text: o some, momentum is intangible – a product of fortune, a power that cannot be harnessed, and typically 
  a short-lived sensation. Others wonder how they lost their momentum. At MGM MIRAGE, we are con- 
  stantly thinking of better ways to maximize it. We believe momentum is a product of effort and excellence, 
  
  T 
  
  a force which can be observed and measured, and something that can be a lasting and defining quality of a great 
  company. Our 2004 results are a clear reminder of the power of moving forward. Our financial policies have long 
  been designed to create and maintain momentum. By investing in our best assets and thinking of new ways to add 
  value to our shareholders, we are able to redefine our Company’s place in history every year – and 2004 was a defin- 
  ing time even by our exacting standards. 
  
  So how did we get here? Last year, we discussed the importance of focus, and the laser-like precision with which 
  
  we operated our resorts in 2004 affirms the power of our single-minded dedication to excellence. The hard work of 
  our 40,000 employees resulted in a record year in almost every regard. Net revenues increased 10% over 2003 to a 
  record $4.2 billion, with 12% REVPAR growth at our Las Vegas resorts; property-level EBITDA was an all-time 
  record, nearly $1.5 billion, and 23% higher than the prior year. We exceeded the expectations of every market 
  observer, and significantly beat our forecasts. And 2004 will not be a zenith year for your company – rather, we 
  expect to continue our excellent operating performance, re-invest the resulting cash flow to stimulate future growth 
  and move forward to new defining moments. 