Capitalized interest increased in 2004 due to the ongoing Bellagio expansion and
KÀ theatre projects. Capitalized interest in 2005 will include interest capitalized on
Project CityCenter. Capitalized interest decreased in 2003 due to the suspension of
development in Atlantic City in late 2002 and the mid-2003 cessation of interest cap-
italization on the Company’s investment in Borgata, which opened on July 3, 2003.
Non-operating items from unconsolidated affiliates, primarily our share of Borgata’s
interest expense and state income taxes, increased from $10 million in 2003 to