text: In February 2004, we announced an agreement in principle with The British Land 
  Company PLC whereby we would operate a casino in leased premises within a 
  newly developed leisure and entertainment complex adjacent to the Meadowhall 
  Shopping Centre in Sheffield. The agreement is subject to the implementation of 
  proposed gaming law reforms and a tax structure acceptable to us, and obtaining 
  required planning and other approvals. 
  
  **Macau.**In June 2004, we entered into a joint venture agreement with Pansy Ho 
  Chiu-king to develop, build and operate a hotel-casino resort in Macau S.A.R. The 
  facility, which will use the “MGM Grand” name, will be located on a prime water- 
  front site and will include world-class resort amenities including a hotel, restaurants, 
  entertainment facilities, convention, retail and spa facilities in addition to a 
  significant gaming component. The agreement is subject to, among other things, 
  the approval of the government of Macau S.A.R. and other regulatory approvals as 
  well as the entry into a subconcession agreement with Sociedade de Jogos de Macau 
  (SJM), the holder of one of the existing concessions to operate a casino in Macau. 
  The Company has committed to invest up to $280 million in the entity in the 
  form of capital contributions and shareholder loans. The complete design, timing, 
  cost and scope of the project are at a preliminary stage and are subject to the risks 
  attendant to large-scale projects. 