Management’s Discussion and Analysis of Financial Condition and Results of Operations 29
Other Factors Affecting Liquidity
In November 2004, in anticipation of the Mandalay merger, we entered into an
amended and restated bank credit facility with a group of lenders led by Bank of
America, N.A. The revised bank credit facility will be effective upon the closing of
the Mandalay merger, will mature five years later, and will provide a total of $7.0
billion of borrowing capacity, consisting of a $5.5 billion senior revolving credit
facility and $1.5 billion senior term loan facility. The remaining terms are 
substantially similar to our existing bank credit facility.
Future Developments
Project CityCenter. In November 2004, we announced a plan to develop a multi-
billion dollar urban metropolis, initially called Project CityCenter, on 66 acres of
land on the Las Vegas Strip, between Bellagio and Monte Carlo. We anticipate that
the first phase of Project CityCenter will include a 4,000-room casino resort, three
400-room boutique hotels, approximately 550,000 square feet of retail shops, 
dining and entertainment venues, and 1,650 units of luxur y condominium,
hotel/condominium and private residence clubs.
We expect that the complete design work for Project CityCenter will take 18
months and that the first phase will open in 2009. The design, budget and schedule
of Project CityCenter are still preliminary however, and the ultimate timing, cost
and scope of Project CityCenter are subject to risks attendant to large-scale projects.
Atlantic City, New Jersey. We own approximately 130 acres on Renaissance Pointe
in Atlantic City, New Jersey. In addition, Borgata occupies 29 acres at Renaissance
Pointe, including 27 acres it owns and two acres we lease to Borgata. Of the
remaining land, approximately 95 acres are suitable for development, and a portion
of these acres consists of common roads, landscaping and master plan improve-
ments which we designed and developed as required by our agreement with Boyd.
Borgata is currently expanding its gaming and non-gaming amenities, adding 36 
casino table games and 600 slot machines, along with additional restaurant, 
entertainment and other amenities. This project is expected to be completed in 2006.
Additionally, Borgata has plans to add another hotel tower featuring 800 guest rooms,
suites and resort condominiums, along with a new spa, parking garage and meeting
rooms. This project is expected to be completed in 2007. Neither project is expected to
require contributions from us, as existing operating cash flow and Borgata’s recently
renegotiated bank credit facility is anticipated to provide for the cost of the expansions.
In October 2002, we announced the suspension of our development activities on our
wholly-owned project on the Renaissance Pointe land in Atlantic City. We must
apply for and receive numerous governmental permits and satisfy other conditions
before construction of a new resort on the Renaissance Pointe site could begin. No
assurance can be given that we will develop a casino resort in New Jersey, or its 
ultimate schedule, size, configuration or cost if we do develop a casino resort.
Detroit, Michigan.MGM Grand Detroit, LLC, in which we hold a controlling
interest, has operated an interim casino facility in Detroit, Michigan since July 1999.
In August 2002, the Detroit City Council approved revised development agreements
with us and two other developers. The revised development agreement released us and
the City from certain of the obligations under the original agreement and significantly
changed other provisions of the original agreement. We are currently in the process of
obtaining land and developing plans for the permanent facility. The design, budget
and schedule of the permanent facility are not finalized, and the ultimate timing, cost
and scope of the facility are subject to risks attendant to large-scale projects.