text: hotel, retail and residential companies, companies previously 
  serving only major urban hubs. And CityCenter will ensure the 
  greatest possible return on our investment on this Las Vegas 
  Strip land. 
  
  As always, we are working on many growth opportunities to 
  increase our momentum and become a company with a global 
  scale. We are excited about the expansion projects underway 
  at Borgata, the rapid sales pace at The Residences at MGM 
  Grand Las Vegas, and the development of a hotel-casino in 
  Macau. And we are exploring additional development opportu- 
  nities in the Far East and the United Kingdom. All of these 
  endeavors will be handled with the clear intent of expanding 
  prudently and ensuring financial stability, as our capital alloca- 
  tion focus in 2005 will be to reduce debt and continue to invest 
  in our resorts. 
  **JAMES J. MURREN**President, Chief Financial Officer & Treasurer 
  
  Defining Value 
  
  It has become a custom to include our financial core values 
  in this letter to our owners. We believe that management’s most 
  important role is to most effectively manage assets and allocate 
  capital. We hire the best casino resort operators in the world, 
  and they provide us the fuel we need, operating cash flow, to 
  propel us forward. That cash flow generates real value for share- 
  holders in several ways.  Our financial strength allowed us to issue over $1.5 billion 
  in fixed rate debt in 2004 at historically low interest rates, as 
  well as securing a $7 billion credit facility to fund the Mandalay 
  acquisition, the largest ever for a gaming company. And the 
  recent redemptions of certain of our Senior Notes means our 
  assets are no longer securing our remaining senior debt, 
  including the new credit facility. 