   ============


                         Three Months Ended June 30, 2008
                         --------------------------------

                       Preopening                    Property
                      and start-up   Restructuring transactions,
                        expenses        costs           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
                      ============   ============  ============   ============



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

                          Six Months Ended June 30, 2009
                          ------------------------------

                       Preopening                    Property
                      and start-up  Restructuring  transactions,
                        expenses        costs          net           Total
                      ------------  ------------   ------------  ------------
      Las Vegas Strip $        752   $        493  $     (5,270) $     (4,025)
      Other Nevada               -              -             6             6
      MGM Grand
       Detroit                   -              -             -             -
      Mississippi                -              -           157           157
      Unconsolidated
       resorts              16,729              -             -        16,729
                      ------------   ------------  ------------  ------------
                            17,481            493        (5,107)       12,867
      Corporate and
       other                     -              -      (186,770)     (186,770)
                      ------------   ------------  ------------  ------------
                      $     17,481   $        493   $   (191,877)$   (173,903)
                      ============   ============   ============ ============


                          Six Months Ended June 30, 2008
                          ------------------------------

                       Preopening                    Property
                      and start-up   Restructuring transactions,
                        expenses         costs          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
                      ============   ============  ============   ============


                           MGM MIRAGE AND SUBSIDIARIES
             RECONCILIATION OF CONSOLIDATED EBITDA TO NET INCOME (LOSS)
                                 (In thousands)
                                  (Unaudited)

                             Three Months Ended          Six Months Ended
                          -----------------------    -----------------------
                            June 30,     June 30,     June 30,     June 30,
                              2009         2008         2009         2008
                          ----------   ----------    ----------   ----------

    EBITDA                $  305,467   $  531,002    $  837,424   $1,066,629
     Depreciation
      and amortization      (174,368)    (197,218)     (351,226)    (391,557)
                          ----------   ----------    ----------   ----------
    Operating income         131,099      333,784       486,198      675,072
                          ----------   ----------    ----------   ----------

    Non-operating
     income (expense):
      Interest expense,
       net                  (201,287)    (145,304)     (372,923)    (295,093)
      Other                 (240,199)      (5,172)     (248,286)     (11,367)
                          ----------   ----------    ----------   ----------
                            (441,486)    (150,476)     (621,209)    (306,460)
                          ----------   ----------    ----------   ----------
    Income (loss)
     before income
     taxes                  (310,387)     183,308      (135,011)     368,612
      Benefit (provision)
       for income taxes       97,812      (70,207)       27,635     (137,165)
                          ----------   ----------    ----------   ----------
    Net income (loss)     $ (212,575)  $  113,101    $ (107,376)  $  231,447
                          ==========   ==========    ==========   ==========



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

                       Three Months Ended June 30, 2009
                       --------------------------------

                                        Depreciation
                          Operating         and
                        income (loss)   amortization        EBITDA
                        -------------  -------------   -------------
      Las Vegas Strip   $     163,858  $     128,100   $     291,958
      Other Nevada              1,696          1,523           3,219
      MGM Grand Detroit        22,928         10,689          33,617
      Mississippi              12,556         16,163          28,719
      Other                     1,581          2,466           4,047
      Unconsolidated
       resorts                 (4,442)             -          (4,442)
                        -------------  -------------   -------------
                              198,177        158,941         357,118
      Stock compensation                                      (9,023)
      Corporate and other                                    (42,628)
                                                       -------------
                                                       $     305,467
                                                       =============



                       Three Months Ended June 30, 2008
                       --------------------------------

                                        Depreciation
                          Operating         and
                        income (loss)   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
                                                       =============



                        Six Months Ended June 30, 2009
                        ------------------------------

                                        Depreciation
                          Operating         and
                        income (loss)   amortization      EBITDA
                        -------------  -------------   -------------
      Las Vegas Strip   $     323,841  $     256,833   $     580,674
      Other Nevada             (1,369)         3,071           1,702
      MGM Grand Detroit        52,769         21,400          74,169
      Mississippi              27,182         32,951          60,133
      Other                     3,852          5,059           8,911
      Unconsolidated
       resorts                  3,395              -           3,395
                        -------------  -------------   -------------
                              409,670        319,314         728,984
      Stock compensation                                     (17,757)
      Corporate and other                                    126,197
                                                       -------------
                                                       $     837,424
                                                       =============



                   Six Months Ended June 30, 2008
                   ------------------------------

                                        Depreciation
                          Operating         and
                        income (loss)   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
                                                       =============



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


                                                   June 30,     December 31,
                                                     2009          2008
                                                  -----------   -----------
                                     ASSETS
    Current assets:
      Cash and cash equivalents                   $   411,356   $   295,644
      Accounts receivable, net                        287,862       303,416
      Inventories                                     100,401       111,505
      Income tax receivable                           134,367        64,685
      Deferred income taxes                            58,476        63,153
      Prepaid expenses and other                       82,858       155,652
      Assets held for sale                                  -       538,975
                                                  -----------   -----------
        Total current assets                        1,075,320     1,533,030
                                                  -----------   -----------

    Property and equipment, net                    15,924,679    16,289,154

    Other assets:
      Investments in and advances to
       unconsolidated affiliates                    4,600,375     4,642,865
      Goodwill                                         86,353        86,353
      Other intangible assets, net                    345,699       347,209
      Deposits and other assets, net                  377,499       376,105
                                                  -----------   -----------
        Total other assets                          5,409,926     5,452,532
                                                  -----------   -----------
                                                  $22,409,925   $23,274,716
                                                  ===========   ===========


                      LIABILITIES AND STOCKHOLDERS' EQUITY

    Current liabilities:
      Accounts payable                            $   117,254   $   142,693
      Construction payable                             22,096        45,103
      Current portion of long-term debt                     -     1,047,614
      Accrued interest on long-term debt              193,230       187,597
      Other accrued liabilities                       899,381     1,549,296
      Liabilities related to assets held for sale           -        30,273
                                                  -----------   -----------
        Total current liabilities                   1,231,961     3,002,576
                                                  -----------   -----------

    Deferred income taxes                           3,581,454     3,441,198
    Long-term debt                                 12,364,839    12,416,552
    Other long-term obligations                       186,741       440,029
    Stockholders' equity:
      Common stock, $.01 par value: authorized
       600,000,000 shares, issued 441,007,329 and
       369,283,995 shares and outstanding
       441,007,329 and 276,506,968 shares               4,410         3,693
      Capital in excess of par value                3,487,329     4,018,410
      Treasury stock, at cost: 0 and 92,777,027
       shares                                               -    (3,355,963)
      Retained earnings                             1,554,838     3,365,122
      Accumulated other comprehensive loss             (1,647)      (56,901)
                                                  -----------   -----------
        Total stockholders' equity                  5,044,930     3,974,361
                                                  -----------   -----------
                                                  $22,409,925   $23,274,716
                                                  ===========   ===========

SOURCE MGM MIRAGE

http://www.mgmmirage.com

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