EXPANDING WITH EXCELLENCETO OUR SHAREHOLDERS
These investments in your company’s future paid 
dividends even before the year was out. We established a 
new record for net revenues posting $4.2 billion, a 10%
increase over 2003. 
Your company’s resorts produced record EBITDA of
$1.46 billion, an increase of 23% over 2003, while operating
income was $951 million, an increase of 36%, with record
results at Bellagio, MGM Grand Las Vegas and Beau Rivage.
Defining Momentum in the Community
I’ve spent 27 years in this profession and the 
incredible generosity of our employees never
ceases to amaze me. Shortly after the merger
with Mirage Resorts in 2000, we established
the Voice Foundation. This allows employees to
express themselves in the communities we serve by 
providing them a mechanism to raise monies for
worthy causes. It’s their money and they decide
where it goes. Your company provides the marketing
and administrative support. 
In each year since we established the program,
employees have given record amounts to support a
BELLAGIO underwent a significant expansion during 2004 result-
ing in the opening of the Spa Tower and several important new
amenities at this AAA Five Diamond property. Bellagio remains
Las Vegas’ first and only hotel-casino to receive this prestigious
recognition. These new additions add dimension and depth to the
world-famous experience awaiting guests at Bellagio.
MGM GRAND LAS VEGAS completed a transformation, begun
in 2003, of its food and beverage and entertainment offerings.
MGM Grand is one of the must-see attractions of 
Las Vegas, with Cirque du Soleil’s newest pro-
duction, KA`TM
, and several of the Strip’s
finest restaurants and hottest nightspots.
TI’s transformation was no less extensive,
as the property’s management team 
conceived and implemented a program to
enliven the property with new restaurants 
and nightlife.
THE MIRAGE was the site of a revolution in
Las Vegas’ history as the venerable buffet was given
new life as a top dining establishment, Cravings.
Others may follow this lead, but The Mirage was
the first property to breathe new life into what
remained of the last bastion of “old” Las Vegas.
47 .6%
14.9%
18.0%
19.5%
47 .6%
14.9%
18.0%
19.5%
2004 Revenue Mix
Casino
Rooms
Food & Beverage
Entertainment, Retail,
& Other
SKYLOFTS MGM Grand
A private sanctuary of sleek,
elegant two-story accommo-
dations, offering discerning
guests the quintessential loft
environment - harmonizing
design, décor, ambiance and
unparalleled vistas. 
BELLAGIO SPA Unique
design elements, combined
with an international array of
innovative treatments and
specially trained therapists,
provide the ultimate indul-
gent experience.
TEATRO MGM Grand A new
genre of Las Vegas nightlife
where European club influ-
ences permeate. DJs spin jazz/
house throughout the evening,
giving way to an energetic
after-hours vibe with live cat-
walk entertainment.
KÀ The most spectacular production ever, by a troupe renowned for its
pageantry. Cirque du Soleil’s KÀ debuted at a new theatre at MGM Grand
in the fourth quarter of 2004.
What exactly is a defining
moment? T ry a multi-billion
dollar project centered in the
heart of Las Vegas.
04