text: See “Results of Operations” for discussion of write-downs and impairments recorded in 
  2002, 2003 and 2004. In October 2002, we announced the suspension of our develop- 
  ment activities on our wholly-owned project on the Renaissance Pointe land in Atlantic 
  City. In connection therewith, we reviewed the land for potential impairment, and 
  determined no impairment was indicated. In December 2002, in connection with 
  our agreement with Turnberry Associates whereby we are required to contribute land 
  to the venture, we reviewed the land for potential impairment, and determined no 
  impairment was indicated. In June 2003, we entered into an agreement to sell the 
  Golden Nugget Subsidiaries. The fair value less costs to sell exceeds the carrying 
  value, therefore no impairment was indicated. In February 2004, we entered into an 
  agreement to sell MGM Grand Australia. The fair value less costs to sell exceeds the 
  carrying value, therefore no impairment was indicated. 
  
  Other than the above items, we are not aware of events or circumstances that would 
  cause us to review any material long-lived assets for impairment. 
  
  **Income taxes**
  We are subject to income taxes in the United States, and in several states and 
  foreign jurisdictions in which we operate. We account for income taxes according 
  to Statement of Financial Accounting Standards No. 109, “Accounting for Income 
  Taxes” (“SFAS 109”). SFAS 109 requires the recognition of deferred tax assets, net 
  of applicable reserves, related to net operating loss carryforwards and certain 
  temporary differences. The standard requires recognition of a future tax benefit 
  to the extent that realization of such benefit is more likely than not. Otherwise, 
  a valuation allowance is applied. 