text: impairment is indicated. If the undiscounted cash flows do not exceed the carrying 
  value, then an impairment is measured based on fair value compared to carrying 
  value, with fair value typically based on a discounted cash flow model. If an asset is 
  still under development, future cash flows include remaining construction costs. 
  
  For a discussion of recognized impairment losses, see Note 14. In October 2002, 
  the Company announced the suspension of development activities on its wholly- 
  owned project on the Renaissance Pointe land in Atlantic City. In connection 
  therewith, the Company reviewed the land for potential impairment, and deter- 
  mined that no impairment was indicated. In December 2002, the Company 
  entered into an agreement with Turnberry Associates to form a venture to construct 
  condominium residences behind MGM Grand Las Vegas. As part of the agreement, 
  the Company contributed land to the venture. The Company reviewed the land for 
  potential impairment, and determined no impairment was indicated. 
  
  **Capitalized interest.**The interest cost associated with major development and 
  construction projects is capitalized and included in the cost of the project. When 
  no debt is incurred specifically for a project, interest is capitalized on amounts 
  expended on the project using the weighted-average cost of the Company’s 
  outstanding borrowings. Capitalization of interest ceases when the project is 
  substantially complete or development activity is suspended for more than a 
  brief period. 