text: <html>
          <head> <meta charset="UTF-8">
          <style>
          table, th, td {
              border: 1px solid black;
              font-size: 10px;
          }
          </style> </head>
          <body>
          <table frame="hsides" rules="groups" width="100%%">
              [html]<thead><tr><td>on a permanent casino in Detroit, investments in our Macau joint venture or casis - I paredon, v Mod - to</td><td>Allowance for Doubtful Casino Accounts Receivable</td></tr></thead><tbody><tr><td>capital spending at Mandalay resorts.</td><td>Marker play represents a significant portion of the table games volume at Bellagio,</td></tr><tr><td>MGM Grand Las Vega and The Mirage. Our other facilities do not emphasize marker</td><td>We plan to fund our contractual obligations and other estimated spending through</td></tr><tr><td>play to the same extent, although we offer markers to customers at those casinos as well.</td><td>a combination of operating cash flow, proceeds from known or expected sales of</td></tr><tr><td>businesses and available borrowings under our senior credit facility. To fund the</td><td>We maintain strict controls over the issuance of markers and aggressively pursue</td></tr><tr><td>Mandalay acquisition, we entered into the revised bank credit facility, which will</td><td>collection from those customers who fail to pay their marker balances timely. These</td></tr><tr><td>provide the required funds to fund payments to Mandalay ' s shareholders and hold -</td><td>collection efforts are similar to those used by most large corporations when dealing</td></tr><tr><td>ers of Mandalaris convertible debentures, as well as refinance certain of Mandalay ' s</td><td>with overdue customer accounts, including the malling of statements and delinquency</td></tr><tr><td>outstanding borrowings. We are required to sell our interest in one of the two</td><td>notices, personal contacts, the use of outside collection agencies and civil litigation.</td></tr><tr><td>casinos in Detroit, Michigan. The sale of either of these interests will generate</td><td>Markers are generally legally enforceable instruments in the United States. At December</td></tr><tr><td>significant cash flow. We have generated over $ 740 million in operating cash flow</td><td>31.2004 and 2003, approximately 54 % and 53 %, respectively, of our casino accounts</td></tr><tr><td>in each of the past three years, which included deductions for interest payments,</td><td>receivable was owed by customers from the United States. Markers are not legally</td></tr><tr><td>tax payments and certain contractually committed payments reflected in the above</td><td>enforceable instruments in some foreign countries, but the United States assets of</td></tr><tr><td>uble, including operating leases, employment agreements and entertainment agree -</td><td>foreign customers may be reached to satisfy judgments entered in the United States. A</td></tr></tbody>
          </table> </body> </html>