Notes to Consolidated Financial Statements 53
and operate MGM Grand Australia. This transaction closed in July 2004 with net 
proceeds to the Company of $136 million.
The results of the Golden Nugget Subsidiaries, Online and MGM Grand Australia
are classified as discontinued operations in the accompanying consolidated
statements of income for all periods pr esented. Net revenues of discontinued 
operations were $45 million, $231 million and $222 million, respectively, for the
years ended December 31, 2004, 2003 and 2002. Included in income from 
discontinued operations is an allocation of interest expense based on the ratio of the
net assets of the discontinued operations to the total consolidated net assets and
debt of the Company. Interest allocated to discontinued operations was $2 million,
$9 million and $9 million for the y ears ended December 31, 2004, 2003 and 2002,
respectively. Included in discontinued operations for the year ended December 31,
2003 is a loss on disposal of Online of $7 million relating primarily to 
unrecoverable costs of computer hardware and software. Included in the tax benefit
from discontinued operations for the year ended December 31, 2003 is $2 million
of previously unrecognized tax benefits relating to prior year operating losses of
Online.  Included in discontinued operations for the y ear ended December 31,
2004 is a gain on the sale of the G olden Nugget Subsidiaries of $8 million and a
gain on sale of the MGM Grand Australia Subsidiaries of $74 million.
The following table summarizes the assets and liabilities of discontinued operations
(the Golden Nugget Subsidiaries and Online) as of December 31, 2003, included as
assets and liabilities held for sale in the accompanying consolidated balance sheet:
At December 31, 2003 (In thousands)
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 15,230
Accounts receivable, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,024
Inventories. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,321
Prepaid expenses and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,174
Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,749
Property and equipment, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185,516
Other assets, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,817
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 226,082
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,180
Other current liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,885
Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,065
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 391
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,456
Net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 202,626