CYNTHIA KISER MURPHEY Senior
VP, MGM MIRAGE Human Resources 
PUNAM MATHUR Senior VP, 
MGM MIRAGE Diversity/Community
Relations 
WILLIAM MCBEATH President,
The Mirage 
ROBERT V. MOON Chairman,
MGM MIRAGE Marketing 
FELIX D. RAPPAPORT President,
New York-New York
SCOTT SIBELLA President, TI
combination of Mandalay’s assets with our financial strength
and industry-leading financial discipline will yield significant
returns for all of our stakeholders.
We are currently planning the integration of the two
companies, and over time, we expect to realize the full poten-
tial of cost and revenue synergies. We will report on our
progress throughout the coming year.
The Next Moment – A City is Born
What makes a great city? Las Vegas has long been 
recognized as the leisure capital of the world. The resorts in
our valley have been the innovative leaders in the hospitality
industry and have driven the tremendous growth in visitor
volume, high occupancy rates and surging food, beverage,
entertainment and gaming volumes. But there is another
Las Vegas – a community of two million residents on its
way to three million by the end of the decade. Las Vegas is
leading the U.S. migration to the Southwest. Our newcom-
ers are attracted by the lifestyle, weather, cost of living and
economic opportunity. Many have come from cities in the
East, West and Midwest and take elements of established
communities for granted, such as medical, educational and
cultural excellence and diversity.
The people of Las Vegas today have great aspirations and
expect and demand more of our community. We are a city
without a proper city, and that is about to change. Ambitious
plans are underway to revitalize Downtown Las Vegas, centered
around a beautiful performing arts center and an academic
medical center; UNLV is in the midst of a major capital cam-
paign to enhance the Midtown section of Las Vegas; and your
company has embarked on the most comprehensive project to
date – Project CityCenter, at the heart of the Las Vegas Strip.
The Las Vegas Strip has no sense of city now – but we
believe it can. The future of Las Vegas is centered around our
great resorts and our future development. There are many
reasons we believe Project CityCenter is the right project for
our Las Vegas Strip development. We believe there is a social
imperative that Las Vegas mature as a city, not just a con-
glomeration of suburbs. A city deserves a center – a center
for living, working and playing. We want to be an integral
part in defining the Las Vegas of the future.
And there is a business motivation. Companies in the
gaming industry have historically not been valued on par with
other hospitality companies and mixed-use real estate compa-
nies. We plan to break out of the gaming mold, and define a
company based on extensive holdings in multiple businesses.
Project CityCenter will include major residential, retail and
entertainment components. We will partner with boutique
(from left to right) ROBERT C. SELWOOD Senior Vice President—
Accounting; JAMES J. MURREN President, CFO & Treasurer;
BRYAN L. WRIGHT Senior Vice President — Assistant General
Counsel & Assistant Secretary; DANIEL J. D'ARRIGO Senior Vice
President—Finance
No company is better
positioned to help shape
the future of Las Vegas
than MGM MIRAGE.
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