FINANCIAL HIGHLIGHTS18
Net revenues . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,238,104 $ 3,862,743 $ 3,756,928 $ 3,699,852 $ 2,910,580
Operating income . . . . . . . . . . . . . . . . . . . . . . 950,860 699,729 746,538 599,892 515,197
Income from continuing operations  . . . . . . . . . 349,856 230,273 289,476 160,440 153,585
Net income  . . . . . . . . . . . . . . . . . . . . . . . . . . 412,332 243,697 292,435 169,815 160,744
Basic earnings per share
Income from continuing operations  . . . . . . $ 2.51 $ 1.55 $ 1.83 $ 1.01 $ 1.06
Net income per share  . . . . . . . . . . . . . . . . 2.95 1.64 1.85 1.07 1.11
Weighted average number of shares  . . . . . . . 139,663 148,930 157,809 158,771 145,300
Diluted earning per share
Income from continuing operations  . . . . . . $ 2.42 $ 1.52 $ 1.81 $ 1.00 $ 1.04
Net income per share  . . . . . . . . . . . . . . . . 2.85 1.61 1.83 1.06 1.09
Weighted average number of shares  . . . . . . . 144,666 151,592 159,940 160,822 147,901
Cash dividends per share (1)  . . . . . . . . . . . . . . $— $ — $ — $ — $ 0.10 
At year-end
Total assets  . . . . . . . . . . . . . . . . . . . . . . . . .$11,115,029 $10,811,269 $10,568,698 $10,542,568 $10,785,720
Total debt, including capital leases  . . . . . . . 5,463,619 5,533,462 5,222,195 5,465,608 5,880,819
Stockholders’ equity  . . . . . . . . . . . . . . . . . 2,771,704 2,533,788 2,664,144 2,510,700 2,382,445
Stockholders’ equity per share  . . . . . . . . . . $ 19.75 $ 17.71 $ 17.24 $ 15.95 $ 14.97
Number of shares outstanding . . . . . . . . . . . . 140,370 143,096 154,574 157,396 159,130
(1) On December 13, 1999, the Board of Directors approved an initial quarterly cash dividend of $0.10 per share to stockholders of record on February 10, 2000. The dividend was
paid on March 1, 2000. As a result of the acquisition of Mirage Resorts, Incorporated, we announced on April 19, 2000 that the quarterly dividend policy was discontinued.
The acquisition of Mirage Resorts occurred on May 31, 2000. In June 2003, we ceased operations of PLAYMGMMIRAGE.com, our online  gaming website (“Online”). In January
2004, we sold the Golden Nugget Las Vegas and the Golden Nugget Laughlin including substantially all of the assets and liabilit ies of those resorts (the “Golden Nugget
Subsidiaries”). In July 2004, we sold the subsidiaries that own and operate MGM Grand Australia. The results of Online, the Gol den Nugget Subsidiaries and MGM Grand Australia
are classified as discontinued operations for all periods presented.
2004 2003 2002 2001 2000For the Years Ended December 31 
(in thousands except share and per share data)
2004
NET REVENUE
$– $3,500 $3,750 $4,000 $4,250 $4,500  ($Millions)
2003
2002
2004
$– $600 $700 $800 $900 $1,000 ($Millions)
2003
2002
2004
$– $200 $250 $300 $350 $400 $450 ($Millions)
$412
$244
$292
2003
2002
$4,238
$3,863
$3,757
$951
$700
$747
OPERATING INCOMENET INCOME