Notes to Consolidated Financial Statements46
NOTE 1 — ORGANIZATION
MGM MIRAGE (the “Company”), formerly MGM Grand, Inc., is a Delaware 
corporation, incorporated on January 29, 1986. As of December 31, 2004 
approximately 58% of the outstanding shares of the Company's common stock
were owned by T racinda Corporation, a Nevada corporation wholly owned by Kirk
Kerkorian. MGM MIRAGE acts largely as a holding company and, through 
wholly-owned subsidiaries, owns and/or operates casino resorts. 
The Company owns and operates the following casino resorts on the Las Vegas
Strip in Las Vegas, Nevada: Bellagio, MGM Grand Las Vegas, The Mirage, T reasure
Island (“TI”), New York-New York and the Boardwalk Hotel and Casino. The
Company owns a 50% interest in the joint venture that owns and operates the
Monte Carlo Resort & Casino, also located on the Las Vegas Strip.
The Company owns three resorts in Primm, Nevada at the California/Nevada state
line – Whiskey Pete’s, Buffalo Bill’s and the Primm Valley Resort – as well as two
championship golf courses located near the r esorts. The Company also owns
Shadow Creek, an exclusive world-class golf course located approximately ten miles
north of its Las Vegas Strip resorts. 
The Company, through its wholly owned subsidiary, MGM Grand Detroit, Inc.,
and its local partners formed MGM Grand Detroit, LLC, to develop a hotel, casino
and entertainment complex in Detroit, Michigan. MGM Grand Detroit, LLC 
operates a casino in an interim facility in downtown Detroit. See Note 10 for 
discussion of the revised development agreement with the City of Detroit and 
plans for a permanent casino resort.
The Company owns and operates Beau Rivage, a beachfront resort located in Biloxi,
Mississippi. The Company also owns a 50% interest in a limited liability company
that owns Borgata, a casino resort at Renaissance Pointe, located in the Marina area
of Atlantic City, New Jersey.  Boyd Gaming Corporation owns the other 50% of
Borgata and also operates the resort.  Borgata opened in July 2003. The Company
owns approximately 95 developable acres adjacent to Borgata, a portion of which
consists of common roads, landscaping and master plan improvements which the
Company designed and developed as required under the agreement with Boyd.
Until July 2004, the Company owned and operated MGM Grand Australia and
until January 2004, the Company owned and operated the Golden Nugget Las
Vegas in downtown Las Vegas and the Golden Nugget Laughlin in Laughlin,
Nevada (the “Golden Nugget Subsidiaries”). Until June 2003, the Company 
operated PLAYMGMMIRAGE.com, the Company’s online gaming website based
in the Isle of Man. See Note 3 for further information regarding these discontinued
operations. In the second quarter of 2002, the Company received proceeds of $11
million upon termination of management agreements covering four casinos in the
Republic of South Africa. Prior to the termination, the Company managed three
permanent casinos and one interim casino and received management fees from its
partner, Tsogo Sun Gaming & Entertainment. The termination fee was recorded as
part of other revenues in the accompanying consolidated statements of income.
The Company is actively seeking future development opportunities in the United
Kingdom. In May 2003, the Company acquired a 25% interest in Metro Casinos
Limited, a United Kingdom gaming company which operates a casino in B ristol.
See Note 10 for discussion of other potential developments in the United Kingdom. 
In June 2004, the Company entered into a joint venture agreement to develop,
build and operate a hotel-casino resort in Macau S.A.R. The agreement is subject
to, among other things, the approval of the government of Macau S.A.R., and other
regulatory approvals, as well as the entry into a subconcession agreement with the
holder of one of the existing concessions.