Defining Momentum for Our Industry
The gaming industry in America is maturing, and 
international expansion, while exciting in select markets,
remains challenging. As a result, your company has 
pursued a growth strategy that calls for maximizing the
assets we currently own and seeking prudent development
opportunities and strategic acquisitions.
Upon completion of our merger with Mandalay,
MGM MIRAGE will be the world’s leading gaming and
leisure company. The combination will result in a well-
capitalized company uniquely situated to invest in its 
current portfolio in addition to creating new projects 
in the United States and around the world.
We believe this is an outstanding 
transaction for the shareholders of
both companies. With this
acquisition, we will own, 
operate and have investments
in 28 properties throughout Nevada, Mississippi, 
Illinois, Michigan, and New Jersey. 
The combined company will have an asset portfolio
which includes some of the most widely recognized brand
names in the world. These properties cater to a broad 
customer base, ranging from value-oriented to the ultra-
high end. Each resort provides a unique customer experience
through its specific personality and combination of amenities.
We also will have at Mandalay Bay the fifth largest
convention center in the United States, providing the com-
pany with a great resource to further develop the business
travel and convention market. 
But the bricks and mortar tell only part of the story 
of this transaction. At the heart of Mandalay is its people.
Mandalay employees at all levels are energetic and talented 
and will be a tremendous asset to us. T ogether, we will become
a family in excess of 70,000 people committed to delivering 
the best possible experiences for our guests. The transaction 
also will create unparalleled opportunities for our entire family
of employees. 
In short, this groundbreaking transaction creates
unstoppable momentum for all stakeholders in the 
MGM MIRAGE family. 
Defining Momentum in our Properties
In 2004, your company invested over $690 million of
capital in the creation of new restaurants, clubs, shows and
nightspots as well as the development of strategic enhance-
ments to existing amenities. These investments generated
exceptional returns in a time when competition for the
entertainment dollar has never been higher. 
EARNIN G S PER SHARE
2002
2003
2004
$3.00
$1.83
$1.61
$2.85
$2.50
$2.00
$1.50
$1.00
$0.50
$0.00
FIX BELLAGIO Classic
American fare using the
freshest fish, meat, and
poultry cooked to order on 
a wood-burning grill. Costa
Rican Padouk wood inspires
a warm environment in a
unique, vibrant design. 
03
Mystère
®
by Cirque du Soleil
®