Management’s Discussion and Analysis of Financial Condition and Results of Operations 31
an investigation of certain aspects of NYRA’s operations by Federal prosecutors. In
December 2003, NYRA reached agreement with the Justice Department whereby
NYRA was indicted with prosecution deferred. NYRA agreed to pay a fine and the
indictment will be dismissed with prejudice upon NYRA implementing certain
reforms and otherwise complying with the terms of the agreement. Our 
participation is subject to a definitive agreement, regulatory approvals and 
certain legislative changes by the State of New York.
Off Balance Sheet Arrangements
Our off balance sheet arrangements consist primarily of inv estments in 
unconsolidated affiliates, which currently consist primarily of our investments in
Monte Carlo and Borgata. We have not entered into any transactions with special
purpose entities, nor have we engaged in any derivative transactions other than
straightforward interest rate swaps. Our joint venture and unconsolidated affiliate
investments allow us to realize the benefits of owning a full-scale resort in a manner
that minimizes our initial investment. We provided a guaranty for up to 50% of the
interest and principal payment obligations on the construction financing for The
Residences at MGM Grand. Otherwise, we have not guaranteed financing obtained
by our investees, nor are there any other provisions of the venture agreements which
are unusual or subject us to risks to which we would not be subjected if we had full
ownership of the resort.
At December 31, 2004, we had outstanding letters of credit totaling $51 million, 
of which $50 million support the bonds issued by the Economic Development
Corporation of the City of Detroit. These bonds are recorded as a liability in our
consolidated balance sheets. This obligation was undertaken to secure our right to
develop a permanent casino in Detroit.
Commitments and Contractual Obligations
The following table summarizes our scheduled contractual commitments as of
December 31, 2004:
(In millions) 2005 2006 2007 2008 2009 Thereafter
Long-term debt  . . . . . . . . . . . . . $ 476 $ 245 $ 910 $ 430 $ 1,050 $ 2,400
Estimated interest payments 
on long-term debt (1)  . . . . . . . 410 391 341 290 286 461
Capital leases  . . . . . . . . . . . . . . 2 2 2 1 — —
Operating leases  . . . . . . . . . . . . 10 9 8 7 7 332
Long-term liabilities (2)  . . . . . . . 40 7 6 5 55 4
Other purchase obligations:
Mandalay merger  . . . . . . . . . . 5,505 — — — — —
Construction commitments . . . 134 5 — — — —
Employment agreements  . . . . 100 69 14 1 — —
Entertainment agreements (3) 73 23 — —— —
Other (4)  . . . . . . . . . . . . . . . . 43 77 7 3 —
$6,793 $ 758 $1,288 $ 741 $ 1,401 $ 3,197
(1) Estimated interest payments on long-term debt are based on principal amounts outstanding at December 31, 2004 after giv-
ing effect to the redemption of certain senior notes in February 2005, and forecasted LIBOR rates for our bank credit facility.
(2) Includes our obligation to support $50 million of bonds issued by the Economic Development Corporation of the City of
Detroit as part of our development agreement with the City. The bonds mature in 2009. Also includes the estimated 
payments of obligations under our deferred compensation and supplemental executive retirement plans, based on balances
as of December 31, 2004 and assumptions of retirement based on plan provisions.
(3) Our largest entertainment commitments consist of minimum contractual payments to Cirque du Soleil, which performs
shows at several of our resorts. We are generally contractually committed for a period of 12 months based on our ability to
exercise certain termination rights; however, we expect these shows to continue for longer periods.
(4) The amount for 2005 includes approximately $31 million of open purchase orders. Other commitments are for various 
contracts, including maintenance and other service agreements and advertising commitments.