text: of Atlantic City, New Jersey. Boyd Gaming Corporation owns the other 50% of 
  Borgata and also operates the resort. Borgata opened in July 2003. The Company 
  owns approximately 95 developable acres adjacent to Borgata, a portion of which 
  consists of common roads, landscaping and master plan improvements which the 
  Company designed and developed as required under the agreement with Boyd. 
  
  Until July 2004, the Company owned and operated MGM Grand Australia and 
  until January 2004, the Company owned and operated the Golden Nugget Las 
  Vegas in downtown Las Vegas and the Golden Nugget Laughlin in Laughlin, 
  Nevada (the “Golden Nugget Subsidiaries”). Until June 2003, the Company 
  operated PLAYMGMMIRAGE.com, the Company’s online gaming website based 
  in the Isle of Man. See Note 3 for further information regarding these discontinued 
  operations. In the second quarter of 2002, the Company received proceeds of $11 
  million upon termination of management agreements covering four casinos in the 
  Republic of South Africa. Prior to the termination, the Company managed three 
  permanent casinos and one interim casino and received management fees from its 
  partner, Tsogo Sun Gaming & Entertainment. The termination fee was recorded as 
  part of other revenues in the accompanying consolidated statements of income. 