Notes to Consolidated Financial Statements64
The Company implemented a supplemental executive retirement plan (“SERP”) for
certain key employees effective January 1, 2001. The SERP is a nonqualified plan
under which the Company makes quarterly contributions which are intended to
provide a retirement benefit that is a fixed percentage of a participant’s estimated
final five-year average annual salary, up to a maximum of 65%. Company contribu-
tions and investment earnings on the contributions are tax-deferred and accumulate
as a retirement fund. Employees do not make contributions under this plan. A 
portion of the Company contributions and investment earnings thereon vests after
three years of SERP participation and the remaining portion vests after both five
years of SERP participation and 10 years of continuous service. The Company
recorded expense of $5 million under this plan in each of 2004, 2003 and 2002.
NOTE 13 — RESTRUCTURING COSTS
Restructuring costs (credit) consisted of the following:
Year Ended December 31 (In thousands) 2004 2003 2002
Contract termination costs . . . . . . . . . . . . . . . . . . . . . $ 3,693 $ 4,049 $ 3,257
Reversal of certain September 11 charges . . . . . . . . . — — (10,421)
Siegfried & Roy show closure – The Mirage . . . . . . . . — 1,623 —
Reversal of 2000 contract termination costs . . . . . . . . — — (9,857)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,932 925 —
$ 5,625 $ 6,597 $ (17,021)
In 2004, restructuring costs include $3 million for contract termination costs 
related to the Aqua restaurant at Bellagio and $2 million of workforce reduction
costs at MGM Grand Detroit as a result of the Company’s efforts to minimize the
impact of a gaming tax increase in Michigan.
2003 restructuring costs included $2 million related to the closure of the Siegfried
& Roy show, primarily for severance costs of employees involved in the show’s 
production. Also, the Company terminated a restaurant lease and closed two 
marketing offices, resulting in $4 million of contract termination charges. Other
severance of $1 million in 2003 related primarily to restructuring of table games
staffing at several resorts.
The Company recorded $3 million of restructuring charges in December 2002
related to contract termination costs for a restaurant and the EFX! show at MGM
Grand Las Vegas. In December 2002, the Company recorded a restructuring credit
of $10 million related to a lease contract termination accrual originally recorded in
June 2000. In December 2002 management determined that payment under this
obligation was not probable. In 2001, management responded to a decline in busi-
ness volumes caused by the September 11 attacks by implementing cost contain-
ment strategies which included a significant reduction in payroll and a refocusing of
several of the Company’s marketing programs. This resulted in a $22 million charge
against earnings. As a result of improving business levels and the Company’s success
at re-hiring a substantial number of previously laid off or terminated employees,
management determined in 2002 that a portion of the remaining accrual would
now not be necessary. This resulted in a restructuring credit of $10 million. 
The following table summarizes activity for restructuring accruals with a balance 
at December 31, 2004. All other restructuring awards have been fully paid or 
otherwise resolved.
Balance at
Initial Cash Non-cash December 31,
(In thousands) Provision Payments reductions 2004
2003 severance . . . . . . . . . . . . . . . . . . . . . . . . . $ 925 $ (838) $ — $ 87
$ 925 $ (838) $ — $ 87