Management’s Discussion and Analysis of Financial Condition and Results of Operations22
revenue enhancements from this process. We expect to realize efficiencies in 
operations and economies of scale in purchasing, as well as more effectively market
to a broader base of customers. Our operating cash flow will increase substantially,
as will our interest and tax charges.
Summary Financial Results
The following table summarizes our results of operations:
(In thousands, except per share data)
Year Ended December 31 2004 % Change 2003 %Change 2002
Net revenues . . . . . . . . . . . $ 4,238,104 10% $ 3,862,743 3% $ 3,756,928
Operating income  . . . . . . . 950,860 36% 699,729 (6%) 746,538
Income from 
continuing operations . . . 349,856 52% 230,273 (20%) 289,476
Diluted income from continuing 
operations per share  . . . $ 2.42 59% $ 1.52 (16%) $ 1.81
Income from continuing operations increased in 2004 due to our str ong top-line
growth and the fact that revenue growth was driven largely by increased prices of
our rooms and strong casino revenue. Operating margins correspondingly increased
to 22% in 2004 from 18% in 2003 and 20% in 2002. R esults on a per share basis
were positively impacted by a lower weighted average number of shares outstanding
as the result of share repurchases throughout 2003 and 2004.
Operating Results
The following table includes key information about our operating results:
(In thousands)
Year Ended December 31 2004 % Change 2003 % Change 2002
Net revenues  . . . . . . . . . . . $ 4,238,104 10% $ 3,862,743 3% $ 3,756,928
Operating expenses:
Casino and hotel operations 2,289,266 6% 2,153,798 5% 2,044,369
General and administrative 612,615 5% 583,599 4% 560,909
Corporate expense  . . . . . 77,910 27% 61,541 40% 43,856
Preopening, restructuring and 
property transactions, net 24,566 45% 16,922 43% 11,832
Depreciation and 
amortization . . . . . . . . . 402,545 1% 400,766 5% 381,785
3,406,902 6% 3,216,626 6% 3,042,751
Income from 
unconsolidated affiliates . . 119,658 123% 53,612 66% 32,361
Operating income  . . . . . . . . $ 950,860 36% $ 699,729 (6%) $ 746,538
On a consolidated basis, the most important factors and trends contributing to our
operating performance over the last three years have been:
• The war with Iraq and the outbreak of SARS in Asia, both of which negatively
impacted leisure travel and our high-end gaming business in late 2002 and 
early 2003;
• The new labor contract covering our Las Vegas Strip employees since mid-2002,
which calls for significant annual wage and benefits increases through 2007;
• The current economic recovery in the United States, which began to impact our
operations in the latter half of 2003 and continued to positiv ely affect our results
in 2004.