text: W 
  
  **hile the international opportunities for growth remain to be fully defined,**
  **in 2004 MGM MIRAGE entered into a joint venture agreement with**
  **Pansy Ho Chiu-king to develop, build and operate a major hotel-casino**
  **resort in Macau S.A.R. No other international market has shown its ability to sustain**
  **improved growth even as the government takes important steps to modernize its regu-**
  **latory structure. We have methodically moved through the regulatory process and look**
  **forward to initiating construction in 2005 and opening in 2007.**
  
  **We continue to monitor and pursue opportunities as they arise in the United**
  **Kingdom. The bill modernizing British gaming law has moved steadily through the**
  **legislative process throughout the year. Several key issues are yet to be resolved, but we**
  **remain hopeful that Great Britain will become one of the world’s leading jurisdictions**
  **with significant growth opportunities for decades to come.**
  
  **We are also excited about the emergence of possible new jurisdictions in the Far**
  **East. We plan to pursue additional development opportunities as they become avail-**
  **able, as we believe that the Far East holds considerable promise as a growing gaming market.**