text: **NOTE 1 — ORGANIZATION**
  MGM MIRAGE (the “Company”), formerly MGM Grand, Inc., is a Delaware 
  corporation, incorporated on January 29, 1986. As of December 31, 2004 
  approximately 58% of the outstanding shares of the Company's common stock 
  were owned by Tracinda Corporation, a Nevada corporation wholly owned by Kirk 
  Kerkorian. MGM MIRAGE acts largely as a holding company and, through 
  wholly-owned subsidiaries, owns and/or operates casino resorts. 
  
  The Company owns and operates the following casino resorts on the Las Vegas 
  Strip in Las Vegas, Nevada: Bellagio, MGM Grand Las Vegas, The Mirage, Treasure 
  Island (“TI”), New York-New York and the Boardwalk Hotel and Casino. The 
  Company owns a 50% interest in the joint venture that owns and operates the 
  Monte Carlo Resort & Casino, also located on the Las Vegas Strip. 
  
  The Company owns three resorts in Primm, Nevada at the California/Nevada state 
  line – Whiskey Pete’s, Buffalo Bill’s and the Primm Valley Resort – as well as two 
  championship golf courses located near the resorts. The Company also owns 
  Shadow Creek, an exclusive world-class golf course located approximately ten miles 
  north of its Las Vegas Strip resorts. 