SETTING THE FUTURE IN MOTION
hile the international opportunities for growth remain to be fully defined,
in 2004 MGM MIRAGE entered into a joint venture agreement with
Pansy Ho Chiu-king to develop, build and operate a major hotel-casino
resort in Macau S.A.R. No other international market has shown its ability to sustain
improved growth even as the government takes important steps to modernize its regu-
latory structure. We have methodically moved through the regulatory process and look
forward to initiating construction in 2005 and opening in 2007.
We continue to monitor and pursue opportunities as they arise in the United
Kingdom. The bill modernizing British gaming law has moved steadily through the
legislative process throughout the year. Several key issues are yet to be resolved, but we
remain hopeful that Great Britain will become one of the world’s leading jurisdictions
with significant growth opportunities for decades to come.
We are also excited about the emergence of possible new jurisdictions in the Far
East. We plan to pursue additional development opportunities as they become avail-
able, as we believe that the Far East holds considerable promise as a growing gaming market. 
Domestically, we are selectively expanding our presence as well, moving into mar-
kets and business lines where our superior brands and assets can provide the best
returns. In Las Vegas we will maximize the use of our vast land holdings, beginning
with The Residences at MGM Grand. This unique venture is a breakthrough combina-
tion of a hotel and condominiums – the first of its kind in Las Vegas. In Atlantic City, we
own an exceptional site for future development. The already successful Borgata is pre-
pared to grow bigger and better.  Expansion plans include more casino space, a new hotel
tower, more restaurants, retail outlets and an expanded spa.
W
THE RESIDENCES 
AT MGM GRAND Our joint 
venture with Turnberry Associates
to build luxury condo/hotels ignited
a flurry of development in Las Vegas.
MGM GRAND MACAU Our joint venture has secured 
a prime location to develop and construct an exciting
addition to this dynamic gaming destination.