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><tdcolspan="2">RESULTS OF OPERATIONS</td><td>Key Performance Indicators</td></tr></thead><tbody><tr><tdcolspan="2">At December 31.2004, out operations consisted of 11 wholly - owned casino resorts and 50 % investments in two other casino resorts, including :</td><td>As a resort - based company, our speating results are highly dependent on the volume of customers at our resorn, which in num impacts the price we can charge for our hotel rooms and other amenities. We also generate a significant portion of</td></tr><tr><tdcolspan="2">Las Vegas, Nevadax Bellagin, MGM Grand Las Vegas, The Mirage, TL, New Yerk - New York, Boardwalk, and Mone Carlo ( 90 % owned ).</td><td>our operating income from the high - end gaming segment, which can cause variability in our results. Key performance indicators related to revenue are :</td></tr><tr><td>Other :</td><td>The Primm Valley Resorn ( Buffalo Bifls, Primm Valley Resort and Whikey Pretc ) in Primm. Nevada ; Beaa Reage in Biloxi, Mississippi ; MGM Grand Dernit ; Borgana ( 90 % owned ) in Adantic Ciry, New Jeney.</td><td>▪ Gaming preventa indicators – talks games drop and slot handle ( oxhure indicators ); “ with ” or “ hold ” percentage, which is not fully controllable by as. One normal table games witn percentage is in the range of 18 % to 122 % of table games dro</td></tr><tr><td>We operate in one segment, the operation of casino resorts, which includes offering</td></tr><tr><tdcolspan="2"</tr></tbody>
          </table> </body> </html>