Notes to Consolidated Financial Statements 49
Goodwill and other intangible assets. Goodwill and intangible assets consisted 
of the following:
At December 31 (In thousands) 2004 2003
Goodwill:
Mirage acquisition (2000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 76,342 $ 76,342
MGM Grand Australia acquisition (1995) . . . . . . . . . . . . . . . . . . . . . . . — 34,259
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,415 7,833
83,757 118,434
Indefinite-lived intangible assets:
Detroit development rights. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115,056 115,056
Trademarks, license rights and other . . . . . . . . . . . . . . . . . . . . . . . . . . 17,554 17,554
132,610 132,610
Other intangible assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,968 16,624
$ 233,335 $ 267,668
Goodwill represents the excess of purchase price over fair market value of net assets
acquired in business combinations. Goodwill related to the Mirage acquisition was
assigned to Bellagio, The Mirage and TI. Other goodwill relates to the Company’s
2003 acquisition for $9 million of majority interests in the entities that operate the
nightclubs Light and Caramel, located in B ellagio, and Mist, located in TI. Changes
in the recorded balances of goodwill are as follows:
Year Ended December 31 (In thousands) 2004 2003
Balance, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 118,434 $ 105,504
Currency translation adjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (992) 8,433
Goodwill assigned to discontinued operations . . . . . . . . . . . . . . . . . . . (33,267) (3,336)
Goodwill acquired during the period . . . . . . . . . . . . . . . . . . . . . . . . . . — 7,833
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (418) —
Balance, end of the period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 83,757 $ 118,434
The Company’s indefinite-lived intangible assets consist primarily of development
rights in Detroit (see Note 10) and trademarks. The Company’s finite–lived 
intangible assets consist primarily of lease acquisition costs, amortized over the life
of the related leases, and certain license rights with contractually limited terms,
amortized over their contractual life.
Goodwill and indefinite-lived intangible assets must be reviewed for impairment 
at least annually and between annual test dates in certain circumstances. The
Company performs its annual impairment test for goodwill and indefinite-lived
intangible assets in the fourth quarter of each fiscal year. No impairments were 
indicated as a result of the annual impairment reviews for goodwill and 
indefinite-lived intangible assets in 2004 or 2003.
Revenue recognition and promotional allowances. Casino revenue is the 
aggregate net difference between gaming wins and losses, with liabilities recognized
for funds deposited by customers before gaming play occurs (“casino front money”)
and for chips in the customers’ possession (“outstanding chip liability”).  Hotel,
food and beverage, entertainment and other operating revenues are recognized as
services are performed. Advance deposits on rooms and advance ticket sales are
recorded as accrued liabilities until services are provided to the customer.
Revenues are recognized net of certain sales incentives in accordance with the
Emerging Issues Task Force (“EITF”) consensus on Issue 01-9, “Accounting for
Consideration Given by a Vendor to a Customer (Including a Reseller of the
Vendor’s Products).” The consensus in EITF 01-9 requires that sales incentives 
be recorded as a reduction of revenue and that points earned in point-loyalty 
programs, such as our Players Club loyalty program, must be recorded as a