text: tax depreciation and the utilization of tax credit carryforwards. We utilized the last of 
  these credits in 2003, which resulted in the increase in our cash paid for taxes in 2004. 
  
  We are evaluating the impact of provisions of the American Jobs Creation Act of 
  2004 (the “Act”) that provide for a special one-time tax deduction of 85 percent 
  on certain repatriated earnings of foreign subsidiaries. Additional guidance from 
  Congress and/or the United States Treasury Department will be necessary for us to 
  complete our evaluation, as it is not clear at this time whether the Act will provide 
  a benefit to us. We will complete our evaluation as soon as practicable following the 
  issuance of guidance and adjust our taxes accordingly, if necessary. 
  
  We have not yet repatriated the net proceeds from the sale of MGM Grand 
  Australia pending our evaluation. Nonetheless, we provided in 2004 deferred U.S. 
  income taxes of $11 million on the basis that such proceeds would be repatriated 
  without the benefit of the 85 percent one-time deduction. Such amount was 
  included in the provision for income taxes on discontinued operations for 2004. 
  We considered the earnings of our Australia operations permanently reinvested 
  prior to the sale of such operations. 