Notes to Consolidated Financial Statements66
NOTE 16 — CONSOLIDATING CONDENSED FINANCIAL INFORMATION
The Company’s subsidiaries (excluding MGM Grand Detroit, LLC and certain minor subsidiaries) have fully and unconditionally guaranteed, on a joint and several basis, 
payment of the Senior Credit Facility, the senior notes and the senior subordinated notes. Separate condensed financial statement information for the subsidiary guarantors 
and non-guarantors as of December 31, 2004 and 2003 and for the years ended December 31, 2004, 2003 and 2002 is as follows:
As of and for the Years Ended December 31 (In thousands) 2004 2003
Guarantor Non-Guarantor Guarantor Non-Guarantor
Balance Sheet Parent Subsidiaries Subsidiaries Elimination Consolidated Parent Subsidiaries Subsidiaries Elimination Consolidated
Current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 48,477 $ 541,537 $ 230,188 $ — $ 820,202 $ 64,429 $ 708,764 $ 85,987 $ — $ 859,180
Property and equipment, net . . . . . . . . . . . . . . . . . . . . 8,266 8,820,342 97,506 (11,972) 8,914,142 9,373 8,525,531 158,407 (11,972) 8,681,339
Investments in subsidiaries. . . . . . . . . . . . . . . . . . . . . . 8,830,922 192,290 — (9,023,212) — 8,023,527 186,114 — (8,209,641) —
Investments in unconsolidated affiliates . . . . . . . . . . . . 127,902 1,056,903 — (342,165) 842,640 127,902 970,275 — (342,165) 756,012
Other non-current assets . . . . . . . . . . . . . . . . . . . . . . . 67,672 346,201 124,172 — 538,045 47,251 312,699 154,788 — 514,738
$ 9,083,239 $10,957,273 $ 451,866 $(9,377,349) $ 11,115,029 $ 8,272,482 $ 10,703,383 $ 399,182 $ (8,563,778) $ 10,811,269
Current liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 132,279 $ 726,581 $ 69,117 $ — $ 927,977 $ 118,078 $ 685,531 $ 63,009 $ — $ 866,618
Intercompany accounts . . . . . . . . . . . . . . . . . . . . . . . . (231,630) 206,698 24,932 — — (781,455) 756,181 25,274 — —
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . 1,802,008 — — — 1,802,008 1,761,706 — 3,720 — 1,765,426
Long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,607,118 851,730 — — 5,458,848 4,640,365 878,651 2,874 — 5,521,890
Other non-current liabilities. . . . . . . . . . . . . . . . . . . . . . 1,760 102,595 50,137 — 154,492 — 71,702 51,845 — 123,547
Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,771,704 9,069,669 307,680 (9,377,349) 2,771,704 2,533,788 8,311,318 252,460 (8,563,778) 2,533,788
$ 9,083,239 $10,957,273 $ 451,866 $(9,377,349) $ 11,115,029 $ 8,272,482 $ 10,703,383 $ 399,182 $ (8,563,778) $ 10,811,269
Statement of Operations
Net revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ 3,816,162 $ 421,942 $ — $ 4,238,104 $ — $ 3,466,394 $ 396,349 $ — $ 3,862,743
Equity in subsidiaries earnings . . . . . . . . . . . . . . . . . . . 955,995 117,686 (1,073,681) — 646,997 110,528 — (757,525) —
Expenses:
Casino and hotel operations . . . . . . . . . . . . . . . . . . . — 2,081,435 211,460 — 2,292,895 — 1,945,203 196,025 — 2,141,228
Provision for doubtful accounts . . . . . . . . . . . . . . . . — (3,555) (74) — (3,629) — 13,188 (618) — 12,570
General and administrative . . . . . . . . . . . . . . . . . . . — 552,890 59,725 — 612,615 — 532,591 51,008 — 583,599
Corporate expense . . . . . . . . . . . . . . . . . . . . . . . . . . 11,988 65,922 — — 77,910 5,892 55,649 — — 61,541
Preopening and start-up expenses . . . . . . . . . . . . . . 129 10,147 — — 10,276 105 28,711 450 — 29,266
Restructuring costs (credit) . . . . . . . . . . . . . . . . . . . — 4,118 1,507 — 5,625 248 6,349 — — 6,597
Property transactions, net . . . . . . . . . . . . . . . . . . . . (1,521) 9,831 355 — 8,665 363 (19,855) 551 — (18,941)
Depreciation and amortization . . . . . . . . . . . . . . . . . 1,039 371,229 30,277 — 402,545 1,081 367,030 32,655 — 400,766
11,635 3,092,017 303,250 — 3,406,902 7,689 2,928,866 280,071 — 3,216,626