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              [html]<thead><tr><td>Year Ended December 31 ( In thousands )</td><td>2004</td><td>2003</td><td>2002</td></tr></thead><tbody><tr><tdcolspan="4">Cash flows from operating activities</td></tr><tr><td>Test income</td><td>$</td><td>412.332</td><td>$</td></tr><tr><tdcolspan="4">243.697</td></tr><tr><td>$</td><td>292.435</td><td>Adjustments to reconcile net income to net cash provided by operating activities</td><td>Depreciation and amortization</td></tr><tr><td>403.039</td><td>412.937</td><td>398.623</td><td>Amortization of debt discount and issuence costs</td></tr><tr><td>31.217</td><td>35.826</td><td>28.527</td><td>Provision for doubtful accounts</td></tr><tr><td>( 3.522 )</td><td>13.668</td><td>28.352</td><td>Property transactions, net</td></tr><tr><td>8.661</td><td>( 18.336 )</td><td>14.712</td><td>Loss on early retirements of debt.</td></tr><tr><td>5.527</td><td>3.244</td><td>504</td><td>( Gain ) loss on disposal of discontinued operations.</td></tr><tr><td>( 82.538 )</td><td>6.735</td><td>—</td><td>Income from unconsolidated affiliates</td></tr><tr><td>( 107.360 )</td><td>( 43.211 )</td><td>( 31.765 )</td><td>Distributions from unconsolidated affiliates</td></tr><tr><td>51.500</td><td>88.000</td><td>000</td><td>Deferred income taxes</td></tr><tr><td>55.647</td><td>28.362</td><td>90.852</td><td>Tax benefit from stock option exercises</td></tr><tr><td>38.911</td><td>9.505</td><td>18.050</td><td>Changes in assets and liabilities :</td></tr><tr><td>Accounts receivable</td><td>( 48.533 )</td><td>( 14.330 )</td><td>( 24.107 )</td></tr><tr><td>Inventories</td><td>( 8.557 )</td><td>( 2.205 )</td><td>( 5.685 )</td></tr><tr><td>Income taxes receivable and payable</td><td>14.891</td><td>( 10.538 )</td><td>12.714</td></tr><tr><td>Prepaid expenses and other</td><td>1.109</td><td>( 8.500 )</td><td>( 16.142 )</td></tr><tr><td>Accounts payable and accrued liabilities.</td><td>72.392</td><td>53.971</td><td>( 275 )</td></tr><tr><td>Other</td><td>( 15.469 )</td><td>( 8.013 )</td><td>2.751</td></tr><tr><td>Net cash provided by operating activities</td><td>829.247</td><td>740.812</td><td>846.546</td></tr><tr><tdcolspan="4">Cash flows from investing activities</td></tr><tr><td>urchases of property and equipment</td><td>( 702.862 )</td><td>( 550.232 )</td><td>( 300.039 )</td></tr><tr><tdcolspan="4">Proceeds from the sale of the Golden Nugget Subsidiaries and</td></tr><tr><td>MGM Grand Australia Subsidiaries, net</td><td>345.730</td><td>—</td><td>—</td></tr><tr><td>Dispositions of property and equipment</td><td>32.978</td><td>56.614</td><td>20.340</td></tr><tr><td>Investments in unconsolidated affiliates</td><td>( 11.602 )</td><td>( 41.350 )</td><td>( 80.314 )</td></tr><tr><td>Change in construction payable</td><td>17.329</td><td>12.953</td><td>6.313</td></tr><tr><td>Number</td><td>( 29.326 )</td><td>33.673 )</td><td>17.510</td></tr><tr><td>Net cash used in investing activities</td><td>( 347.753 )</td><td>( 555.688 )</td><td>( 371.210 )</td></tr><tr><tdcolspan="4">Cash flows from financing activities</td></tr><tr><td>Net repayment under bank credit facilities</td><td>( 1.574.489 )</td><td>( 285.087 )</td><td>( 270.126 )</td></tr><tr><td>Issuance of long - term debt</td><td>1.528.957</td><td>600.000</td><td>—</td></tr><tr><td>Repurchase of senior notes</td><td>( 52.149 )</td><td>( 28.011 )</td><td>—</td></tr><tr><td>Debt issuence costs</td><td>( 13.349 )</td><td>( 25.374 )</td><td>( 848 )</td></tr><tr><td>Issuance of common stock</td><td>135.910</td><td>36.254</td><td>45.985</td></tr><tr><td>Purchases of treasury stock</td><td>( 348.895 )</td><td>( 442.864 )</td><td>( 207.590 )</td></tr><tr><td>Other</td><td>( 1.957 )</td><td>( 20.153 )</td><td>( 21.906 )</td></tr><tr><tdcolspan="4">Net cash used in financing activities</td></tr><tr><td>( 325.972 )</td><td>( 165.235 )</td><td>( 454.485 )</td><td>Cash and cash equivalents</td></tr><tr><td>Net increase for the year</td><td>155.522</td><td>19.889</td><td>20.851</td></tr><tr><td>Cash related to discontinued operations.</td><td>Balance, beginning of year</td><td>279.606</td><td>274.947</td></tr><tr><td>≥ 54.096</td><td>Balance, end of year</td><td>$</td><td>435.128</td></tr><tr><tdcolspan="4">279.606</td></tr><tr><td>$</td><td>274.947</td><td>Supplemental cash flow disclosures</td><td>Interest paid, net of amounts capitalized</td></tr><tr><td>$</td><td>321.008</td><td>$</td><td>308.198</td></tr><tr><tdcolspan="4">$</td></tr><tr><td>266.071</td><td>State, federal and foreign income taxes paid</td><td>128.393</td><td>94.932</td></tr><tr><td>44.579</td><td>Non - cash investing and financing transactions</td><td>Acquisition of Detroit development rights</td><td>$</td></tr></tbody>
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