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              [html]<thead><tr><td>NOTE 18 − SUBSEQUENT EVENT</td></tr></thead><tbody><tr><td>Redemption of Senior Notes. In January 2005, the Company announced that it</td></tr><tr><td>had called all of its outstanding 6.875 % Senior Notes due February 2008 for</td></tr><tr><td>redemption. The notes were redeemed at the present value of future interest pay -</td></tr><tr><td>ments plus accrued interest at the date of redemption. The Company recorded a</td></tr><tr><td>loss on retirement of debt of $ 20 million in the first quarter of 2005. As a result of</td></tr><tr><td>the redemption of the February 2008 Senior Notes and the repayment of the $ 900</td></tr><tr><td>million 6.95 % Senior Notes that matured in February 2005, the Company applied</td></tr><tr><td>for, and received, release of collateral under its Senior Credit Facility and senior</td></tr><tr><td>notes. Therefore, the Company ' s Senior Credit Facility and senior notes are now</td></tr><tr><td>unsecured, but are still subject to guarantees by the Company and each of its</td></tr><tr><td>material subsidiazies, excluding MGM Grand Detroit, LLC and the Company ' s</td></tr><tr><td>foreign subsidiaries.</td></tr><tr></tr></tbody>
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