text: Investments in unconsolidated affiliates in 2004 primarily consist of contributions 
  to The Residences at MGM Grand. In 2003 and 2002, such investments were 
  primarily our required investments in Borgata. In 2002, we also contributed 
  $44 million to Monte Carlo in connection with Monte Carlo’s retirement of the 
  final $87 million of its outstanding debt. 
  
  **Cash Flows – Financing Activities**
  In 2004, we issued over $1.5 billion of fixed rate debt in various issuances: 
  
  • In February and March 2004, we issued $525 million of 5.875% Senior Notes 
  
  due 2014; 
  
  • In August 2004, we issued $550 million of 6.75% Senior Notes due 2012; 
  • In September 2004, we issued $450 million of 6% Senior Notes due 2009 at a 
  
  premium to yield 5.65%. 
  
  In 2004, we repaid a net $1.6 billion on our bank credit facilities and repurchased 
  $49 million of our existing senior notes for $52 million, resulting in a loss on early 
  retirement of debt of $6 million (including the write-off of unamortized original 
  issue discount), which is classified as “Other, net” in the accompanying consolidat- 
  ed statement of income. In 2003, we issued $600 million of 6% Senior Notes, due 
  2009 and repaid a net $285 million on our bank credit facilities. The net proceeds 
  of these financing activities were used to supplement operating cash flows, fund 
  capital expenditures and repurchase shares of our common stock. In 2002, we 
  utilized our operating cash flow to reduce outstanding indebtedness by $270 mil- 
  lion, while still funding significant capital expenditures and share repurchases. 