text: We generate a majority of our net revenues and operating income from our Las 
  Vegas Strip resorts. In 2004, over 75% of our net revenues and operating income 
  was generated by wholly-owned Las Vegas Strip resorts. We believe that we own the 
  premier casino resorts on the Las Vegas Strip, and a main focus of our strategy is to 
  continually reinvest in these resorts to maintain that competitive advantage. Our 
  concentration on the Las Vegas Strip exposes us to certain risks outside of our 
  control, such as competition from other Las Vegas Strip resorts as well as new or 
  expanded resorts in Las Vegas, including Wynn Las Vegas expected to open in 2005, 
  and the impact from potential expansion of gaming in California. This concentra- 
  tion also exposes us to risks related to tourism and the general economy, including 
  national and global economic conditions and terrorist attacks or other global events. 