Recently, we opened the SKYLOFTS, a new level of luxury
for guests atop MGM Grand Las Vegas. 
We’ll follow the success of these new resort features
with a category-defining new nightclub at The Mirage, two
fabulous restaurants by Joël Robuchon at MGM Grand Las
Vegas and gaming upgrades company-wide. Second, we are
doubling down on Las Vegas by merging with Mandalay, 
a company we have long admired. The Mandalay merger
represents a tremendous opportunity to build on the mo-
mentum established by Mike Ensign and his team. And
third, we are dreaming of a not-so-distant future, when
Project CityCenter will literally redefine the Las Vegas Strip
and change the face of Las Vegas forever.
Mandalay in Motion
We are incredibly excited to begin our journey with the
talented people of Mandalay, as we work to maximize the
value of Mandalay’s instantly recognized brands and world-
class resorts. Long a fixture in Las Vegas, Mandalay’s resorts
will add to our premium portfolio and allow us to accelerate
the pace of our growth. Our hotel people will be able to mar-
ket a wider range of rooms and benefit from a world-class 
convention center. Our casino marketing people will be able
to offer their customers wonderful new amenities to expand
our market reach. And our development people will be able
to maximize the potential of priceless Las Vegas Strip land.
The Mandalay merger represents another defining
moment for MGM MIRAGE, much like the Mirage Resorts
transaction in 2000, at a time when Las Vegas is in a state of
astounding metamorphosis. No company is better positioned
to help shape the future of Las Vegas than MGM MIRAGE.
We employ more people, invest more money and hold more
prime real estate than any other company in Las Vegas. The
AL FACCINTO President, MGM MIRAGE
International Marketing
ALAN FELDMAN Senior VP Public Affairs,
MGM MIRAGE
BRUCE GEBHARDT Senior VP, 
MGM MIRAGE Global Security 
WILLIAM J. HORNBUCKLE President &
COO, MGM MIRAGE Europe
PHYLLIS JAMES Senior VP & Senior
Counsel, MGM MIRAGE
2004 OPERATIN G  MAR G INS
CZR
HET
MBG
25.0%
14.8%
17.4%
21.8%
MGG 22.4%
20.0%
15.0%
10.0%
15